5 Essential Do's and Don'ts for Business

The Business Development Bank of Canada (BDC) has been around since 1944 in some version or another. They have a long history of helping small and medium-sized companies become the most competitive in the world. (See recent news release by CEO, Paul Buron.) Our company has not worked directly with the BDC but a few of our clients have, successfully.

A few years ago I signed up to receive a monthly email. The content and information are always excellent. If you are interested you can subscribe here.

Recently, I received a newsletter with a link to a very good video on YouTube that they had produced. For your reference, the Do's and Don'ts are listed below.

What makes a business successful? We talked to more than 1,000 Canadian small and mid-sized companies and learned some valuable lessons about which strategies work best and which should be avoided. Discover the 5 essential do's and 5 don'ts for entrepreneurs, and help steer your business to success.

 The 5 Do's are:

1. Innovate - Deliver more new products and adopt new technologies faster

2. Seek Outside Advice - Often in the form of an advisory board

3. Plan & Measure - You need a road map for growth and multiple performance metrics (KPIs)

4. Hire & Keep the Best - For additional perspective on this topic look at:

5. - LinkedIn founder Reid Hoffman on the biggest lie employers tell employees

6. - Do Goals Improve Employee Involvement? by Phillip Uglow

7. Build Supplier Relationships - Develop a win-win relationship

The Don'ts are:

1. Relying on Too Few Customers - You may lose that big client; watch out

2. Neglecting Financial Management - Understand your financial statements

3. Delaying Contingency Planning - Know where you might be vulnerable

4. Ignoring Market Trends - 10% of companies fail because of new competition

5. Waiting Before Getting Help - You can't do everything yourself

Have a look at the video. Then review it in detail. The suggestions are excellent.