News Releases

The strong economy has been a real boom for the small business sector, as almost 120,000 Canadians started a new business last year. According to Michelle Field, Vice President of Business Banking at BMO Bank of Montreal, running a business is a new experience for many owners and requires that they learn new skills and operating methods.

Ms. Field suggests that new business owners should ask themselves ten specific questions on a regular basis to ensure that their business is healthy and poised to take advantage of market changes and opportunities.

Questions small business owners should ask themselves:

1. Have I set specific measurable and realistic goals for myself and my business?
2. Have I revised my business plan as the market or business conditions evolved?
3. Have I listened to my customers and adjusted my product offering or service accordingly?
4. Am I promoting my product or service effectively and, if not, how will I improve my marketing to maximize sales?
5. Do I have enough money to carry my business until I break even? What are my limits? How will I work around them?
6. Should I be extending credit to my customers and, if so, what assurance do I have that they will be able to repay the credit?
7. How will I deal with long lead-time for orders and am I carrying more inventory than I need?
8. Am I sticking to my projected budget and do I have an adequate plan and mechanism to collect my receivables on time?
9. Am I meeting my commitments to my suppliers, creditors and Revenue Canada and if not how can I get back on track?
10. Have I established a strong business relationship with my banker and I am keeping him or her up to date with key developments in my business?
    

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