The five do’s for successful businesses

By Newspaper Toolbox

The 36th BDC Small Business Week takes place this year from October 18 to 24, 2015. Organized by the Business Development Bank of Canada, the event’s goal is to ack­nowledge the important contribution of
Ca­nadian entrepreneurs to our economy. This special week offers a framework of activities across the country to help business people build their resources and learn more about running a business.

The Business Development Bank of Canada supports more than 30,000 SMBs across the country. Photo: Creatas Images / Thinkstock

The Business Development Bank of Canada supports more than 30,000 SMBs across the country. Photo: Creatas Images / Thinkstock

During the last edition of this event, some very interesting research was publicized from a study entitled “The Five Do’s and Don’ts of Successful Businesses.”

According to researchers, there are five im­portant do’s that lead to business success:
1. Innovate
2. Ask for outside advice
3. Have a solid plan and measure your pro­gress
4. Hire the best people and keep them engaged
5. Build strong relationships with your key suppliers

There are also five main things to avoid when running a successful business:
1. Don’t rely on a small pool of customers — diversify
2. Don’t underestimate the importance of ef­fective financial management
3. Don’t leave contingency planning until it’s too late
4. Don’t ignore what’s happening in your market
5. Don’t wait too long to get help

The BDC is a financial institution owned by the Government of Canada. It supports more than 30,000 SMBs (small and medium businesses) by complementing the various ser­vices offered by private sector financial institutions. For the complete report of this study and to find out more about activities taking place in your area during BDC Small Business Week, visit www.bdc.ca.

– Connect Weekly –