Become master of one’s time
Thinking, projecting into the future, looking at trends and monitoring their business environment are among the first elements to take into account for any entrepreneur who wishes to improve his performance. Easier said than done ? Not according to Brian King, professor of entrepreneurship at HEC Montreal. “The owner of an SME has the power over his time. He must free himself from the hours in his day to think about the improvement and the future of his business. »Where to find these precious hours? “The idea that a leader has to do everything himself and that you have to make significant profits to hire are misconceptions. We don’t have to hire someone full time, we can very well outsource tasks that have no added value such as creating a website, accounting, etc. The important thing is that his time be put in the most beneficial places for the company, ”explains Olivier Germain, professor of entrepreneurship at ESG UQAM.
Sharing the burden of growth
PHOTO PROVIDED BY OLIVIER GERMAIN
Olivier Germain, professor of entrepreneurship at ESG UQAM
Rising input costs are at the top of the list of barriers mentioned by owners of small SMEs. How to get around this problem? By creating alliances. “We must stop seeing competition as a threat. Two bakeries located in the same street will be distinguished by the individual talent of the baker and not by the acquisition of the same raw materials. Why not come together to reduce input costs, share the expertise of an accountant, divide storage locations or separate the use of the same equipment? », Suggests Olivier Germain. According to the expert, there is no doubt that collaborative models such as collaborative spaces, collective kitchens, co-ops are solutions to consider.
The essential network
How to improve the performance of your business? “There is no generic answer, it depends from one company to another. The best way to find out is to have an outside perspective and chat with people in our network. These people will be able to open your eyes and tell you what to do to improve your practices, ”says Brian King. To identify those who could act as a mentor, the expert suggests making contact with economic organizations like BDC, meeting groups related to his industry and even surfing sites like LinkedIn. “An entrepreneur must avoid isolation and create a network. He can even hire a coach. You might be surprised at how many business people are willing to volunteer their time and provide advice. ”
The teacher also recommends that entrepreneurs use the free services offered by government organizations such as economic development corporations, incubators, research and innovation centers. “Hiring experts and consultants can be expensive. These services can be good alternatives. ”
Simple gestures
A good entrepreneurial performance is also combined with simple actions such as good inventory management, monitoring of operating costs, reliable supply of raw materials, calculation of input and output flows, and good use. of his line of credit. “You have to maintain and establish lasting relationships with your suppliers,” says Brian King. On the financial side, debt is not always a bad thing, but it must also be an added value that can help you find additional resources to increase your sales and your production. “