Bulletin
FROM:
JAN-FEB 2005 ISSUE
A recently released report from CIBC, entitled
Secrets to Small Business Success, identifies six key areas that contribute to small business success:
Education
Over the past three years, small firms run by people with at least some
post-secondary education saw a revenue increase that was more than double those firms run by people with less than high school education.
Advisory boards
Entrepreneurs who make use of the advice of professional advisors experienced revenue increases of
76 per cent over small firms without such advice.
Incorporation
Small businesses that are incorporated have seen revenues increase by
40 per cent more than unincorporated sole proprietors.
Outsourcing
Small firms that received outsourced work from other companies grew their revenues an average of
61 per cent more than firms that do not rely on outsourced work. Some
39 per cent of small firms in Canada currently do outsourced work.
Connectivity
Firms with a high level of Internet connectivity enjoyed revenues that were more than double that of firms with no connectivity. About
38 per cent of small firms in Canada have a Web site, while
seven per cent use the Internet as a business tool.
Export sales
In the past three years, small businesses that export more than half of their
Internet-based sales saw revenue growth of
2.5 times more than those who exported less than half of their
Internet-based sales.
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