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ISCM Money Chase: Bootstrapping for Growth | May 28, 2009
BUILDING A BUSINESS WITH LIMITED RESOURCES
“Cash is King” Rule is Critical to Ride Through Economic Storm and Come through Ready for Growth, Experts Say
Markham, Ontario – May 11, 2009 – Asif Sharif knows a thing or two about growing a business in spite of a recession. While other companies struggle to survive, the 43-year-old entrepreneur has succeeded in doubling both his company’s sales and number of staff over the past year.
Sharif, president of Richmond Hill-based eDev Technologies, will share his story with other entrepreneurs later this month at the following event, featuring business experts, investors and financial professionals who will shed light on how companies can position themselves for growth with limited resources.
WHAT: Money Chase: Bootstrapping for Growth
Half-day conference for high-growth, early-stage companies looking to better position their businesses for expansion, and identify and secure their best sources of financing.
DATE : Thursday, May 28, 2009
TIME: 8:00 a.m. registration and breakfast.
8:30 a.m. – 11:45 a.m. presentations and panel discussions
WHERE: Innovation Synergy Centre in Markham, 1380 Rodick Rd., Markham
Organized by the Innovation Synergy Centre in Markham (ISCM), the event is being held in response to the growing competition among young companies for limited investment funds available today. Businesses will learn about what investors are looking for in early-stage company growth, what financing is available to young companies, how to reduce operating costs without reducing growth, and ways to generate sales on a shoestring budget.
Rob Koturbash, Managing Director of the Toronto-based Maple Leaf Angels – who will be presenting at the event – recommends that businesses position themselves for growth during the next six to nine months so they can lead the competition when the tide turns. “It’s all about survival now… while we’re always looking for high returns when we finance a business, in today’s climate, businesses should be focusing on break-even cash flow and wisely spending their dollars,” he said, explaining that early-stage companies should focus on their core market and be out selling most of the time.
“What the current downtown has thrust into the limelight is the fact that cash is king,” Koturbash said. “In today’s challenging times, our advice to businesses is to spend every dollar like it’s your last, cut expenses like rent and service contracts, and spend only on critical items like product and business development.”
Brian Brennan, Partner of Aurora-based Max Potential and an ISCM Investment Network mentor, echoes the importance of sales and staying close to customers in today’s market. “When it comes to reducing expenses, companies have to be careful to avoid cutting areas that may damage the long-term growth of their business,” he said. “For example, reducing your sales force may help cash flow in the short term, but you won’t have the necessary resources to maintain market share and take advantage of the upswing when it happens.” Instead, Brennan – also a presenter at the May 28 event – suggests reducing expenses incurred by the sales force, such as travel, meals and entertainment costs.
Event attendees will also learn about the importance of marketing in tough economic times. Online marketing tools such as webinars and other Internet technologies, and social media networks like FaceBook, Twitter and LinkedIn, are making it more economical for businesses to promote their products and services and receive instant customer feedback.
According to Catarina von Maydell, Director of the ISCM Investment Network, the Money Chase: Bootstrapping for Growth event is an excellent opportunity for up-and-coming businesses to ensure they make all the right moves in an economic climate where it’s easy to make mistakes. “The ultimate goal of the conference is to stimulate growth among Canada’s small and medium-businesses, which are the backbone of the Canadian economy,” she explained.
For more information about the Money Chase: Bootstrapping for Growth event, please visit www.iscm.ca. Registration is $85, including breakfast.
“Cash is King” Rule is Critical to Ride Through Economic Storm and Come through Ready for Growth, Experts Say
Markham, Ontario – May 11, 2009 – Asif Sharif knows a thing or two about growing a business in spite of a recession. While other companies struggle to survive, the 43-year-old entrepreneur has succeeded in doubling both his company’s sales and number of staff over the past year.
Sharif, president of Richmond Hill-based eDev Technologies, will share his story with other entrepreneurs later this month at the following event, featuring business experts, investors and financial professionals who will shed light on how companies can position themselves for growth with limited resources.
WHAT: Money Chase: Bootstrapping for Growth
Half-day conference for high-growth, early-stage companies looking to better position their businesses for expansion, and identify and secure their best sources of financing.
DATE : Thursday, May 28, 2009
TIME: 8:00 a.m. registration and breakfast.
8:30 a.m. – 11:45 a.m. presentations and panel discussions
WHERE: Innovation Synergy Centre in Markham, 1380 Rodick Rd., Markham
Organized by the Innovation Synergy Centre in Markham (ISCM), the event is being held in response to the growing competition among young companies for limited investment funds available today. Businesses will learn about what investors are looking for in early-stage company growth, what financing is available to young companies, how to reduce operating costs without reducing growth, and ways to generate sales on a shoestring budget.
Rob Koturbash, Managing Director of the Toronto-based Maple Leaf Angels – who will be presenting at the event – recommends that businesses position themselves for growth during the next six to nine months so they can lead the competition when the tide turns. “It’s all about survival now… while we’re always looking for high returns when we finance a business, in today’s climate, businesses should be focusing on break-even cash flow and wisely spending their dollars,” he said, explaining that early-stage companies should focus on their core market and be out selling most of the time.
“What the current downtown has thrust into the limelight is the fact that cash is king,” Koturbash said. “In today’s challenging times, our advice to businesses is to spend every dollar like it’s your last, cut expenses like rent and service contracts, and spend only on critical items like product and business development.”
Brian Brennan, Partner of Aurora-based Max Potential and an ISCM Investment Network mentor, echoes the importance of sales and staying close to customers in today’s market. “When it comes to reducing expenses, companies have to be careful to avoid cutting areas that may damage the long-term growth of their business,” he said. “For example, reducing your sales force may help cash flow in the short term, but you won’t have the necessary resources to maintain market share and take advantage of the upswing when it happens.” Instead, Brennan – also a presenter at the May 28 event – suggests reducing expenses incurred by the sales force, such as travel, meals and entertainment costs.
Event attendees will also learn about the importance of marketing in tough economic times. Online marketing tools such as webinars and other Internet technologies, and social media networks like FaceBook, Twitter and LinkedIn, are making it more economical for businesses to promote their products and services and receive instant customer feedback.
According to Catarina von Maydell, Director of the ISCM Investment Network, the Money Chase: Bootstrapping for Growth event is an excellent opportunity for up-and-coming businesses to ensure they make all the right moves in an economic climate where it’s easy to make mistakes. “The ultimate goal of the conference is to stimulate growth among Canada’s small and medium-businesses, which are the backbone of the Canadian economy,” she explained.
For more information about the Money Chase: Bootstrapping for Growth event, please visit www.iscm.ca. Registration is $85, including breakfast.
