7 Point Checklist for the Small Biz Owner

You are now part of the most important and fastest growing sector of the Canadian economy. Statistics show that you will, over the next two most critical years, devote 60 hours per week to building your business and create two new jobs. Since 1984 ARVIC has been assisting business at the start up stage and watched helplessly as almost half failed. Please, don't repeat their mistakes. The following "suggestions for success" formula is introduced as a solution. Try it. You may improve your chances of success.

Take Caution - The seven-point check list for everyone in business.

1. Prepare a detailed and accurate business plan, including a pricing structure and budget, for your products or services. Samples of business plans are all over the Internet. Some are useful... and some are not.

2. Conduct a marketing survey. Review it often and update it annually.

3. Be certain customers want and can afford your chosen business activity. Be prepared to make changes as conditions change.

4. Contact advisors to supply expert business background and general operating information. Also talk to banks, accountants, lawyers, chamber of commerce, government or ARVIC. We can supply lists of advisors who will provide information.

5. Be willing to devote long hours to your endeavor. Each week spend half of the business day marketing & half completing clients work. Planning & managing are after hours tasks.

6. Secure sufficient financial resources. Be prepared to go without wages for 3 - 6 months.

7. Collecting all the money owing is essential to the health of a business. Checking out a new customer is time well spent. Investigate new customers before you invest time.

Pay Attention - Being able to anticipate financial trouble is essential to business survival. Here are six signs of financial trouble that will require your immediate attention.

1. Too many locked in fixed assets.

2. Weekly paper work is incomplete.

3. Heavy dependence on borrowed funds rather than working capital.

4. Revenues fall more than 20% short of forecasts.

5. Sales growth without profit growth.

6. Over expanding faster than revenues are increasing.

Ask Questions - Evaluate your personal qualities and skills and recognize the areas where you may need help. There is no crime in asking for help. The crime is in not asking. Your advisors should include both a lawyer and an accountant. Many of these professionals are prepared to provide you with 30 minutes of free advise if you call, make an appointment and ask. If you can not find help call ARVIC, we'll either provide you with help or direct you to someone who can. Helping a new business succeed has become everyone's responsibility. A wealth of information is available from the private sector and educational institutions as well as the above. Just Ask. You will be pleased with how much FREE ADVISE you receive.

Read what others are doing. - The Internet is alive with knowledge, advise and free information from very reputable sources from around the world. Regardless of what you need the Internet has suggestions. We suggest you start by examining some of the links in the "Starting a Business" section of our web site. You are also welcome to phone us.