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SMALL BUSINESS MONTH - SUppLEMENT TO THE WINNIpEg FrEE prESS - WEdNESdAy, OcTOBEr 22, 2014
Debbie Van Camp, left, and Ilona Makar, directors with the Calgary Business Women Network, pose at a networking meeting. Photo by Wil Andruschak
Advice You cAn BAnk on
Joel Schlesinger For Postmedia News Y ou could call them the league of extraordinary women. After all, the group of 80 or so female entrepreneurs who gather every month as part of the Calgary Business Women Network are among some of the leading business people in the city. To its founders, Debbie Van Camp and Ilona Makar, the network is more than a place for corporate mucky-mucks to rub elbows. It’s a networking opportunity for many of the city’s women small business owners, including themselves. “It’s the best day of the month for us when we go there and see the connections that women are making, helping them build relationships and their businesses,” says Makar, who also works as an independent marketing consultant. “It feeds your soul to see that happening.” Started about five years ago, the network is one of countless organizations in Canada that supports women entrepreneurs. And their numbers are growing. The business world has certainly come a long way from the stereotypical image of drinking, cigar-chomping, backslapping men in suits. Women are making their mark, especially when it comes to small businesses. According to Government of Canada statistics, women are owners or co- owners of 47 per cent of small- and medium-sized businesses across the country. And they now tend to find more success than men. A 2012 TD Economics report found the proportion of women planning on expanding their business is larger than that of men. Furthermore, small- and medium-sized businesses owned by women account for about $117 billion in economic activity in Canada. Today, the challenges for women entrepreneurs aren’t exactly what they used to be, says Leah Lawrence, chairwoman of the Calgary Chamber of Commerce and president of Clean Energy Capitalists, a small business. “I think my male colleagues struggle just as much as I do with the business side of things as far as finance: growth, cash flow and funding,” she says. “Those are all standard.” Many women are starting small businesses because they offer more freedom than climbing the corporate ladder of someone else’s business. “Many of the women entrepreneurs that I know have started a small business because they need to balance work-life a little more than they’re able to when they’re working for a larger firm,” Lawrence says. Indeed, some of those same challenges remain. Although there’s certainly more equality in the household, the burden of caring for children, aging parents, preparing dinners and household chores still often tilts more toward women’s responsibility even though they’re usually working full-time, too. “Those expectations are still very real,” says Van Camp. And for some, running a small business — especially a successful one — often does make balancing home life and work even more challenging. Yet many more women are able to build their business with support from their families. “I can also say personally that I couldn’t do what I do in a day without the husband that I have supporting me,” Makar says. “When he sees the benefits that come back to our family and the role model that I am to our children, he’s willing to support in whatever way he can so that we can do all we want to as a family.” What is needed, however, is the opportunity to learn and network, and a local chamber of commerce can help in that regard, Lawrence says. “As you get involved with it, you start to grow your understanding of the broader business community,” she says. “The Calgary Chamber of Commerce has especially been a passion of mine because it’s a place where I can understand the broader business concepts, as well as learn from those around me.” But having a place of their own where women can meet — like Calgary Business Women Network — is arguably even more helpful, especially for fledgling entrepreneurs, Makar says. “Women network differently than men,” she says. “For us, it’s building that commonality and that trust between us.” Support from your peer group is essential because it helps inspire a new generation of female entrepreneurs. “It’s the idea that, ‘The women before me have done it, so I can do it, too,’ and there have been a lot of good female role models who have been super successful,” Van Camp says. But fledgling entrepreneurs also need to be unwavering in their pursuit of their goal if they want to be successful in the long-term — man or woman, Lawrence says. “You have to be prepared that some days the business will be really successful and sometimes it won’t,” she says. “The big question is can you make it through the tough times, and can the people around you support you along the way?” networking ‘feeds Your soul,’ sAYs femAle entrepreneur
financial institutions,” he says. “The portion of small business owners who are not borrowing need their banking services to be as convenient as possible.” Credit unions offer the same banking services as chartered institutions and they’re required to maintain the same standards. “In Manitoba, credit unions have 30% of the market share of the entire market. We’re a very strong force,” Lund says. “When small business owners come into a credit union, they get somebody who listens to their story and believes in them. The first thing we think when a member walks in the door is, ‘How can we help this person?’ ” Since credit unions are local companies, they have local decision-making power and can focus on their own market without worrying about what’s happening in other markets across Canada. “In smaller markets, we may know the person coming in who needs our help,” Lund says. “Local decision-making power gives us more ability to help our members. All financial institutions want to help the people they do business with. We just have a different definition of what people we can help and how we can help them.” Helping small businesses is also good business for financial institutions, and Lund says they’re treated with the same respect as large companies. “Every business was once a small business. If you’re not helping small businesses, you’re just hurting yourself,” he says. “Customers and members tend to be loyal, and if you help them when they need help, they’re not going to forget that.”
By Holli Moncrieff For the Free Press B anks and credit unions offer many services to help small businesses succeed, and one of the most valuable services is free. “A lot of these business owners need advice,” says John Lund, corporate lending manager for Steinbach Credit Union. “They’re busy running their businesses; they’re not financial experts. Small business owners should take the time to sit down and talk to one of their credit union’s financial advisors,” Lund says. “It’s one more voice and it’s free. Good, free advice is something people should take advantage of. We have experienced people working for us who have seen almost every scenario.” Personalized, professional advice can make a big difference in the life of an overwhelmed entrepreneur. “Since small businesses owners have to wear so many hats — they are the finance department, payroll department and human resources department — it’s difficult for them to stay on top of everything,” Lund says. “Small businesses don’t have as much capital and they don’t have as much access to capital as larger companies. They may just be starting out, or trying to grow from one level to another.” While some small business owners do require start-up and operating capital, Lund says they’re a minority. “A lot of people have this impression that every small business is in need of capital, but most small businesses are not borrowing. Significantly more than half of small businesses are not borrowing from
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