Monday, December 14, 2009

Do You Consider Yourself a Top Employer?

Also published in BBoT's Trade Talks, January 2010
© Cassandra Baccardax

Canada's Top 100 Employers project is a national competition to determine which employers lead their industries in offering exceptional workplaces for their employees. Now in its 10th year, Canada's Top 100 Employers recognizes Canada's best places to work. The project aims to identify companies that lead their industries in attracting and retaining employees.
While the 26,000 companies that compete typically are medium to large businesses, small businesses can use the competition’s scoring system to benchmark their own desirability. After all, even if you employ just yourself, don’t you want to love where you work?
To make it onto Canada's Top 100 Employers list, each winner is judged in eight key areas: 1) physical workplace; 2) work atmosphere and social; 3) health, financial and family benefits; 4) vacation and time off; 5) employee communications; 6) performance management; 7) training and skills development and (8) community involvement.[i]
How does your business score?
1. Workspace: Organized, functional & inspiring; or chaotic and miserable?
2. Culture: It’s yours to create in any way you want, so there are no excuses for top marks here! Liken culture to personality; what traits do you wish your business to possess?
3. Benefits: Can you afford to offer yourself health benefits? Do you contribute to RRSPs? These crucial items should be part of your 2010 budget if not already established.
4. Vacation: it’s no secret that business owners work longer hours than the average employee; but occasional down time is needed to maintain long-term commitment. Speak to a business or personal coach if you don’t permit yourself regular vacation.
5. Internal Communications: This should be easy if there are only a few other employees…but communication is a skill that requires good tools and constant personal development. Take a brush-up workshop.
6. Performance Management: Who is coaching the best performance out of you? Most of us can’t mentor ourselves. Join a mastermind group or hire a coach.
7. Professional Development: Do you schedule and budget for your own professional development? Workshops, seminars, college courses, association conferences, or just a good reading list should be part of your annual work plan.
8. Community Involvement: Good corporate citizenship isn’t just for large corporations. Become involved in your community in a small way. Not only does it build your network, it makes you feel good.
[i] http://www.theglobeandmail.com/report-on-business/small-business/business-incubator/canadas-best-places-to-work/article1318086/ Globe & Mail, Fri. Oct 9/09
& http://www.CanadasTop100.com/national and http://www.Eluta.ca.

Business Ownership & Marriage

I liked this article I found on Inc.com [other than the assumption that the business owner is the husband and the spouse is the wife, because of course it could be the other way around.]


http://www.inc.com/magazine/20091201/10-tips-for-a-happy-marriage_Printer_Friendly.html


10 Tips for a Happy Marriage

Business owners who want to keep their spouses happy would do well to live by these simple rules.
By Meg Cadoux Hirshberg Dec 1, 2009

New Year's resolutions have always been good for Stonyfield Yogurt. Our sales invariably spike in January as a result of nearly universal vows to shed that extra 20. The season inspires people to set down concrete plans for improving themselves -- and their relationships.

In that spirit, I approached my husband, Gary, for help with composing a list of rules for entrepreneurs who aspire to a happy marriage and thriving family life. Some of the following derive from our own experiences, and some were offered by other entrepreneurial couples. (I've cast the entrepreneur as male and the spouse as female because that's our situation. But the rules apply equally when the reverse is true.)

1. YOU ARE NOT THE BOSS AT HOME.
At work, you're accustomed to running things and to being in charge. But when you walk through the front door of your house (or emerge from your home office), you emigrate from an autocracy into a messy democracy, with all its attendant chaos, conflict, and need for compromise. Your spouse should understand that this transition is not always quick or easy and that she must be patient while you adjust. But there's an upside. Though it's true that at home you can't command by fiat, you can relax in the knowledge that there, at least, someone is sharing the load.

2. SET THE BAR LOW, BUT SET IT SOMEWHERE.
It's difficult for spouses to make time for each other, much less take that desperately needed vacation. This challenge is here to stay: No matter what stage the business is in, it will require your all. But a vacation can be a cup of coffee together or a short walk around the block. Sometimes that's all you'll be able to manage. Any couple needs uninterrupted time -- even if it's incremental -- to share those grace notes and headaches that make up lives. Being together reminds you that you enjoy being together. And that reminds both of you why this enormous undertaking is worthwhile.

3. PLEASE, TURN OFF THE BLACKBERRY.
OK, you can leave it to buzz and bleep sometimes, or even most of the time. But be disciplined about carving out stretches that are technology free. Even if you don't respond to its whining, its mere presence on the dining room table, at the restaurant, or by the bed changes the nature of your shared space. Plus, it will be easier to pry the kids loose from their cell phones and video games if you can show that it's possible to resist technology's allure. In any case, your BlackBerry looks great in black leather. Slide her into that holster, and everyone will be happier.

4. WHEN A BIG BUSINESS DECISION LOOMS, GIVE YOUR SPOUSE A SEAT AT THE TABLE.
Certain business decisions will affect your mate, too. Acquiring another company, launching an IPO, or expanding into other states or countries will require more travel, which increases the pressure on everyone at home. Thinking about signing a business loan using the house as collateral? Hello -- your spouse lives there, too! You can also consult her about business issues that don't affect the family. You've made smart decisions about your home life by combining perspectives; your mate may provide a fresh approach to work dilemmas, too. And unlike employees who might be nervous about disagreeing with the boss, you can usually trust her to be completely honest.

5. ENTER YOUR SPOUSE'S UNIVERSE FROM TIME TO TIME.
In many ways, you are fused with your business: Your very identity is bound to and dependent upon its fate. You have invested endless energy, time, imagination, and willpower in its success. Much of your conversation revolves around its ups and downs. Though your mate intersects with and cares deeply about the business, it does not contain or define her in the same way it does you. She spends her day in other worlds, consumed by other matters. Talk to her about them. Better yet, join her at a conference, read her student's paper, play audience while she rehearses a presentation, weigh in on the tile grout color, drive your child to the dental appointment. You'll understand each other better.

6. MAKE HER COMMUNICATIONS A PRIORITY.
Your spouse knows you are busy and that you receive scores if not hundreds of messages a day. She wouldn't contact you at work unless it was important. (When I call Gary at the office, he knows I'm not phoning to see how the yogurt is coming out today.) Your spouse is busy, too, and can likewise be tough to reach. You will both feel more relaxed if it's easier to get in touch, and if you know that each other's missives will move to the top of the queue.

7. DON'T SQUEEZE HER IN.
Emergencies or changes of plan aside, don't try to chat with your spouse from the airport. She likely feels frustrated when the conversation is drowned out by loudspeaker warnings not to accept packages from strangers or cut short because your row is called to board. Likewise, she's probably not keen on getting a phone call five minutes before your next meeting starts. Much as she misses you during your travels, it's no fun conversing when she's braced to hear her least favorite three words: "I gotta go."

8. TREAT YOUR SPOUSE LIKE SHE'S YOUR MOST IMPORTANT CLIENT.
You win clients and customers by courting them, by offering not simple attention but true attentiveness. You are solicitous, observant, mindful, and aware -- eager to anticipate and fulfill their needs. Your spouse is your No. 1 life client and most important connection. Court her -- with a thoughtful gift, a just-because hug, morning coffee in bed -- as though you really want to keep her business, too.

9. ACKNOWLEDGE HER ROLE.
Often, the entrepreneur lives in the spotlight, while the spouse works behind the scenes. But the spouse plays an important role in the success of any venture. By keeping the domestic machine well oiled, she allows you to enjoy family life while reserving most of your energy for the business. She has saved you money by working inside the company and made the family money by working outside of it. She's proud of your business but also of the contribution she's made to the life you are building. So, go on, crow about her! To employees, co-workers, suppliers, family, friends. Post an accolade on the website! You're the boss -- name a product after her! (Note to Gary: Yo My Baby? Apricot Meggo? Get the marketing department on it.) Most important: Tell her directly that you value her contribution. Some things go without saying…but not that.

10. TAKE FREQUENT INVENTORY.
Spend time remembering all you've created together, all you've managed to survive. Maintaining a marriage through years of strain, sacrifice, and uncertainty requires both grace and grit. You have so many wonderful, horrible, heartbreaking, and hilarious stories -- about the company, about the kids, about the rich history you share. To paraphrase Neil Young, you've had your ups and downs, but you're still playing together. The music might not always be in tune, but take a moment to rejoice that you're still making it.
Meg Cadoux Hirshberg is a writer married to Gary Hirshberg, president and CEO of Stonyfield Yogurt. She invites readers to e-mail her their own rules for maintaining marital harmony when hitched to an entrepreneurial business.

Copyright © 2009 Mansueto Ventures LLC. All rights reserved.Inc.com, 7 World Trade Center, New York, NY 10007-2195.

Tuesday, November 24, 2009

A Thank You Letter to Zonta (Brampton-Caledon)

Zonta is a highly-respected, global organization that works to advance the status of women world-wide through advocacy, education & service. I am proud to have been nominated for this Women of Achievement award, and humbled to be among the company of such outstanding leaders here in Brampton-Caledon.

Economic success for women is one of the key components to social and political equality for women. Where the concept of micro-credit is one tool for economic independence in developing nations, the support and growth of small business is one of those tools in developed nations like Canada. I am invigorated by the process of providing education, support and encouragement to women - women looking to create change and realize a passion in their lives. I am fortunate that my job allows me the freedom to pursue this challenging and rewarding activity. I would like to thank Zonta Brampton-Caledon, the selection committee and Shirley Hall, for this recognition.

I am supported in this effort by my wonderful staff at the Brampton Small Business Enterprise Centre. I also want to thank Don Eastwood, Director of Economic Development for the City of Brampton, for his leadership & vision.

None of us can be our professional best without the love and support of our families. I want to thank my husband for always challenging me to be my best. And my children, for their creativity and inspiration. I couldn’t be more delighted to have had my intelligent, talented & beautiful daughter join me at the event on November 19th.

Finally, I want to thank the clients of the Brampton Enterprise Centre – the aspiring entrepreneurs and established small business owners within Brampton’s business community – for their trust in our organization, and for allowing us to help them launch and grow their businesses. It is a privilege to be allowed into your lives. I wish you prosperity, and encourage you to continually develop yourselves, your business, and your participation in our wonderful community.

Warmly,
Cassandra

Thursday, August 27, 2009

Maintain your Focus & Motivation

Sustainability is a word we hear frequently and most often in an environmental context. It’s a concept key to your small business too. Running a business for a few weeks or months can be achieved by many, but any worthwhile venture is going to need sustained effort. Here are some way to maintain your focus and motivation:

1. Remember the original, powerful reasons you decided to go into business for yourself, and this business in particular.
2. Refresh your business mission annually, and write out your objectives. Post them where you can see them.
3. Clarify your vision. Picture your successful business as if it already exists.
4. Action-plan your objectives. Doing something not quite perfectly is better than having a perfect plan you never execute.
5. Measure your progress. You can’t manage it if you don’t measure it.
6. Reward yourself for meeting goals – annually, monthly, why not even weekly?
7. Think of three. Be good to yourself and work on no more than three priorities at a time.
8. Develop a support system. Utilize a business coach, mastermind group, networking group or buddy-system to share helpful resources and encourage positive attitude.

Share with me some of the ways you maintain your focus & motivation. I will post ideas here for others to learn from.

All the best until next time,

CB

Thursday, July 9, 2009

On-Line Small Business Tools

With summer here, you may find that you have a spare hour here and there to get caught up on your business reading or surfing. While you are browsing the Internet, you may find some great sites that other small business owners would benefit from knowing about.

I would like to hear from you all on what you think are the best on-line small business tools (worksheets, software etc.). If they happen to be free or low-cost, I would love it if you indicate that as well. Here are a few of my favs to get you started:

www.surveymonkey.com >> a great way to do FREE market research with your database of clients; $120 a year gives you a membership with extra analyis tools and even easier distribution.

www.canadabusiness.ca/ipb >> the Interactive Business Plannner is a free template that helps you prepare or update your business plan; do the whole thing or tweak a section. The financials add themselves up and automatically transfer from cash flow to income statement. Run pessimistic/optimistic/realistic scenarios quickly and easily!

www.strategis.ic.gc.ca/steps >> information on competitiveness issues and gaps facing small and medium sized service firms, presented in a modular format. Tackle one step a week for 9 weeks to hone your marketing plan

http://www.ic.gc.ca/eic/site/ic1.nsf/eng/h_00070.html >> NAICS directory - listing of Canadian companies, sortable by keyword, industry sector and more; search for suppliers and competitors

http://www.whatspossible.com/fax/ >> a summary of various fax-to-email services, starting at $19.95/year

Send me yours so I can beef up this list!

Cheers
CB

Friday, June 26, 2009

Building & Maintaining a Positive Business Image

It is uncommon for a micro-business to choose speed, selection or low price as its competitive advantage. One of the great advantages that a small business can offer its customers is the all-important personal contact, genuine customer care, and trusting relationship. What, exactly, does this concept entail? Customer focus, knowledge, effectiveness and follow-up are key.
· You have no business without your customers; always remember that they are your core purpose
· Never indicate that customer questions, change-orders or problems are an inconvenience. Your job is to solve their problems; that’s how you make money
· Be forthright with your customers; be proactive when there is a problem in order to garner their co-operation and patience. Nasty surprises just inflate a bad situation
· Know your industry, competitors, products and customers. Customers expect you to be the expert
· Invest in yourself with professional development; customers are willing to pay for expertise when they know it is legitimate
· Ensure staff has the same knowledge, customer service commitment and authority to satisfy customers as you do. Empowering staff makes them more productive and engaged
· Systemize your operations so that you can confidently and accurately quote prices, processes, delivery dates, warrantees/guarantees etc. Errors and hesitation undermine customer confidence
· Look polished; chaos may go on behind the scenes but your customers should never see it
· The last 1% is important; it’s the details that separate the rookies from the pros
· Show you care about your community, not just your business; donate to local charities or become involved in community events.
A great quality product will only get you part way to a positive image. The way you interact with your clients and your service delivery are the key to your positive image. Your personal integrity becomes the reputation of your company. Follow the tips above ensuring you business builds and maintains a positive image.

Strategic Allicances Create Early Growth

A “strategic alliance” is an agreement between two or more companies to conduct a certain aspect of business in a mutually beneficial way. Successful strategic alliances can help small businesses to increase the size of their product/service offering, extend their market reach, improve productivity or create that crucial competitive advantage. Ultimately, this means opportunity for faster-paced launch and earlier growth, without a burden of added capital or operating costs.

Like any business model, a strategic alliance needs research and careful planning. A successful alliance needs to fit your own business profile. Here are some key considerations:

· Create a list of desired partner attributes
· Source out potential partners with a compatible vision and similar goals
· Choose a partner who is focused and well-established
· Choose a partner with a compatible brand/reputation
· If competing in the same market, consider the affect on your market position
· Consider future directions and whether they merge or diverge
· Determine the timing – one time project or long-term relationship?
· Create a contract, including precise expectations you have established together and clear terms of payment
· Create a systematic communication method
· Create a clear exit strategy
· Put everything in writing

Finally, not only will you need to seek out a desirable partner, but you need to be a desirable partner to someone else. This has to be “win-win”, not “how can you help me?” Your own business will need to be in tip top shape with an up-to-date business plan, established procedures, a good track record with clients, professional branding and reputation, and a robust marketing strategy. If these foundations are in place, you may find other companies are seeking you out as a strategic partner. The Brampton Enterprise Centre has a plethora of resources to support you as you prepare to develop a strategic alliance.

25 Killer Websites & Web Services for Business

25 Killer Websites & Web Services for Business

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Monday, June 15, 2009

Time Management Tips & Resources

I was doing some research for a client on time management tips, and thought this would be great to share. I focussed on business tips of course, but there were tons of sites for home/kids/life in general time management, which might also help. (The lines between personal and business cross often when you are a small business owner!)

You DO have time to read them, since I pared them down for you. And there is no better time than the beginning of Canada's short summer to squeak out a few more hours in your week!


http://sbinfocanada.about.com/cs/timemanagement/a/timemgttips.htm
http://www.mindtools.com/pages/main/newMN_HTE.htm
http://www.getmoredone.com/tips.html
http://www.time-management-guide.com/
http://www.time-management-guide.com/time-management-tips.html
http://www.jimestill.com/2009/05/toilet-paper-entrepreneur-and-time.html
http://ineedmoretime.com/time_management.htm



Books:
Time management from the Inside Out, By Julie Morgenstern
The 25 Best Time Management Tools & Techniques, By Pamela Dodd, Doug Sundheim


Hope these resources help!

Tuesday, May 19, 2009

The Most Common Start-Up Mistakes

Recently a social networking site colleague posted the following question and I responded.

What is the biggest mistake entrepreneurs make and how would you suggest they prevent that mistake?

I can think of quite a few!
>> Not preparing a business plan Solution: Take time to research & write
>> Not discovering/creating a competitive advantage Solution: do a thorough SWOT, and have a sound advantage before launching
>> Not understanding that business ownership means being a really good sales person Solution: ensure compatible personality traits, sales experience & training
>> Undercapitalizing Solution: assuming getting a larger loan is not possible, start smaller plus beg, borrow and barter what is needed to launch
>> Overestimating first year revenues Solution: more conservative estimates; realistic, optimistic and pessimistic pro forma income statements
>> Underestimating the time it takes to land those first few clients solution: more realistic understanding of the sales process/cycle and lead to land ratio
>> Not investing in marketing/advertising Solution: robust marketing budget and professional assistance with branding

I can give you more, but these are the ones that came right off the top of my head.

Thursday, May 14, 2009

Strategic Alliances Create Early Growth

A “strategic alliance” is an agreement between two or more companies to conduct a certain aspect of business in a mutually beneficial way. Successful strategic alliances can help small businesses to increase the size of their product/service offering, extend their market reach, improve productivity or create that crucial competitive advantage. Ultimately, this means opportunity for faster-paced launch and earlier growth, without a burden of added capital or operating costs.

Like any business model, a strategic alliance needs research and careful planning. A successful alliance needs to fit your own business profile. Here are some key considerations:

· Create a list of desired partner attributes
· Source out potential partners with a compatible vision and similar goals
· Choose a partner who is focused and well-established
· Choose a partner with a compatible brand/reputation
· If competing in the same market, consider the affect on your market position
· Consider future directions and whether they merge or diverge
· Determine the timing – one time project or long-term relationship?
· Create a contract, including precise expectations you have established together
and clear terms of payment
· Create a systematic communication method
· Create a clear exit strategy
· Put everything in writing

Finally, not only will you need to seek out a desirable partner, but you need to be a desirable partner to someone else. This has to be “win-win”, not “how can you help me?” Your own business will need to be in tip top shape with an up-to-date business plan, established procedures, a good track record with clients, professional branding and reputation, and a robust marketing strategy. If these foundations are in place, you may find other companies are seeking you out as a strategic partner. The Brampton Enterprise Centre has a plethora of resources to support you as you prepare to develop a strategic alliance. Call us at 905-874-2650 or visit www.brampton-business.com

Tuesday, March 31, 2009

Sorry Folks, There are No* Government Grants



In ancient Greek mythology, "Cassandra" was the bearer of bad news. True to my namesake, I have to tell you, there are no* Government Grants for small business. *At least, not in the GTA/southern Ontario, not for start-up purposes, not for the 95% of small businesses types that I meet with, and not grants, as in free money you don't have to pay back later.

Do yourself a favour, and get over thinking that someone is going to hand you the money to start your business. Start saving, scale down the start-up vision, get friendly with your very rich, old uncle or make some other adaptation in your planning. I've been doing this job for 9 years, and this has been true all this time, and for at least a decade before that. And there is nothing on the horizon over the next 18 months.

Let me tell you what there is:

  • Incentives, once your business is established (ie. subsidies and rebates on some specific expenses)
  • The SBFA - Small Business Financing Act - where the Government of Canada will "underwrite" your bank loan so that if you can't pay it back, the government will cover 85% of it, taking most of the risk away from the bank; this applies only to purchases of land, buildings or heavy equipment. Inventory, payroll, administration expenses and other monthly operating expenses do not qualify.
  • Support programs for tourism, farming and other specific industries rare in Brampton

Please, do not get lured into advertising that promises millions of dollars in and easy access to government support...particularly if you have to PAY to get hold of the information or if there is a fee to apply. And don't be fooled by pretty red and white graphics that look something like the Canadian flag - this does not mean it's a Government of Canada website.


Here are the safe places to check into government funding:

Province of Ontario:
http://www.2ontario.com/software/government_programs.asp

and

Government of Canada:
http://www.canadabusiness.ca/eic/site/sof-sdf.nsf/eng/Home.

Friday, March 27, 2009

A "To Do" List for Quieter Times

Things to Do When Business isn't Brisk:

  • Revamp your Business Plan
  • Refresh your marketing research
  • Analyze your competitors
  • Conduct client focus groups
  • Create your post-recession marketing plan
  • Pull out your "Bring Forward File"
  • Network
  • Cold Call
  • Attend Professional Development events and workshops
  • Bring in a sales trainer for ALL of your staff (reception through to CEO!)
  • Clean up databases (not that you EVER let them slip...)
  • Create/update educational documents for your clients
  • Purge! Your desk, cupboards, shelves, filing cabinet
  • Clean up your electronic files while you're at it, and your Internet Favourites
  • Catch up on holidays
  • Go to the gym on your lunch break (take a lunch break for a change!)
  • Launch a Blog ;-)
Have good employees you can't keep busy but don't want to lose?
  • Sales Training
  • Customer Service Refresher Training
  • Offer all staff commissions on sales
  • Offer them a one-time bonus week of holidays
  • Offer a summer leave of absence
  • Propose a 4-day work-week
  • Consider a 2-week summer shutdown
I will update this list as new ideas come forward.

A Recession Changes Habits

A recession is not the typical time to be thinking about business growth opportunities, but with an open mind, you might just find that there are some. Consumers are creatures of habit, buying in the same patterns and from the same vendors often for years at a time. A recession shakes up these spending habits. Consumers will break from routine to try new products and services, not just those with a lower price point, but those that offer best value for money.

In mass quantifies, this is a market shift or switch, and while it’s true that a tough economic period is characterized by lower overall spending, this period can often present an opportunity for smart businesses to grab some market share, or even introduce new lines. A market switch creates demand for new products and services. Perhaps your company can be the one to make them available.

Start by analyzing changes in your own spending habits, both as a business owner and individual. In particular, take notice of new suppliers/stores that you’re considering, and replacement items for those you are no longer satisfied with. Observe new products that are growing in popularity and determine if they are fads, or the beginning of a longer-term trend. Make time to read your trade journals, association reports, and the lifestyle section of the paper for social changes that will have economic influences.

Can you discover a gap in the marketplace? Is there something in demand that is not readily available that you could provide? What related products and services are associated with this growing demand? Of course, it goes almost without saying that you’ll need to do a full feasibility study before jumping into a new business line, particularly if it does not target the same base of clients you currently have. Be sure to listen to customers – have they asked for the products/services you have in mind?

It’s also important to think of the market switch concept from a defensive position. Canadian consumers will spend more time researching prior to making a purchase (than ever before). Are you providing the information, assortment, delivery time, or customer service they need to stick with you? Your competitors will be only too happy to serve any of your habitual customers, should they stray. Because a recession is a time of market switches, your business should be actively ensuring your loyal customers have a reason to stay loyal.