Alec Morley has spent time over 20 years in retail banking, commercial lending, asset management and infrastructure technology - including a leading role in the establishment of the First Nations Bank of Canada.
He is currently the Senior Vice President of TD Canada Trust.
Three things Mr. Morley's mind when it comes to strategies for small business:
1. Keep a close eye on the key metrics that are essential to your business' success. "It is impossible to analyze every part of your business everyday. Instead, ask yourself, what are those essential measures that determine the health of your company? Whether it is speed of inventory turnover, utilization rates or total cash in the bank, ensure you have a system in place that provides an easy way to check those numbers in real time."
2. Understand how to read an income statement and balance sheet. "Put yourself in the shoes of your investors, the bank where you would like a loan, or a potential buyer down the road and make sure you're at ease with how to read - and explain - your financial statements. TD Canada Trust has small business experts available in branches across Canada to help customers better understand their business' finances and develop tailored solutions to overcome specific challenges."
3. Forget the static five year plan. "Given the speed of business today and the impact of ever-changing technology, a static business plan that lasts five years may be unrealistic. Your business plan should be a living document, updated at least annually with a rolling three-year forecast to make sure your business stays on track. And it's essential to have both a long-term vision for your company and a series of short-term goals. A good small business advisor can help you to map out the financial resources needed to take your business to the next level."
Special to The Globe and Mail