The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Conventional wisdom sug- gests that free advice is worth exactly what you paid for it. Professional, paid counsel, however, remains one of the strongest strategic pillars for small business entrepreneurs seeking success. "Make use of the experts, be they lawyers, financial advi- sors, chartered accountants and bankers," opined Busi- ness Development Bank of Canada finance and consult- ing GTA North vice-president Stephen Bald. "Consult with quality advisors." Buying expertise tops his list of the five key tactics entre- preneurs should employ to survive and thrive, said Bald, based in BDC's Vaughan of- fice which serves 6,200 GTA clients, one-third of whom are small businesses. Secondly, start-ups in particular must develop a solid business plan, he said. A blue print detailing what you want to accomplish and how you are most likely to achieve goals and objectives is an absolute necessity. The third step, according the 17-year BDC veteran, is identifying the specific actions required to bring the plan to fruition. "Implement those actions and make sure you have all the right resources," said Bald of the fourth strategy. Resources include technol- ogy, manpower and finances in addition to being savvy in the burgeoning realm of social media. The fifth element is moni- toring and measuring the efficiency of your plan. "Don't be afraid to make changes or amendments," he said. "Don't be married to the plan. Be flexible." Many small enterprises fail because owners hope for something unforeseen that will turn fortunes around, Bald said. His best advice to those is to recognize that their first loss is their best loss. "They need to know that some things can be outside their control," he said. "They should be flexible to work around them." For more information on BDC Small BusinessWeek, Oct. 15-21, visit bdc.ca. Strategies formaking themost of your small business byChris Traber www.newscanada.com 3 success tips for small businessowners (NC) Being an entrepreneur means that you'll often figure things out as you go along, without guidance or an established structure to help you navigate. Though it is one of the most exhilarating aspects of the job, it can also be daunting, especially when you're first starting out. Dan Kelly, CEO of the Canadian Federation of Independent Business, offers his top three tips for small business owners. SBW 1 2 3 Make mistakes and pivot often. Regularly ask yourself: "Did I meet my business goals today?" and identify some key performance indicators. This will allow you to continue doing what works, or troubleshoot problems quickly by pivoting your strategy with minimal repercussions. Know your customers. Building strong relationships with your customers takes time, but if you treat them right and do what's best for them in the long-term, you'll have a better chance at winning and retaining their business. It's also a good idea to find out where your customers are spending time online or on social media and to communicate with them there. Build a support network. Set yourself up for success by joining a community of other small businesses where you can gain access to invaluable industry resources. CFIB provides specialized business resources and makes sure the voice of independent businesses is heard on government issues that are important to your business. Audit | Tax | Advisory © 2017 Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd. All rights reserved. At Grant Thornton LLP, we heartily congratulate Lou Celli on his appointment to chair of our National Partnership Board, which he's served for the last two years. With his dedication to the continued growth of Grant Thornton and his unwavering professional excellence, Lou is an inspired choice, and we look forward to his leadership. Lou is the private business services leader for Southern Ontario, and he and his Hamilton team serve private business owners and their families throughout the region. For Lou Celli, helping clients succeed is always his first priority. Lou Celli, FEA, CPA, CA Partner, Private Business Services Leader - Southern Ontario T +1 905 577 4940 E Lou.Celli@ca.gt.com Dedicated. It's that simple. Hamilton 33 Main Street East 16 • WATERLOO CHRONICLE • Thursday, October 19, 2017 Serving your community since 1856