Each year, Profit Magazine publishes its list of Canada’s Top 50 Fastest Growing Companies. Last year, Ian Portsmouth, Editor of Profit, took it upon himself to find out what these fast growing companies had in common in order to determine how to build a successful small business in Canada. The following is a list of Ian’s findings:
Secret #1 – Steal the Best Ideas: Find great tactics and strategies outside your own industry and incorporate them into your business. Think of companies that you love doing business with in both your business and personal life. What are they doing to get and keep your business? How can you incorporate that into your business?
Secret #2 – Be Like Advil: Relieve someone’s pain better than anybody else does. The fastest growing companies are agile – they can make decisions and respond to customers’ needs quickly. Capitalize on your size to compress decision making.
Secret #3 – Seek Trusted Advisors: 50% of the fastest growing companies have advisory boards comprising of entrepreneurs and executives from many fields. Join peer-advisory groups such as Entrepreneurs’ organizations, Women Presidents’ organizations, etc.
Secret #4 – Find and Keep the Best: 86% of the fastest growing companies offer staff individual performance bonuses and 48% engage in profit sharing
Secret #5 – Export Like Crazy: Fast growing companies are always on the look out for new markets and opportunities.
Secret #6 – Beg, Borrow, but Don’t Steal: Be creative in finding the capital you need to grow. The fastest growing companies use a wide variety of capital including personal finances, banks, leasing companies, factors, suppliers, employees and bartering. Remember, Cash is King. Rapid growth can spell disaster if undercapitalized.
Secret #7 – Get Lucky: Exponential growth requires a few lucky breaks but Canada’s top entrepreneurs create their own luck. When surveyed about their success, they attribute 96% of their success to persistency and a positive attitude
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