BDC “Do’s and Don’ts” for Small Businesses

Tips and Strategies Used by Successful CompanieInnovation

Finding a reliable path to success is one of the greatest challenges facing any Canadian entrepreneur or business owner. There are few constants in markets that are constantly evolving, but there are some strategies that apply to almost any company regardless of their products or services.

The Business Development Bank of Canada (BDC) studied hundreds of Canadian businesses to discover some of the big differences between success stories and failures. They released their findings in a short video, listing some of the “essential do’s and don’ts” to help business owners maximize potential and minimize risk.

Make a Point to Innovate and Communicate

Businesses that dedicate assets and time towards product development and self-improvement have a leg up on the competition. Tapping employees, customers and suppliers is an important step in understanding your company’s position. Listen to your clients’ praise and complaints carefully so you can conduct honest and accurate self-analysis.

The BDC also recommends that business owners seek counsel from advisory boards when in doubt. Consultants can also be a valuable supplement to your internal resource pool. They can produce more objective evaluations and give afresh perspective on your organization. Successful business owners also set aside time to network with suppliers and arranged contracts to save money.

Developing Goals and Tracking Results

It’s a good idea to keep detailed records of your business’s performance and analyze them periodically to monitor their company’s health. Track measurable results and create realistic goals to maintain your focus on steady progress. Successful business owners create “roadmaps” that lay out series of tangible objectives.

Keeping tabs on all of your company’s metrics can also clue you in on problems before they become major issues. How quickly you seek advice and take action often determines how likely you are to adapt to sudden changes.

Planning Ahead

Many of Canada’s successful businesses put high value and emphasis on developing human resources. Your interview and hiring process should be designed to find skilled individuals who can fit with the company’s culture. Being selective with hiring may take more time, but it often yields better results in the long-term.

The BDC also recommends that business owners develop detailed strategies for dealing with unexpected problems. A significant number of small Canadian companies would find themselves in dire straits at the loss of just one major client. Creating a “disaster plan” allows you to act decisively and optimistically when faced with an unexpected challenge.

 

 

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