For 30 years, Stéphane Lacasse has been helping entrepreneurs go from small business to medium business. "Growth is a double-edged sword, and it can be risky if you grow too fast. Staffing and logistics don't necessarily follow the same pace," says Lacasse, major accounts manager with Desjardins Business for the Montreal area.
1. Keep both hands on the wheel
In the midst of innovation or expansion, a manager's credibility is directly tied to their expertise and leadership abilities. "It akes someone highly qualified who has managerial courage and is in control of the situation," says his colleague Robert Lamy, major accounts manager for Central Quebec.
2. Put together a top-notch team
Our specialists emphasize the importance of having a solid team of professionals, like accountants and legal advisors who can help entrepreneurs with their analysis and make recommendations that can guide their decisions.
The smallest business decision can have a tax or legal impact. In this time of change, these professionals evaluate the issues that influence the company's long-term viability.
3. Be strategic
Preparation and planning are key. "If you want to get financing for your venture, you must present a comprehensive strategic plan that focuses on analysis and numbers, which will have to be validated and even questioned," says Lacasse.
4. Stack yourself against the competition
Caught in the day-to-day hustle and bustle, business people can forget to check how they're positioned against the market. Hiring an outside firm can help them get an impartial perspective on the business's strengths and weaknesses.
This comparison takes into account criteria like human, financial and material resources; competitiveness; and risk and client diversification.
And the main advantage? "Developing a network of clients or service providers who are also leaders in their sectors helps us to continuously improve our products and processes," adds Lamy.
5. Avoid mistakes
Many business people have experienced it. Unanticipated issues often arise during a company's development phase. Finding financing can be a real headache. "You don't want to just look at the interest rate when you're shopping for a loan," says Lamy.
"By presenting investors with value-added, innovative and flexible solutions, entrepreneurs can quickly secure capital that they can leverage at a key time for the company."
6. Get inspiration from leaders
Our experts recommend drawing on best business practices from the best managed companies in the country. They set the standard with a strong mission that encourages their employees to strive for excellence.