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:
- Innovate - Deliver more new products and adopt new technologies faster
- Seek Outside Advice - Often in the form of an advisory board
- Plan & Measure - You need a road map for growth and multiple performance metrics (KPIs)
- 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
- Build Supplier Relationships - Develop a win-win relationship
The Don'ts are:
- Relying on Too Few Customers - You may lose that big client; watch out
- Neglecting Financial Management - Understand your financial statements
- Delaying Contingency Planning - Know where you might be vulnerable
- Ignoring Market Trends - 10% of companies fail because of new competition
- 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.