7 secrets to small business success

You are here:
Home
News

7 secrets to small business success

Time management and networking are important, according to RBC.

October 14, 2011

Canadian entrepreneurs say the most important pieces of advice they would give to other entrepreneurs to help them grow their businesses are:

1. Develop an effective business plan (44%)

2. Manage your time well (43%)

3. Engage in networking (38%)

4. Seek help/advice (28%)

5. Aggressively solicit clients/business (25%)

6. Conduct market research/planning (25%)

7. Get financial advice before starting our business (23%)

These results were revealed in the 2011 RBC Small Business Survey conducted by RBC and Ipsos Reid.

“With many competing priorities, it can be challenging for any small business owner to know where to focus their attention,” said Mike Michell, national director, small business, RBC. “This is great advice coming from small business owners considering the challenges that they expect to face over the next year.”

The study also found the top three challenges business owners say they will face over the next year are: finding clients/developing market (60%); maintaining sufficient cash flow/maintaining growth (47%); and work/life balance issues, like working long hours (35%).

Business Success Tips

The creation of a business plan should help you identify your customers, your market, the competitive landscape, and other important aspects of your business, according to RBC.
Leverage your business plan to help identify what your true priorities are, and start each day with a plan to effectively manage your time.
Ask for advice from people who are already working in your line of business, as many of them are usually willing to share industry information or serve as sounding boards for your ideas.
Leverage technology to communicate to potential and existing clients, using websites and social media.

This article is part of an ongoing series during small business month. Click here for additional stories.