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SMALL BUSINESS MONTH
SPOTLIGHT ON VPI P5
THERE’S STRENGTH IN LOCAL P2
BUYING AN EXISTING BUSINESS P9
KNOWLEDGE IS POWER P8
CALENDAR OF EVENTS & WORKSHOPS P4
BUSINESS LOAN USES & TIPS P4
THE IMPACT OF WEBSITES P6
START UP ADVICE & MENTORING P3
View online at winnipegfreepress.com/publications
SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
Find resources to prevent injuries and improve safety and health in your workplace at safemanitoba.com Injuries prevented and lives saved that’s the VALUE of SAFE Work
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
SMALL BUSINESS, BIG IMPACT By supporting local businesses to grow consumers are helping the provincial economy to grow as well, says the head of the Manitoba Chambers of Commerce
“They started out three years ago with three employees, now they have 18, and you can see that kind of growth in virtually every community.” Davidson says that small businesses are often a key part of the larger supply chain, providing supplies and services to larger companies who need them. He cites Dauphin’s Ritz Machine Works, a company that supplies manufactured parts for Motor Coach Industries. “This is a company that has developed a specific technology, a specific product – it has 20 employees, and it has a major client,” he says. “I think that supply chain process in Manitoba is one that is critical for small businesses.” He also recently toured Versatile, a tractor manufacturer. “A lot of the products that they are using in their tractors are from other suppliers, so there is this supply chain within Manitoba with bigger companies depending on these relationships with smaller companies that provide a very niche product for them,” he says. And the Chambers can have a hand in developing those relationships, he adds. “What we do for these small businesses is to be supportive of them, provide them with some opportunities or steer them in the right direction where they might find new relationships,” Davidson says. “And a big part of the organization is making sure that we are encouraging government at various levels to create a business climate that’s going to encourage these businesses to continue to grow.” Companies that have demonstrated that kind of growth include this year’s MBiz Outstanding Small Business Award Nominees Penner Waste Inc. from Winkler (Waste Management Specialists and Regional Recycling Depot); Progressive Sanitation as Brandon’s leading supplier of sanitation supplies and equipment; and from Morden, Pure Anada, a natural cosmetics and botanical skincare company. “We’re always trying to tell people: This is how you can grow your community, by supporting your local businesses, start-ups and entrepreneurs so they continue to grow and be a key part of their community.” ❚
By Wendy King for the Free Press
I
f you think local economic growth has to come from large companies coming in to Manitoba, Chuck Davidson, president and CEO of the Manitoba Chambers of Commerce says: Think again. “People would be surprised by the impact small local companies – those with fewer than one hundred employees – actually have,” Davidson says. “In 2012, Stats Canada said there were 35,980 total businesses in Manitoba, and the number with less than 100 is 35,298,” he says. “Businesses with less than 100 employees make up about 97 or 98 percent of all businesses in the province – so it’s a huge proportion and the financial contribution is significant. Some define a small business as a 1-to- 10 operation, and if you pull that number out, it’s in the neighbourhood of 70 to 80 per cent of all businesses.” Businesses with under 100 employees account for about 50 per cent of all the employees in the province – a significant impact on the provincial GDP. “It’s tough to put a number on it, but anyone will tell you that small businesses are the backbone of any provincial economy,” Davidson says. Small companies have an opportunity for quicker growth, which he says is key. “When you’re looking to grow the provincial economy, there is always this sense that we need to attract businesses from other locations, but the reality in terms of real growth and the biggest impact on your economy is going to be the organic growth,” he says. Part of Davidson’s job as president of the Chambers (a diverse business lobby representing more than 10,000 businesses and community leaders) is to visit businesses across the province. “I was in Brandon at Progressive Sanitation, a small company that’s seen significant growth over the last couple of years in providing a cleaning service of mats and uniforms for various companies,” he says.
“People would be surprised by the impact small local companies – those with fewer than one hundred employees – actually have...” - Chuck Davidson, president
and CEO of the Manitoba Chambers of Commerce
MCC president Chuck Davidson (pictured above) says small businesses are the backbone of the provincial economy.
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
START ME UP Starting a new business can be a rewarding experience I f you’re a potential entrepreneur planning to start a new small business, you might want to heed some helpful advice about steps to take — and pitfalls to avoid. By Jennifer McFee for the Free Press Dan Kelly, president of the Canadian Federation of Independent Business, offers some insight into the dos and don’ts of starting your own business. “It’s certainly not something for everyone. It can be an incredibly rewarding experience, but it’s not without its challenges. Often a business owner starts because they have a great idea or they’re particularly good at something, but they may not know much about business,” he says. “While they may have a great idea or a great skill, that might not cut it in running your own business. So if you’re the kind of person that often struggles to get up in the morning and doesn’t like to work a lot of hours, small business ownership might not be for you. It takes a great deal of personal commitment to run your own shop.” If you still want to be your own boss, you need to remember that you’ll be reliant on your own skills to succeed. However, that doesn’t mean that you’re all alone. “My biggest piece of advice is to seek out advice and don’t try to do it all alone. Mentorship can be of terrific assistance to somebody in their early days,” says Kelly, who is originally from Winnipeg. “Sometimes we are a little bit afraid to ask for mentors, but many people are very flattered and very willing to help people who are considering entrepreneurship.” And there’s no shortage of experts to ask, since there are nearly 3.5 million self-employed people and business owners across the country. In addition to personal mentors, help is also available through organizations such as Futurpreneur Canada (www.futurpreneur.ca), which supports young people who want to start their own business. Another useful resource is My StartUp (www.mystartup.ca), which provides advice to small business owners who are getting started. Entrepreneurship Manitoba (www.entrepreneurshipmanitoba.ca) also offers valuable programs and services for anyone who is just starting out. New business owners will also need to connect with different government agencies throughout the process. The website BizPaL (www.bizpal.ca) provides a good starting point for understanding what types of permits and licences might be needed. Another helpful hint is to keep overhead costs low during the early startup stages. “I would suggest to start modestly. A lot of business owners think they need to have all sorts of legal documentation and corporations right off the hop. My advice is to test out your product, service or idea on as small a scale as possible and then grow along the way,” Kelly says. “Don’t go out and hire 10 people at the beginning. Make sure that you start to see some revenue coming in before you go too far down that road.” In fact, many successful entrepreneurs have made their mark by launching as a home-based business. “That’s not possible for every business, but even in retail, you can do that by trying to sell online or market your product from home,” Kelly says. “I think a lot of people want to have all the cool toys upfront like a terrific location and shiny merchandise and the best logos. But they can quickly blow their budget and find themselves in deep, deep trouble if the sales don’t materialize. There’s going to be a few years of very lean income for the business owner while the business gets up and running. Then they can grow their expenses as their revenue grows.” ❚
“Sometimes we are a little bit afraid to ask for mentors, but many people are very flattered and very willing to help people
who are considering entrepreneurship.”
- Dan Kelly, president of the Canadian Federation of Independent Business
Dan Kelly of the Canadian Federation of Business says it takes a great deal of personal commitment to run your own business. Photo by Chris Young / THE CANADIAN PRESS
Starting or Growing a Business? We Can Help.
Entrepreneurship Manitoba offers a range of services, including:
• workshops and seminars • financial assistance programs • business counselling
embinfo@gov.mb.ca entrepreneurshipmb.ca 1-855-836-7250 Get answers to your business questions.
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
SAVE THE DATE EVENTS & WORKSHOPS
SMALL LOAN CAN PAY OFF BIGTIME
MANITOBA CHAMBERS OF COMMERCE Roblin & District Chamber of Commerce Luncheon Life & Arts Centre, Roblin Tues., Oct. 25, 12 noon-1:30 p.m.
U.S. Border Mission St. Norbert Farmers Market, 3514 Pembina Hwy., or Morris Multiplex, 380 Stampede Grounds
Thurs., Nov. 3, 8 a.m.- 6 p.m. Cost is $60 Discover why crossing the line is good for business. This practical, hands-on event is for anyone interested in starting a business venture or looking to expand their existing company. This full day event will cover all aspects of importing and exporting. Bus transportation is provided with pick-ups at the St. Norbert Farmers Market and the Morris Multiplex. Lunch is included. Online registration is available by visiting www.wtcwinnipeg.com. For more information, call 204-984-2272. Marketing With Diverse Budgets Old City Hall in St. Boniface, 219 Provencher Blvd. Wed., Nov. 9, 9:30 a.m.-11:30 a.m. This seminar will include information and tips on: the importance of aligning marketing plans to growth objectives; knowing your potential customers to ensure you are maximizing your marketing efforts in the right areas; and marketing tactics that you can implement regardless of your budget. The presenter will be marketing consultant Shannon Husain, who has more than 16 years of
The theme for this members’ luncheon is ‘Let’s build a positive community.’ The featured speaker will be Darci Lang. For more information about the chamber or to order tickets for the luncheon phone 204-937-3194 or email rdcoc@mts.net. 33rd Annual MBiz Award Gala Victoria Inn Hotel & Convention Centre, 1808 Wellington Ave. Fri., Oct. 28, 5:30-9:30 p.m. One of the premier events on the Manitoba business calendar, the awards recognize and celebrate outstanding business and individual achievements by the local business community each year and attract a veritable who’s who of community and business leaders. Individual tickets are $185 each while tables of eight ($1,480) and 10 ($1,850) are also available. For more information or to order tickets, phone 204-948-0100. WORLD TRADE CENTRE WINNIPEG
Y ou’d like to buy a new truck, redesign your website or hire an external consultant for your business. If you’re thinking about using your everyday cash instead of seeking a loan, think again. Using everyday cash for projects that aren’t every day is a common mistake entrepreneurs make. This can put a lot of stress on your cash flow, especially if your business hits an unexpected bump. A better strategy is to use a small business loan for your growth projects. HERE ARE EIGHT PROJECTS YOU CAN FINANCE USING A BUSINESS LOAN. 1. Upgrade your website Your website is your business’s storefront on the Internet. Use a small loan to optimize its design and usability to attract more visitors and convert them into customers. 2. Attend trade shows Thinking about attending that international trade show that’s become the place to be in your industry? You can use financing to make it part of your annual marketing plan. Attending trade shows can help you generate sales leads, learn about the latest market trends and build awareness for your company. 3. Upgrade your computers or purchase software Investing in technology can boost a business’s sales, productivity and profits. Making the right investment ensures you make the most of your opportunities and run a more competitive company. 4. Initiate a marketing campaign The business environment is more competitive than ever. That’s why it’s a good idea to launch a marketing campaign that will let customers know how your unique product or service can address their needs. 5. Develop a prototype You have an exciting idea for a new product and your research indicates prospective customers love it. Now it’s time to build a prototype. But how to pay for it? You could get a small business loan. 6. Hire a sales representative Your company is taking off but you seem to be caught in daily firefighting and your sales are suffering. Hiring a sales pro can help your business reach its sales targets on a regular basis. 7. Buy a new piece of equipment Equipment purchases, whether it’s a piece of machinery or a second delivery truck, can make your company more productive and profitable. 8. Hire a consultant Research shows that the most successful companies get impartial, professional advice. An external adviser can help you get a fresh perspective on your company and competition and – ultimately – make better business decisions. Whatever your business project, plan your financing need, shop around and compare available loan terms. When considering a small business loan, remember to look beyond just the interest rate. Flexible terms can be just as important. ❚
marketing and communications expertise. Online registration is available by visiting www.wtcwinnipeg.com. For more information, call 204-984-2272. Business: Overcoming Growth Challenges Old City Hall in St. Boniface, 219 Provencher Blvd. Thurs., Nov. 10, 9:30-11:30 a.m.
Self-Employment Resources for People With Disabilities or Health Conditions Old City Hall in St. Boniface, 219 Provencher Blvd. Tues., Oct. 25, 10 a.m.- 12 noon
Interested in starting your own business? WTC Winnipeg representatives can help. A panel of experts will guide you through the resources and programs available to assist you in starting your own business in Manitoba and Saskatchewan. This free event will feature representatives from Employment and Income Assistance, Entrepreneurship Manitoba and Futurpreneur Canada. To register online visit www.wtcwinnipeg.com/ event. For more information, call 204-984-2271. Going International With Your Service: Opportunities and Strategies Old City Hall in St. Boniface, 219 Provencher Blvd. Wed., Oct. 26, 9:30-11:30 a.m. This workshop will present valuable insight on identifying the unique challenges facing firms and individuals who deliver services in the financial, IT, travel and tourism, educational and business consulting sectors. It will also provide participants with information on how to explore sources of international opportunities. The featured speaker will be Mohammed Bhabha who teaches International Marketing and Entrepreneurship at the Asper School of Business and has more than
The seminar is focused on identifying business growth challenges facing small businesses and exploring possible mitigating actions. The information is based on a survey of business growth challenges for small businesses in Winnipeg. Attendees will learn about the top people-related challenges to growing a small business, how to identify those challenges and possible solutions they can use. Dr. Lana Adeleye-Olusae of Surefooting Consulting will be the featured presenter. Online registration is available by visiting
www.wtcwinnipeg.com. For more information, call 204-984-2272. ENTREPRENEURSHIP MANITOBA Business Planning Workshop Millennium Library, 251 Donald St.
Tues., Oct. 25-Thurs., Oct. 27 (9 a.m. - 4:30 p.m.) Tues., Nov. 15-Thurs., Nov. 17 (9 a.m. - 4 p.m.) Tues., Dec. 6 – Thurs., Dec. 8 Cost is $75 This three-day business planning workshop gives you the tools to prepare your business plan and offers valuable information to help you start and grow your business. You will learn how to start and operate a small business in Manitoba including how to register or incorporate your business and the legal requirements of a small business for licenses, permits and other regulations. Visit www.embevents.ca/events/BP-W201617 for more information or to register. Business Start-Up Information Session 250-240 Graham Ave. Fridays, 9-10 a.m. Interested in starting a business? Do you have questions on how to go about doing that? Entrepreneurship Manitoba offers this free weekly drop-in session. Learn about everything from licenses and business permits to PST and GST. No advance registration is required. For more information, call Entrepreneur Manitoba at 204-945- 8200 or 1-855-836-7250 or email embinfo@gov.mb.ca.
25 years of international business experience. Online registration is available by visiting
www.wtcwinnipeg.com. For more information, call 204-984-2272. Taxation of a Business Old City Hall in St. Boniface, 219 Provencher Blvd. Thurs., Oct. 27, 9:30-11:30 a.m.
This presentation will discuss the pros and cons of sole proprietorships, corporations, and partnerships and will also highlight the income tax consequences of the various structures. Tyler Steward of Deloitte will be the featured presenter who will share his extensive knowledge of personal and corporate tax. Online registration is available by visiting
www.wtcwinnipeg.com. For more information, call 204-984-2272.
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
VPI is one of Canada’s few adviser-owned mutual fund companies. The company’s clients have earned more than $500 million since it opened in 2005. One of the keys to the company’s success has been the fact advisers invest their own money alongside their clients.
VALUED PARTNERS: VPI PROVIDING CLIENTS AN OPPORTUNITY TO GROW
money than they gave us, and collectively our clients have $500 million dollars more than they originally invested with us,” Filmon proudly says. He recalls a husband and wife who came into the company’s office in 2008, a time when the global economic downturn was hitting people hard. They were near retirement and worried they might not have enough money for their short-term needs and long-term growth. The couple became clients and a portfolio of investments was put together, as well as advice given to them about their spending habits. Eight years later and now in their early 70s, the couple is at a point where they know they’re not going to run out of money, Filmon says. “To have people go from worrying about, ‘Am I going to have enough?’ to knowing they’re going to have enough, to being able to say, ‘We’re actually going to be able to leave a legacy,’ that’s an incredible journey to take with people.” He’s also proud of the success VPI has achieved in an industry where it’s up against six chartered banks, three big insurance companies and some multi- national companies. “Here we are, this little company of some intelligent, hard-working entrepreneurial people here in Winnipeg and we’re having success building our business and gaining new clients all the way across Canada,” Filmon says. At the same time, VPI is promoting Winnipeg and bringing dollars into the local economy. When shareholder meetings take place once or twice a year, they’re often held in Winnipeg, but visitors see more than a hotel or conference room.
Filmon and the staff ensure shareholders get to know the city and its unique features. Recently, one meeting included the Hermetic Code tour of the Manitoba Legislative Building, where architectural mysteries are revealed by guide Frank Albo. It was a fitting excursion, as Filmon views VPI as a rare jewel. “It is one of those little hidden gems,” he says of the company. “It is one of those little Winnipeg big success stories that nobody’s ever heard of. “We’re providing opportunities and we’re growing our economy and I think that’s awesome and I’m really, really proud of that.” ❚
By Judy Owen for the Free Press G
regg Filmon has heard the same stories over and over. Clients of Value Partners Investments (VPI) will tell him about past financial experiences that have left them frustrated
and worried. “It astonishes me how often that we see clients who have received really bad advice,” says Filmon, the president of VPI. “And then I always ask them, ‘Do you think that the person advising you was doing the same thing with their own money?’ And the clients always go, ‘I have no idea.’ And I go, ‘Well, that’s a huge problem.’” It’s a problem clients don’t have with VPI, which opened in 2005. The Winnipeg-based firm is one of Canada’s few adviser-owned mutual fund companies, with those advisers investing their own money alongside their clients. “We are having the same investment experience that our clients are having,” Filmon says. “And, in my opinion, when you’re investing your own money alongside your clients, you’re far more likely to be more aware of the risk that you’re taking.” The company’s staff of 25 – many University of Manitoba grads – are also owners along with the 140 shareholder advisers. They have approximately $30 million of their own money invested in the pools, and VPI’s assets are valued at $1.93 billion. “Right now, 99 per cent of our clients have more
“To have people go from worrying about, ‘Am I going to have enough?’ to knowing they’re going to have enough, to being able to say, ‘We’re actually going to be able to leave a legacy,’ that’s an incredible journey to take with people.”
- Gregg Filmon, president of Value Partners Investments
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
WEB PRESENCE CRITICAL TO BUSINESS SUCCESS
Make sure your website is aligned with your online strategy and tells visitors what your business is all about
I n a few short years, the Internet has become indispensable for business. Today, a website is a vital tool for many companies. However, Canadian entrepreneurs lag in using the Internet to boost sales and reach customers. Only 40 per cent of small businesses in Canada had a website in 2012, according to Statistics Canada. And even those with a website often don’t use it effectively. It means Canadian businesses are missing out on huge opportunities, says Michel Bergeron, senior vice-president, marketing and public affairs, at the Business Development Bank of Canada (BDC). “This is how customers find products and services today, when more than 50 per cent of the purchasing decision process takes place online. A website is your digital storefront and lets you showcase your products 24 hours a day to a worldwide market.” An Internet presence is important even if your business isn’t planning to sell anything online, Bergeron explains. Your customers may still look for your website or social media page to check your opening hours, contact information and products. To get started, step back and create an online strategy for your website, Bergeron suggests. It doesn’t have to be fancy or incredibly detailed. The idea is to sit with key staff and hammer out your website’s goals, target audience and key messages. You don’t need to invest in a big, costly website at the outset, Bergeron says. Free and low-cost services such as WordPress and GoDaddy allow businesses to design and update a site quickly, with no programming know-how. Social media pages also let companies promote themselves with no upfront cost. Make sure your site is aligned with your online strategy and tells visitors the essentials of your business—what your company does, what your main products are, and what makes you special. Also, prominently display your contact info and a “call to action” — for example, a button or pop-up that invites visitors to call you or sign up for a newsletter. “As you become more sophisticated, you can expand your site and add content,” Bergeron says. If you use one of the free or low-cost
THE PATH YOU TAKE IS JUST AS IMPORTANT AS WHERE YOU GO.
website design services, it’s easy and cheap to test different layouts, photos and text to see what gets the best reaction from web visitors, he adds. “That’s why digital marketing is so powerful. It gives you great tools to measure, learn and optimize.” George Tsopeis says a website makeover helped his employer, Zenith Jet, boost annual sales growth from single digits to double digits. Zenith Jet is a Canadian aviation services consulting company whose customers are almost all outside the country. They often get their first impression of the company from Zenith Jet’s website. But the company’s site was bland and dated. It was bogged down with too much text, but gave only sparse details about Zenith’s services. The company hired a website design firm to improve its site and then brought in a web consultant to help develop a strategy for getting more prospective clients to visit the site. The result: A new site with a clean, sharp look. Stunning aerial photos pull in visitors on every webpage and underline the fact that Zenith is in the airplane business. The redesign made it easier to quickly find information with a minimum of scrolling and clicking. Zenith’s contact details are prominently displayed on every webpage. Sprinkled throughout the new site are so- called keywords — terms that Google and other search engines use to rank sites in web searches. Zenith learned that choosing the right keywords is a science — and is critical in ensuring that a company’s site ranks high in web searches. The changes caused Zenith Jet’s site to shoot up exponentially in web search results — where it had gone virtually unseen — to the top of the first page. “Traffic to our site went up from double digits each day to triple digits,” Tsopeis says. Even more important, Zenith was finally drawing in the right visitors — ones likely to contact the company and become customers. “To say we hit a home run is an understatement,” Tsopeis concludes. Bergeron says Zenith’s experience shows how critical a good website can be for a business. “The first judgement of a brand is online right now.” ❚
Build your business with people who share your values.
Let’s talk today. Toll-free 1.800.728.6440
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
REPORTING WORKPLACE INJURIES KEY TO RECOVERY, RETURN TO WORK
W hen a worker is injured on the job, who should notify the Workers Compensation Board (WCB) of Manitoba? Not sure? You’re not alone. In a 2015 omnibus survey, only 27 per cent of Manitobans said they believe a worker should report a workplace injury to the WCB while 34 per cent said they think it’s an employer’s job. Additionally, many workers aren’t even sure whether or not they’re covered by the WCB in the first place. Confused yet? That’s why the WCB is running an awareness campaign to remind Manitobans to report workplace injuries to the WCB. “Employers and workers need to be aware of their rights and responsibilities when someone is injured at work so that the workers’ compensation system in Manitoba can do what it’s supposed to do,” says Warren Preece, director of communications at the WCB. The campaign ads highlight what to do if you’re hurt at work as well as the benefits of reporting injuries to the WCB: expanded healthcare services, paying wages while the worker is off work and getting workers back to health and work sooner.
“We want all parties – employers, workers and healthcare providers – to let us know there’s been an injury,” Preece explains. “When injuries are reported promptly, workers can return to health and work more quickly and we can minimize the disruption to their lives and to Manitoba workplaces.” Also new this year, the WCB has launched an interactive online tool that helps workers find out if they are eligible for WCB coverage. The tool, available at www.wcb.mb.ca/campaigns, helps workers identify in which industry they work and whether or not they are eligible for benefits if they’re ever hurt on the job. “Everyone has a responsibility within the workers’ compensation system. We want to make sure every Manitoban knows theirs,” Preece adds. For more resources on how to report an injury – including web videos in seven languages – visit www.wcb.mb.ca/campaigns. To request free workplace posters, brochures or other information on how to report an injury, email wcb@wcb.mb.ca. ❚
Employers and workers need to be aware of their rights and responsibilities when someone is injured on the job in Manitoba.
YEARS
Here to Help Since 1916
Report Workplace Injuries to the WCB
We’re here to help connect injured workers to healthcare, cover lost wages and plan for a faster, safer return to work. Employers must report workplace injuries to the WCB within five business days.
204.954.4100 | 1.855.954.4321 | wcb.mb.ca
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
EMPLOYEE TRAINING KEY TO BUSINESS GROWTH T raining and developing your employees has never been more important. Younger employees are more demanding about workplace conditions. And older workers are retiring, leaving a labour skill shortage for many companies. “It’s about investing in your team — just like investing in a more productive machine,” Robertson says. A recent BDC survey of Canada’s most successful entrepreneurs found that they pay special attention to human resources management. For 85 per cent of these leaders, training is a priority. This study is the first time BDC found that training is a critical strategy for growing businesses.
“Training makes people feel they’re growing and becoming more capable. That’s highly motivating.”
For each Canadian retiring 20 years ago, two young Canadians entered the job market. Today, this ratio is one to one, even with immigration. “Clearly there aren’t as many skilled people around for businesses to hire,” says Nigel Robertson, a training specialist at the Business Development Bank of Canada (BDC). Many growing companies report they’re having a hard time hiring and retaining qualified people. Some industries are especially vulnerable — for example, technology, engineering, construction, manufacturing and nursing. Training and developing employees is an important way to attract workers and retain existing staff, Robertson says. One of the key reasons people leave a job is lack of training and advancement opportunities. Investing in training keeps employees engaged and shows you care about them. “Training makes people feel they’re growing and becoming more capable. That’s highly motivating,” Robertson says. While it’s sometimes hard to measure the return on investment from training, a 2014 study found that worker training programs have an average 10 per cent return. Training also led to three to five per cent more productivity versus employees who didn’t get training, according to the study, which was sponsored by the Social Sciences and Humanities Research Council of Canada (SSHRC).
Training can also help you deal with a shortage of skilled workers. You may be able to save on recruiting costs by training existing employees to fill positions. You get the added bonus of having a proven worker who already knows your company. You can also use training to expand your pool of potential recruits. “Instead of waiting for the perfect candidate to come along, you can hire a motivated worker who is willing to be trained for a position,” Robertson says. As well, businesses can fill labour shortages by looking to certain groups of workers who are underused by Canadian businesses, according to another SSHRC funded study. Examples include younger and older workers, immigrants, indigenous people and people with disabilities. Training can be a tool to hire underused workers. For example, you can offer apprenticeships, co-op programs and internships to train younger workers. Similarly, training older workers may keep them in your company longer. Skilled immigrants are often underused in their field because their foreign skills and experience go unrecognized. You can offer training to help them fill any gaps in their knowledge. ❚
- Nigel Robertson, Business Development Bank of Canada
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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - THURSDAY, OCTOBER 20, 2016
BUYING EXISTING BUSINESS POSES RISKS AND REWARDS
G rowing your business internally can be a sluggish and high-risk strategy in a fast- moving business world. That’s why many entrepreneurs choose instead to acquire an existing firm. This strategy eliminates many of the headaches involved in getting a start-up off the ground, such as developing products, hiring the right people and building a sound customer base. It also gives entrepreneurs a jump on the start-up phase — a time when many new businesses fail. Often, it’s the only feasible way to break into a particular field, such as tourism or manufacturing, since start-up costs in these sectors can be prohibitive. There are distinct benefits when you buy a business that is already up and running. However, you may also be acquiring someone else’s problems. Here are some other key points to consider. CUSTOMERS: If the business you are eyeing has an established customer base, you will pay more for “goodwill” when you buy the company. Still, such a firm will also give you better access to immediate cash flow and a chance to improve on existing business relationships. OPERATIONS: If the business has been fully tried and tested, you can eliminate the groundwork involved in getting it up and running, since operations, distribution and supplier relationships, not to mention key personnel, are already in place. All of this saves you time and money, and the previous owner can often provide useful insights on running the business. PRODUCT: The inventories in an established business and the profitability of its product line can alert you to what works well and what needs to be improved in order to boost sales and free up resources for marketing Employees: Workers who have been with the company for some time can provide insights into the business and industry as a whole. FINANCING: A proven track record and existing cash flow make it easier to obtain additional financing. Also, when buying a company, its business plan and records are already in place to help guide your decisions, allowing you more easily to forecast short- and long-term profits.
STAY IN THE AREA YOU KNOW: Don’t fall into the trap of buying a particular business because it seems like a sure thing. Pick an industry you know intimately and look for a business in that industry that is for sale. Then evaluate it carefully. Due diligence is one of the most important aspects of a business acquisition. Think carefully about whether the business falls within the scope of your business plan and area of expertise. LOOK FOR THE RIGHT FIT: Evaluate your skills, interests and experience. It’s much more difficult to succeed in a business you don’t like or in which you have no background. The business you buy has to mesh
be representative but should still be taken into account. Ask yourself why the company is up for sale, and ask about its reputation and that of its current owner. EVALUATE THE COSTS: Financial records may not always reflect reality. You need to ensure that the price is in line with market conditions. Without due diligence, you can end up paying too much and be burdened with unnecessary debt. Hidden problems, such as losses, declining revenues or changes in the marketplace, may make the business less viable than it initially appears. If leases for facilities or equipment are about to expire, for example, price hikes may be in the offing. Determine whether the equipment is part of the sale. If so, what condition is it in and what is
with what you do well, and with your personal and business philosophy. Choose familiar territory to reduce the risk of failure. EVALUATE THE RISKS: Determine through research whether this type of business has a solid chance of turning a profit. Certain types of businesses are riskier, more vulnerable to competition or prone to
it worth? Is the building for sale as well? If it is rented, can you take over the lease, and under what conditions? ❚
financial failure than others. None of this means you should
automatically avoid such businesses. However, they do require an especially careful evaluation of the risks involved. LOOK AT THE FIRM’S
IDENTITY: Every business has an image that has been built over time. Think carefully before you acquire a business with a tarnished image, as such perceptions can be hard to turn around. Conversely, a good reputation can be a critical asset. An Internet search can allow you to see what people are saying about the company. These opinions may not
Buying an existing business provides distinct benefits such as a built-in customer base but it also comes with risks.
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See mts.ca/myplanforbusiness for further details on MyPlan voice and data options . We’re with you., and MTS design mark are trademarks of Manitoba Telecom Services Inc., used under license.
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Worker Safety & Productivity Go Hand-in-Hand
If you could save money, improve productivity, and increase safety at the same time, would you? Companies that use technology to enable their health and safety procedures not only create a safer work- place for their employees,
tify emergency response personnel. Response person- nel receive the alarm on their MOTOTRBO™ radio or smart phone, ensuring rapid response. INJURY RESPONSE Trips, slips and falls can happen anywhere, and the workplace is no exception. From slipping in the hallway and sliding in icy parking lots to tumbling off a step- ladder, falls are not limited to construction sites or
FREQUENTLY MONITOR LONE WORKERS CLW pings mobile workera on their Mototrbo radios to verify their wellbeing by sending them frequent ‘Alive checks’.
manual work. Employers need to take every reasonable precaution to protect workers. Man-down notification systems, pro- actively monitor workers using a MOTOTRBO™ radio to identify if they have had a fall or accident. Assistance is dispatched by a notification to the ap- propriate response group or individual when the radio’s motion sensor detects a lack of movement, a horizontal tilt or both.
but also improve their financial health at the same time. Companies that implement safety and health programs can ex- pect reductions of 20% or greater in their injury and illness rates and a return of $4 to $6 for every $1 invested. When it comes down to it, safety pays. Employers in Manitoba
The Workplace Safety and Health Act spells out the obligations you have to employees working alone or in isolation. Employers must establish an effective communication system that consists of radio communications, phone communication, or other means that provide effective communication given the risks involved. These communication tools must support a system of regular contact by the employer with the worker.
QUICKLY LOCATE EMPLOYEES Administrators & Dispathchers can quickly locate an employee on one single interface whether they’re indoors or outdoors.
EMERGENCY RESPONSE Panic buttons provide a quick way to summon help in a dangerous situation. When an injury occurs or an emergency arises, an employee can activate the alarm and the response team is automatically notified. The software ensures that alarms are sent to the appro- priate person based on their location, work sched- ules and competency. Panic buttons can be added to Android devices, worn as a wrist watch, installed in virtually any location, and are built into MOTOTRBO™ radios. SITUATIONAL AWARENESS Indoor and outdoor positioning systems utilize Blue- tooth and GPS technology to track the location of assets and employees in facilities and across the city. Bluetooth beacons are placed strategically in facilities and GPS enabled MOTOTRBO™ radios allow for locating fleet vehicles and mobile employees. Staff can be safeguarded no matter where they are located. If a worker is in distress, they can use a panic button to alert response teams and advise them of their last known location. These are some of the ways communication systems can be used to increase workplace safety and productivity. With Alcom’s communication expertise and Tel- dio’s software solutions, Manitoba employers can implement these systems to save money, improve productivity, and increase safety all at the same time.
know the importance of complying with health and safety regulations. They recognize the need to manage risks their employees encounter is both a legal and moral obligation. Making employee safety a priority requires technology solutions that make formal policies and procedures efficient and operational in daily opera- tions. These solutions need to permit employees to be productive while monitoring key safety issues includ- ing; working alone or in isolation, injury and emergency response, and situational awareness. Alcom Electronic Communications, Manitoba’s largest Motorola two-way radio dealer and service center, has partnered with Teldio TM to help Manitoba employers deploy integrated communication and worker safety solutions. Teldio TM is a two-way radio applications developer delivering solutions that improve employee safety and operational efficiency. WORKING ALONE OR IN ISOLATION Working alone is defined to include workers who may be in contact with workers from a different employer or the general public. Lone worker solutions automatically send messages at specific time intervals to confirm workers are safe. If a worker fails to respond to an ‘alive check,’ an alarm is automatically activated to no-
VIEW DATA ON TABLETS & MOBILE PHONES From any web browser, supervisors can locate vehicles, know when leave defined geofenced areas & organized vehicles into groups for better display
KEEP WORKERS SAFE Panic buttons provide a quick and convenient way to summon help in a dangerous situation.
PROACTIVELY MONITOR LONE WORKERS MDN triggers and emergency alarm if a lone worker remains motionless, tilted or both for an extended period of time.
Despite being in a public place, this groundskeeper is working alone. You need effective communications and safety protocols to meet your obligations to employees working alone.
Integrated Safety & Communication Solutions √ Centralized Lone Worker Monitoring √ Man-Down Notifications √ Stationary and Mobile Panic Alarms √ Indoor & Outdoor Position Tracking √ Automated Emergency Notifications √ Two-way Radio and Smart Phone Integration
Manitoba’s Largest Motorola Two-Way Radio Dealer and Service Centre for 33 Years 204-237-9099 www.alcom.ca Alcom Electronic Communications Ltd. #12 – 846 Marion Street
www.teldio.com
MOTOROLA, MOTO, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. © 2015 Motorola Solutions, Inc. All rights reserved.
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