Archive for November 2014
The 5 do’s and 5 don’ts of successful businesses
http://www.bdc.ca/EN/Documents/analysis_research/five-dos-and-five-donts.pdf
I like this survey published by BDC on what Canada’s most successful companies do differently than other firms.
- Do #1: Innovate—don’t rest on your laurels.
- Do #2: Ask for outside advice.
- Do #3: Have a solid plan and measure your progress.
- Do #4: Hire the best and keep them engaged—it takes more than money.
- Do #5: Build strong relationships with your key suppliers.
- Don’t #1: Don’t rely on too few customers—diversify.
- Don’t #2: Don’t underestimate the importance of effective financial management.
- Don’t #3: Don’t leave contingency planning until it’s too late.
- Don’t #4: Don’t ignore what’s happening in your market.
- Don’t #5: Don’t wait too long to get help.
This is an interesting read.
De-icing acquisition
http://www.inlandgroup.ca/media/itinews/press-103014.pdf
Truro, NS-based Inland Technologies has acquired New Jersey-based Contego Systems. Both companies are in the business of environmental management of airport de-icing operations.
The Bragg family, based in Oxford NS, owns Inland.
10 Tips to Shorten the Life of a Family Business
I like this light-hearted blog post on what NOT to do with your family business. Dr. Tom Deans is a well-known author & speaker on family business and wealth. Check it out, but I like these in particular:
Tip #1
Invite all your children into your business as soon as they’re able to walk so that you can enjoy as much of their free labor as possible.
Tip #6
Always tell your non-family employees that there are two sets of policies and procedures – one for family and one for everyone else. This way, when your children show up for work at 11:00 a.m. (when they show up at all) and leave at 2:00 p.m., everyone will know they are following the rules and earning their bonuses.
Note that BDO in Halifax is hosting a session with Tom Deans on January 8 calling Willing Wisdom, register below:
http://www.bdo.ca/en/about/events/pages/Dr-Tom-Deans-and-a-panel-of-experts-01-08-2015.aspx