THE QUESTION
My business provides me with an income that I am comfortable with. I don't work long hours and I like that.
Everyone keeps telling me that I need to put more time into the business and grow it. I really don't want to. I am happy with where I am. Am I missing something here?
THE ANSWER
It's great that you are happy and comfortable. But remember what happened to the taxi and hotel industries? Think Uber and Airbnb. Competitors revolutionized those industries and yours could be next.
Most innovation experts seem to think that every industry can be turned upside down inside of five years. That is a scary thought if it applies to you.
You are in a position that many would envy, but I would caution you not to step away too far from your company. The most significant problems often occur when things seem to be going well.
I have found that owners like you succeed in the long run when they have a strong management team who is in tune with the market and customers. You need that. In a smaller organization, a capable and loyal No. 2 is what you need to keep things moving in the right direction. The value of having the right people to work with you is everything. That helps to keep your organization strong in your absence. Full story.
Entrepreneurs open up about their fiercest rivalries in this week's Risk Takers podcast
In Episode 2 of The Globe and Mail's new podcast about the real-life drama of running a business, host Sarah Efron looks at the fierce business rivalries that drive entrepreneurs. OrderIt.ca founder Cameron Reid fought a long battle against his chief competitor, Just Eat. Also, after losing his job at a big PR firm, Andrew Findlater found himself directly competing with his former employer. Visit the podcast page.
A novel way to solve the business succession crisis
The Business Families Foundation new approach, which is now being workshopped by a dozen business families in Quebec, addresses all these problems. It does so by changing the basic assumptions behind family succession. Instead of seeing the founders' children as the inheritors and future executives of mom and dad's business, this approach encourages them to become entrepreneurs – but with internal advantages. "We are turning business families into intrapreneurial families," says Olivier de Richoufftz. Full story.
Small-business lender FundThrough secures $24.6-million in financing
Small-business lender FundThrough is getting a $24.6-million financial boost from some big-name Canadian investors, including an early backer of Shopify whose connection to CEO Steven Uster dates back to a high school scholarship nearly 20 years ago. Toronto-based FundThrough says the financing will help it serve more small businesses that rely on it to fund their own companies between invoice payments. Full story.
How to find the right payment processor for your business
One of the most challenging parts of running a business is getting paid. Collecting your money can cause headaches, including finding the right payment processor to accept credit and debit cards. Not only is there an array of choices (Moneris, TD Merchant Services, Square, PayPal and Payfirma, to name just a few), but the technology is constantly changing. Just as businesses were getting comfortable with chip cards, they've been forced to adopt tap payments and now Apple Pay has hit the market in Canada. Full story.
Video: How to get a business loan
The Globe chats with entrepreneurs Nick Wagner, Sharn Kandola and Ben Zlotnick to learn about getting a business loan or line of credit.
More small business news from around the web
Buytopia co-founder and dragon investor Michele Romanow opens a bank for freelancers
Her latest venture, clearbanc.com, is a financial services platform targeting North America's 50 million freelancers and self-employed contractors. "The economy continues to move in this direction, with growing numbers of entrepreneurs, but I don't think financial services institutions are set up for it," Romanow said. Full story.
Why Canada's tourism sector is set to take off
"There's positive momentum [in tourism] from the dollar," notes Greg Hermus, associate director at the Conference Board of Canada, who follows the sector. "It's a good news story and we've got growth continuing." Hermus says hotels, tour operators and some restaurants are already taking advantage and adds that Canada's airline industry, in particular, is benefitting from both the low dollar and the low fuel prices that caused it. Full story.
League launches new insurance products with RBC as incumbents fight to partner with the startup
Since launching a year ago, League hasn't pulled any punches in its quest to dominate the health insurance space. Under founder Mike Serbinis' watch, the last nine months have been a period of aggressive growth for the company, which allows small businesses to offer more customized benefits plans for their employees through its platform. In June, LEAGUE raised a significant $25 million Series A round, and in August welcomed former Sun Life Financial executive Lori Casselman to its team as chief health officer. Full story.
Zenefits, a rocket that fell to earth, tries to launch again
Trying to turn around a failing technology company is almost always a futile task — just ask Marissa Mayer at Yahoo or whoever it is who now runs BlackBerry. But the challenge becomes even more daunting if your company is afflicted by something deeper than a mere implosion of its business. If the company you're rebuilding has been racked by questions about its ethics and culture, and if on some fundamental level it became derelict in its integrity, well, good luck trying to get that turkey to fly. Full story.
Compiled by Sarah Efron.