Surviving in Tough Times

The latest issue of PROFIT Magazine is out, with lots of great stuff this month.

As the economy teeters, columnist Jeff Dennis offers his top "Lessons from the Edge.”

Kara Aaserud talks to experts on Managing in a recession

Columnist Rick Spence holds forth on “How to get results”

There’s also the fourth and final instalment in the Advisory Board series that I co-authored with entrepreneur Greig Clark. This part is all Greig's: it's the story of how an advisory board he headed helped entrepreneur John Armstong build up his business and sell it for $25 million. I think every entrepreneur could use an advisory board, so if you haven't read any of this ground-breaking series yet, it's time you climbed, umm, aboard.

This issue also contains a fascinating Q&A with AIC investment legend Michael Lee-Chin. But it doesn't seem to be up on the Web yet, so maybe you should just buy the magazine.

I also wrote the cover story, on one of Canada’s smartest and most adventurous entrepreneurs, Bruce Poon Tip of G.A.P Adventures. He's survived a recession or two himself, and bounced back every time. I’ll let you know when the link is up.

Recherchez la Femme

PROFIT Magazine has just published its 2007 list of Canada’s top 100 women-owned businesses.

You can view the whole list here.

I've often been asked what purpose this list serves. Unlike performance-based lists such as the PROFIT 100 (ranking companies by five-year growth) or PROFIT’s Hit 50 (ranking new companies by two-year growth), or even the growth-oriented Entrepreneur of the Year, the W100 lists businesses based on size (i.e., annual sales revenue).

Among other things, this makes the list predictable: Rebecca MacDonald’s Energy Savings Income Fund tops the list for, I don’t know, the fourth year in a row?

But here’s why I think it’s important, and why I credit PROFIT for continuing this project long after two of its sister magazines, with many more resources, walked away from it.

1) Women owners of substantial businesses are still a fairly new force in society. Chronicling the growth, evolution and increasing diversity of these firms is an important social project.

2) It's an inspiring list of role models that helps other entrepreneurs realize there are more ways to get to the top than through the Old Boys' Club of Bay Street.

3) There are legitimate questions about whether women treat business or manage organizations differently from the way men do. PROFIT’s research focuses on the W100’s management techniques – bringing their business philosophies and best practices into the spotlight for all to see and learn from. (Even the men!)

You can read about the W100’s best HR tips and tactics here.

Learn from their positive approach to building productive banking relationships.

And check out how W100 leaders are using their business skills to give back to society – and why it's also good for growth.

Hot 50 deadline looms

Do you run a young, fast-growth company that deserves more recognition? Apply to the PROFIT Hot 50 ranking and you could get national publicity - and credibility – as part of PROFIT Magazine’s eighth annual survey of Canada’s Emerging Growth Companies.

The PROFIT HOT 50 ranks and recognizes Canada's Emerging Growth Companies based on two-year revenue growth. If your company was founded in 2003 or 2004, just fill out the online entry form found here. PROFIT honours the HOT 50 companies in the September 2007 issue of PROFIT, year-round at PROFITguide.com and at GrowthCamp, an exclusive three-day summit for HOT 50 leaders.

I devised the Hot 50 in 2000 because we realized that business was moving so fast that the PROFIT 100 list – companies ranked by five-year revenue growth – no longer reflected the cutting edge of new growth companies in Canada. The younger, fresher companies on the Hot 50 don't have the P100’s track record – but they have passion and innovation to spare. And experience has now taught us that most of them go on to do very, very well.

For entry information, click this way. For information on last year’s winners, click here.

Just remember that the deadline is June 30.