Answers to the questions that keep you up at night

Managing your time

How can I get everything done with limited time?

By nature, entrepreneurs are go-getters who tend to involve themselves in a range of business areas and assign themselves towering task lists. Scattering your skills, knowledge and energy widely was something you likely needed to do in order to convert your idea into a viable business, but it may not be the best approach to scaling that business—so you’ll need to prioritize.

Tip: Ask for help and build a team around you

The solution is smart time management, says Lajevardi—and one move that will make this easier is entrusting certain jobs to other people.

“As a business grows, it becomes more complex to run and requires deeper expertise in various areas,” he says—so business owners need to establish reliable networks of internal and external resources to help them deal with the challenges and capitalize on opportunities.

“If you can find someone who can do a task more efficiently and effectively than you can, then invest in that,” he adds. “The payback will surprise you!”

Note that these experts need not always become employees. You can establish relationships with consultants or suppliers so that you only pay for the services you use.

Tip: invest in yourself and build a team around you

As a business grows and adds layers to its structure, leadership becomes more important. Founders need to step into CEO and senior management roles with many direct reports—often a new context for them. It is important that you take this seriously and invest in your leadership capabilities. Create a clear, organized plan for how you will develop and carry out your business strategies, and ensure your decision-making and communication processes are consistent and structured. These steps are essential to staying relevant in your market and keeping teams informed, engaged and empowered while your business grows.

Making strategic decisions 

I have many ideas about how to grow my business, but not enough time or money to explore or execute on all of them. What can I do?

Every business starts with an idea, then grows into something more specific after its founders have explored and tried a range of opportunities and found the right niche. But some opportunities can prove to be costly distractions. The challenge is learning how to distinguish one from the other.

Tip: As much as possible, stay focused on and true to your company’s core value proposition and competencies

Your company’s value proposition should be reflected in its strategic direction, mission, vision and purpose as well as its brand identity and operations, says Lajevardi. This doesn’t mean that you cannot or should not spread your wings as the company gains momentum. But it does mean that the process of expanding in response to opportunities must be well-planned, whether you’re looking to explore new market geographies, customer segments or product offerings.

“One way to stay on track is to make sure you’re asking yourself ‘what not to do’ at least as often as ‘what to do’ when discussing strategy and new opportunities” he says.

Growing profitably

What pitfalls should I look to avoid as the business grows?

Businesses often face rollercoaster revenue growth before they reach calmer waters—and owners can find the planning difficult and the journey stressful. You may feel as though you need the ability to see around corners when making big decisions.

Tip: Try to continuously improve on your operations and productivity

A business with efficient operations and strong productivity will be well-positioned to weather ups and downs and scale profitably.  

“Invest in your operations management frameworks, build a continuous improvement culture, and develop monitoring systems for performance and improvement efforts,” says Lajevardi. “Make sure people are at the centre of these efforts, with clear bi-directional communication channels connecting all layers of your organization. This will ensure that your bottom line grows in keeping with the top line.” 

Tip: Watch your cash flow and working capital 

Cash flow is the lifeline of a business—whether to pay employees or suppliers, manage inventory or enable growth. It is critical to have timely access to your cash flow and working capital position at any given time. It is also important to take advantage of appropriate financing instruments to make the business better and bigger.

Recruiting and retaining talent 

Finding employees who have the right skills is really challenging. What are some recommended approaches? 

First, know that you’re not alone in this difficulty. As the saying goes, good people are hard to find. Labour shortages have been plaguing businesses for some time now. 

“People are the key engine of growth for entrepreneurial companies, but finding, engaging and retaining talent are among the biggest challenges for business owners,” says Lajevardi.  

Tip: View and treat employees as the most important asset of your company  

Your best employees hold specialized skills and knowledge that are essential to the success of your business. Treating them as such is not only a good way to retain them, but to attract more of them. 

As much as possible, says Lajevardi, look to build a multi-generational and diverse workforce. Doing so can help you generate new ideas and execute effectively on them.  

To retain the talent you’ve hired, establish an employee brand that clearly communicates your vision and implement a total rewards strategy that goes beyond compensation to make employees feel valued, such as by including perks like flexible schedules, remote work, professional development, coaching, recognition and more.  

Harnessing technology

Technology changes so quickly. How can I make sure we benefit from what’s available and avoid chasing apps or tools that won’t deliver value?

More so than ever before, technology plays an enabling role in entrepreneurial companies. Information technology (IT) in all its forms—from functional applications and enterprise resource planning (ERP) tools to AI-driven solutions and cybersecurity tools—can help teams generate innovative ideas, collaborate meaningfully, problem-solve together and make your operations more efficient.

In addition, operational technologies (OTs) offer the chance to make significant productivity gains in physical production activities—whether through robots on a manufacturing floor, automated guided vehicles in a warehouse, or any number of other ways.

Tip: Invest in tech that supports your business’s core purpose and operations

“It is critical for business owners to approach any new technology with a well-defined and targeted plan to avoid lost time, resources and investments,” says Lajevardi. A holistic and long-term approach to technology deployment across your organization can not only secure a positive return on investment over time, but help you engage employees and inspire new ideas.

“Too often, SMEs take shortcuts when selecting technological tools, which can later become a source of inefficiency and drag in their organization,” he adds. “Others skip over change management and training, leading to a significant negative impact on return on investment and efficacy. Take the time to select the right tools to support your strategies and operations, and spend more time on change management and implementation.”

Capitalizing on trends

What are some emerging trends that I should be aware of when planning for the future?

Lajevardi says several related trends that are already important for businesses are poised to become even more so. These are:

• Diversity, equity and inclusion (also known as DEI)—organizational frameworks that promote the fair treatment and full participation of all people, particularly historically underrepresented groups
• Environmental, social and corporate governance (also known as ESG)—a set of practices and metrics that potential clients or investors can use to evaluate your operations and practices in terms of environmental responsibility, ethical social impact, and robust governance practices and structures
• The environment and climate change—whether and how a business adopts sustainable practices, reduces its carbon footprint, and reports transparently on its environmental impact to demonstrate a commitment to ESG

Whether you’re concerned about trends like these or about challenges in specific business areas—from sales and marketing to financial management, operational efficiency, digital technology, leadership and others—the steps you should take will be unique to your business’s stage, size, products, markets, and more. But these general principles can help guide your thinking process.

Next step

Learn how to set achievable priorities that align with your business values and mission in BDC’s free guide on The Foundations of Strategic Planning.