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 is 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.

 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:
    LinkedIn founder Reid Hoffman on the biggest lie employers tell employees
    Do Goals Improve Employee Involvement? by Phillip Uglow
  5. 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.