Manitoba Chamber of Commerce
Issue link: http://publications.winnipegfreepress.com/i/70344
In November of 2010, Vale announced that it would invest $10 billion in its Canadian Operations to ensure maximum productivity, longevity and sustainability. While this announcement included a $1 billion commitment to developing the future of mining and milling for Vale's Manitoba Operations, it would also mean the closure of the smelter and refinery by 2015. While many Vale employees and Thompson residents were (and remain) hopeful that the Manitoba Operations would continue to thrive through the transition, it was also accepted that this transition would bring with it a dramatic change and a new challenge. And although there was risk in sharing the closure plans so far in advance, Vale believed that it was in the best interest of the community to prepare for the transition sooner, rather than later. By May of 2011, Vale and the City of Thompson jointly launched the Thompson Economic Diversification Working Group (TEDWG) in an attempt to build an even stronger future that would include mining as a key economic pillar. Vale committed to funding the process and engaged rePlan, a group specializing in the planning and transition of resource companies and the communities in which they operate. What was quickly evident to rePlan was that Thompson already had a lot going for it, not the least of which was a diverse economy as the northern service hub in the province, as well as highly engaged stakeholders and community members. The Thompson Economic Diversification Working Group was formed in the spirit of the Thompson Aboriginal Accord and the Thompson and Area Roundtable and would eventually include representation from the City of Thompson, Vale, the Province of Manitoba, Manitoba Keewatinowi Okimakanak, Keewatin Tribal Council, Manitoba Metis Federation, Northern Association of Community Councils, Nisichawayasihk Cree Nation, Thompson Chamber of Commerce, and Thompson Unlimited. The process was initially focused on recovering jobs that would potentially be lost as a result of the closure. However, it soon became clear that although there were a number of socioeconomic barriers in the region, there also existed a wealth of opportunity. Comprehensive stakeholder engagement revealed common priority areas for action: education and training; housing; regional identity and tourism; infrastructure; and, a need for alternative approaches to justice. Following this engagement, TEDWG identified the need to develop a longer term economic development strategy for the region as well as a new District Development Plan and Zoning By-law for the City of Thompson. Given the scope and scale of the project and the baseline data gathered to date, comparisons have been drawn between the work of TEDWG and other large-scale Canadian projects such as Plan Nord in Northern Quebec, and attention across the province and even the country is steadily growing. As TEDWG gets set to launch its ready-to-implement action plans for each of the priority areas, the future has never looked brighter, or more clearly defined, for northern Manitoba. Vale has a Life of Mine Plan that stretches out towards 2040 and intends to continue to invest in exploration and the development to further extend that strategy. In the meantime, Thompson and the region of northern Manitoba will continue the important work of realizing their full potential over the next thirty years. Few would have predicted that from such a challenge would come the very real opportunity to build a long-term economic vision for Thompson and its region, but that is exactly what has happened in Manitoba's north. - MBiz Business Profile RBC ADVICE YOU CAN BANK ON TIP #29: << WHAT TO DO WHEN GROWTH TAKES YOU BY SURPRISE? While growth may be something that you're working hard for, it can also occur unexpectedly. The situation can be a springboard to success if you capitalize on the opportunity, or it may be a real challenge if you're unable to keep up with demand. Here are some steps to help you manage unplanned growth: << FAST-TRACK YOUR GROWTH PLAN If you expect the growth to be permanent, you need to have a long-term plan. Move quickly on all fronts to develop a strategy so that your processes and resources can meet higher demands. << USE TEMPORARY RESOURCES If the growth is only a temporary spike, you may be able to manage it with temporary resources such as outside services or facilities. These can also be a valuable stopgap to meet demand while you look for permanent solutions to longer-term growth needs. << SLOW DOWN Give yourself more time to gather the permanent resources you'll need going forward by stretching timelines or temporarily slowing other areas of your business where possible. 10 MBiz June 2012 << STAY PROFITABLE Don't let your business become overextended. Consider investigating alternative sources of cash, such as borrowing, tapping into emergency funds, injecting personal capital or speeding up your billing processes. TO READ MORE ABOUT TIP #29 AND HOW TO SWUCCESSFULLY NAVIGATE YOUR BUSINESS GROWTH AND OTHER ADVICE, PLEASE VIEW SMALL BUSINESS TIPS AND RESOURCES ONLINE AT WWW.RBC.COM/TIPS Owning a growing business involves a number of challenges but, when it comes to managing your finances, you're not alone. Your personal and business finances are tightly connected, requiring you to work seamlessly with both sides of your financial life. RBC Business Advisors are fully qualified to provide both personal and business banking services and advice, and work with you to find a tailored solution that is right for you and your business. For more information or to make an appointment please call 1-800-ROYAL-20 (769-2520) - MBiz Business Profile