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This Week April 9 – April 22, 2009 Vol. 6, No. 7

Growth Strategies: How to make your business boom

Management: Why don’t you have an advisory board?

Great Ideas: 5 ways to motivate top performers

Productivity: The deadly entrepreneurial disorder and how to cure it

Peer-to-Peer: Laying off a rookie—the best advice from PROFIT readers

Ask The Legends: Billionaire Leslie Dan shares his best business tips

About PROFIT-Xtra

Growth Strategies

How to make your business boom
If you’re like many business owners, you think your company needs to be great at many things to generate dramatic results. While it never hurts to do everything well, it’s almost impossible to be great at multiple things. As these five successful entrepreneurs prove, mastering one thing is all you need to drive the growth of your firm. Here’s how they mastered five key disciplines and produced big results.

FULL STORY

Management

Why don't you have an advisory board?
When an entrepreneur reaches a point where she runs out of ideas or needs to expand her contact list, forming a board of advisors composed of experienced business people with complementary skills can be an effective way to get over the hump. But finding the right people to serve in such a group prevents many business owners from taking the advisory board plunge, writes PROFIT columnist Rick Spence. Here, he highlights some of the best ways to find peers with the experience you need, and then put their advice to work.

FULL STORY

Advertisement StatCan

Why Innovators Alliance?
Our members say it best, like Murray Gamble, President of The C3 Group of Companies: "I have been a long-time member of Innovators Alliance and have found it to be the absolute best business resource for high-growth companies. The C3 Group has been fortunate to experience more than a tenfold increase in revenue over the last decade, and my association with Innovators Alliance was a key in overcoming several barriers to growth along the way."

Visit www.innovators.org or call 1-877-799-5001 to learn about our vibrant CEO network, connecting like-minded leaders of growing firms in seven chapters across Ontario. Proven solutions are but an IA meeting away!

Great Ideas

Get the most out of your peak performers
Finding great employees is always a challenge; keeping them motivated and productive is another, possibly bigger, issue. In their book Get Your People to Work Like They Mean It!: Manage, Motivate and Get Results From Every Employee, management specialist Jean Blacklock and educational entrepreneur Evelyn Jacks outline five simple ways you can keep your all-stars at the top of their game.

FULL STORY

Export Achievement Awards

Doing business internationally? Tell us about it
The first annual Canada Export Achievement Awards celebrates the spirit and strategies of Canadian small- and mid-sized enterprises that are winning in foreign markets. Enter for your chance to be one of five regional winners who will enjoy coverage in PROFIT and L'actualité magazines, along with other benefits.

Click here to enter or learn more.

Productivity

The deadly entrepreneurial disorder and how to cure it
As an entrepreneur, you probably have dozens of great ideas a day, maybe more. That’s a good thing—it means you’re constantly thinking of innovative new ways to improve your company. But all of those great ideas can become time wasters when they divert your attention from important problems that need solving. PROFIT columnist Brian Scudamore outlines an easy-to-implement strategy for maintaining your focus, while still allowing enough time to come up with those great new ideas to grow your business.

FULL STORY

Podcast

Where to spend in the recession
When recession hits, managers across the business spectrum begin to question the value of any investment that doesn’t benefit the bottom line in the short term—namely, between now and next pay day. But by doing so, they could be sacrificing the long-term competitiveness of their companies and might even diminish their long-term fortunes. In this episode, editor Ian Portsmouth talks with Mark Wardell, founder and president of Wardell Professional Development, a Vancouver-based management consulting firm, to identify the best strategic investments you can make in a recession. Don’t miss this revealing episode and many others at: canadianbusiness.com/multimedia/business-coach-podcast.
 
LISTEN NOW

Peer-to-Peer

Should I lay off a promising rookie?
In the last issue, the president of an Ottawa-based marketing agency wrote to ask PROFIT-Xtra readers: “Just before the recession started last fall, I hired a young account executive who is quite promising. She’s bright and works hard, although she still has a lot to learn to achieve her potential. Unfortunately, we just lost the account she was working on, so I’ll have to lay off three employees. I’d like to hang on to this account executive, because I think she’ll be a great asset within a couple of years. But until then she’ll probably be less productive than my more experienced account people. What should I do?” Read the best answers here.

If you have experience or advice to share, send it to Peer-to-Peer. If we publish your answer in our next issue, you could win a copy of Creating Competitive Advantage by Jaynie Smith. (Respond anonymously if you wish. Published answers will be edited for length and clarity.)

Have a question for your fellow entrepreneurs? Send it to Peer-to-Peer.

Ask the Legends

Pharmaceutical giant Leslie Dan shares his best business advice
The philanthropist and founder of Novopharm predicts the future of Canadian biotech and explains why every entrepreneur is obligated to give back.

FULL STORY

About Profit Xtra

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Editor: Ian Portsmouth

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Questions, comments or story ideas? Please contact PROFIT-Xtra.

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