TORONTO—Canada’s engine of growth—small and medium-sized businesses—are about to get a little boost.
Advisory group Grant Thornton LLP developed a guide for Canadian start-ups: Privately Held Business: Helping start-ups start up, to mark Business Development Bank of Canada’s (BDC) Small Business Week.
According to the BDC, small and medium-sized businesses make up 99.8 per cent of all companies and employ about 60 per cent of private sector workers.
But as these small businesses grow, are they prepared for the changes that come with it?
“From the time you create your business plan to the time you create your succession plan, your business will go through many different stages,” said John Harris, Partner and Grant Thornton’s National privately held business leader. “We wanted to produce a concise start-up guide to help entrepreneurs navigate this complex, often complicated, undertaking.”
The guide addresses topics such as:
- Planning for the future: the business plan
- The business life cycle: how far do you want to go?
- Structure: just what do you want to be?
- Money: cash management, venture capital, government programs
- Systems and information: how do you measure up?