Celebrating
success...it's challenging these days given that we are seeing some tough economic times. But alas, there is still success out there. In fact if you get a copy of Profit Magazine you will learn about 100 and another 100 fast growing companies in Canada.In this most recent edition of Canada's Profit Magazine (Magazine for Entrepreneurs) shares the success stories of Canada's Top 100 Fastest Growing Companies.
Even in times like these, businesses are still growing and succeeding. But how, you ask?
Well for starters Canada's fastest growing companies are finding access to raising capital is critical to success. If you've gone to a bank or a venture capital fund, this is no easy task. Getting money is like pulling teeth these days. So really working the "streets" to access capital is critical to business growth.
In order to access capital you need to be creative. You've got to work on your pitch and don't be afraid to ask and go to where perhaps you wouldn't think to ask. Friends, family, your best suppliers, your legal team and your accountant might all be good places to start.
Another critical success factor is in your ability to decrease costs and reduce spending. I remember reading about a company in the U.S. during the recession in 1990-92...and the owner would even count paper clips to ensure cost savings...
Not that you have to be that extreme, but it's a good thing to look at what do you need vs. what you really, really need.
Selling skills come into play too in terms of those that made the Fastest Growing list. Selling in today's marketplace, means it's less about what you sell and more about how you sell it and who you sell it too. Make sure you're clear on the value proposition of your product or service and who can really benefit from it. Who is your ideal client? How do you help them get what they want? It's a much different way to sell than calling some company or client out of the blue and letting them know you've got a great "deal" for them.
It just doesn't cut it any more. You've got think about selling strategically and then pitch, pitch, pitch!
Another key factor in business success is in the ability to tap into foreign markets. Canadian companies are still tapping into the U.S. market, but most notably their is growth in working in Africa, Brazil and Russia.
Mount Kilimanjaro in Africa...one of the emerging trading partners among Canada's Fastest Growing Companies.
Winning companies are also very clear about creating a "winning-team" culture as well. When polled many CEO's were concerned about protecting their employees from job loss during this recession. Often working long hours to make things happen in the business so that the staff stayed employed. Nothing contributes to low morale than a round of company layoffs.
These are all good business strategies to live by and it put into play, but what about the mindset of succeeding in this economy? Well...many owners of those listed on the Top 100 list see the opportunity in a recession rather that the liabilities. That is a terrific mindset to have! Is the glass half full or half empty? For example one business owner is spending more on marketing dollars...why? Well, rates for advertising have lowered considerably during this downturn and two, his competition isn't advertising as much if at all...thus creating a huge opportunity for his product to gain recognition and market share.
Important stuff for sure...
Here are some other facts and figures discussed in this issue of Profit Magazine...
Opportunity: Always be looking for the next big thing!
Starting up: Get a customer first. So many companies start without a solid idea of what customers really want, Find the customer and the customer will help you perfect your product. If you don't have a customer, you're not a real business.
Managing: Communicate, communicate and communicate. You can't go wrong by over communicating, but you can make a lot of mistakes by under communicating.
Strategy: Don't hire for the job you need done today; hire for the future. Hire for what you want your organization to be and it will become the organization you want.
Culture: Build a strong culture. It will give you a base through the bumpy times. When you don't land that big deal, people won't leave; they will stay and work even harder.
Delegating: Your entrepreneurial instincts tell you that you can do it all on your own, but the best things that have ever been accomplished were done by strong teams.
Giving back: I believe in Karma. Entrepreneurs are always chasing after the dollar, but the reality is if you give, you will gain back.
Motivating: To motivate your employees, listen to all of their ideas. When you use them, they feel part of the success and they work even harder.
Leadership: Be humble. Every time we think we're smarter than anyone else, it blows up on us.
Execution: Hire a good manager, because generally, entrepreneurs aren't good managers.
(These are some of the rules of wisdom from Canada's Fastest Growing Companies found on page 83 of the current edition of Profit Magazine).
Here are some other facts and figures that might give you some more insight into trends, ideas and the thinking of Canada's best business minds:
41 is the average age 80 of the top 100 were born in Canada
17 have a graduates degree
57 is the average number of hours that goes into a CEO's work week.
39 were solo founders 47 were founding partnerships and 9 companies were owned by women.
13 companies are in technology, 9 in marketing, 4 in HR, 3 in retail, 3 in consulting, 2 in transportation, 7 in other, 18 in manufacturing (who said manufacturing is dead in Canada)?... 16 fast growing companies are in software development, 10 in construction, 5 in consumer services, 6 in wholesale/distribution and 1 in investment.
Most growth capital is through the owners own assets, banks are next, followed by SR and ED, (financing) Leasing, credit cards, the BDC, friends and relatives, government grants or tax credits, private investors, IRAP's, Credit unions, venture and angel investors...
Ontario had 48 fastest growing companies Quebec had 20, Alberta 12 and BC 11...followed by the east coast and the prairie provinces.
So there you have it, check out the issue online at http://list.canadianbusiness.com/rankings/profit100/2010/Default.aspx?sp2=1&d1=a&sc1=0 or buy a copy, it's well worth it. There is hope for success...if you follow some of these secrets it will be yours for the taking!
Cheers/David
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