Originally reported by the Financial Post and our sister brand Business Review Canada, survival rates for small and medium-sized businesses in Canada decline over time, which has been proven by Industry Canada. However, this statistic isn’t only true for Canadian businesses, but those in Australia, too.
In fact, as the leader of a company, success is most likely one of your most sought after goals. After all, if your company doesn’t become profitable, how can you afford to run it?
In order to help ensure that your small or new business does become successful, we’ve put together a few tips for you and your team to explore. Depending on your specific type of company and its location (these pointers are even great for our business friends outside of Canada), some of the advice listed below may be more helpful than others.
Plan for the future
You’ve started a business, so you most likely have a well thought out plan in place, right? It’s not only important to plan, but to never stop planning. After all, if you’re prepared for the future and potential problems that could occur, then you stand a higher chance of correcting these issues before they get completely out of hand. Planning ahead and attempting to predict the future of your specific industry is a great way to ensure your company lasts.
Create a good team
It’s been said before, but the fact still rings true: in order to survive and become a successful business, you have to find the right team. As the CEO, you can only do so much; you’re just one person. Therefore, it’s extremely important to find people who are eager to work for your company and help make it grow. You’ll want to find individuals who are experienced, but who also have the same goals as you. A team can just as easily make a company as they can destroy it — be mindful of who you hire.
Your customers are important
The customer or client is always right—period. Okay, there may be some leeway here, but you get the idea. If you want to make your customer happy and ensure that they return, then you need to give them what they want. A happy customer can be quite beneficial in supporting your business. The last thing you want to do is get a bad reputation or have current or potential clients thinking negatively of you and your company. Be professional, but also be accommodating.
The tips listed above are just a start—you may very well come across other pieces advice to incorporate into your business plan. The most important thing is to find methods that work for you and your particular needs.
For all of the latest business news in the United States, make sure to visit our sister brand Business Review USA.
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[SOURCE: Financial Post]