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Albert Einstein defined insanity as “doing the same thing over and over again and expecting different results.” He understood the importance of trying something new.
Hitting your revenue target
Making revenue projections can be challenging for small business owners, but it’s one of the most important activities an entrepreneur can undertake. Reasonably accurate revenue projections can guide purchasing, marketing, hiring and capital allocation plans. They can also be essential for seeking additional funding.
Tips on dealing with holiday interruptions
With the holiday season approaching, many businesses, particularly those involved in retail or consumer products, are anticipating a seasonal rise in sales. Unfortunately, in Canada, winter can be the season for business interruptions. Below are some of the most common reasons for winter work disruptions with steps you can take to minimize the interruptions.
Absenteeism:
Building a Board of Advisors for growth
Major corporations are often required to have a Board of Directors (BoD). Many Canadian small businesses and independent practices generally don’t have such obligations, but with a Board of Advisors small enterprises can gain some of the advantages that a BoD provides: guidance, expertise and oversight. Small enterprises and independent practices may not be able to bring on high-level employees or executives to fill all of the gaps in their knowledge base, but an Advisory Board can give you access to professionals who have skills that can be an asset to your business, often without high additional costs.
Banding together for greater resources
One of the most appealing aspects of being a small business owner is independence. A challenge of this, however, is that an individual business’s ability to influence others - whether it is in negotiating contracts or lobbying government – can be limited. Joining a small business or professional association can help you gain support through strength in numbers.
More summer reading suggestions
In our last Get Growing for Business entry, we looked at some business books to help inspire you during the summer months. Here are some more books that could inspire.
Forecasting your 2011 revenue
Even if you don’t look forward to planning for next year, you can’t help but enjoy the first step—forecasting how much your revenues will grow. Here’s how to get a handle on what your sales this coming year will be, and how to get ready to meet the increase in business.
Are you saving a nest egg?
When was the last time you invested in yourself instead of your company? Many entrepreneurs pour all their time and energy into their businesses. This singular focus can sometimes make the difference between business success and failure. In addition, it can mean that other parts of your life take a back seat--including your personal finances.
Is Canada a good place to do business?
Congratulations—you’re running a business in the one of the best countries in the world for entrepreneurs. Rankings released this fall by the U.S. government’s Small Business Administration agency name Canada as the second-best country in the world for doing business.
How big do you want to grow your business?
Some people think bigger is always better, but not everyone wants the pressure of running a large company. You probably started your business to achieve a variety of other personal goals, such as being your own boss, work-life balance, a good income, and doing what you love.
Creating a long-term growth strategy
If you’re not ramping up to grow your business, you’re a bit behind—economic figures show that Canadian businesses have moved well past the cost cutting of the 2009 recession and are focused on growth. Businesses are investing in machinery and equipment, and job numbers have bounced back to pre-recession levels.
The Pros and Cons of Being an Entrepreneur
Being a small business owner can be very rewarding. But it is also a lot of work, and for every benefit there is a downside. Here are some thoughts on what it’s like to be a small business owner.
The Great Canadian Mentoring Challenge 2010
Think you know what to takes to make it in business? To mark Global Entrepreneur Week (November 15-21, 2010), the Great Canadian Mentoring Challenge invites entrepreneurs to share their insights with those just starting out in business.
Four Ways to Build Equity in Your Company
In tough economic times, you can’t beat going back to the basics. And for most entrepreneurs, one of the key essentials is building equity in your business.
The problem? It’s easy to get caught up with customer care, exploring new sales opportunities, and keeping a close watch on expenses. And with businesses everywhere wondering just when buyers will be back in full-strength, streamlining operations becomes even more critical.
Launch a Long Term Incentive plan for managers
You need to prove to a buyer that you have a management team who can run the business after you’re gone. What’s more, you need to show that the management team is locked into staying with your company after acquisition.
Setting Personal and Business Goals
When it comes right down to it, you likely started your business to help you achieve your personal goals.
These goals reflect what’s important to you. Personal goals may be financial in nature, such as to become financially independent, or they may be tied to a sense of social responsibility, such as improving our environment. Or you may even have lifestyle goals that you hope to achieve as a result of owning a business, such as flexible working hours.
To identify your goals, you simply need to ask yourself how you measure personal success. When your business goals also reflect your personal goals, your enterprise has
the added benefit of an incremental level of clarity of purpose.
4 Key Ways to Grow Your Business
There are Only Four Ways you can Grow your Business.Learn the street smart leverage formula to help grow your business from Michael Hepworth, the Street Smart Marketer.
The Retailers Guide to a Successful Holiday Season Part 2 - Management Tips
Retail Performance Specialist, Kevin Graff, of Graff Retail, shares his management tips in The Retailer's Guide to a Successful Holiday Season: Part 2.
The Retailers Guide to a Successful Holiday Season - Selling Tips
Retail Performance Specialist, Kevin Graff, of Graff Retail, shares his selling tips in The Retailer's Guide to a Successful Holiday Season
Strategy Implementation Worksheet
Business Goal Identification Worksheet
There are many competing priorities on a day to day basis, and making decisions about how you will use your limited time and resources is all about making choices. Clear goals will help you make those choices effectively and keep you focused on driving business results.
Competitive Advantage Worksheet
Doing a realistic evaluation of your competitive advantages requires you to step back from your business and take a big picture view of your strengths, from a customers’ perspective. Then compare against your competitor’s strengths. The worksheet will help guide you through this analysis.
Personal Goal Identification Worksheet
While many of us have some general ideas about what our personal priorities are, few have set aside time to deliberately think about and document our specific goals. This worksheet is designed to encourage you to identify those big picture priorities most important to you. With a clear understanding of your personal priorities it becomes easier to identify what personal success looks like for you, and establish goals that help guide you as you make choices on a day to day basis.
Strategy Alternative Worksheet
Determining alternative strategies requires you to keep your goal in mind, while you document any idea that might contribute to your objective, no matter how far fetched.
The Leadership Skills Inventory Worksheet
The self-evaluation and leadership survey worksheets allow you to conduct a systematic evaluation of your leadership skills.Once you have completed the process of self evaluation it is helpful to identify an advisor, coach or mentor who can confirm your assessment, assist you in building your development plan, and meet with you regularly to help hold you accountable as you work through your plan. Use the Action Plan for Leadership Development worksheet to build your plan.
The Succession Planning Checklist
Find the Mentors You Need
A Guide for Professionals
By Roger Pierce
Knowing everything about your profession and the running of your practice is impossible. Client challenges and management issues come along to test even those who are experienced in both. This is when mentors can help. A mentor can shorten your learning curve, propose solutions and offer guidance even when you don’t know you need it.
Why You Need a Business Succession Plan
A recent CFIB survey points to a large wave of business turnover in the next five to 10 years. However, the study also revealed that only 10% of business owners have a written succession plan in place. Is your business prepared?
The most important number in an offer to buy your business
When you get an offer to buy your company, the term sheet will outline what the buyer is willing to pay for your business. Most entrepreneurs fixate on the purchase price and the multiple of earnings used to calculate it.
There is a second number in most term sheets that is almost as important as the purchase price: the working capital calculation.
Transfering your business upon retirement
Each month, The Pulse provides market research insights gained by polling* small business customers like you. In this issue of The Pulse, we look at what business owners plan to do with their businesses when they retire.
