In this exclusive interview with CanadianSME Small Business Magazine, Chris Reimer, a Chartered Professional Accountant, Certified Financial Planner, and seasoned entrepreneur, shares his invaluable insights on how small business owners can achieve lasting success. With three decades of experience working alongside entrepreneurs, Chris provides practical advice from his own journey as both a business owner and advisor. In his latest work, How to Win at Small Business, Chris breaks down 10 transformative keys to success, offering actionable strategies for mastering cash flow, building resilient company cultures, and avoiding common pitfalls. Whether you’re just starting out or looking to elevate your existing business, Chris’ expert guidance provides the roadmap to not only survive but thrive in today’s competitive market.
Your new book, How to Win at Small Business, outlines 10 essential keys to success. Which of these keys do you believe is most often overlooked by entrepreneurs, and why?
The 10 essential keys, or as I term them in my book, “Differentiators” between those businesses which flourish and those that eventually fail can apply regardless of industry, location, or other factors that shape each business.
Most entrepreneurs can readily identify with one (or more) of the differentiators as an area of weakness for themselves and their business. However, they vary for each entrepreneur. For example, one entrepreneur understands and values what the financial reports generated from their business’s accounting system tells them, but they then take certain aspects of that mindset too far. They make control of expenses or other metrics their primary focus to the detriment of sales – the foundation on which their business is built and grows. Another entrepreneur may remain hungry for business growth and improvement, but they fail to consistently think strategically and plan for their business on an ongoing basis.
As entrepreneurs we all bring unique backgrounds and skillsets to our business. Those entrepreneurs who achieve lasting business success recognize their weaknesses early on and take the necessary steps to address them.
Read Here: https://www.amazon.ca/How-Win-Small-Business-Success/dp/1998841189
Drawing from your three decades of experience, what are the most common pitfalls that cause small businesses to falter within their first five years, and how can owners proactively avoid them?
The first differentiator I describe in my book is that successful small business owners “Never Stop Planning.” Most business owners create a business plan of some sort at the outset of their business; however, that is where it often ends. Engaging in ongoing, quality planning at any life stage of a business is a proven driver of success and a shortfall for many business owners. Without it, navigating the inevitable challenges such as a cashflow crisis, over/under hiring and stagnating sales that arise in almost every business journey becomes a guessing game.
Business owners frequently become bogged down at operational or technical levels and never take a breath to think about where the business is today and plan for where it is heading. Planning can involve many facets of the business, but it shouldn’t be complicated or lengthy. Taking the time to plan consistently and intentionally is what matters.
Akin to a weak or non-existent personal financial plan, the failure to maintain a current roadmap for your business will lead to subpar results. Most business owners are already busy and aren’t excited about adding another task (planning) to their list of “to do’s.” However, as I state in my book, adages such as “failing to plan is planning to fail” have been repeated for many years for a reason – they are not wrong.
You emphasize the importance of mastering both financial and non-financial essentials, such as cash flow and culture. How can small business owners strike the right balance between these areas as they grow?
As I alluded to earlier, when it comes to owning and growing a successful business, we all have areas of strengths and weaknesses which are critical to achieving lasting success. The first step is being humble enough to recognize and admit that we have areas (differentiators) that we need to work on and/or need help. We usually know what these weaknesses are whether we want to admit it or not. For some owners this can be financial (e.g., understanding and monitoring cashflow is weak or non-existent) while for others it can be non-financial (e.g., they have failed to create and nurture a positive culture within their business).
Once an owner has identified their areas of weakness, they need to take steps to improve them for the betterment of the business and themselves. Recognition means nothing without action. In my book, I describe practical steps which can be taken by an owner, for each differentiator, to change course and ultimately the trajectory of their business.
Many entrepreneurs struggle with burnout and delegation. What practical advice do you offer in your book to help business owners build resilience and harness the power of effective delegation?
I agree. Burnout and delegation are the downfalls for many business owners. The day an owner starts or acquires a business they are filled with energy, plans, and hope for what the business will become. Frequently, even as soon as a year or two down the road, these same owners have a vastly different outlook. Inundated with day-to-day operational related demands of their time they are teetering on the edge of burnout.
In my book, I identify and describe “Empower Employees” as a differentiator of successful small business owners. Often due to excuses related to time (e.g., I can just do it quicker myself) or trust (e.g., if I don’t do it myself it will be done incorrectly), owners morph into micromanagers. Both time and trust issues are just that – excuses. You cannot allow this type of thinking or behavior to manifest in your business.
As I describe more fully in my book, if you were to think about an example of a business growth and profitability limiter one of the first words that should come to mind is a micromanager. Failure to delegate effectively will not only stifle business growth but also lead to a stressed-out, tired, and unhappy owner. If you find yourself in that situation the only one to blame is yourself. Other owners have figured it out – what is holding you back?
Finally, what lasting message or piece of advice would you like to share with Canadian small and medium-sized business owners striving for long-term success?
There is hope for you and your business. It just takes doing some things differently.
Book description:
With well over one million small businesses in Canada and 100,000 new entrepreneurs taking the leap every year – the path to lasting success is not easy. Many struggle not because of fierce competition but due to common missteps. Here’s the hard truth: more than a third won’t make it past five years and less than half will survive a decade. Even for those that do survive, success often falls far short of expectations.
So, what sets the Winners apart? In “How to Win at Small Business,” veteran entrepreneur and chartered professional accountant Chris Reimer breaks down 10 essential keys that differentiate those businesses which prosper from those that struggle. This hands-on playbook is packed with practical insights for entrepreneurs to beat the odds, avoid burnout, and build a business that achieves lasting success.
Drawing on three decades working with small businesses, this guide tackles challenges every owner faces including mastering cash flow, building a resilient culture, and harnessing the power of delegation. Covering both financial and non-financial essentials, these 10 keys help avoid the pitfalls that drain even the most motivated business owners.
Whether you’re a new entrepreneur, a seasoned business owner, or an advisor, “How to Win at Small Business” offers a roadmap to lasting success.
Follow Reimer’s blueprint and boost your chances of not just surviving but thriving.
