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Tips to help new companies survive

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|Jul 14|magazine11 min read

Have you recently started a new business? As the CEO of a company, you most likely have one big goal looming over your head: to become successful. Of course, it can be difficult for any business to prosper—new or experienced.

Originally reported by the Financial Post, survival rates for small and medium-sized businesses in Canada decline over time, which has been proven by Industry Canada.

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However, a variety of tips have been complied to help offer assistance when it comes to starting a business and staying in business. Depending on your specific type of company and its location (these pointers are even great for our business friends outside of Canada), some of the advice listed below may be more helpful than others.

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Always plan ahead

You’ve started a business, so you most likely have a well thought out plan in place, right? It’s not only important to plan, but to never stop planning. After all, if you’re prepared for the future and potential problems that could occur, then you stand a higher chance of correcting these issues before they get completely out of hand. Planning ahead and attempting to predict the future of your specific industry is a great way to ensure your company lasts.

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It’s all about teamwork

It’s been said before, but the fact still rings true: in order to survive and become a successful business, you have to find the right team. As the CEO, you can only do so much; you’re just one person. Therefore, it’s extremely important to find people who are eager to work for your company and help make it grow. You’ll want to find individuals who are experienced, but who also have the same goals as you. A team can just as easily make a company as they can destroy it — be mindful of who you hire.

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Listen to your customer or clients

The customer or client is always right—period. Okay, there may be some leeway here, but you get the idea. If you want to make your customer happy and ensure that they return, then you need to give them what they want. A happy customer can be quite beneficial in supporting your business. The last thing you want to do is get a bad reputation or have current or potential clients thinking negatively of you and your company. Be professional, but also be accommodating.

For all of the latest business news in the United States, make sure to visit our sister brand Business Review USA.

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[SOURCE: Financial Post]

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