Statistics Canada just released the results of a survey measuring the use of eight management practices. What they found was interesting. Large firms used the widest variety of management strategies (average of 4.9 management strategies) and small firms used the fewest (1.2 management strategies). The eight strategies included mentoring or coaching programs; and written strategies for marketing; managing growth; commercialization of intellectual property; succession management; and risk management.

Statistics Canada surmises that this confirms the "hypothesis that larger firms and organizations need more management tools to manage." While that is true, I began to wonder what would happen if small or mid-size businesses were to add one or two more management strategies? I recommend small and medium business owners consider adding one of the following management strategies per year.

Written Marketing Plan: Taking the time to research your market, adjust your marketing mix, and getting in alignment with your customers needs will allow you to develop a cohesive marketing plan. At last count I have documented over 100 different hundred marketing strategies and you should have at least 10 marketing strategies that are working and profitable. How many do you use on a regular basis? Investing the time to develop your own marketing plan will allow you to test your ideas on paper rather than with time or money.

Risk Management: This is not a term heard often in small business circles. For example, preparing a disaster and contingency plan, cash flow sensitivity analysis, loss of a major account, or the loss of key employee - will allow you to adjust more easily to external shocks or events - and provide some peace of mind.

Succession Management: for the small business owner, who will buy your business to? What would happen if one of your key employees, or managers left? It takes time to prepare a business for sale or locate a replacement for a key employee. Being prepared will ease the transition, reduce your risk, and stress.

Mentoring or Coaching: As a business coach since 1991 I would be remiss if I did not bring this topic forward. The top three reasons clients hire a coach or work with a mentor are to increase profits, deal with human resource issues, or create a better work life balance. There is on caveat to working with a business coach, all lasting change is a gradual process.

I strongly advise against Crisis management within your business - i.e. reacting because you need immediate results. Instead, based upon your goals and objectives, I recommend sustained coaching using a a step-by-step process to implement strategies and concepts to achieve the specific results you need and want.

Why not make a decision right now to add just one of these management strategies to improve your business? Then add another the next year. Make time work for you by investing your time into the areas that have the best chance of providing a great return?.