Leadership & Innovation
Evaluating Personal Performance
By Dennis Fortnum
National Leader, KPMG Enterprise™
Partner-in-Charge, KPMG Enterprise (GTA)
Great leaders don't necessarily produce great businesses, but poor leaders can certainly cause businesses to underperform. In the words of Peter Drucker, "Effective leadership is not about making speeches or being liked. Leadership is defined by results." If you want to be a better leader, then you need to find a way to evaluate your results by obtaining honest feedback on your personal performance. More...
Turtles & Innovators
Innovation is the key to success
By Jeremy Miller
It's hard to stay positive in the midst of a recession. Every time you turn on the news you're barraged with negativity: plant closures, layoffs, bankruptcies and more. It's enough to make the most optimistic entrepreneur turtle up and hope for better days. Resist that urge. Turtling up is the last thing you should do. This recession will ravage the Turtles, and reward the Innovators. So rise up, and innovate, innovate, innovate. More...
The importance of internal and external communications
Food in Canada magazine annually convenes executives from different sectors of the Canadian food and beverage industry to discuss how their companies are surviving and thriving. Moderated by KPMG partner, Willy Kruh, and KPMG Enterprise partner, Steve Smith, this year’s roundtable discussion was published in the September 2009 edition of the magazine. The following is an excerpt, focusing on how strategic internal and external communications can help companies succeed during uncertain times. To read more from the executive roundtable visit: Food in Canada.
Where should a CEO focus internal and external communications in order to manage through challenging times and prepare for market recovery? More...
Turning intent into action
Many firms want to be entrepreneurial, but aren’t. The research of Terry Wang helps to explain why.
Google became an icon by revolutionizing the Web with its search engine, but it didn’t stop there. From Web mapping to mobile technology, Google is always on the move, aggressively pursuing new opportunities and coming up with innovative products.
Although little more than a decade old, Google is now considered a well-established firm, with more than 20,000 employees and one of the most powerful brands in the world. Google exemplifies the idea that entrepreneurship is not just confined to individuals.
Firm-level entrepreneurship has emerged as an important focus of academic research, says Taiyuan (Terry) Wang, PhD ’09. When he first joined Ivey’s PhD program, he became interested in why some firms were so innovative, proactive, and risk-taking, and others weren’t.
When he reviewed the existing literature in the field, he came across the scholarly idea of entrepreneurial orientation. Although this idea helps to clarify the processes that lead to new products and new markets, it doesn’t explain the distinction and link between intent and action. “Entrepreneurial orientation does not clearly distinguish between what entrepreneurial firms want to do and what they actually do,” says Wang. “Since intention does not always lead to the action, distinguishing between these aspects of entrepreneurship is an important task.”
In his research, Wang conducted surveys of some 200 small and medium-sized Canadian companies. He looked at three questions:
- Why do some firms want to be entrepreneurial while others don’t?
- How do entrepreneurial firms realize entrepreneurial processes?
- What do entrepreneurial firms actually do in the marketplace?
Firing up Your Internal Cash Generator
By Bina Mehta,
Cash & Working Capital Management, Advisory Services
A couple short years ago, a bank’s primary concern was finding ways to lend money, ensuring their clients came to them for any additional funds and not one of their competitors. The focus of the average private company was on delivering the ambitious growth forecasts that made their company so attractive to banks and other key stakeholders. When those forecasts were off-plan and cash became tighter, the company would simply call up their lender and request a larger facility.
How things have changed. Refinancing and/or raising additional funding has become more difficult for the average private company. This is not because of lack of confidence in the viability or strength of the business plan, but more about the lenders’ appetite for increased exposure and risk.
It is important for all private companies to explore other avenues to meet funding needs. These avenues may include capital disposals and other financing options such as asset based lending. However, internal cash generation is the one opportunity that is more fully within the control of management. More...
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Business Adviser is published by KPMG Enterprise™ specifically for owners and executives of private companies in Canada. KPMG Enterprise is devoted exclusively to serving the needs of private companies in Canada. For further information about how KPMG Enterprise can help private companies, visit our website.