Strategies for making the most of your small business

Conventional wisdom suggests that free advice is worth exactly what you paid for it. Professional, paid counsel, however, remains one of the strongest strategic pillars for small business entrepreneurs seeking success. “Make use of the experts ,be they lawyers, financial advisors, chartered accountants and bankers,” opined Business Development Bank of Canada finance and consulting GTA North vice-president Stephen Bald. “Consult with quality advisors.” Buying expertise tops his list of the five key tactics entrepreneurs should employ to survive and thrive, said Bald, based in BDC’s Vaughan office which serves 6,200 GTA clients, one-third of whom are small businesses. Secondly, start-ups in particular must develop a solid

business plan, he said. A blue print detailing what you want to accomplish and how you are most likely to achieve goals and objectives is an absolute necessity. The third step, according the 17-year BDC veteran, is identifying the specific actions required to bring the plan to fruition. “Implement those actions and make sure you have all the right resources,” said Bald of the fourth strategy. Resources include technology, manpower and finances in addition to being savvy in the burgeoning realm of social media.

The fifth element is monitoring and measuring the efficiency of your plan. “Don’t be afraid to make changes or amendments,” he said. “Don’t be married to the plan. Be flexible.” Many small enterprises fail because owners hope for something unforeseen that will turn fortunes around, Bald said. His best advice to those is to recognize that their first loss is their best loss. “They need to know that some things can be outside their control,” he said. “They should be flexible to work around them.” For more information on BDC Small Business Week, Oct. 15-21, visit bdc.ca.