Looking Back – Nancy Thompson – Manager, Small Business Training
Looking back over the last 30 years as an entrepreneur, I can with confidence admit I made mistakes which enviably resulted in lost profits and missed opportunities. Mistakes like hiring the wrong staff, and not learning how to read or understand financial statements from the beginning.
Somehow through trial and error, and despite my lack of business knowledge, the business did very well with a net profit of 17%, an the annual revenue of $600,000., and at peak employment there were ten people. Thankfully, I was blessed with common sense and the realization that continuing to learn by trial and error was not in the best interest of staff, the company, or myself. So, I set out to find someone who was willing to educate me; I went looking for a mentor.
It did not take long to find a willing businessperson, Mr. Germaine, a local entrepreneur that was respected throughout the community. After our first meeting some 25 years ago he looked at me and said, “You are flying by the seat of your pants”. He was so right.
Over the next thirty days he taught me how to analyze financial statements, and use cash flow statements. We continued to work together for a year. Having taken the time to work with an advisor who was willing to transfer his knowledge, I was better prepared to anticipate and solve problems before they happened. I attribute my surviving three recessions, and having the ability to overcome a host of obstacles, to taking time out to ‘work on the business rather than in business’.
Thirty years ago accessing business training for business start-up or expansion was not available. Today, through organizations like CEED the Centre for Entrepreneurship Education and Development training for entrepreneurs is readily available. CEED serves as a provincially recognized centre of excellence providing guidance and training for hundreds of entrepreneurs for close to 20 years.
If there is one piece of advice I can give to aspiring and existing entrepreneurs that are looking to start or grow a business it is this, “just because you are doing well financially don’t assume that you are doing it right – there are so many things to learn to prevent you from making mistakes that will cost you, your family, and the business”.
SIDE BAR: A recent study by Kilfoil, Mombourquette, Leach, in September 2011, on behalf of CEED, concluded that entrepreneurs who received business training are less likely to fail.
What people say about training programs at CEED:
Developing a Sales Strategy
What is the one thing you would tell others about this workshop?
“If you want to sell, you need to attend this.”
- Stephen Burley
Phone fear to phone fabulous
“I feel inspired and confident to start making those dreaded cold calls.”
Blast off …
“ Very relevant information, very useful. Lot’s about WHY to do things, not just HOW.”
- Jodi Crowell
