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In doing so, she was able to determine that the market was open to her forte — logo design and branding. Although she has placed a few ads in area print media, 75 percent of her work comes via word-of-mouth.
“Networking is absolutely the most effective way to market,” advises Harris. “Just get out there and do it. I’m a shy person really, but I get in there and make myself meet a few contacts; then they introduce me to a few more, and it just grows.”
How to reduce financial risk
Risk-taking is an essential part of starting and growing a business, but successful entrepreneurs know to monitor their exposure to different risks and plan for the day trouble does strike.
"As an entrepreneur, I want to think about what can derail my company," says Edmée Métivier, Executive Vice President, Integrated Risk and Technology Management at the Business Development Bank of Canada (BDC). "I need to at least ask the question. If I don't, there may be surprises I'm not ready to handle."
Financial risk can be broadly defined as the money a company is owed or owes to others. On one hand, a company has to ensure it is able to collect its accounts receivable. On the other, it has to honour its commitments to suppliers and financial partners, including financial institutions.
Métivier recommends that companies plan ahead for potential difficulties even though not all risks can be foreseen and contingencies planned ahead.
"Every company should make an inventory of risks," she says. "Then ask questions: 'How much of this risk do I want to take? Do I need a plan – i.e. process, people or equipment – to manage those risks?'"
Gesner Blenkhorn, president of Groupe Gaston Côté, says his construction-materials supply company is constantly on the lookout for emerging risks.
The Sherbrooke, Que. firm manufactures prefab housing; supplies residential contractors and commercial builders; and operates six retail stores and a manufacturing and distribution centre.
To reduce financial risk, Blenkhorn says the company maintains a conservative capital structure. It has also worked hard to diversify its business in recent years, in part to reduce its dependence on residential contractors where it traditionally experiences higher rates of bad debt.
Currently, the firm is anticipating an economic slowdown. As a result, it's reducing the time it allows some customers to pay invoices and has been modernizing its manufacturing equipment.
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