Business Development Bank of Canada guides businesses on online project budgeting
The Business Development Bank of Canada (BDC) has released guidance on how businesses can determine the costs associated with their online projects. The publication emphasizes the importance of a digital presence and effective budgeting.
Business Development Bank of Canada outlines costs for online business projects
The Business Development Bank of Canada (BDC) has published a guide to help businesses budget for their online ventures. The resource details the essential steps and potential expenses involved in establishing and maintaining an online presence, from website creation to content development and e-commerce.
Research from BDC indicates that a significant majority of consumers (90%) and over half of business buyers (57%) research a company online before engaging. Despite this, a 2021 Statistics Canada study found that only 33% of Canadian businesses reported making online sales, though 89% had some form of web presence. This suggests a substantial opportunity for businesses to leverage online channels more effectively.
The guide stresses the importance of defining project goals and desired features before allocating funds to avoid unnecessary spending and hidden costs. Key areas requiring budgetary consideration include website content creation, encompassing text, visuals, and potential translation services, as well as website design and user experience.
BDC suggests businesses evaluate various approaches for content and design, including in-house efforts, freelance support, or agency partnerships. The publication also highlights the need to factor in costs related to search engine optimization (SEO) and how site design can impact user engagement and overall effectiveness.
By following these recommendations, businesses can develop a comprehensive budget and strategy for building a successful online presence, a critical component for growth in today's marketplace.