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.

1. Do #1: Innovate—don’t rest on your laurels.
2. Do #2: Ask for outside advice.
3. Do #3: Have a solid plan and measure your progress.
4. Do #4: Hire the best and keep them engaged—it takes more than money.
5. Do #5: Build strong relationships with your key suppliers.

 

1. Don’t #1: Don’t rely on too few customers—diversify.
2. Don’t #2: Don’t underestimate the importance of effective financial management.
3. Don’t #3: Don’t leave contingency planning until it’s too late.
4. Don’t #4: Don’t ignore what’s happening in your market.
5. 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

http://everyfamiliesbusiness.com/2012/09/06/my-top-10-tips-to-shorten-the-life-of-your-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