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SMALL BUSINESS MONTH - SUPPLEMENT TO THE WINNIPEG FREE PRESS - SATURDAY, OCTOBER 19, 2019
SAVE THE DATE EVENTS & WORKSHOPS MANITOBA CHAMBERS OF COMMERCE 36th Manitoba Business Awards Gala Victoria Inn and Convention Centre 1808 Wellington Ave. Friday, Oct. 25, 5:30 to 9:30 p.m. Established in 1983, the Manitoba Business Awards Gala is the premier business event of the Manitoba Chambers of Commerce. Each fall, businesses from all areas of Manitoba are recognized for achieving a high standard of excellence through their abilities, efforts and initiatives. In addition to acknowledging businesses in multiple categories at the gala, the Manitoba Chambers of Commerce will also present two prestigious Lieutenant Governor’s Awards to recipients selected by an elite jury panel. For more information or to order tickets, call 204-948-0100. WORLD TRADE CENTRE WINNIPEG Small Business Week Kickoff Luncheon RBC Convention Centre Winnipeg 375 York Ave. Monday, Oct. 21, 11 a.m. to 1:30 p.m. The Business Development Bank of Canada is celebrating the 40th edition of Small Business Week and is showcasing the people behind the success of Canadian small- to medium-sized enterprises. Moderated by David Angus, president of Johnston Group and co-chair of the WTC board, a panel of Manitoban entrepreneurs will share their experiences and speak about the importance of having a dedicated team. Those who arrive early will have the chance to check out Biz Alley, where local companies will showcase their products and services. Register online at www.wtcwinnipeg.com or call 204-253-4888. Import/Export Shipping Hurdles World Trade Centre Winnipeg 219 Provencher Blvd. Tuesday, Oct. 22, 9:30 to 11:30 a.m. Presenters Steve and Tom Setka, owners of InXpress Winnipeg, will discuss exporting and importing, as well as the best ways to ship and receive products. The seminar is available in a webinar format for remote participants. Register online for this free event at www.wtcwinnipeg.com or call 204-253-4888.
Small business account managers Aggie Cisotto and Kari Pirt offer advice for financing a small business. Photos courtesy of SCU
FINANCING A SMALL BUSINESS E xpert advice can be invaluable when it comes to options for financing your small business. Kari Pirt and Aggie Cisotto, small business account managers at Steinbach Credit Union, share some words of wisdom for getting started. the plan, the more prepared you are to have your financial institution understand what you will be doing.” Since the business plan is a fluid document, it should be revised when the business begins to grow. “This allows a business owner to be agile with the ability to react quickly and adjust their plan when things change,” Pirt said. “New business owners should also familiarize themselves with municipal and provincial By Jennifer McFee for the Free Press
“We always encourage small businesses to take the time to do their research and to pay attention to information, even if it doesn’t validate their assumptions. This is a vital step in ensuring they have access to enough cash to execute on their business plan,” Cisotto said. “Small business owners need to ensure they have enough equity or working capital to not only start the business but also maintain operations for several months after startup.” Small business owners can source capital from conventional institutions like banks and credit unions. Less conventional financing sources could include friends and family, venture capital funding, government grants, and funding opportunities from organizations such as the Women’s Enterprise Centre or other firms looking to invest in equity. As a conventional financial institution, Steinbach Credit Union offers business lines of credit to help protect cash flow, as well as term loans and business mortgages for the purchase or construction of property or equipment. Typically, lending requires a full credit application that determines eligibility using the industry standard of the 5 Cs of credit: character, collateral, capital, capacity and conditions. A comprehensive business plan is one of the documents required for lending. “The plan should include cost estimates for establishing the business. This would also include short-term capital needs once the business is established, which helps ensure that adequate cash is available during any startup period,” Cisotto said. “The plan should also include a forecasted profit and loss statement for at least a two-year period after anticipated startup. Estimating P&L can be one of the most challenging aspects of developing your business plan. It’s important that a business owner’s assumptions be well researched and realistic, supported with written narrative that can validate profit and loss projections. The more comprehensive
Business Information for Indigenous Entrepreneurs World Trade Centre Winnipeg 219 Provencher Blvd. Wednesday, Oct. 23, 9:30 to 11:30 a.m.
regulations and government remittances. Seek out professional help to get advice in these areas.” In addition to the business plan, applicants will also need to provide detailed financial information, including a personal net worth statement listing all assets and liabilities. Often, the most successful businesses are steered by people who are open to new information and able to adjust along the way. “It’s important to communicate openly and as often as needed with your financial institution because they can offer options and guidance. Surround yourself with a good support team overall, including accountants, lawyers and your financial institution,” Pirt said. “We encourage small business owners to continually seek out opportunities to learn and grow their knowledge about their industry. Building a successful business starts with a strong financial plan that supports growth, weathers the storms, and provides the financial means to make dreams a reality.” At Steinbach Credit Union, a new lending product has been specifically designed for small businesses. The Grow! Loan and Line of Credit offers a simplified approval process based on credit scores, along with easy and flexible repayment options for up to $50,000. “Starting a small business is exciting, rewarding and not without its challenges,” Pirt said. “At SCU, we believe the small businesses are the backbone of the community, and we want to help support them that way.” ❚
Indigenous entrepreneurs can learn about services and resources from presenters from World Trade Centre Winnipeg, Community Future Manitoba/Indigenous Business Development Services and Douglas V. Tingey Law. Attendees can learn about business startup information, legal considerations and taxation rules for Indigenous entrepreneurs. Discussions will also focus on how the evolution of urban reserves benefits Indigenous communities. The seminar is available in a webinar format for remote participants. Register online for this free event at www.wtcwinnipeg.com or call 204-253-4888. Business Opportunities in Nunavut World Trade Centre Winnipeg 219 Provencher Blvd. Wednesday, Oct. 23, 2 to 4 p.m. This seminar will feature a presentation by Derek Earl of World Trade Centre Winnipeg as well as a fireside chat with Derrick Webster, COO of EPLS Group of Companies, a leading Inuit- owned company based in Nunavut. Attendees will learn about the Nunavut economy and the special relationship with Manitoba. Other topics include business opportunities in Nunavut and tips and resources for doing business there. The seminar is available in a webinar format for remote participants. Register online for this free event at www.wtcwinnipeg.com or call 204-253-4888. Panel: Business Services and World Trade Centre Winnipeg and Community Futures Manitoba/ Entrepreneurs with Disabilities Program will present a panel of experts to provide information about resources and programs available for starting a business in Manitoba. The panel will also include representatives from Employment and Income Assistance, Employability Assistance for People with Disabilities, Equal Opportunities West/Entrepreneurs with Disabilities Program Winnipeg, and Women’s Enterprise Centre of Manitoba. The seminar is available in a webinar format for remote participants. Register online for this free event at www.wtcwinnipeg.com or call 204-253-4888. Extend Your Reach with Twitter World Trade Centre Winnipeg 219 Provencher Blvd. Thursday, Oct. 31, 11:30 to 1:30 p.m. Resources for Entrepreneurs with Disabilities or Health Conditions World Trade Centre Winnipeg 219 Provencher Blvd. Thursday, Oct. 24, 10 to 11:30 a.m. Presenter Aaron Newnham of TMD Winnipeg will speak about how to create and use lists to grow an audience, how to monitor keywords to deliver superior customer service, and how to use third-party apps to enhance the Twitter experience. The seminar is available in a webinar format for remote participants. Register online for this free event at www.wtcwinnipeg.com or call 204-253-4888.
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