Big-picture thinking drives success for Canada’s privately held businesses

Today’s rapidly changing business environment demands a holistic approach, says Bill Brushett, national clients and services partner with Grant Thornton LLP (GT).

“Companies who use broad strategic insight to harmoniously grow all core aspects of their business are the ones creating jobs, driving success in the markets in which they operate – really, keeping Canada’s economy ticking. And they’re creating opportunity and wealth for the long-term,” he says.

Holistic thinking means looking beyond the top line to pursue new markets at home and abroad, invest in people and culture, develop new products and services, inspire employees through dynamic leadership and embrace innovation.

Innovation is often viewed as the lifeblood of growth, and comes in many forms, including new product development, operational efficiencies and process improvements. But for many privately held businesses, innovation means taking a gamble: there are risks and costs involved, and ultimately no guarantees of success. However, minimizing innovation efforts during times of economic instability means being left behind as inevitable changes in the marketplace arise. In taking a longer-term approach, change can be anticipated, innovations implemented, and adaptation to market forces eased.

Ultimately, businesses must drive change or accept the consequences, says Stephen Binder, national leader of privately held businesses with GT. And that change must begin at the top. “Leaders who are not open to change, both in the workplace and the marketplace, will hamper both agility and growth,” he says. “The primary goal of smart and healthy organizations is not to rest on their laurels but to strive to be better by taking their people and performance to the next level,” he says. Stephen Binder, national leader of privately

held businesses with Grant Thornton. Dynamic leaders must place a value on creativity and clearly demonstrate that value to employees and customers. If employees are encouraged to think and perform creatively, and rewarded for doing so, they will become more engaged and gain greater value and satisfaction from their work. This is what helps to drive innovation and productivity.

Organizations that also promote an environment of continuous learning where employees are active participants in the business, and where individuals and the organization give back to the community, will create a legacy that goes beyond the workplace, adds Brushett.

Leaders must address their strategy every day, week and month says Binder. “Ultimately strategy is about choice and change,” he says. “Doing nothing is a choice, but while you’re doing nothing, others are passing you by. The consumerdriven marketplace is volatile and complex and consumption habits can change with the introduction of a new phone. Nimbleness is critical. If you don’t move quickly you’ll be left behind.”

Government can also play a role in the success of Canada’s privately held businesses, but owners need to be a part of the discussion, independently or through interest groups representing their sector. Owners must look closely at federal and provincial budgets and programs to determine how and if they create a positive business environment that supports sustainable growth.

With a huge portion of Canada’s employment coming from privately held businesses — not to mention competitive pressures are coming from every direction — it’s important that taxes do not become the reason a business leaves a community or the country. Innovation and commercialization will keep jobs and families here at home.