How do you prepare for your business’s future?
Entrepreneurs weigh in on planning ahead
Inspired by E-Town, the Edmonton Economic Development Corporation’s festival of entrepreneurship coming up in September, we invited president and CEO Brad Ferguson to pose a question. Here’s what some Capital Ideas members had to say:
“The best way to prepare for the future is by paying attention to the present and staying on top of the changing trends and competitive environment of your industry. Don’t be complacent, always innovate and invest back into your business. And, above all, embrace technology.” — Jey Arul, president of VR Business Sales (vrbusinessbrokers.com) “The best way to prepare your business for the future is by maintaining a strong connection to your community and the global community. To build a strong connection you must engage people, listen to what they’re saying, read and take advantage of opportunities to learn and develop, and focus on how you can consistently add value.” — Dennis Bridges, business process coach at X5 Management (x5management.com) “By balancing your professional and personal commitments. Understand what needs to be done now in order to create the future you want for your business... and make sure that you and your family are ready for the future growth of your business.” — Loan Gowers, investment adviser and financial planner at BMO Nesbitt Burns (loangowers.com) “The future of your business may not include you further down the road, so start grooming future leaders within your company. Part of your succession plan should be identifying adaptable employees who are potential leaders. Provide them with continuous mentoring and training while allowing them time to flourish in new roles before handing over the reins.” — Roch Labelle, director of sustainable development and entrepreneurship at the Conseil de Développement Economique de l’Alberta (lecdea.ca) “The answer is in the question: Prepare. This takes effort and commitment, and means stepping away from the day-today grind to work on the business itself. Start by documenting how your business does things and if you do this with your team, great ideas for improvement will flow automatically. Then make these improvements part of your culture. Attention to detail here will make your business bullet-proof and will guarantee an amazing future.” — Rudy Madsen, owner of Alberta Business Improvement (about.me/rudyatlarge) “Start by analysing the strengths and weaknesses of your business, yourself and your team. To guide your business into the future you will absolutely need to understand these. Next, spend some time focusing on the opportunities and threats to your company; know your markets, who your best customers are, where most of your profits come from and what factors could potentially derail them. Get clear on the purpose of your business by understanding the ‘why’ first and the ‘how’ second.” — Laurie McNaughton, executive coach at ActionCOACH Business Coaching (actioncoach.com/lauriemcnaughton) “There are a million specific details to prepare for the future of business; however, the best way to prepare for the future is by acting today. If you do nothing now, you will have nothing in the future. Have a vision for the future, but prepare for it by focusing on the the only thing that you can truly affect: The present.” — Darryl Moore, vice-president of marketing at Executrade (executrade.com) “By being current on trends in technology and staying abreast of changes in the economy and within the business sector you work in. We live in very fast-paced and changing times, so by being aware of the world around you, you can best prepare for the future of your business.” — Crystal Puim, owner of Crystal.Puim. Photography (crystalphotos.ca) “One of the subtle shifts that I see for the future of my business is to create more opportunities for my clients to speak with me, so that I can develop a thorough understanding of their lives and businesses. For me, more intimate conversations are the future and more relationship building, regardless of what our products or services evolve to be.” — Pam Robertson, chief investigator at The Ladybird Files (ladybirdfiles.com) “One of the best ways to prepare for the future of your business is to start with the end in mind and work backwards. For example, if your vision is to grow your electrical services business to 10 employees and two million in revenue, then you can start today by building a company culture that will enable you to hire and retain those future employees. You could also research similar companies to find out how long it took them to achieve this level and learn about the obstacles they had to face and overcome. Optimizing your business at every stage of development will allow you to scale up in a controlled manner and it will also create the best opportunity to achieve your vision.” — Gordon Sheppard, management consultant at Succession Managers Inc. (successionmanagers.com) “By knowing and understanding your company’s goals and where you want to go with your business, and then planning for that. Also by adapting, investing and staying on top of market and social trends, as well as innovative technology that will help your business propel forward. Finally, by listening to what your customers are asking for and tailoring your services to their needs and demands.” — Narissa Singh, business development manager at First Foundation Mortgages (firstfoundation.ca) “No matter how much you have saved to start your business, if you think you’re ready, triple that number. Expenses pop up unexpectedly and you need to be able to handle them. Otherwise, your business will suffer.” — Jasmin Smith, manager at On The Spot Pop Ups (onthespotpopups.com)