Small Business Month

3 S M A L L B U S I N E S S M O N T H - S U P P L E M E N T T O T H E W I N N I P E G F R E E P R E S S - T H U R S D A Y , O C T O B E R 1 8 , 2 0 1 8 The Chambers Plan is administered by Johnston Group. Based in Winnipeg, Johnston Group is dedicated to enriching the community, contributing significantly to our local youth programs, health, arts, sports, and many other organizations. We're very proud to also support Manitoba's small business community. Your business is always changing. And so are your employee benefit needs. johnstongroup.ca The Chambers Plan provides employee benefit solutions to 30,000 small businesses in Canada. We see first-hand the amazing entrepreneurs we have in this country and you inspire us with your passion. Get the plan that adapts with you. Visit chamberplan.ca Real benefits for small business. J ohnston Group's story starts with and continues to be guided by a simple question: "How do people want to be taken care of at work?" This may seem like an obvious question for a benefits provider to ask, but it wasn't always the case. It wasn't until the 1980s that some industries started making a shift. They no longer expected the customer to conform to their offering and instead began building their business around what was best for their customers. It was a simple philosophy, yet it didn't take hold in employee benefits. For something as personal as benefits, the industry remained awfully impersonal. Johnston Group decided to change that. Johnston Group got its start with the Chambers Plan. Whether you're a one-person start-up or a 50-person operation, you have a right to feel secure in the health and well-being of your employees. That's why in the early 1980s, Johnston Group teamed up with local Chambers of Commerce to bring fair-priced health and dental benefits to small businesses across Canada. It was a natural partnership as both organizations shared the same belief: When local businesses are healthy and vibrant, the communities we all call home are healthy and vibrant too. Johnston Group takes pride in Winnipeg and chooses to lead by example with regards to support. They believe in putting people first and helping everyone to live in a thriving community. They are heavily involved in large charitable organizations like United Way and Habitat for Humanity, but they also are staunch supporters of the smaller, more targeted groups, like the Bear Clan Patrol and Graffiti Art Gallery. They support youth programs, cultural organizations, sports teams, the arts, education – a seemingly endless list of organizations that enrich the community. Today, Johnston Group administers group health and dental benefits, critical illness, disability and life insurance to more than 30,000 small businesses, 300 larger companies and 350 Indigenous organizations across Canada through the Chambers Plan, Maximum Benefit, and CINUP programs. It's not easy to administer employee benefits to more than 30,000 small- and mid-sized businesses across Canada. There are a lot of cases to evaluate, claims to process, policyholders to check in with and customers to educate. But as David Johnston explains "We do it with a smile because we respect and appreciate Canada's small and family-owned businesses. After all, we share the same roots and enterprising spirit." Workplaces look a lot different today than they did 30 years ago, and the pace of change is only getting faster. As employee benefit needs evolve, so will Johnston Group. Small businesses have just as great a need to hire and retain top talent as anyone else, and Johnston Group is committed to offering the programs and support owners need to take care of their employees in the best way possible. So, how do people want to be taken care of at work? The answer to this question is simple: In a way that makes their whole life better. There are a lot of companies out there that feel this way. They believe that when a person is taken care of at work, it improves their entire life. It's our mission to give these companies everything they need to take care of their employees in the best way possible. ❚ LOCAL BUSINESS BENEFITS ENTIRE COMMUNITY So, how do people want to be taken care of at work? The answer to this question is simple: In a way that makes their whole life better. I t's not easy to run a small business. Fortunately, there are some key strategies entrepreneurs can call upon to improve their entrepreneur skills. Gerry Hunchak is a business consultant with the Business Development Bank of Canada (CDC) and has 20 years of experience dealing with both small businesses and large Fortune 500 companies. He says a good approach to learning how to run a business more effectively is to start with small, immediate improvements and build momentum for bigger changes. Hunchak offers the following strategies that every entrepreneur can use right away to become more successful at small business management. Entrepreneurs often make strategic decisions in the heat of the moment without proper planning. That can be a recipe for disaster, especially when your business is growing fast. You need a formal strategic plan — a document where you review and detail your company's present position, state your goals, identify potential obstacles and establish an action plan to follow. Regardless of your company's market position, you have to consistently analyze and monitor your competition's moves, strategies, strengths and weaknesses. "Knowing who your competitors are doesn't mean you understand them," Hunchak says. "Benchmark your activities against the competition and strive to find ways to differentiate yourself from them." One of the most common risks small and medium-sized businesses face is being dependent on one or two major clients. Hunchak says he's seen numerous businesses fail after losing their biggest client. Touch base regularly with both key customers and employees who work directly with them. Listen to their suggestions and follow up. Closely watch gross profit margin for each of your products and don't hesitate to remove poor performers from your mix. "Entrepreneurs often insist on carrying products with no to low profit margins," Hunchak says. "Why keep them, when there's no return?" Many entrepreneurs outsource financial management to their accountant. This can cause them to lose track of their cash flow. Take an hour and record your month-opening bank account balance and all anticipated cash inflows and outflows. Then, track your cash as it comes in and goes out each day. Now you have a tool that allows you to keep close tabs on how your business is doing and can respond quickly when required. Regardless of whether you're in the market for a commercial loan or not, it's a good policy to keep in touch with your bankers. Build trust and credibility by keeping your bankers up to date on developments in the business, including realistic short and long-term cash flow projections. Too often, entrepreneurs think human resources management is only for larger companies. "If you only have one employee, you are managing people and this is HR," Hunchak says. Establish and document clear company policies and detailed job descriptions. Also, schedule regular meetings with employees to communicate goals, progress and ask for their ideas on how to meet challenges in your business. "Your website is a member of your sales team and should be held accountable to meet targets." ❚ PLANNING KEY TO BUILDING GROWTH, MOMENTUM

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