Last week Simon and I were fortunate to be able to attend the PROFIT 200 CEO Summit, as a consequence of being ranked 25th
in the 23rd annual PROFIT 200 ranking of Canada's Fastest-Growing Companies by PROFIT Magazine. It was a great experience.
It opened with Michael Lee Chin providing his view to the world and business success. Michael’s business model was very different to other mutual funds, based on picking less companies and holding them for longer. His approach was to REALLY THINK
about what CUSTOMERS WANT
from a money manager, and not just what the money manager wants. The different model led to some interesting challenges along the way but his fundamental belief in an ‘intellectual framework’ for decision making ensure the right decision will be taken. We have been working on our own decision process so it was good to hear that this hard work is not in vain! We both loved his message of the three most important things in life and business; Do Well, Do Good and Have Fun! He also makes you really think about how you grow a business when he suggests you always consider legacy and asks “What will your legacy be?”.
David Thomson then spoke to the group about growth strategies. It was a very cool message on how companies that reach $50M in sales, can get to $1B. Not a guaranty but his research pointed to an eighty percent chance, which is pretty high.
The key factor he identified was the revenue growth trajectory as you cross the $50M marker that defines your curve to $1B. All fact and numbers based and not speculation or opinion. Looking forward to reading his book “Blueprint to a Billion”.
Later in the day Robert Herjavec gave a very funny talk on how his career has evolved and what drove him to the success that he has enjoyed. The key messages in his speech were; don’t be afraid to put yourself out there (being shy, timid and unknown isn’t going to help you or your business) and dream big!
The final keynote speaker was Bruce Poon Tip, the founder and CEO of Gap Adventures. Could have been a tough spot, with game seven of the Stanley Cup being played, but it was still a full house, which has to be the highest compliment from a Canadian audience (could change if the Leafs were in game seven, but no immediate concerns sadly). Another fantastic speaker and message!One of the funniest slides was a picture of a cassette (an actual cassette tape that played music – remember those) with the caption “iPod….. I am your father!” It’s amazing how Gap Adventures has concentrated not only on growing a business, but making the planet a better place – and succeeded at both. Their 5 core values are very similar to some of the maxims we have at LOGiQ3
. In fact we share one; Do the Right Thing.
Although all speakers were quite different, came from different backgrounds and have different businesses, there did feel like a common thread running through all of them:
- Be proud of what you have accomplished
- Never lose sight that business building isn’t just about making money it’s about building value for people and for our communities
- Have fun along the way. Its hard work, it always will be, so enjoy it.
Finally, we would like to thank PROFIT magazine. Ian Portsmouth and the rest of the team do a fantastic job for Canadian Entrepreneurs. The annual PROFIT 200 list gives us something to strive for and the CEO Summit reminds us how lucky we are to be on the list.
Looking forward to the 2012 Summit…hopefully!
Chris & Simon