5 Important things and prohibitions of successful companies

How to make a business leader a success? Why do others who are in financial difficulties threaten their survival?
The BDC is trying to answer these questions, the result is research, five actions to succeed and five prohibitions. The bids and bans identified in the survey will create a checklist to grow the most successful business.
Five back,
A BDC / Nielsen survey of 1,139 SMEs in Canada was conducted to better understand the unique key factors of the leader. They analyzed their reactions and identified the top 20% of companies in each sector separated from the rest of the package.
Mach 1
Innovate – do not rest on your laurels
According to the BDC survey, the most successful companies are more innovative in many ways.
You frequently suggest new products and services.
2. We have introduced new technology earlier.
3. They showed that innovative practices ranging from improving internal processes to improving internal efficiency and business model coordination are more important to business success than their own peers.
Mach 2
Ask for external advice
Simply put, it is impossible for you and your team to have the best knowledge in every situation.
Top performers use external advice more frequently, such as creating advisory boards or using external consultants. Another BDC survey conducted recently by the Advisory Committee shows that there are great advantages for small and medium enterprises that have resulted in significant revenue and productivity gains.
Mach 3
Establish a reliable plan and measure progress
Where should your business last 5 years? How do you want to go there? How do you track your progress? The most successful companies prefer a more specific medium-term plan and monitor progress using several performance indicators.
Mach 4
Hire and engage the best talent – it’s more than just money
More than 60% of top performers have found and hired a very strong candidate for important positions and positions for more than a few months but slightly exceeded 40% of their colleagues. We also believed that companies that deliver the best performance will provide better wages and benefits, a more exciting workplace environment, and a more aggressive corporate culture than competitors.
Mach # 5
Build strong relationships with major suppliers
The most successful companies have reported that various kinds of relationships are important for success. However, they rank supplier relationships as the most important.
5 things not done
In order to create a prohibited list, the BDC surveyed 118 portfolios that had financial problems.
No # 1
There is not too much dependence on customers – diversification
Almost all of the six companies judged by BDC at least partially encountered problems because they lost key customers.
No # 2
Do not underestimate the importance of effective financial management
The lack of expertise in financial management is considered to be the most common factor that makes other successful companies difficult. Effective financial management requires two good knowledge and appropriate tool. To get started, please download the free eBook Master. Your cash flow: a guide for entrepreneurs.
No 3
Please do not plan an emergency until it is too late
Unexpected events such as loss of key employees, rising raw material costs, fire and floods are surprisingly common for companies that are financially difficult.
Nearly one in three people was at least partially affected by the circumstances that were not initially controllable.
No # 4
Please do not ignore what is going on in your market
Companies had to adapt to changing changes as production technology and consumer preferences developed. In recent years, rapid technological innovation and globalization have made revolutionary changes more frequently. If they do not adapt, companies may collapse.

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