Small- and medium-sized businesses account for 99.9% of all Canadian companies and employ more than 60% of private sector workers. You are the engine of our economy, and your success is vital to Canada’s prosperity.
For the past 35 years, the Business Development Bank of Canada (BDC) has organized Small Business Week to inspire entrepreneurs and provide opportunities for them to learn, share ideas and network.
This year’s theme is Back to basics. Re-energize your business. Their research and economic analysis team surveyed 1,139 small and medium-sized enterprises across Canada to identify the tried and true strategies that took their companies to the next level, and the challenges they faced along the way.
Today, BDC is releasing the results of that survey in a new report that includes case studies and success stories, “The Five Do’s and Five Don’ts of Successful Businesses.”
The five “do’s” include:
• Innovate—don’t rest on your laurels.
• Ask for outside advice.
• Have a solid plan and measure your progress.
• Hire the best and keep them engaged—it takes more than money.
• Build strong relationships with your key suppliers.
The five “don’ts” include:
• Don’t rely on too few customers; diversify.
• Don’t underestimate the importance of effective financial management.
• Don’t leave contingency planning until it’s too late.
• Don’t ignore what’s happening in your market.
• Don’t wait too long to get help
The full report is available at www.bdc.ca/dosanddonts
The key takeaway for entrepreneurs at any stage is clear: it’s all about the power of strong relationships.
Whether it’s about the importance of seeking outside advice, hiring and maintaining good employees, or building a solid rapport with your suppliers and customers, never underestimate the value of relationships.
For more information on BDC Small Business Week, visit their dedicated microsite