Ask the Experts 2015

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2015

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What are the key elements of a good business plan?

What should I consider when negotiating a commercial lease?

How much should I invest in mobile technologies at my business?

What do I need to know to plan a successful corporate event or conference?

Solutions to ever yday business problems

Ask the experts expert advice from business in vancouver choosing a name

protecting your brand

training young hires

hiring a pr company

key steps to restructuring

trade show tips

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contents 2015

cturing my when restru I must take the key steps What are rtunities? company? orking oppo d most of netw ctful rewar make the How do I ate and respe lish an adequ estab I yees? ating at How do my emplo need evalu business system for company’s areas of a What three of each year? ning the begin

What are the key elements of a good business plan?

What should I consider when negotiating a commercial lease?

q u est io ns

How much should I invest in mobile technologies at my business?

What do I need to know to plan a successful corporate event or conference?

What should I think about when choosing a name for my business?

4

What are the key elements of a good business plan?

5

A number of employees want the company to support charitable events.

Why is it important to get involved in the community?

6

How can I make the most of appearing at a trade show?

8

How do I let my employees fundraise in the office without it becoming an issue?

9

What is the most effective way to train or mentor young new hires?

12

What should I consider when negotiating a commercial lease?

13

What do I need to know about hiring a PR company?

14

How do I take my startup to the next level?

15

How do I get my product or invention off the ground?

18

How do I make the most of networking opportunities?

19

My company is undergoing rebranding. What are some of the challenges I should be aware of as it gets underway?

20

How do I decide on the most effective team-building retreats?

22

How can I incorporate online advertising into my overall marketing strategy without a huge advertising budget?

23

How do I keep a tightly knit workforce as my business grows rapidly?

24

What are the key steps I must take when restructuring my company?

25

What are the top three things I need in place to start a business?

28

How do I establish an adequate and respectful reward system for my employees?

29

What issues do most companies overlook in their public relations or communications planning?

30

What three areas of a company’s business need evaluating at the beginning of each year?

31

How can small companies contribute to their community?

32

How do I find office space that best suits my needs?

33

What do I need to know to plan a successful corporate event or conference?

34

What do I need to know before establishing a corporate wellness program?

35

How much should I invest in mobile technologies at my business?

36

I’ve been experiencing a lot of attrition at my company. How do I retain my employees, especially when the company is going through tough times?

37

How can I develop and protect my brand?

38

T h e Ex per t s

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Solutions to ever yday business problems

Ask the experts expert advice from business in vancouver choosing a name

protecting your brand

training young hires

hiring a pr company

key steps to restructuring

trade show tips

SponSored by

 and more

Pub l ish er : Paul Harris Ed it o r -in -c h ief : Fiona Anderson Ed itor s : Sean Kolenko, Tyler Orton Pr o of r ea de r : Meg Yamamoto Pr o duc t ion : Rob Benac, Randy Pearsall,

Soraya Romano

S a l es ma n a ge r: Joan McGrogan A d ve r t is in g s a l es : Lori Borden,

Corinne Tkachuk

A d minis t r at o r : Katherine Butler C o n tro l le r : Marlita Hodgens Pre si d en t , BIV Med ia G r o u p: Paul Harris

Ask the Experts 2015 is published by BIV Magazines, a division of BIV Media Group, 303 West 5th Avenue, Vancouver, B.C. V5Y 1J6, 604‑688‑2398, fax 604‑688‑1963 www.biv.com.

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2015-02-03 4:52 PM

4 | Ask the ex perts 2015 published by Business in VAncouver

Get clear on your brand before picking your company’s name Qu es t io n | What should I think about when choosing a name for my business?

An dr ea Sh il l in g t on | Founder and owner, Brands for the People

Kar le y Cu n ni n g h am | Creative strategist, Big Bold Brand

Dav id Ch il ds | Brand strategist, Living Blueprint

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hoosing a name for your business can be quite frustrating. Everyone has a different opinion, and it’s particularly challenging when there is more than one decision-maker involved. I’d like to outline a simple process to make this easier for you so that you can choose a business name that both reflects the reputation you want to build and is search-engine-friendly.

First, get clear about your brand early on. New businesses often skip this step, and it leads to costly rebranding. I recommend writing out your brand strategy, which includes your purpose, vision, values, positioning and tag line.

If you’d like step-by-step instructions on how to do this check out these free branding tools: www.brandsforthepeople.com/branding-tools.

Second, you will need to brainstorm an extensive list of names. Record everything; there are no bad ideas at this stage. In this online world, many of the descriptive names like British Airways have already been taken, so I’d recommend considering names that are out of the box like Yahoo or invented words like Facebook.

You can usually find an available URL for these types of names, and they have the added benefit of standing out from the competition.

Don’t pressure yourself to say everything about your business in the name. You will have a tag line and other key messages that will help you communicate what your business does and why it’s different. It’s also a good idea to do some online research to see how many relevant searches show up for your potential business name. You especially want to avoid any competitors in your field with similar names or URLs. Finally, before going to market, ask your lawyer to do a trademark search. Building a famous brand is a journey of courageous authenticity. Names aren’t born famous; they are made famous.

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usiness ow ners are often su rprised about the amount of work and patience required to create and select a name for their business.

Here are some tips to help you find the best fit.

■ Don’t fall in love Allow yourself the opportunity to consider an array of possibilities and don’t fall in love with a name early in the process. Separate yourself from emotion and lean on process to help you discover the best fit. Be patient. Finding a name that is right, and available, can take time. If you’re hiring a company or consultant that specializes in naming, it can take anywhere from three weeks to three months to finalize a name.

■ Brand before name A lot of people will tell you that your business name is the most crucial element of your company or brand. I disagree. While important, your name is only as strong as the overall brand you build to support it. Before brainstorming ideas for your business name, start by building out the other elements in your brand platform.

Often the name, or solid possible options, organically appear during the process of building your brand.

■ Know what your name needs to do Create a set of objectives that the name must achieve. Measure your top five to 10 possible names to ensure they meet the needs of your business and prospective clients. Using the objectives as filters, narrow the options down to a top three list to send to your trademark agent to run a preliminary availability search.

■ Involve only those at the top Making your naming process inclusive is a bad idea. The more people you involve, the more alienation you risk when you don’t choose the one they recommended. This makes it harder to gain buy-in and develop excitement around the chosen name, and you want and need all that enthusiasm for your launch.

enaming an established company can be just as challenging as choosing a name for a new business. If you have been around for a while and find yourself at an impasse with your brand and company name, what do you do?

If it’s done without enough planning and the right professional help, people might think the company was sold, went bankrupt or changed markets. What if this isn’t the case and it is a really positive move forward?

The first thing to do is gain a realistic view of your company and all its components. Is everything in alignment with who you are and where you are going?

Who you are: core values, team spirit and focus. If you are a unique company striving to become a recognized leader, having a distinctive meaningful name can be a real asset.

Where you are going: Sony was once called Tokyo Tsushin Kogyo. This name was important to the company and to Japan but had little meaning to the world.

There are many reasons to change your name, but this usually happens when a company starts to deeply understand who and what they are and how they want people to perceive them so they can move forward.

Renaming and repositioning can be costly and will require time. The older your company is, the longer and more expensive it will be. You may be tempted to do this on the cheap – but you stand to lose more in revenue than you could ever spend doing it properly. Get outside help. A skilled consultant might be able to help with the business case for the change. From there, look for an agency with a strong naming track record and don’t be afraid to call their clients to ask questions.

The last thing to do is create an internal and external communication strategy focusing on why this is a positive move and how it will benefit everyone – not just you.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 5

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Your business plan is your company’s roadmap for you and prospective investors QUESTION | What are the key elements of a good business plan?

Bet t y MacL eo d | Sales manager, small business, Vancouver Downtown and West, RBC Royal Bank

Sh an n o n Ward | Co-founder, OnTrack Media

Wan da Ha lp er t | President, Concord Business Plans

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business plan is essential to every business. Successful business owners know that a business plan is a roadmap that will guide them from the start of their business through every business cycle. There are seven key elements to a good business plan.

■ Executive summary. Pay special attention to this section because many readers will never go beyond it. It sets the stage and tone and should include an attention-getting cover page, like your company logo and/or a picture of your product or service in action.

■ Your team. Your business is only as strong as your people. It’s critical to outline your team’s skills and how it will help bring your product or service to market.

■ Business environment. Provide an industry overview and how you will position your product or service. Clearly describe what your company offering is and how you will differentiate yourself.

■ Marketing plan. Your marketing plan includes everything you do to get your customers to buy your product or service. Do your research.

Include your strategies for increasing sales and the tactics to get there.

■ Operations. Address the day-to-day running of your business. If in early stages, this will help you develop your product or service. If you’ve already developed it, identify what is still required.

■ Finance. Determine the type and amount of expenses your business will incur. Show the expected results and projections. For an existing business, include financial statements from previous years. Be realistic in projections, including best and worst-case scenarios.

■ Risks and conclusions. Every business has potential risks. Outline these and include solutions. Show that you understand the risks and have made provisions.

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here is one key element of a business plan that is almost always overlooked but can have a bigger impact on a new business and its owners than any other element. What could be so important? I feel strongly that if you go to the trouble of creating a business plan, then it should include a frank and realistic assessment of how you see your business mixing with your personal life.

Ask yourself: what are your business goals and what are you willing and unwilling to do to achieve those goals? What life changes do you foresee in the next five years and how do you expect that to affect the business? What, outside of money, are you going to demand from your business? How will you define your business success?

Thinking ahead, defining goals beyond revenue figures and setting boundaries between work and personal life from the beginning will help you avoid building a “gilded cage” business. This is the kind of business that may provide you with financial gain but it can also trap you, leaving you with little time or energy for anything outside of the business. We see so often entrepreneurs who sacrifice themselves and their relationships while they relentlessly pursue some version of success that ultimately leaves them empty once they’ve achieved it. It doesn’t have to be that way. It’s possible to be successful in business while thriving in other areas of your life.

If having freedom and flexibility in your business is important to you, then ensure those factors are adequately addressed in your business plan. The three critical areas that create business freedom are people, processes and technology. These three elements need to work together seamlessly to provide you with the business you’ve dreamed of.

otential investors want to have the answers to important questions directly in front of them. These questions are usually: “How much money do you need to raise?”, “How will you spend my money if I invest?” and “How much will I make in return?” In many business plans, this information is scattered throughout the plan and difficult to find.

Most business plan templates will tell you to begin your plan with long poetic paragraphs of information called the “overview” or “introduction.” Investors do not have the time to read 25 to 100 pages of text to find the answers to their basic investment considerations.

I suggest you make a highlights page that features the key elements of your business plan up front and centre.

The highlights page is a simple one-page list that features the key elements of your project.

It can be placed in the beginning of your plan, before the overview or introduction.

This page will have essential information, such as: ■ company name and location ■ industry sector ■ products/services ■ unique selling proposition ■ market size ■ funds sought ■ use of proceeds ■ revenue projections Once you have completed this list, you can add a graph of your revenue projections underneath to fill out the page or a picture of your product. Now you have an introduction that is not only attractive but also has the advantage of offering investors the key elements of your business plan on the very first page.

2015-02-03 4:21 PM

6 | Ask the ex perts 2015 published by Business in VAncouver

Giving back to community is good for business QUESTION | A number of employees want the company to support charitable

events. Why is it important to get involved in the community?

CLINT MAHLM AN | Executive vicepresident and COO, London Drugs

JILL SCHN ARR | Vice-president, community affairs, Telus

KARL SIGERIST | President and CEO, Crelogix

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ome people may say this is a no-brainer; an absolute must in business is to give back and support your local community. At London Drugs this has been part of our DNA since the beginning. Many people still seem surprised to learn London Drugs is a local family-owned company with deep heritage and roots dating back to 1945 in Vancouver. In fact, we are now a fourth-generation family company. The first and foremost value of London Drugs’ forefathers that remains inherently true today is to be kind and charitable to customers.

It is crucial that a business understands customers’ needs, including the nuances of where they live and what is important to them. Our stores are a reflection of the communities we serve and our employees are our window into these communities. Our employees live, participate and grow their families in these communities. We know our employees can’t do their best work unless they are proud of the company they represent.

Our staff sees that we are always trying to do better for the public and our communities.

Whether it is leading the charge on recycling, participating in local grassroots fundraisers, supporting hospitals and education – all of these ways businesses support community are important and crucial to all of us.

Stores and staff are here to help our customers and communities simply because it is the right thing to do. Wherever London Drugs can get involved, we do so with pride. Healthy communities help our customers and employees live better lives.

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n today’s world, customers have a lot of choice. It’s no longer enough for companies to provide exceptional service and innovative products – modern customers want to do business with companies that share their values for community and environmental well-being and that are doing their part to help make their community a better place.

At Telus, we continually strive to be a leading corporate citizen, balancing our company’s economic health with the social and environmental well-being of the communities where our team members live and work. Our philosophy is quite simple: we give where we live.

For us, it’s about our company and our team members sharing their generosity of spirit to make a real and meaningful difference in our local communities.

Telus leadership in corporate social responsibility instils a sense of pride in working for Telus and helps us attract and retain top talent.

Our team members feel they are a part of a bigger social purpose, and we foster a corporate culture of giving by engaging our team members and retirees with structured volunteer and donation opportunities. In fact, since 2000, Telus, our team members and retirees have contributed more than $350 million and over 5.4 million volunteer hours to charitable and community organizations across Canada.

Enabling your team to support causes they are passionate about is a rewarding way to enhance your company’s reputation in the community, authentically engage with your employees and stakeholders and shape your company’s culture.

In essence, doing good is not only the right thing to do – it also makes good business sense.

oing the right thing. Motivating employees. Raising public profile. There are numerous reasons any seasoned CEO could list to illustrate why it is important to get involved in the community. However, for us it comes down to two very simple things: ■ Supporting our staff and community in a real and practical way, and ■ Demonstrating that our values are more than simply just words.

Our approach is to support the tangible actions and financial commitments our staff members make for the causes they care about.

First an employee brings an issue to everyone’s attention, develops a plan and then engages other employees. This inspires others to take action and contribute.

So what about the how? Here are a few ways you can increase the effectiveness of your community involvement: ■ Lead by example. Senior management needs to demonstrate a commitment to community involvement. At our last annual meeting, I established the goal of Crelogix contributing $20,000 this year to charity, alongside our five-year set of organizational goals.

■ Match all financial contributions made by staff. This means individual efforts can create major ripples. For example, a $1,185 donation by our staff to the World Partnership Walk ballooned to $28,440 through co-contributions.

■ Create a team to spearhead and co-ordinate efforts. We have CFOs (chief fun officers) who organize at least one charitable event a month on issues our staff care about. Not only do they keep staff engaged but they offer a go-to team for anyone wanting to support a cause but unsure how to start.

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Working together to help your business succeed.

At TELUS we’re committed to putting our customers first and helping your business succeed by: ■

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Learn more at telus.com/TELUSdoesIT

© 2015 TELUS. 15_00042-02

Telus 00_BIV_ASK FP 39233.indd THE EXPERTS 1 2015_1.indd 7

2015-01-19 2015-02-03 11:33 4:21 PM AM

8 | Ask the ex perts 2015 published by Business in VAncouver

Set trade show goals and market your company and your product Qu es t io n | How can I make the most of appearing at a trade show?

Tar a Lan des | President and founder, Bellrock

Ar jan St eph en s | Vice-president, sales and marketing, Nature’s Path Organic Foods

Jan et T h om pson | Independent consultant, Norwex

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t only takes a little effort to outshine the average trade show exhibitor. Execute these tactics, and you will see results.

Open the opportunity. Exhibiting takes thousands of dollars out of your marketing budget, yet when we interview companies to learn why they chose to exhibit at a given show, they almost always say, “To wave the flag” or “Because if we aren’t there, people will wonder why.”

That’s not good enough. Set internal goals for what you want to achieve at the show so your booth staff know what types of opportunities to look for. Have a goal for your booth staff to measure their performance against, such as find one hot lead per hour or sample 100 visitors.

Open the booth. Place your tables at the sides of the booth, not across the front, which creates a barrier to visitors. Your booth should feel welcoming, engaging and comfortable for your guests. Think cocktail party, not bankteller wicket.

Open the conversation. You must actively greet visitors to your booth. Worst active greeting: “Can I help you?” (Answer: “No thank you. Just looking.”) A better option might be: “What’s the best thing you’ve seen at the show so far today?” It’s an open question that sparks a conversation, and it asks the visitor for an opinion, which everyone loves to give. The best active greeting is: “What brings you to the show today?” It’s open, asks about them and, as an added bonus, it begins the qualification process.

Bonus tip. If this is a show that your prospects or customers travel to town for, contact them about two weeks in advance and invite them to join you for breakfast the day of the show. You can schedule two breakfast meetings a day (7 a.m.; 8:30 a.m.) and get some quality face time with the people who matter the most. Close one deal and the entire effort pays for itself.

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et smart goals.

We go to trade shows not only for the excitement of seeing and sharing innovation, but also because we want qualified leads that convert to sales or exposure. Decide how many new customers or media interviews you want to get in advance and then lay the groundwork to exceed those targets. As you launch products, define how many samples you want to deliver at all show events. Keep score and track results so you have a sense that the money you invested was well worth it (or not).

Advertise in advance. Don’t assume that show attendees will know where you are. Run trade ads, send newsletters, invites and product trade announcements that include your booth number.

Create opportunities to speak about topics where you lead and promote attendance with influencers so they can see you in an expert position.

Merchandise more than product. To stand out in a crowded exhibit hall you have to create a show within a show, offering more than just a peek into new products. Your company should buzz with excitement and activities that stop aisle traffic in their tracks. Integrate live sampling, demonstrations, celebrity signings, videos, contests and/or giveaways.

Meet with media. Trade shows provide an opportunity to meet face to face with industry editors, reporters and bloggers to present new products and leadership. Setting appointments a month in advance with the publications you most want to be seen in provides a fantastic return on investment when key spokespeople are booked.

To increase your chances of coverage, provide press releases, images and sample stories so you can stay focused on the interviews without worrying about capturing all the details.

Follow up, follow through. Following up with new contacts within five days will build trust – especially if you send a personalized small package instead of an email.

n the five years I have been an independent consultant I have exhibited at more than a dozen major and smaller trade shows. Along the way I have learned a few lessons.

Booth setup ■ Be visual! Have a banner or sign with your company name.

■ Keep an organized booth with consistent signs and displays.

■ Have an open and inviting booth. Standing behind a table puts a barrier between you and your customers.

■ Ensure you have enough business cards and other paper handouts.

■ Put together a trade show package.

■ Use a floor covering for your booth. This not only d will ecorate the booth but your feet will thank you at the end of the day.

■ Read the exhibitors manual carefully for rules, what is included in booth price and insurance requirements.

■ Do a demo. Some products have to be demonstrated to show what differentiates them from someone else’s.

Market yourself and the products ■ Be confident. You have to sell yourself and the products. You may only have a brief opportunity to catch customers’ attention as they walk past.

■ Dress appropriately and smile! Your customers will want to talk with someone who is approachable.

■ Make a connection with your customer. Ask customers what problems they’re having and then tell them you have a solution.

Other tips ■ Let past customers know you will be at the show.

■ Take water and snacks to keep you going.

■ Follow up on your leads shortly after the show.

■ Chat with neighbouring exhibitors; they might become customers.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 9

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Consistency is crucial when dealing with fundraising at the office Qu es t io n | How do I let my employees fundraise in the office without it

becoming an issue?

R o b Cair n s | Owner, Rob Cairns Consulting

Br ad H er bert | Executive coach, HR consultant

Jim Evan s | Chairman, Workplace Centre for Spiritual and Ethical Development

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irst, I think consistency will be important.

If you’re going to tell one staff member it’s not permitted, then it would be a good idea to create a policy to that effect and make sure it is applied equally to all.

Nothing riles up the troops like an inconsistent application of the “rules,” particularly if it’s OK for the boss, but not for others. If you’re not willing to apply the policy to everyone equally, then it would be better not to create the policy.

Second, I would ask, has anyone complained about it? If there’s no rule against it, and no one has raised a concern about it, why limit the flexibility of your staff to support their favourite charities?

If you are worried that some staff are bothered by this behaviour, even though they have not complained, find a way to ask for input anonymously. For example, you could say you are considering implementing a policy and would like to hear their thoughts.

The last strategy to consider before writing up that policy is: might it be possible to provide direct feedback to the one or two people in the office who consistently ask for donations, and thereby avoid the need for a policy?

For this to work, the staff member(s) involved will need to be able to grasp what is for many a difficult concept. That is, the distinction between requests and demands. If I ask, “Would you be willing to support my charity?” was that a request or a demand? My answer: it depends.

If you say no, and I then apply pressure of some sort (emotional pressure being a favourite), it was a demand, not a request.

Intrigued?

Read more about this important distinction in Marshall Rosenberg’s book, Nonviolent Communication.

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reating an attractive workplace is made up of many elements, but corporate social responsibility (CSR) continues to grow in importance for many people, particularly younger employees. CSR can include corporate donations of cash and volunteering as well as facilitating employees’ fundraising for personal causes while at work. Creating some simple guidelines for employees allows creativity to flow and morale to grow while avoiding headaches for employers.

Leaders can start by clarifying their organization’s CSR vision and management-sponsored programs and activities. There’s no need to have a list of approved causes, although it’s helpful to identify focal areas, budget and process. Employee-sponsored causes can be different from management’s. In fact, encouraging broad contribution across charities and programs can be very energizing for employees. A good practice is to avoid anything that looks like sponsored gambling (50/50 draws) and allow only sponsorship of registered charities that align with your employment policies and corporate values and brand. You can then share those guidelines and opportunities via your new hire onboarding processes, employee handbook, intranet, dedicated email aliases, educated managers, CSR teams and company “town halls.”

Have fun with it; encourage your employees to be creative and recruit coworkers. Raising funds with colleagues builds friendships that can benefit collaboration, knowledge sharing and retention. As an example, a hack-a-thon can build awareness of others’ expertise, increase coding skills and raise cash in a relatively short time.

Finally, consider sharing some of the fun via your organization’s social media channels as a way for customers and potential employees to get to know your organization.

n employee wishing to raise awareness or solicit funds for an outside charity or cause needs permission from his or her employer and should not expect the employer to allow it. The employer has every right to establish limits on the disbursement/posting of materials and the timing/scope of the solicitation. Anything that takes place on the employer’s property and time or involves the company’s other employees or clients must be channelled through the employer.

The solicitation of donations from co-workers can range from raffle tickets or donations for a child’s soccer team to donations for a national charity. Besides the ethical issue of using company time for personal projects, requesting money or time from staff or clients can generate resentment.

The range of charitable giving has different emotional or political ramifications. Causes can range from a major medical condition such as cancer or heart disease to religious or spiritual practices. At one end you have a general societal agreement, and on the other end there is a wide variety, with potential disagreement about what is acceptable to discuss in the workplace.

An employee on a mission would do well to convince his or her employer to adopt the cause as the company’s own; we all know businesses that have sponsored runs/rides/walks for a variety of causes. A savvy employer may want to support employees’ causes as a way to solidify and express a healthy, meaningful employeeemployer relationship.

In response to such employee requests, an employer may want to arrange a time for the employees to discuss their views in a facilitated meeting. This can help avoid conflict and allow employees to find common ground or simply have a better understanding of their colleagues’ views.

2015-02-03 4:21 PM

Save operating costs and boost the worth of your property Rebecca Edwards

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itting a new boiler into your commercial or residential building will save you thou­ sands of dollars in energy costs.

It could qualify for efficiency rebate programs and increase the value of your building, giving you access to refinancing options.

Many building owners and man­ agers in the Lower Mainland waste money repairing old, inefficient boilers, says Merlin Schell, gener­ al manager of Spears Sales and Service in Vancouver and Langley and of Kemp Agencies – a Camus High Efficient Boiler agency.

“A building owner can generally pay back the extra cost of buying a high­efficiency boiler in one year, thanks to Fortis BC’s rebate program for high­efficency boiler installations coupled with the fuel savings from a properly complet­ ed boiler­retrofit project,” he says.

Also, he explains, most projected fuel savings will allow a building owner to recoup the entire cost of the retrofit project in three years.

A new boiler can increase building value When the operating costs of a commercial building have a direct influence on property value, it pays to improve the heating system and cut energy bills, says Schell.

“If it currently costs $50,000 a year to heat an apartment building, and we put in a new boiler system, you can save, conservatively, 30 per cent on energy bills: a $15,000 operating­cost decrease. If the building has a capitalization rate of 10, this will equate to a $150,000 increase in the building value.

“If you can qualify for refinancing from the bank on that increased

Spears FP ADV 39227.indd 00_BIV_ASK THE EXPERTS12015_1.indd 10

value, you should easily cover the cost of the boiler installation and also have money left over to reno­ vate the lobby or to modernize some of the apartments to get higher rents. The fuel savings will also finance the costs of borrow­ ing the money, with some left over to be used for other items.”

Schell points out that since new boilers are usually much smaller than old ones, “you will also have more space in your mechanic­ al room, and they are less noisy and have cleaner emissions.”

Turndown technology saves energy and money Modern, high­efficiency boilers are more combustion­efficient than older models, so while pro­ viding the same amount of heat with less input, they operate at much higher efficiency. Coupled with greater turndown ratios, this efficiency can cut owners’ gas bills by up to 30 per cent, says Schell.

He adds, “During the fall and spring when it is 18 C outside, you don’t need the boiler constantly firing on and off at full input to maintain 21 C inside the building.

“Modern high­efficiency boilers have much greater turn­ down capability, allowing them to fire at a lower gas input rat­ ing than the older boilers.

“These lower turndown capabilities also allow heating systems to maintain more even and constant building temper­ atures, which are excellent for the comfort of the people working and living in the buildings.”

As an example, Schell says that an older boiler might fire at two million BTUs per hour input firing capacity: at low fire, it would still

be firing at a relatively high one million BTUs per hour input. A new high­efficiency boiler would have at least a 5:1 turndown, equating to 400,000 BTUs per hour input.

He adds, “The new boilers also have the ability to be fully modulating from the lower firing levels right through to their full fire capacity, and they maintain their superior combustion efficiencies throughout this firing range.”

Installation and service To avoid disrupting building users, install your new boiler from late spring to early fall. In some cases, however, because new equipment is smaller, boilers can be pre­installed alongside old systems, reducing heating down­ time to just one or two days.

To increase the lifetime of your boiler and avoid any costly emer­ gency repairs, you should have your boiler serviced and maintained by a qualified and trained service professional at least once a year.

Getting a rebate for your new boiler FortisBC’s Efficient Boiler Program offers eligible business rebates of 50 to 75 per cent of the costs of buying high­efficiency boilers above the costs of standard­efficiency boilers.

FortisBC may also fund part of the cost of getting a contractor or consultant to assess your heating needs or part of the venting modi­ fications for retrofitting a high­effi­ ciency boiler. It offers extra incen­ tives for energy saved during the first year of operation. Further incen­ tives are available for small business­ es installing high­efficiency boilers.

For more information, visit www.fortisbc.com.

2015-01-19 AM 2015-02-03 11:20 4:21 PM

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12 | Ask the ex perts 2015 published by Business in VAncouver

Cultivate the best in new employees by communicating, congratulating and coaching Qu es t io n | What is the most effective way to train or mentor young new hires?

Car o l in R ekar | Associate professor, leadership and HR, University of Victoria

Aman da L ist | Employee development consultant, Amanda List and Associates

Ashi f a D h an ani | Director, customer service, Industry Training Authority

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o be industry leaders in today’s global economy requires commitment to training. Training employees to be good at their jobs and to contribute to your company helps you meet your business goals and brands you as an employer of choice.

Here are five guidelines for training new hires: ■ Contextualize learning by communicating “the big picture.” Along with communicating goals, mutual expectations for working together, job instructions and standards, provide realistic expectations of how their job contributes to the organization. Young new hires want to know how they can add value to your business. Invite them to departmental meetings early in their employment, include them in discussions, and involve them in initiatives where the input from the next generation of workers might be beneficial.

■ Explain “why.” Convey the rationale behind what you expect. This results in new hires taking pride in their work, being conscientious in completing tasks and being less likely to take shortcuts that may be detrimental to the quality of final products or services.

■ Provide frequent and direct feedback. Meet regularly to acknowledge achievements and contributions and to discuss further development. Treat these meetings as coaching conversations focused on behaviours you want them to continue, stop and start doing.

■ Capitalize on e-learning. Consider how instruction can be delivered using computer, networked and web-based technology. Young hires are digitally savvy and instinctively search for information online. Online learning allows them to learn in a familiar and selfdirected manner.

■ Model the way. New hires will watch and listen for clues on acceptable behaviour. They will perceive you as a credible mentor when your actions mirror your messages.

00_BIV_ASK THE EXPERTS 2015_1.indd 12

oung new hires entering the workforce have an abundance of confidence and enthusiasm that can inject new life into an organization. However, they may lack the know-how gained through experience. The trick to training and mentoring new hires is supporting them to gain the know-how without dampening their enthusiasm or damaging their self-confidence. To achieve this requires a shift in our approach to training and mentoring to a coaching approach.

These seven steps will support this shift.

■ Determine their baseline. Rather than assume they are starting at ground zero, determine the new hire’s true starting point.

■ Development plan. Based on the new hire’s current starting point, work with them to create a plan for their development that you are both invested in.

■ Communicate. As they work through the plan communicate regularly and often. When working with a new hire there is no such thing as over-communication.

■ Actively listen. Ask open-ended (what and how) questions to solicit information and rephrase or repeat what has been heard to achieve a common understanding. Try to avoid asking “why” questions as they may be interpreted as negative or accusatory.

■ Feedback. Regularly include feedback on successes as well as areas that require correction.

■ Solicit ideas for improvement. The new hire is coming in with a fresh set of eyes. Let them know they are an integral part of the organization by asking them for suggestions on ways to improve.

■ Recognition. Find out how they like to be recognized and use formal and informal recognition to reinforce behaviours you want to see repeated and maintained.

hen training young new hires there are a few things you need to think about.

Flexible training: Training young new hires is about being flexible to suit individual styles. For customer service teams, a mix of training methods from classroom to quizzes to shadowing others helps with different learning styles.

Foster healthy competition: Mentoring is about building confidence and giving stretch goals while fostering a healthy competitive workplace.

Young people have so many ideas, and it is important to encourage sharing of opinions right from their first day on the job.

Listen and act on input: Recognize and acknowledge contributions because this makes people feel valued.

Benchmark scores and coaching: To foster a healthy learning and competitive environment, organizations should implement quality benchmark scores for achievement, with coaching at both peer and supervisor levels. It’s a fine balance between encouraging productivity and finding ways to have fun.

Celebrate successes: Stagger achievements so hires feel they are accomplishing all along the learning curve rather than at the end, and celebrate each milestone.

Provide ongoing feedback: Young workers thrive on continuous input and feedback from managers; they need to feel that they are valued.

Ensure opportunities for continued learning: Make sure young workers are aware that the learning is continuous within your work environment and provide opportunities for growing their careers.

Be transparent and committed to a high level: Younger generations have high expectations of their bosses and expect full transparency, open communication and managers that are themselves highly committed to a high level of work expertise.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 13

| 13

Information is key when negotiating a commercial lease Qu es t io n | What should I consider when negotiating a commercial lease?

Eu g en K l ein | Commercial realtor, principal, Klein Group

Mat t Wal ker | Principal, Avison Young

Mat th ew Car l so n | Senior associate, Colliers

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egotiating a commercial lease requires preparation, knowledge and skill. Failure to gather the right information and plan ahead will result in a long lease commitment that may be costly.

Understand your business: Developing an accurate business plan, whether you are a longestablished business or a startup, is essential.

For long time operators it will let you review what you have taken for granted or consider new alternatives. Are we operating efficiently? Do we require high-traffic areas with related tenants nearby? What type of space will be best? Will we need shipping access? How do our customers find us? Etc. Market information: Gathering accurate and applicable market knowledge is essential. You need to source completed lease transactions, which will reveal incentives, term lengths and allowances in order to assess what the costs of net rents are for tenants with comparable spaces. Many potential lease space options are not advertised, nor have a sign placed. Ensure you have sourced all the available options. The availability of alternatives gives more choice and better negotiating leverage.

Space plan: With new technologies, space planning is becoming a way for tenants to reinvent business, cut costs or enhance customer experience. With this in mind, reconsider how much space is needed, how to configure space or reconfigure it to anticipate future plans.

Lease terms: The length of your lease will depend on anticipated growth or quality of location. Lease rate escalations should be considered to offset an average rate expectation of the landlord. Percentage rents are used when landlords and tenants have a combined vested interest in each other’s success. Lease renewals, options to purchase and use restrictions are other terms used to secure your interests long term. Ensure you have considered potential business risks.

00_BIV_ASK THE EXPERTS 2015_1.indd 13

t is important to consider five principles when negotiating a commercial lease.

Pre-negotiation preparation: Partner with experts that may include architectural, interior design, real estate brokerage, legal and tax professionals to ensure that you are equipped with all the information required to make informed decisions and negotiate with confidence.

Age and stage of business: Consider the financial strength, operating history and rentable area required by your tenancy. Landlords will assess a prospective tenant’s track record when negotiating incentives such as free rent and allowances, and will typically propose more favourable terms to established organizations seeking larger premises.

Environment: Assess the landlord’s need/motivation to obtain/retain tenancies. The vacancy and financing status of a property, tenant activity within the building and marketplace, and the landlord’s own tolerance for risk are all factors to consider when creating leverage.

Timing: Determine the best time to start the due diligence and negotiating process and the best time in the market cycle to enter into a transaction. Also consider degree of flexibility and preferred length of lease term.

Strategy for negotiations: Evaluate how best to engage the landlord in the negotiating process.

A variety of strategies should be considered, including request for proposal and request for information competitive bid processes, offer to lease and short-form letter of intent. Select a strategy that is relevant to the age and stage of your business and prevailing market conditions, and one that will ensure participation from multiple landlords to create competition.

Access to expertise and information, an understanding of the relevance of your circumstances and a clear picture of the environment will enable you to determine the optimal timing and strategy for lease negotiations.

ou’ve identified a commercial space that meets your business needs. The next step is to provide the landlord with a non-binding offer to lease, essentially a contract to enter into a lease agreement on certain business terms.

Before you start negotiating, it’s important to engage a tenant representation broker who can educate you on the process, market pricing and deal terms. This broker will assist you in drafting the offer to lease, and will ensure that your interests are protected.

Below are a few key items to consider in the offer: Term: Most landlords will insist on a five-year lease or longer. Ensure you negotiate a term that best suits your business and ask for an option to renew and the ability to sublet.

Early access: Landlords will often ask that you pay rent upon taking occupancy. If you plan on renovating, ask to pay rent after the renovations are complete.

Rent and inducements: Most landlords will set aside a budget for tenants to complete renovations. Ask how much the landlord will provide within the asking rental rate.

Landlord’s work: Ask the landlord to deliver the space in clean, tidy condition and confirm the building systems are delivered in good working order.

Subject conditions: Landlords may ask you to sign a binding offer. Ensure the offer is nonbinding by adding subject conditions that allow you to complete your due diligence.

After the offer has been negotiated, consult with your tenant broker and lawyer to review the lease document, and make any changes that could affect how you operate your business in the space.

If your broker and lawyer support the business terms and lease language, you are now ready to complete the deal.

2015-02-03 4:21 PM

14 | Ask the ex perts 2015 published by Business in VAncouver

Connections, fit and cost are key in securing a PR firm to tell your company’s story Qu es t io n | What do I need to know about hiring a PR company?

Mich ael Ward | Vice-president, Grosvenor Americas

Beth Bo y le | Co-founder, Talk Shop Media

D r ew D en ni s | Executive director, Out On Screen (Vancouver Queer Film Festival and Out in Schools anti-bullying program)

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n business, building a strong and lasting reputation is essential – but a trusted relationship doesn’t always come easily.

Here are a few things to bear in mind when considering reputation management.

■ Media connections: An experienced agency should have established relationships with key media across a variety of mediums. For example, it should know the most effective angle to pitch the appropriate media to get your brand in the most targeted publications, all to communicate your story to the right target audience. Furthermore, it is important these connections are in the right market. For my company, as Grosvenor places greater focus on Calgary, it’s important the agency is fluent in both B.C. and Alberta media.

■ Industry expertise: While strong media connections are important, industry expertise is arguably as imperative. A firm that is experienced in your type of business will be able to propose more creative opportunities to communicate your story and can draw on past experience to identify winning strategies. When it comes to real estate PR, strong knowledge and comprehension of the state of the market are also essential and so is an ability to speak the industry “language.”

■ Culture fit: As an extension of the internal marketing and communications team, a firm that mirrors or is compatible with company culture will find greater synergy. Is your company a bureaucratic, gradual decision maker or an entrepreneurial risk-taker? A well-matched agency-client relationship will ensure expectations are better managed and met. However, it is most important to work with a firm with unwavering enthusiasm. PR can be a slow burn, and remaining optimistic is essential.

00_BIV_ASK THE EXPERTS 2015_1.indd 14

y PR firm has created its own criteria to determine what customers we will engage. It catches people off-guard to learn that Talk Shop Media turns away more than 70% of new business. But the highest performing PR teams are typically the most discerning, and you want to be equally discriminating about who will represent your company.

At the top of your PR considerations, spend time learning about the person driving your account. Often a partner or senior representative will sell his or her services – but this does not always mean you will work together. Dive into who will be your PR advocate and account leader and what they can deliver. Can they offer a list of active clients to comment on delivered coverage and service? What are some recent PR successes? How do they measure PR value?

And, most importantly, do they understand your company’s objectives, ask informed questions and offer customized strategies to get you where you want to go?

Cost is also a major consideration when looking to hire a PR firm. Take time to interview to get a clear sense of pricing and deliverables. PR agencies can’t guarantee media coverage. But they should be able to manage your expectations on PR deliverables. In terms of cost, you will likely be faced with one of two pricing models. The first offers a flat monthly retainer for an outlined work schedule. The other relies on hourly billings and/or calculates the billable rate of the people supporting on your account.

Finally – fit. Make sure the firm you are looking to hire is a fit with the image and culture of your company. As frontline public communicators, you want to work with someone who represents your business better than you. Hire only when you are 100% confident in your PR firm’s ability and connection to your company.

eality check. We are living in a consumer-driven world saturated with advertisements. More and more people are seeking their news in bite-sized portions. And, according to the Canada Revenue Agency, the number of charities in Canada has more than doubled in the last 40 years as we strive to meet the changing needs of Canadian society.

Now more than ever, it’s important to be smart about two things: how we tell our stories, and how we invest scarce resources.

Working with a PR agency can take care of both of the above. Correction: working with the right PR agency.

Not unlike any other hire, cultural fit is key.

We look to partner with an agency that shares our values and is able to work alongside our team. We take a cross-functional approach to many projects, and we expect our PR agency to build relationships throughout the organization, beyond the traditional agency-tomarketer reporting relationship.

A good PR agency: ■ brings expertise outside your field and fresh perspective, avoiding “bubble” thinking; ■ participates in strategy sessions; ■ is expert in social media; ■ can respond immediately with crisis management, if needed; and ■ shares your values and is a good cultural fit.

Once you’ve found the right fit, sit down with your PR agency to determine an appropriate retainer that suits your budget. Together, develop service-level agreements and check in monthly to ensure they’re on the right track.

Now your team is ready to start telling your story in a way that will stand out.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 15

| 15

Get expert advice, assemble a top team and remember to work on the business, not in the business Qu es t io n | How do I take my startup to the next level?

T err y Rach wal ski | Management consultant, Front Porch Perspectives

Bo r is Wert z | Founding partner, Version One Ventures

Rab Ko o ne r | Business analyst, Small Business BC

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egardless of the type of startup, nextlevel strategy requires questioning, reviewing and taking action on your business model, money and team.

■ Are my business model and product relevant?

Startup products often morph into unanticipated incarnations. Unhooking from the original concept and adapting to what the market has told you could mean tweaking your business model or product. You have to sell your value to a larger market and either branch out from or expand your base. This requires assessing product features, communications and your operations. People buy what they perceive to be of value; ask who is buying, what they are paying for and how they want to receive it.

■ Do I have enough money?

Most startups fail because they run out of money – period. You can’t run out of runway before the plane takes off. Scary burn rates need an immediate course correction, not loyalty to a business plan. What can you change and what will make a difference? Can you get to market quicker with a less complex product? How can you leverage and integrate PR, social media, partnerships and advertising? Do you have an operational and customer service plan for success and growth?

■ Do I have the right team?

Startup skills are not the same as what it takes to build a business or manage one in steadystate operation. To get to the next level, be honest about the skill sets that are required.

This includes a self-assessment about the role you should play.

00_BIV_ASK THE EXPERTS 2015_1.indd 15

he most important piece of advice I could give any startup founder is to work on the business, not in the business.

With early-stage companies, there are countless things that need to get done on any given day and precious few resources.

Many founders get stuck in the trap of the daily grind: they’re putting out fires, problem solving in R&D, looking at the marketing budget, dealing with customer issues, finding the best vendor for x, y and z.

These are all important tasks, but they’re reactive. And when the founders are putting too much of their attention on the daily tasks, no one is setting the vision, strategy and steps to take the company to the next level. Reactive companies only go so far.

This is why it’s critical for startup founders to surround themselves with a great team, which brings me to my second piece of advice: people make the difference.

It’s true that a company built on an average idea and top team can execute far better than a company with a great idea and an average team.

Founders should take a look at their current employees and how they work as a team.

What holes need to be filled? Where do you need to add more expertise?

In many cases, you can determine this by seeing which day-to-day business functions most demand your attention.

Then you’re going to want to hire specifically for that experience, skill set, personality trait, etc.

t Small Business BC we com mon ly see entrepreneurs who have been in business for a couple of years and feel they’re ready to take their company to the next level. These business owners often face a number of challenges – such as feeling overwhelmed by the roles and responsibilities they’ve taken on, having difficulty with financial management, being undercapitalized and facing trouble increasing production to meet a growing demand.

Before you start hiring employees and initiating expensive marketing plans, this is the perfect time to revisit and revise your business plan. You’ll need to develop a strategy to not only build your company but also to manage that growth. Growing too quickly without being prepared can kill a business just as quickly as having no customers at all.

We also encourage all business owners to hire expert help; as your business grows you’ll no longer be able to juggle all of the responsibilities as you previously did. Assemble a team of expert advisers – lawyer, accountant, banker, etc. – to support you as you put your growth plan into play. An accountant can offer you a business valuation, while a banker can help you work out solutions for cash flow, such as a bridging loan or a business line of credit.

My final piece of advice is to take the time and make the investment to implement systems to increase efficiencies. Whether it’s installing project management software or providing staff training on new technologies, as your business grows you’ll want it to run like a fine-tuned machine.

2015-02-03 4:21 PM

What should my priorities be for 2015 for my employee benefits plan?

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or 2015 we believe that organizations should ensure that their employee benefits plans will be affordable, predictable, sustainable and relevant.

Affordable – Benefit plan inflation has been quite tame over the past 4-5 years but that is expected to change in the near future with double digit inflation a strong possibility. More than ever, it is important that employee benefits plans are secured at the best price – effectively pay less for what you are currently receiving or get a better plan for the same cost. The employee benefits industry is always changing and you need to be proactive and have the right skills in order to challenge the insurance industry.

Predictable – Businesses need to develop plans and budgets for their employee benefits plans for the next few years like any other area of the business. However, this can be more complicated if

Nancy Pereira and Dan Eisner you do not have a clear understanding of where the employee benefits industry is trending.

Sustainable – Employees value their benefits plans and rely upon them to help fill gaps in the Canadian healthcare system and provide security to their families. However, what is the point in providing benefits plans if they will not be there for employees 3, 5 or 10 years from now.

Relevant – Businesses rely upon their employee benefits plans to play a role in getting and keeping the right people. Busi-

nesses must stay competitive with the companies and industries with which they compete. They should also consider looking a step ahead of their competition by considering benefit solutions that may better address the needs of their employees, whether they are currently being provided in the market or not.

At ZLC we work with our clients to find a better way for their employee benefits plans. As you would expect, we provide our clients with an affordable benefits plan. However, we also provide them peace of mind going forward that from a financial perspective their plan is predictable and sustainable, and most importantly, that their benefits plan is relevant to their employees. We provide this value by leveraging one of the most skilled benefits teams in the city – 220 years of experience within our team of 10 benefits specialists, working with businesses ranging from 4 to 4,000 employees.

CORPORATE PROFILE Nancy Pereira is an Employee Benefits Consultant with over 20 years’ experience.

Dan Eisner is an Employee Benefits Consultant with over 25 years of professional services experience, with 13 years as an employee benefits specialist. www.zlc.net

ZLC FP ADV 39201.indd 1 2015_1.indd 16 00_BIV_ASK THE EXPERTS

2015-01-30 4:21 9:48 PM AM 2015-02-03

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2015-01-30 4:21 3:20 PM 2015-02-03

18 | Ask the ex perts 2015 published by Business in VAncouver

Getting your product to market requires much more than passion Qu es t io n | How do I get my product or invention off the ground?

D o n Gau v r eau | Co-CEO, PharmaFreak and LBRX Sciences Inc.

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here are four key aspects to bringing any good product or invention to life: ■ Believe in your product or invention: This is pretty straightforward, but some people think they can launch any old product into the market and quickly count their profits. There is no fast and easy way to make a quick buck. If you don’t believe in the success of your product or idea, how will you ever convince anyone else to buy into it?

■ Get legal protection: Although an idea may seem small in its infancy, if your goal is to make it big, then you must protect it and your potential business with solid legal advice. If you have a proprietary invention, then you must ensure that you have intellectual property protection, too. When entering into distribution or licensing agreements, again, legal advice and protection are essential.

■ Funding is essential: The most important thing is ensuring you have the financial resources to get things started and that you plan ahead and provide yourself with multiple backup options in case more cash flow is needed. This doesn’t necessarily mean you have to get a bank loan or investors. When we started our business the banks wouldn’t give us a dime. We leveraged an open line of credit that we had from another business, maxed out credit cards and pulled equity from mortgages.

■ Set up manufacturing and distribution partnerships: The fastest way to penetrate a market is by arranging solid manufacturing and distribution partnerships. A good manufacturer can help you in areas in which you have no expertise and save you money in the long run. A good distributor can help you quickly penetrate the market with the channels it has already established. You can’t do it all on your own, so align yourself with the best. It will save you a lot of time and headaches.

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Joe l Sol omon | Chairman, Renewal Funds

James McQu een | COO, Rumble

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etting your invention or product off the ground requires more than passion. It takes business acumen, persistence and discernment to turn your idea into a financially viable reality.

You need to learn your field and research your market potential. Ensure you know who the competitors in your category are and why your invention is different and better. Be clear about your product’s unique features, and practise communicating those features to others.

Master your numbers. Know exactly how much it costs to design, manufacture and ship your product. If you aren’t a “numbers person,” find a business partner who is.

Get the best advice you can assemble. Incentivize your advice-givers by offering them slivers of ownership or lots of fun, food and good listening. Attend networking events that will expose you to successful people in your field and take the advice you receive seriously, but be smart about it and ask yourself if each recommendation truly sounds right for you.

Test everything and use the resulting data to guide your decisions.

Build a team that covers legal, accounting, insurance, real estate and other professional services necessary to a successful business.

Always have an eye as to whether it may be better to sell your company to another that is more suited to the job of taking your product to its market potential.

Be reliable, with impeccable integrity. So much of your success will depend on the relationships you build.

Make sure to consistently honour your mind, body and personal relationships even while putting in the long hours that it will take to pursue your goal. Work continually to develop your inner skills. Learn from each mistake and challenge. Be relentless in your pursuit.

here a re fou r keys to successf u l ly getti ng you r product or i nvention commercialized:

Don’t cut corners, build it right Build a roadmap and give some thought to each step it will take to get your product into the market. Think about R&D, market audits, pricing strategy and regulatory requirements.

Surround yourself with good partners, people and/or advisers No one can do it alone, and you’ll never know everything. It’s invaluable to have someone on your team who has direct experience commercializing a product or service. Strategic advisers or mentors can be particularly helpful in navigating potential pitfalls or costly mistakes.

Trust your instincts, but not too much If you have a good idea and everyone in your immediate ecosystem (friends and family) tells you it’s going to be the next big thing – it’s probably best to take it outside that group and do some real market sounding. Go to your potential customers to get their direct feedback.

While you should not let naysayers steer you off course, you should heed warnings, especially if you start to hear similar feedback across multiple end-users or stakeholders.

Don’t give up!

Commercializing something from scratch can be a long, dusty road. Expect naysayers, setbacks and highs and lows along the way.

Ultimately, being an entrepreneur is about being persistent, resilient and adaptable. Follow your gut, put the work in and you’ll get there eventually.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 19

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Listen up, follow up, keep it up: networking continues long after the event is over Qu es t io n | How do I make the most of networking opportunities?

Ch r ist in e Pil kin g t o n | Founder and CEO, Crisp Media Inc. (VancouverMom.ca)

H el en St epchu k | Marketing director, Cucumber Marketing

Ta n ia L o | COO and CFO, Momentum magazine

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etworking is an essential part of running a business. Here’s how to make sure you stand out from the crowd.

Be clear on why you’re there. Who will be attending this event? Will your target customer be there? Your time is limited; spend it only on events that will help you get closer to your goals.

Know what your business is about. Have a polished 30-second elevator pitch ready. You don’t need to explain the whole thing, just a few key points to get the conversation started.

Listen. Really listen. Jumping into “pitch mode” can be a real turnoff. Listening first also gives you a good chance to customize the information about your business.

Don’t monopolize. People are there to meet other people. Avoid being that person that talks someone’s ear off. Read body language and exit gracefully.

Create quality relationships. Belong to at least one or two associations or groups. You’ll stay in touch with regular attendees, and it’s easier to meet people when you’re in familiar territory among friends.

Know the organizers. If you join an association, get to know the key people involved. A good organizer knows his or her membership and will be able to introduce you to other attendees that might complement what you’re doing.

Follow up. Don’t let those business cards collect dust at the side of your desk. Schedule time in your calendar to send followup emails or update your LinkedIn connections. Do this the next day when the interaction is still fresh and top of mind.

Use Twitter before, during and after the event.

Twitter is a great way to keep the conversation going well after an event is over. Follow and participate with the hashtag stream if one’s available. Pay attention to who else is participating for additional opportunities to connect with people you didn’t have a chance to meet at the event.

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ith the plethora of marketing tools out there – for any budget and businesses of any size – word of mouth remains the No. 1 marketing channel. How do you tap into this miraculous business-growth panacea?

It’s not about selling to your network; it’s about building your network, building relationships. You go to the networking events to meet new people (and, secondary, to tell them about your business). Don’t make it a cold-call-fiesta kind of evening. Be cool and be curious.

Avoid being “the networking one-night stand” – stay connected, support and follow people’s growth. It’s not about how soon you follow up with people after the event; it’s about how genuine your interest is.

Networking doesn’t bring you an immediate return on investment. It takes time to see the results. Last week I got a call from a potential client, referred to Cucumber by someone I met (and stayed in touch with) five years ago.

Invest your time. Especially in the first years of your business, go to as many events as possible, explore various groups, see what works for you. It goes: visibility, credibility and then profitability. Make sure you are visible in your community and people know what you are up to.

Remember you are always networking (do not discount anyone, not even that grandma next door). It doesn’t mean you are going to (literally) give her your elevator pitch every time you see her, but do make sure she knows what you do. Our best projects and clients came from very unexpected sources sometimes. Be open to opportunities.

Networking is a great opportunity to get your name out there. But also, you will develop friendships along the way, and nothing beats doing business with people you like and trust.

etworking is connecting with people, and we definitely don’t do it enough, i.e., spend time with our peers and friends and even our significant others to learn about what they are learning in their lives.

With new people, it’s a great opportunity to connect with those who have similar goals and visions. Here are four tips for making the most of networking: Ask the question “What are you here to learn?”

This goes both ways. I really like asking that question when I go to events. One, it helps to have something to say for those awkward moments.

Two, I can be a resource. Three, your responses to each other will quickly allow both sides to know whether each has something to share.

Be honest; be yourself. If you are honest and are yourself, you’re going to naturally connect with people you are comfortable with. That doesn’t mean that because you’re shy, you’re doomed.

It just means that networking regularly will increase your comfort level and, as time goes by, you’ll find your groove and, when you’re at the next event, you’ll feel less intimidated.

Follow up with an email and connect via LinkedIn. That ensures that you’re in each other’s address book.

Use social media tools as networking opportunities. Your online personality is an extension of your professional self that cannot be ignored. I use Twitter to share thoughts and articles and follow those who have interesting perspectives.

I use LinkedIn to keep track of people I have met or worked with. Great professional questions and topics are being discussed on LinkedIn forums and groups. Over the past few years, @momentummag has built a following of more than 12,000.

You know the saying “it’s about who you know”; to some extent that is true – but what’s great about today is you can grow your own network.

2015-02-03 4:21 PM

20 | Ask the ex perts 2015 published by Business in VAncouver

Successful rebranding requires strong vision QUESTION | My company is undergoing rebranding. What are some of the

challenges I should be aware of as it gets underway?

CHRIS CATLIFF | CEO, BlueShore Financial

LIBERTY LEE | Senior director, Citizen Relations PR firm

DEREK SHOR KEY | Senior vicepresident and managing partner, Dare Vancouver

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Start with a strong vision Establishing BlueShore Financial as a premium financial boutique for the affluent market has been a decade-long process that started with a well-articulated vision. We have refreshed tactics over the past 10 years, but the essence of our business strategy has remained constant.

Build your internal advocates early Ensure you take key internal folks on the journey with you. This means letting them know it’s on the horizon, engaging them in the research and testing, and then ensuring they’re the first to preview it before the public.

aving overseen the rebranding of a credit union with a 70-year history, I can assure you that it can be hugely daunting but rewarding. Here are four things we learned:

Trust your people Successful rebranding requires total commitment of your staff. We have communicated relentlessly with our employees to ensure they understand and embrace our brand.

Do your homework When we adopted our new operating name one year ago, it was the culmination of three years of hard work. We acquired 40 domain names while keeping it quiet, so our new operating name wouldn’t leak out early.

Launch with confidence When given the choice of unveiling our new operating name gradually or all at once, we chose a dramatic launch. On September 30, 2013, we “flipped the switch” across all our delivery channels – branches, call centre, ATMs, online and mobile banking. The BlueShore Financial brand was live on all our communications channels.

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rebrand is an exciting time – a chance to breathe new life, energy and enthusiasm into what you offer. Having worked with a multitude of partners through this experience, from universities to lingerie brands, I can offer a few key things to remember along the way.

Spread the word, but don’t expect people to care Some of the biggest rebrands have taken place without discussion. While a new look is news to you, your consumers may not care, and that’s OK. To maximize your return, ensure you share the news with key stakeholders, and also consider an integrated PR and marketing campaign that resonates with your consumers.

Earned media can be extremely beneficial and gives your new brand a persuasive third-party endorsement.

Prepare for the worst, expect the best There’s bound to be dissidence. Know what to listen to and what to ignore. If key internal stakeholders are not buying into it, that’s important. One irate consumer is perhaps not.

Monitor the resulting discussion, and have position statements on hand for when needed.

hether new, old or “renovated,” one of the most significant elements of a brand is its ability to deliver authenticity. Is it true to itself and to constituents?

Take a moment to conjure your thoughts about strong brands. For most people, names such as Apple, Coca-Cola, Nike or Chevrolet come to mind. These are brands that, through long histories and corporate evolution, have stayed genuine in all that they are and in their commitment to constituents. Or they have paid the price when they didn’t.

A decision to rebrand is typically based on a need to better reflect a company’s offering or to update and redefine perceptions around it. Try to leave the baggage behind without losing sight of existing equity a brand may hold.

It’s critical that trust and loyalty are retained, as these are the cornerstones of any relationship in the human realm – including between brand and consumer.

The digital era also brings along some watchouts. Although technology has not fundamentally changed brands, the Internet, social media and mobile provide more platforms and channels for interaction. This new “cyberhood” provides important points of interaction for your brand.

While we used to focus on key areas of influence, point of purchase and point of consumption, there are constantly emerging points of conversation and points of consideration.

Technology and new media allow us to be there at precise times and in myriad environments, but the messaging and manner of engagement still need to be right.

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You make it happen.

We make it easy.

Running a business demands hard work and dedication. Let us help make things a little easier with convenient, cost-effective solutions for all your business banking needs.

At BlueShore Financial, our Business Advisors go the extra mile and provide the proactive, customized experience and expertise you deserve.

BlueShore Financial. A business banking experience like no other.

BlueShore Financial is the operating name of North Shore Credit Union.

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22 | Ask the ex perts 2015 published by Business in VAncouver

Switch off cellphone for an effective team-building getaway QUESTION | How do I decide on the most effective team-building retreats?

F r aser Mur r ay | Owner, Nimmo Bay Wilderness Resort

G r eg Oso ba | Marketing manager, Hollyhock Lifelong Learning Centre

Kir by Br o wn | CEO, The Adventure Group

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hen I am looking for a team-building retreat, I look for a place that will take the team out of their daily

routine.

Team building is a matter of taking a group of people and joining them together to create something new through experiential learning.

People are often their most open and creative when they have the opportunity to learn something new like a skill or discovery of a new passion. The more exciting and challenging, the better. A little adrenaline can really bring a group together.

I look for a destination located in a natural setting where a certain amount of respect is apparent for the environment. I would also choose a place where there is time for relaxation and getting to know one another.

Having abundant energizing and delicious food is very important as people open up and share around the dinner table.

Lack of outside communication is a bonus. I know first-hand that minimal Internet access can do wonders for real conversation.

The ability to take over a whole space, with the venue exclusively for your use, or keeping the retreat to a small, select group are both good ways of enhancing the experience.

Having a range of activities available outside the planned time for the team offers the opportunity for individuals to grow within the group.

Laughter and live music are two components that can pull a room together like nothing else.

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o decide what the most effective teambuilding retreat will be, it’s important to start with asking what we are trying to achieve and what our goals are. Is it simply to get to know each other better, or is the retreat aimed at skill building and increasing productivity? Once a primary goal is determined, we can plan accordingly.

People within a group often respond differently to various team-building exercises and styles of facilitation. It is always a good idea to first fully consider the individual personalities within the team and where their comfort zones lie when brought together for a specific purpose.

How do we bring the best out in people, ensuring everyone feels included, embraces the process and feels acknowledged and engaged? Often this will be the responsibility of a skilled facilitator to establish this as the retreat unfolds.

Here are some basic elements for achieving success.

■ Outline the purpose of the retreat and agenda in advance to all team members.

■ Start on time, finish on time.

■ Be sure everyone feels appreciated and looked after.

■ Provide good food and adequate breaks.

■ No distractions. Turn mobile devices off.

■ It is critical that the agenda be a mix of sitting, listening and talking, interspersed with physical activity.

■ Create a record of what happened for future referral.

■ Provide followup from action items developed during the retreat to all team members in a timely manner.

Finally, if resources allow, stage your retreat in a rural environment away from urban hustle and bustle. Being in nature has a way of bringing everyone together and drawing out the best in people.

n B.C. we are blessed with a plethora of locations that work brilliantly for getting your team out of the day-to-day grind and focused on something new. But the first question is what do they need to be focused on?

To do this, run through this simple, easy-toremember process to establish what kind of team you have and what kind of experience they need.

Is your team: ■ Forming – a new group of people trying to figure out who’s who, or an established team with new players? If so, head somewhere with comfortable standards. The right environment is fun and includes activities accessible to everyone – whale-watching, for example. This is to be an inclusive event, so you need space for everyone to eat and spend time together.

■ Storming – a team that is battling to decide who’s in charge and what the priorities are?

Privacy and expert facilitation trump location.

Choose a soothing environment and expert facilitators with lots of unstructured down time for people to connect with each other, disappear to think things through and recover from intense, conflict-laden conversation.

Don’t go too far from home base.

■ Norming – a team that’s getting into the groove together and now has the capacity to set its sights on bigger objectives? Inspire them with a dramatic location and push their boundaries with thrilling activities – treetop courses, whitewater rafting or great big zip lines.

■ Performing – a team that’s winning, achieving and needs recognition? Forget about facilitation and splurge on individuals. Offer a selection of rewards so people can pick the recognition that suits them – from spas to off-roading. Whistler is a great choice for these two scenarios.

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Ask the ex perts 2015 published by Business in VAncouver | 23

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Digital advertising can offer big-ticket marketing benefits at bargain prices QUESTION | How can I incorporate online advertising into my overall marketing

strategy without a huge advertising budget?

TREVOR BOUDREAU | Partner, BreakThrough Communications

CHRIS BREIKSS | President, 6S Marketing

BRIAN PATER SON | Head of digital, Laura Murray Public Relations

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t is imperative to understand how potential customers search for your product or service and then use that insight to inform your online strategy. Without understanding that key component, you could be wasting precious dollars and your online presence will be in that cold dark corner of the Internet that no one visits.

It’s a fact, whether you’re a small startup with limited funds or a mid- to large-sized company with a huge digital budget; particularly if your business isn’t tied to bricks-and-mortar locations.

Vancouver-based startup Stat Search Analytics just released some research that demonstrates how search analytics reveal opportunities. Using its search analytics platform, Stat analyzed nearly 8,500 search terms in locations across the U.S., focusing on Geico – perhaps the bestknown name in U.S. auto insurance.

After evaluating the resulting search rankings, Stat found that although Geico dominates Google searches on a national scale, local analysis revealed some surprising opportunities for competitors in major markets.

With a limited budget and targeted search engine optimization (SEO) strategy, a midsized competitor could potentially steal some of Geico’s market share in those profitable markets.

Many companies foolishly focus on building a great online asset like a website and assume that customers will find it organically or by clicking through a few (hopefully) well-placed digital ads.

But that’s not true. Regardless of the size of its online budget, every business should establish a strong SEO strategy right off the bat – one that includes real-time evaluation of local SEO data to identify and capitalize on key opportunities.

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here are still plenty of ways to take advantage of inexpensive advertising opportunities without a huge budget.

One of our favourite ways is through amplified social media content.

Assuming that you are already posting content to your various social media channels, consider boosting views of this content by your existing fans and followers.

There is a wide belief that all of your fans and followers will see your content when you post to social media; however, that is simply not the case anymore.

Its likely that less than 10% of your audience will see the content as it screams by in their social media streams. That’s where amplified social media content comes into play.

Essentially, you pay to show your content to your existing fan base and earned media through these posts so that they show up in their news feeds more often.

T h is pa id a mpl i fication is ava i lable as promoted posts on Facebook, Twitter and LinkedIn, and you can also promote videos on YouTube. This type of advertising is extremely cost-effective and performs extremely well.

Assuming that you are promoting four pieces of content per month, consider a budget of $1,000.

Twitter and Facebook also have conversion pixels that you can implement to truly track the return on investment from these channels.

Here’s a pro tip: posts with great imagery stand out from the noise on social media, so spend a little extra time sourcing your photos for posts that you are going to promote.

t our offices, in our homes and on our phones, we’re a society that is constantly connected to the Internet. It’s where we work, play, socialize and become informed (with varying degrees of success).

This is a monumental shift, but not one that is necessarily reflected in our marketing. Too many advertising plans today look like they did in 2002.

This is a shame, because new tools allow businesses to find and connect with customers like never before. What’s more, even moderate online investments can deliver results, due to ads running on a cost-per-click basis (meaning payment only occurs when someone actually clicks on the ad).

The array of options can be understandably overwhelming: display advertising, such as banners on websites; social advertising, which includes promoting stories in Facebook and Twitter news feeds; and YouTube pre-roll only scratch the surface of offerings available.

For most small businesses, I recommend beginning with “search advertising.” Familiar to Google users (which includes, of course, practically everyone), this format delivers sponsored results in response to search queries.

This allows businesses to reach local, geotargeted customers exactly when they’re looking for your product or service. Additionally, everything is measurable, so advertisers know exactly how many times the ad has been seen and clicked, and even when it results in a phone call or contact-form submission.

There are many companies that can help you get started. A great place to find one is Google Partner Search, where you can find agencies by geographic location and industry specialty.

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24 | Ask the ex perts 2015 published by Business in VAncouver

When a company grows quickly, it needs to cultivate a loyal workforce QUESTION | How do I keep a tightly knit workforce as my business grows rapidly?

PATRICK PAYNE | CEO, QuickMobile

EAMONN PER CY | President, Percy Group Capital & Business Advisers

SH AHRZ AD R AF ATI | Founder and CEO, BroadbandTV

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hile emphasis is usually put on initial team building, organizational problems can appear when a company’s growth begins to accelerate.

What was once a small, intimate core group of contributors grows into a larger group in which employees become somewhat disconnected from each other. Employees can quickly lose the entrepreneurial drive that initiated the spark.

Consequently, fast-growing companies should look at evolving its once intimate entrepreneurial team into a larger, yet still collaborative, organization. Below are several ideas to help with this evolution: Reimagine development resources. Consider moving to a project-team structure composed of small, cross-functional permanent teams or modular units that can work autonomously yet maintain close communication with frequent updates and interaction with the other teams.

Establish a workable structure. Using the project-team structure mentioned above, teams should have seven to nine people, each with a specialty that they can contribute to each project. This creates more agility and means the same people will consistently deliver projects.

Manage the transition. Growth requires both structure and agility, yet suddenly transitioning from one process to another can be a recipe for chaos. The entire team must be committed to the change, then educated in the new methodology.

The transition will take time. You should accept that all change involves potential challenges, so standardize procedures, create guidelines and anticipate problems. Try to empower everyone in the organization and create a sense of ownership.

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uring a phase of rapid growth, don’t focus on keeping a tightly knit workforce, rather focus on keeping a tightly knit mission to dominate the sector, and then align the workforce to that mission.

To achieve this, do the following: 1) Focus on a core competency The mission to dominate a sector will ensure the company stays focused on market needs, pushing it to develop new offers and business models as well as clearly define the core competency necessary to deliver ongoing value. A tightly knit workforce can then be built and focused upon this core competency (e.g. technology, design functions, engineering expertise).

2) Make change the new normal High-growth companies are in a state of constant change. This state needs to be defined and communicated by the business leader as normal, healthy and less risky than the status quo. All sacred cows should be offered up for slaughter as necessary, so the cultural expectation becomes the willingness to change internally in order to dominate the space externally.

3) Outsource heavily, hire selectively Nothing will stall the high-growth company faster than the combination of negative cash flow and job-loss fear. Heavily outsource non-core functions, so you can move quickly and focus your limited resources on what you do best, while building and protecting your core workforce during periods of volatility.

Hire only in functions that support your core competencies, and make the retention of your key employees a high priority.

high-performance team is the key to success in any company or cause. There are many books written on how to build high-performance teams but I’ve always felt that they are ultimately a product of a company’s culture.

Culture starts at the top. The management team has a responsibility to create opportunities for the workforce; they need to connect them and have them feed into the evolving environment. It begins on Day 1 during the induction process. You absolutely need to paint the picture from the outset; let them know their importance to the advancement of the business.

We’ve started a program where all new employees meet with their peers, and with me, shortly after joining. They get to introduce themselves to other new joiners; I get to know them, and they hear the backstory of BroadbandTV and our journey to date. They will help us through our next part of the journey and shape our future – communication has to be two-way.

You also need to keep them informed, let them know what is happening in the market, loop them into company developments and create cross-department groups to help with the development process. Give them the tools they need to grow and then encourage them to push the company to the next step.

At BroadbandTV we operate a strict “talent first” environment, meaning that everyone needs to push forward and share their thoughts, regardless of role, level or background. It’s a combined effort.

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Ask the ex perts 2015 published by Business in VAncouver | 25

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Corporate restructuring can be complicated, so clarifying reasons for the change is paramount Qu es t io n | What are the key steps I must take when restructuring my company?

Lan a Br adsh aw | Managing director, Holloway Schulz and Partners

Dav id Bo wr a | President, Bowra Group

G eo r g e Abakh an | President, Abakhan and Associates

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estructuring an organization is one of the most complex challenges a business is likely to face. The key to a successful restructuring depends on the following steps.

Communicate reasons for the change, provide a timeline, set objectives, and, above all, adhere to the plan.

Map out who will be directly and indirectly affected and why. Keep in mind that some roles aren’t fully appreciated until they’re gone. As such, you may need to ask employees to come back on a contract basis.

Communicate with and support your HR team.

From managing message delivery to gaining employee feedback, HR, along with your legal advisers, will be an invaluable resource – and also one of the most stress-laden departments – during restructuring.

Stay up to date on B.C. labour laws, frequently and effectively communicating employee rights and services to your staff. Visit www.labour. gov.bc.ca for more.

Answer questions about how the restructuring will affect individual departments and the organization as a whole. Remember employees who are being retained need just as much attention as those who are being dismissed. After all, they are the ones who will be responsible for carrying out the organization’s next steps.

Be open and honest about what’s to come over the next few weeks and do your best to ease concerns about future job losses. Withholding information will only result in a nervous workforce and unplanned turnover.

Leverage an external resource to provide guidance and support for employees as well as career transition solutions and outplacement services.

Ultimately, if you communicate change clearly and are considerate of the human factors that come into play, you will come out of the restructuring process stronger and better able to focus on your organization’s next chapter of growth.

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hat are you trying to accomplish? Is it just reducing debt? Typically a company can’t pay its creditors. Cash flow is a problem; it could be declining profitability, falling revenues, inadequate working capital and lack of equity.

“Why” is often forgotten in the rush to stave off bankruptcy. You restructure because of financial difficulties. This is often caused by poor management. Over 90% of businesses fail due to management. Recognition that you have a problem and understanding the nature of the problem will determine how you fix it.

What am I trying to do apart from restructuring the balance sheet? Have I fixed the underlying problems? Will the restructured entity be viable? What will I be doing differently? Do I need to cancel contracts, reduce my labour force, shut down a location, hire new management or find a new lender?

Financial restructuring can be simple. Governed by federal law, usually under the Bankruptcy and Insolvency Act or the Companies, Creditors Arrangement Act, a restructuring involves a compromise of existing debt.

You will need to hire a restructuring professional. They have to assimilate a lot of information quickly, identify the problem and not be afraid to convey bad news. You might be the problem. “Who” is just as important as “how”.

Experience dealing with multiple stakeholders, banks, suppliers and employees is important.

You are hiring an individual, not a firm. Hire someone who tells you what you need to know as opposed to what you want to hear.

One of the most successful restructurings I’ve been involved in was refinancing more than $50 million of debt. The owner listened, hired a good general manager and CFO, and focused on his strength, which was marketing.

o ensure success of a restructuring as defined below, the project has to be led by a senior management individual (the president, chairman of the board, owner or chief operating officer).

In addition, a restructuring manager should be appointed whose sole responsibility is to review the projects decided below, assume overall control, report to senior management on individual and/or overall progress, ensure adequate staffing is available from a wide enough spectrum of staff and/or outside consultants when necessary to ensure achievement of the objectives.

Having established these two essential criteria: ■ Define the objectives: Is it financial restructuring? Elimination of unprofitable lines?

Restructuring of management? Restructuring of staffing? Or a combination of the above?

■ Having decided on the objectives: Identify areas of the company to be restructured.

Identify staff that will be affected. Identify timelines to implement changes.

■ Cost benefit: Evaluate the tasks, projects identified on a cost-benefit analysis and prioritize on the quickest payback.

■ Implementation: Considering the objectives, reprioritize the findings of the above to an action plan; staff the projects contained within the action plan with responsible, knowledgeable people who will add value to obtaining a successful conclusion of the project.

■ Interim assessment: Depending on the circumstances, assess biweekly, monthly, quarterly.

Ensure completion dates are being attained.

Consider adding resources where appropriate.

■ Evaluate results: Depending on the objective, the project should be assessed and defined in terms of dollars or man-hours or increased profit.

Most restructurings will fail if they’re not led by an accountable executive.

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How to hire the right security company Amir Atri

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nce a decision is made that your building has short or long-term security needs, it should be determined how complex or limited your security needs will be. Once you have determined your security requirements, you should request your procurement department to issue an RFP to gauge the interest of potential security firms. It is important to lay out your detailed expectations and requirements, so that the bidding company fully understands your needs and can tailor make a response for your facility. This information is vital as it separates smaller mom ’n’ pop companies, from large and more established firms.

Evaluation is the next necessary step in successfully hiring the right security firm. Often companies tend to look at the financial portion of the bid as the deciding factor. Although pricing is important, it should only be weighed at 30 to 40 percent of your overall scoring. Higher percentage tends to yield less desirable companies

who may not necessarily provide additional employee training, recognition or adequate and high preforming job-site equipment. To Amir Atri, hire the right Branch Manager, company, pay close attention GardaWorld to Quality Certifications, Health & Safety Awards, and Management experience and background. Typically RFP responses will include the bio and background of middle to low management that you most likely will be dealing with. It’s important that you are satisfied with the background and experience of this group.

Selection and Interview is the last step in choosing the right service provider. Once you have evaluated the RFPs, the top 3, 4 or 5 respondents can be scheduled for a presentation, in order for you to clarify any questions and

to meet the management team.

During the presentation, companies might talk about themselves and how great and established they are. As the client, you should pay close attention and listen for solutions to concerns you may have described in the RFP. They should also explain how the award of this contract, can assist you in achieving your overall goal in having an effective and professional security service. After all, their company and employees will be the front line staff who will represent your property to visitors, potential clients and customers.

In the Lower Mainland, all companies draw from the same potential employees. You could almost assume that all companies will have a similar employee type and applicants applying to work at your facility. With that in mind you’re technically purchasing the management team. You want to be assured that the Account Manager assigned to you has the urgency, experience, expertise and tenure to meet your needs.

CORPORATE PROFILE GardaWorld is the world’s largest privately owned, global provider of security services, cash logistics and global risk consulting with headquarters in Montreal, Canada. The firm’s thousands of dedicated professionals, among the most highly qualified and best-trained in the industry, serve clients in countries throughout North America, Europe, Latin America, Africa, Asia, and the Middle East.

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28 | Ask the ex perts 2015 published by Business in VAncouver

Before you open a business, know your customer – and be tenacious Qu es t io n | What are the top three things I need in place to start a business?

Jo h n Kir in cic | Investments Manager, Vancity

Mar k Ev er sfie l d | Market research analyst, Small Business BC

N eil Bel en kie | CEO, GrowthPoint Group

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e innovative with your business, and make sure it’s an endeavour that really means something to you. Think of a great new idea (product or service), or an enhancement to something that exists, or be able to solve a big problem – particularly for a market that is in clear need and would be receptive to changing the status quo. Usually you will be expected to write a business plan or model that exhibits a clear strategy, and verify your plan with advisers and/or customers. At this stage, confidants can really help you develop critical concepts and/or expose flaws so you can tweak your plan. Don’t forget to do your research – you need to become the expert.

Create a proper business structure and plan your capital financing in advance. P roper structuring can be accomplished with the help of reputable lawyers and accountants. It’s always beneficial to lay the proper foundation up front. Capital financing might involve your own resources, friends, family, investors (angels, strategic or financial), financial institutions, government programs, granting organizations and/or a combination of these. Remember that each financier will likely look at your business in a different light, so your approach to each one will need to be specific and sensible. More seasoned financial partners will want to see how your business will initially go to market, acquire customers and eventually scale or grow.

Be tenacious and stick to your vision. Starting a business can be the most rewarding and the most frustrating experience of your life, so be prepared. There is a lot of sacrifice along the path to success. By creating a vision and using it as a touch point, the lows and highs that inevitably happen in developing a business can be put in perspective. Your tactics and the direction of the business might change but your vision will be your guiding light.

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he most important must-have for anyone starting a business is knowing your customers. Who are they? Are their numbers growing or shrinking? Where are they located?

Where do they buy? How much do they spend?

How often are they spending? Are they increasing or decreasing their spending?

Another part of your customers, profile is their psychographic makeup, which includes their leisure activities, media preferences, the food they eat and where they eat, the car they drive and – most importantly – their attitudes. You need to know how to communicate with them. What value-based message will get their attention?

If you don’t have this information to hand, you can use periodical resources at Small Business BC and the Vancouver Public Library or websites such as BC Stats, Statistics Canada and blocktalk.ca.

Most importantly, ask potential customers questions directly. What are their shopping preferences, online or in person, for your type of product and service? Have they purchased items like yours in the past? How important is your product or service in their lives?

The second must-have is a viable business model that includes financial information for three years. This will include all of your startup costs, your expected revenue based on market research and your competitive advantage. If you need financing for your startup costs, there are local lending institutions such as Vancity that offer a “Be My Own Boss” loan.

Once you feel confident about your research and believe that you have a good opportunity, a final must-have is a business self-assessment such as GoForth Institute’s “Am I an Entrepreneur?” Statistics Canada has reported that the No. 1 cause of business bankruptcy was lack of management skills. By assessing your abilities, you are better able to seek help where you are weakest and increase your chances of success.

firmly believe that one can accurately predict the potential success of a business if the following three criteria are met.

1) Determine your product or service Be crushingly honest with yourself when determining if your product or service can truly generate your desired income within your desired period of time. Too often, people “believe” that they have created a solution to a common problem. Predictability is not based on belief, it is based on quantifiable data. Find out how many people have a need, how much they are willing to pay for it, and how they want the interaction to go down. Now that is a business.

2) Set goals How much money do you want to make and within what period of time? These questions are absolutely critical. Every decision that you make will be measured against these questions; if I do x will it make me y amount of money in z period of time? Without these metrics being identified in advance, you will not be able to measure anything you do against the most important reasons you began your business in the first place.

3) Ask yourself whether you and your network are capable of building your business What have you done in your past that gives you the confidence that you can build your business? If you don’t know how to do everything required for your business to be successful, you are going to have to learn at least a few lessons.

Every lesson you learn will cost you money and time. Do you have the wisdom, strength and fortitude to be successful?

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Different aspirations of different employees need to be recognized with different rewards QUESTION | How do I establish an adequate and respectful reward system for my

employees?

Ch er yl Cr an | CEO, Evolutionary Business Solutions

Mer v G il bert | Principal partner, Psych Health + Safety

San d r a R ed er | President and founder, Vertical Bridge Corporate Consulting

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ffective rewards programs needs to factor in the individuality of the team members.

Recognition goes along with reward, and it needs to correlate with generational values.

For example, a baby boomer may want to have a Friday or Monday off to extend his or her weekend and be given personal recognition for taking the lead on a project. A gen-X er may want a family reward such as tickets to the PNE for his or her entire family or any other type of family outing and he or she would want recognition for team contributions. A gen-Yer might want a day off spontaneously to go skiing and would want recognition with a video or group text being sent to the entire company to announce the work he or she did on a successful project or with a client.

When a reward is tied to personal values, it makes a more meaningful impact and produces longer-lasting feelings of engagement for the recipient.

A great example is Sodexo. It varies its rewards based on a range of values that appeal to all generations. The meal pass ensures a varied and quality diet. The mobility pass helps with the costs for commuting to work. The eco pass promotes the purchase of environmentally friendly products.

Bottom line: match rewards to the generational values of your team.

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ne important manifestation of a psychologically healthy workplace is the creation of an environment where there is appropriate, timely and fair acknowledgment and appreciation of employees’ accomplishments. This includes appropriate financial compensation but goes beyond a reg ular paycheque to include employee or team celebrations, recognition of years served and/or milestones reached. Recognizing and rewarding employees motivates, fuels the desire to excel, builds engagement, encourages employees to exceed expectations and enhances team success.

In order to effectively recognize and reward employees: ■ Ask staff what would be meaningful for them. Individuals differ: for some, acknowledgment in a company newsletter means a lot; for others, a more personal and private “perk” such as a sports or theatre ticket will be preferred.

■ Be real. Recognition that is not based on meaningful accomplishments above and beyond routine job expectations can seem empty and meaningless. Pins for years of service can easily be experienced as reflecting only that an employee has been with the company for a long time – and is still alive.

■ Make it personal. Recognition means a lot more if it comes from a colleague or immediate supervisor who knows what happens “on the shop floor.”

■ Acknowledge effort as well as outcome. If an individual or team sincerely worked hard to meet a goal or deal with a problem, this needs to be commended, even if they weren’t completely successful.

■ Be transparent. Rewards and recognition should be causes for shared and public celebration, not a backroom deal.

tudies show that companies that recognize and reward their employees have a higher level of engagement and retention. But how you recognize and reward your staff is not a “one size fits all” undertaking.

Recognition is personal; there are those who are not comfortable with public acknowledgment and others who thrive on it. A pat on the shoulder and a simple “job well done” from a manager may be all it takes for one person.

There will be others who are motivated by public acknowledgment from a supervisor or manager.

Whether you have a formal program in place or not, managers should be encouraged to watch for ongoing opportunities to say “thanks for a job well done.” This alone can change the level of engagement in a workplace.

There are some fundamental steps to developing an employee recognition program that is meaningful to employees and valuable to an organization. They include establishing goals and objectives, obtaining leadership support and securing budget approval, creating the program design using a committee, communicating and implementing the program, rewarding and recognizing employees and evaluating the program’s effectiveness.

There are numerous creative ways to recognize and reward employees. They range from the more traditional long-service awards, which include plaques, certificates and things like a gold watch, to creative online points systems where the employee can earn rewards points that can be applied to the purchase of everything from electronics to trips.

Not only will a good recognition and rewards program help to create an engaging workplace, statistics show that it also helps to improve an organization’s profitability.

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30 | Ask the ex perts 2015 published by Business in VAncouver

In your PR strategy, understand the media and the community and embrace visual storytelling Qu es t io n | What issues do most companies overlook in their public relations or

communications planning?

L ind say Nahm iache | Partner, Jive Communications

Rache l T he x to n | Partner, Dunn PR

Ash le y L et t s | Senior account manager, Yulu Public Relations

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f perception is nine-tenths of the law, then careful communications planning is essential to your company’s success. Here are three communications issues a lot of companies overlook in their planning process.

1) Building ongoing relationships with media.

Just as you wouldn’t ask someone you barely know to help you move, don’t expect to have media clamouring to write about your business if you haven’t taken the time to get to know them beforehand. Forming relationships can be done through simple things such as retweeting what they say on social media, inviting them out for lunch and learning more about what they do. Having a relationship with media can also help if your business ever goes through a crisis and you need to get your side of the story out or if media just need an expert comment on your industry – if they know you they can quickly pick up the phone and get your thoughts.

2) Putting the hook in “news hook.” Though I’m sure you have the most exciting product or service in the world, you need to make it newsworthy: articulate what the hook or angle is that makes it more than just a promotional puff piece. Additionally, journalists want to see that you have taken some time to investigate the stories that they cover and know why this story would be interesting to them. A little bit of careful planning can go a long way.

3) Don’t over-promote your business on social media. Only 25% of what you say should be about your business. The rest should be geared toward engaging consumers and positioning yourself as a thought leader in your industry.

Remember, it’s not about what you say to your customer that matters, it’s about how what you say makes them feel.

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n a multicultural market such as Vancouver, companies often forget the importance of tailoring communication to the diverse audiences that make up a significant portion of our population. PR teams need to ensure that Chinese and Punjabi media and bloggers are being reached with messaging that is tailored to their needs and that these media have access to multilingual spokespeople and translated media materials as needed. We can’t assume media of all cultures and languages have the same needs and priorities.

Companies also tend to overlook the importance of a transparent social media and online presence that involves hands-on participation from company leaders. Outsourcing some social media tasks is OK, but without a commitment and ongoing participation from the company team, you can end up with a disjointed online presence that lacks transparency and rich content that only those inside the company can provide. Content creation is increasingly important for both social media and traditional media outlets. Bring together the talents, expertise and passions of your team members to create rich content as you tell your stories.

Finally, it sounds simple but don’t forget to focus on the visual. We are communicating in an age of data overload. Planning creative and informative video, infographics and other visuals to illustrate your company’s story will provide both traditional and social media with content that people are more likely to consume and share.

y top three key issues would be: ■ Timing: There is a direct correlation between the amount of time devoted to PR strategy and the results one can expect to see in a campaign. A mistake companies often make is soliciting PR services right before their news is to break, allowing little time to prepare the message, research the target audience and craft the right angle for the media or audience. Having at least one month leading up to the launch of a campaign gives your PR team enough time.

■ Community relations: Proactive community relations should be an integral part of any PR strategy. Any time you launch a product, service or initiative, it’s important to solicit feedback from the community you’re trying to engage. For instance, if you’re building a new real estate development, a great way to engage the community is to host an ideas fair or consultation session that allows the public to offer suggestions. Will it include new restaurants? A public courtyard with benches? Even if the concessions you make are small, letting the community have a voice goes a long way.

■ The power of social impact: Consumers are expecting more public engagement from brands than they ever have. They’re looking to get behind brands that share their core values, that look beyond a singular bottom line and consider their communities, people and the environment as stakeholders. Your PR strategy should demonstrate a commitment to improving the lives of both your employees and your community. That might be allocating days for staff to volunteer while getting paid, reducing your carbon footprint or committing your organization to a greater purpose such as job creation. There are many cost-effective channels where companies can communicate the impact they are having, which will resonate with consumers.

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Start the new year off by re-examining your finances, marketing and industry positioning QUESTION | What three areas of a company’s business need evaluating at the

beginning of each year?

L isa Pr in cic | Business coach

Jo hn Kenmu ir | Management consultant, Kenmuir & Company Consultants

Pamel a Ch atr y | Business strategist, Pamela Chatry and Associates

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t the start of 2014, business leaders should be asking themselves: ■ How well do we know our customers?

■ Where can we create new systems to increase productivity?

■ How is our industry evolving?

Understanding the needs and behaviour of your customers is a top priority. Knowing the answers to “Who is our ideal customer?”, “What desire does our product fulfil for him/ her?” and “How do we best engage with them online?” is critical.

Use this information to refine your messaging and find places to stimulate two-way discussion wherever possible. The methods of connecting with them are constantly changing.

Investing in an online marketing strategy is becoming more essential because this is where people are having most of today’s relevant conversations. It’s an ideal environment to create discussion and find out what your clients care about.

To achieve growth and scale, a business needs to have a good grasp on what is working well and be able to replicate it often. Creating and documenting systems lays the foundation for positive results that can be continuously replicated. Systems can be developed in any area of the business such as technology, marketing, admin and production. The new year is an excellent time to evaluate the functions that need to be systematized to increase productivity.

Finally, ask yourself who is leading the charge in your industry? Success in business is not about reinventing the wheel; it’s about looking at what the game-changers and industry leaders are doing and how you can adapt their cuttingedge strategies to your business.

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hree areas a business should evaluate at the start of each year are expenses, marketing and systems and technology.

Beginning with expenses, it has been my experience that cost savings and more efficient resource allocation results from “zero base” accounting applied to forward budgeting. Rather than projecting the all-too-common flat or per cent increase or decrease to a particular expense, you go right back to zero. In other words, you justify the need for all or part of the expense in your business.

Marketing is a dynamic process, which is particularly true in today’s wired world. There has been a sea change in how we communicate, how we inform ourselves and how we buy – and this applies to commercial as well as consumer goods and services. For example, with Google changing its search algorithms multiple times last year, most of what you or your contractors knew about SEO (search engine optimization) was superseded. So dust off that marketing communications plan and revisit it, making sure it’s relevant. Also: take a big step back and have a close objective look at your competition.

Finally, productivity today depends in large part on the effective and efficient application of technology. Better use of common word processing, spreadsheet or accounting software can buy time, increase capacity and reduce costly errors. Beyond that, the Internet is littered with sophisticated software programs that integrate work flow, billing and accounting, often designed for specific business or consumer services, manufacturing or distribution. The start of the year is a good time to hunt for inefficiencies or capacity opportunities and evaluate whether your company is taking maximum advantage of technology.

he new year is an excellent time to focus on our business fundamentals. Use this time to set your business roadmap, clearly identify activities that need to be taken and by whom, and hold everyone accountable for the year ahead.

A reminder: the most successful companies have a handle on their finances, strengths and weaknesses all year long. With that said, there are three main areas that need to be evaluated at the beginning of the year: ■ corporate finances; ■ sales and marketing efforts; and ■ human resources.

They are your business fundamentals. They each address revenue generation and profitability and keep the business on track.

During this evaluation process, be sure to involve your employees, your customers, your accountant and your suppliers – anyone who directly affects your business. Set up employee task force meetings to assist in the effort. As a guideline, you can use the five very important questions from the book Breaking the Rules by Siobhan Murphy.

In order, ask: What’s working? Why? What’s the ideal? What’s not quite right yet? What resources do we need to make it right?

I recommend adding one more: At what cost?

Notice we begin with the positive, “What’s working and why?” If we spend time assessing what we have done right, it gives us the chance to celebrate success, prevents us from attempting to “fix” what’s not broken and provides us with viable solutions that could be used in other areas of the business.

When it comes to your company, there is no such thing as having too much information.

2015-02-03 4:21 PM

32 | Ask the ex perts 2015 published by Business in VAncouver

Identify a community need, then use your business and connections to help address it Qu es t io n | How can small companies contribute to their community?

L isa N iemet sch eck | Director of marketing and operations, Forum for Women Entrepreneurs

Gabr iel l e L o r en | Founding partner, Loren Nancke & Company

R yan So d er ber g | Director of sales and marketing, Sheraton Vancouver Airport

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s innovators and employers, small business is a critical component to the economic and social success of any community.

Small businesses are driven by fearless entrepreneurs. These leaders become role models to others for taking risks and following dreams.

This happens in many ways: when you mentor a student or startup entrepreneur to help provide direction, perspective and expertise in translating an idea into reality. Or when you share your encouragements and positive mindset with everyone you connect with, you inspire people to choose entrepreneurship or become leaders in a different way. All of these connections help foster the success of so many people in your community, and we see this regularly through our HSBC mentor program and other programs.

Small companies also have an impact on communities through collaboration and partnerships. They team up with organizations, both large and small, to drive social change.

Lunapads, which supports girls’ health and education in Africais a notable example of a company driving change. Small-business action does not have to be big; it can be as small as collecting donations or giving a portion of proceeds to charity or opening up your space after hours to allow community groups to meet. There are a million creative ways to give back that don’t have to take a lot of time or money.

The bottom line is that as a small business you are a catalyst for ongoing success of a growing, healthy community. And if you are interested in contributing more, the one simple step is to ask questions and communicate with your customers, colleagues and team. Find out what the needs are and see if there is a neighbour or local business to help share in the success of smallbusiness contributions to your community.

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ommunity involvement is one of the key marketing strategies that every smallbusiness owner should employ – costs can be minimal and benefits are huge. Here are some examples.

Join the local chamber of commerce. Become a member, attend its events regularly to network with the other business owners. Put your name forward to join the board of directors, contribute connections that can be pursued for fundraising or other objectives, donate products or services that can be used to raise funds or supply your expertise for areas of need.

Each community holds events that are unique.

Find out when those events are held and connect with the organizers to provide support at that event. Sponsorships are always welcome and are a great way to get your name out. Our firm sponsored a Velcro wall at the recent Sapperton Days Festival. Our sponsorship came with a table where our staff were available to answer questions on who we are and what we do and handed out small gifts to anyone who stopped by – nicely wrapped with our logo pen.

Many communities hold events in support of a special cause. Relay for Life is an example. They are held in many communities and are supported by businesses and individuals from the area. Our firm supports this event annually, and each staff member requests donations from family, friends and clients that are recognized as being raised by our firm. At the event, we staffed a table and sold freezies by donation.

Donate to fundraising events. Providing a gift certificate for your services may appeal only to a few, so the key is to donate something that everyone wants. A popular one that we have found is our barbecue basket, which includes a barbecue utensil set with our logo on it, three different sauces, an apron that says “kiss the accountant” with our name and phone number and, of course, a brochure and a business card.

ne of the most important ways that businesses can contribute to their community is through corporate social responsibility, with businesses, employees and customers making a concerted effort to give back to their communities. Giving back can mean donating time, money or resources, but also includes collaborating on projects and increasing awareness on issues affecting people within the community.

As an example, the Sheraton Vancouver Airport is focused on building community involvement through two of its core brand values: “connected” and “community.” We provide fundraising drives and product donations to the Richmond Food Bank and assist our other partners, like Clean the World, Richmond Community Foundation, YVR Golf for Kids and many others, with support, donations and volunteer hours. We’re also committed to environmental issues and participate in recycling, energy conservation and water-saving initiatives, along with programs that help to limit the volume of refuse going to the local landfill.

Community is also about individuals, not just companies, and they’re equally important. In 2009, during the reconstruction of the hotel, we were trying to come up with a restaurant name that would resonate with the community. We had a long-standing customer – Harold Cross – a fixture in our hotel every day for 30 years, so we decided to name the restaurant after him. He’s in his 90s now and still sits at the same table every lunch hour, but he has become part of our family, greeting guests and welcoming them to our city.

Every community has organizations that need help in order to operate and succeed. Aligning your business and creating synergies, while looking for unique opportunities to give back and contribute, is the key to making an impact and creating lasting change within your community.

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Making your company’s business needs a priority is key to securing ideal office space QUESTION | How do I find office space that best suits my needs?

DAN JORD AN | Associate vice-president, Colliers International

RO B DE SBRISAY | Managing partner, NAI Commercial

GLENN G ARDNER | Principal, Avison Young

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inding the right office space for your business requires careful consideration of a multitude of factors beyond basics such as cost, square footage, lease terms and number of employees. Companies need to consider business drivers like brand alignment, cultural objectives, competitors and growth.

Here are some quick tips: Know what you need: We recommend starting the process by performing a thorough needs analysis. Have you asked yourself questions like: What are the biggest changes facing your industry and how are you addressing them?

How important is branding, and does your office reflect and support your brand? What is your five-year growth strategy? Is your current office space an open-plan layout, and does that need to change? These are just a few examples of the hundreds of questions that you need to ask to truly understand your office needs.

Employee engagement: In almost every industry, the real competition is for talent, and our clients tell us that people are their most valued asset. Consider surveying your staff.

What amenities are important to them? Do they drive, walk or bike to work? What is/isn’t working in your current premises?

Search parameters: Beyond the obvious need to have defined geographic search parameters, strong consideration needs to be given to the quality/age of a building, quality/type of mechanical systems, efficiency of space and design elements. Hiring a design consultant can help you assess a building’s capabilities.

Considering a new office is an undertaking that needs to be carefully navigated, and using qualified professionals can ease the process and help you make decisions with confidence.

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ecently, someone complained to me about having to drive around looking for new office space. With almost everything online, driving seems an archaic way to hunt for space. Is there a better way?

The answer is yes and no. Your job will be easier if you first envision and write down the features of your ideal space. There are four simple steps: 1) What location? How important is prestige in your business? Who will be working there, and how easy do you want to make their commute? For prestige, you need space close to downtown. For easy commuting, you need ample, affordable parking and proximity to main public transit routes.

2) How much space? You should allow about 250 square feet per employee. For a company of 10, that’s 2,500 square feet – enough for two or three executive offices, six-by-eight workspaces for the rest, reception, meetings, equipment, supplies and furniture. If you promote green commuting, then you also want secure, dry storage for bicycles.

3) What’s your budget? Too many people fall in love with a space, then pay far more than they should.

4) Buy, lease or sublease? Opportunities to buy space are limited, especially for small and medium enterprises, so let’s confine this discussion to leasing. Long leases, beyond five years, may give you better rates – but they lock in your liability. Try for the best deal you can, while staying in your budget.

Online, check out www.spacelist.ca. It’s free and does not restrict results. If there are just one or two of you, try vancouver. en.craigslist.ca.

And you can always seek help from a commercial leasing agent who works in your preferred area.

here are several key factors that your company needs to consider when selecting an office that will best meet its business needs. With an abundance of information available online and a number of variables to evaluate, it is easy to get overwhelmed when choosing that ideal space.

One critical consideration is timing. Whether working with an existing lease expiry date or another internal business deadline, it is important to give your company enough time to move through each step of the process. In addition to selecting that final space, other aspects such as design, construction permits and moving also may play a role in acquiring the ideal location for your business. The time frame required for your company’s office space search should account for these factors.

The second and arguably the most critical next step in your search is to define the parameters and requirements of your business.

Understanding the short-, medium- and longterm growth objectives of your business is an essential step because the most suitable office will be one that can grow with your business and continue to meet its needs throughout the term of your lease.

Though financial considerations are important to understand early in the process, the non-financial parameters such as geographic location, building type, proximity to transit and amenities are just as essential. If both are clearly defined prior to your evaluation process, your search criteria will become more tailored to your business needs.

Lastly, it is key to keep an open mind as you evaluate new office spaces. Be receptive to exploring new ideas, design concepts and even up-and-coming neighbourhoods. You may just discover that your ideal office is not what you had originally thought it would look like.

2015-02-03 4:21 PM

34 | Ask the ex perts 2015 published by Business in VAncouver

When organizing a corporate event, stay focused, stay on budget and have fun qu es t io n | What do I need to know to plan a successful corporate event or

conference?

Lau r a Takasaki | Co-owner, Imagine That Events

Sar ah Sh o re | Founding partner and principal planner, DreamGroup Productions

Sh ar o n Bo nne r | CEO and president, Bright Ideas Event Coordinators

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void the stress of organizing annual conferences, holiday parties, galas and milestones by focusing on a vision and keeping organized. Whether you choose to “do it yourself” or hire an event planner, you must decide what your event will look like and what steps are required to get there.

Consider these details: purpose and theme of your event, itinerary requirements, venue capacity, guests, accommodation and transportation needs, budget, corporate sponsorship and the use of an in-house co-ordinator or social committee.

You should also know what you are trying to showcase and how you will assess your event’s success.

Determining a theme and identifying the purpose of your event will help fill in more details in your plan. Corporate events should be innovative, educational and fun. Think outside the box to make the event memorable.

Revisit your purpose and original vision when: ■ Selecting your venue: consider the location, capacity and accessibility. Visiting the venue and reviewing quotes before making your decision are important.

■ Planning ahead: with high demand of resources during peak season in Vancouver, booking one to three years ahead is key to getting your desired venue, location, accommodations and food and beverage within your budget.

■ Planning an event over multiple days: be sure to dedicate a specific time for entertainment and networking opportunities. Create a highly reliable team to assist you in the event planning process and delegate specific tasks with deadlines to your team members.

Ultimately, an efficient plan with an excellent team will deliver a successful event.

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hen planning a corporate event or conference there are seemingly endless details involved, but there are a few key elements that you want to have in place in order to ensure a successful outcome.

No. 1 is communication, and that goes with the planning of any event. Whether it be with your client, the vendor team, guests or attendees, when people are “in the know” there is a lot less room for error. Communication is also key when defining event objectives and expectations. They should be well defined so that they are achievable and communicated to everyone who has a stake in the event’s success so that they are all striving to attain these goals. That is the reason you’re planning this event, right?

The second most important thing is having a realistic budget from the beginning of the planning where you can track revenue and expenses. Otherwise, you’re leaving yourself open to overspending, especially if your revenue doesn’t end up being in line with what you initially anticipated. If you are monitoring your budget throughout the planning, you can make adjustments as needed and ensure that the bottom line is aligned with your objectives.

To ensure that all of the tasks (large and small) are accomplished, have a project outline or welldefined plan to follow. It should outline who is responsible for what assignments and the deadlines for each. This will allow you to monitor your progress and ensure that tasks are completed in a timely manner. If a deadline is approaching and the task has not been completed, you can assess the roadblock and focus your efforts there.

And finally, keep in mind there will always be unexpected details that come up during the planning process and especially on the day of the event. However, if you’ve managed to maintain the above key elements, you will be able to deal with unforeseen circumstances because you will have a well-oiled event underway.

uccessful events start with clearly defined objectives and end by measuring the results. Event budgets are tighter than ever, so you need to be able to justify your decision to host a corporate event or conference, with measurable outcomes showing a positive return.

Define three objectives for your event. Usually these are centred on outcomes such as increasing sales or customers, but you can also define non-monetary targets such as product knowledge, company morale or public outreach. Try to find ways to measure those goals and debrief afterwards to assess the results.

Five tips to produce your own event: ■ Choose a venue that is transit-friendly and has ample parking.

■ Plan an event time that works for your guests.

Hosting an event for clients at 8 p.m. downtown is not a good idea when their workday finishes at 5 p.m.

■ Create an agenda that ensures your message gets heard. Having speakers at the start of the event is not a good idea, because guests typically arrive late. Define the major highlights of the event and group them midway through the event. This ensures most of your guests will be there and you interrupt socializing only once.

■ Incorporate food selections based on the venue and the event agenda. Food stations are becoming more and more popular as guests have the opportunity to enjoy food on their own schedule. It also encourages movement and circulation around the venue.

■ Include appropriate entertainment. Consider the event objectives and if one of them is networking, don’t have a loud band playing all night. If chosen correctly (and this is difficult), entertainment can complement the event and improve your guests’ experience.

Good luck and, most importantly, have fun!

If you are not having fun planning your event, best to hire a professional.

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Corporate wellness programs need cohesive teams, support for participants and evaluation Qu es t io n | What do I need to know before establishing a corporate wellness

program?

Mike Dir ks | President, West Coast Fitness

F r an k So per | Founder, Citahealth

Pepe Picco | Director of operations, Precision Athletics

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rom my experience, most companies approach corporate wellness without much forethought. I often see companies putting time and energy into short-term health initiatives like setting up a boot camp, a fitness challenge or lunchtime yoga classes.

While these may help improve morale and health for a short time, they don’t have longlasting effects.

According to the Wellness Council of America, there are seven benchmarks to an effective corporate wellness program: ■ Capture senior-level support. When the CEO or upper management gets behind the initiative, things begin to change.

■ Create a cohesive wellness team. Appointing full responsibility of the wellness program to one person is a recipe for failure.

■ Collect data. If an organization is interested in creating a wellness program that helps contain costs and improve employee health, data must be collected.

■ Craft an operating plan. The operating plan is the central document that serves as the key piece of communication as to what the program will accomplish.

■ Choose appropriate interventions. Unlike other wellness programs that are strictly activity-based (i.e. boot camps, yoga classes, etc.), truly effective health interventions are predicated upon data.

■ Create a supportive environment. A supportive environment will play a critical role in helping employees to adopt healthier behaviours.

■ Carefully evaluate outcomes. Evaluation is the key that holds the other six benchmarks accountable. A sound evaluation strategy allows for a better understanding of which elements of the program are working and which need attention.

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stablishing a corporate wellness program (CWP) seems like a great idea to anyone who has given it some thought. But there is also plenty of evidence to support the impact it has had on corporations.

These benefits include increased productivity, efficiency and, ultimately, profitability for the company.

■ Return on investment: Johnson & Johnson reaped an average of 30% return on investment over a 12-year period from its “Life for Life” employee fitness program.

■ Increased productivity and improved decisionmaking: According to a 1991 Purdue University study, fitness level of exercisers rose 22% while the ability to make complex decisions increased 70%.

■ Increased morale: 63% of employees enrolled in a Saatchi & Saatchi CWP cited improved productivity and 75% said it boosted morale.

■ Improved efficiency: According to NASA, the efficiency of the average office worker decreased 50% in their final two hours of work.

CWP members experienced a 12.5% increase in productivity.

■ Improved decision-making time: 75% of Union Pacific Railroad employees said exercise helped achieve a higher level of concentration and relaxation at work.

■ Reduced health-care costs: Dupont saved $1.6 million in the first year of its CWP, $1.5 million in the second and $3 million in the third.

■ Reduced employee turnover: Turnover among the Canadian Life Assurance Co.’s CWP participants was 32.6% lower over a seven-year period than that of non-participants.

At the end of the day, the success of your CWP can be measured only if you have employee participation. To ensure this, you should work with an organization that has experience in delivering such programs.

f you are a business owner considering implementing some form of corporate wellness program for your employees, you’re doing them (and your company) a great service.

Studies have shown that corporate wellness programs not only promote individual health and well-being, but can also increase employee job satisfaction, morale and camaraderie.

Here are some considerations to help you maximize your program’s effectiveness: ■ Getting started: A corporate fitness challenge will get the ball rolling. This will provide structure and education as well as build camaraderie and encourage employee participation.

Corporate fitness challenges are best left in the hands of fitness professionals.

■ Measurable results: Providing regular fitness testing dates and testing options.

■ Structure/scalability: The program needs to include some form of physical activity, as well as a lifestyle and a nutrition component. The outline should be as specific as possible and provide options for people of all capabilities and fitness levels.

■ Education: It’s important that people understand how they can maximize their health and fitness results safely and effectively.

■ Recognition: Offer a little incentive in the form of small prizes awarded at regular intervals.

■ Long-term considerations: You will want to consider whether you should “jump-start” your employees and, if so, how frequently?

Another option is to offer ongoing programs at your workplace or at a fitness facility close by. This could be a subsidized group fitness class for your employees or a monthly fitness allowance that they can put toward any program of their choice.

2015-02-03 4:21 PM

36 | Ask the ex perts 2015 published by Business in VAncouver

Mobile technologies a must to stay relevant in changing business landscape Qu es t io n | How much should I invest in mobile technologies at my business?

Lau r a Bal l an ce | President, Laura Ballance Media Group

James May n ard | President, Wavefront

Mar g ar ita L u r y e | Senior manager, digital banking, Coast Capital Savings

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n the 1990s, the Internet emerged as the new technology that was going to transform our businesses and our lives forever. Many businesses remained cynical about the Internet’s impact, reacted too slowly and ended up having the “offline-to-online” shift eclipse them. Twenty years ago, the thought of living in a world where you could access information and stay connected with anyone at any time on a hand-held device was inconceivable. Today, the transition from browsing the web on personal computers to mobile devices continues to move at an astonishing speed.

Investing in mobile technologies in the workplace is a vital component of any successful business. There are numerous reasons for today’s businesses to invest, quickly and significantly, in mobile technologies, but here are a few of the most compelling: 1) We have a unique relationship with our phones. For most, it is an emotional connection that creates countless opportunities for businesses to build strong relationships with clients and consumers.

2) We have our phones with us constantly. In my business this means that at any moment throughout the day, my firm can reach and engage with our clients’ audience. The old adage that news doesn’t stop is even more appropriate in a mobile-centred world.

3) We are still early in the digital communications revolution, and your competitors likely aren’t reacting as quickly as they should. As enhanced mobile technologies emerge, this is likely to be the greatest business and technology growth story of our lifetime. Future growth in mobile technology is inevitable, fuelled by new classes of devices, expanded networks and advances in collaboration and connectivity.

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any organizations are deploying application architecture as if desktop and traditional web-based applications still dominated. Recent ComScore data shows that mobile and tablet Internet usage has surpassed traditional desktop data and is continuing to accelerate. Businesses can no longer afford to run a mobile strategy that is not integrated with the business strategy.

To assess the appropriate level of investment depends on your business goals. Is it about driving better business insights, decreasing costs, improving user experience, or all three?

Employee productivity, customer engagement, cost reductions, supply chain logistics and asset productivity are all areas where wireless and mobility solutions can create value for your business. Cisco Systems Inc. assesses this “value at stake” in Canada at $50 billion in 2014 – a large financial reward for those companies that move quickly and choose wisely. Those that implement wireless and mobility solutions strategically and ahead of or alongside other tech or business approaches will be the forerunners.

A clear understanding of your mobile users is also critical to determining your strategy. If the millennial generation is your target demographic, your scope must be broader. Connectivity, a seamless experience and the ability to access information at any time on any device are basic expectations from this generation.

With higher consumer expectations and mobile literacy, one-off “vanity apps” and mobile on the cheap are dead. Both productivity and consumer-oriented solutions must now tie into back-end business systems, accessing data that drives truly engaging experiences.

ccording to a recent study by Catalyst Canada, 55% of Canadians own a smartphone, a number that continues to grow. That, and the fact that some 40% of gen-Yers admit to feeling anxious without their smartphone, means if you’re a business owner who isn’t harnessing the power of mobile technology, you will soon be archaic.

How much you invest depends on the circumstances of your business, such as its size, whether your product or service naturally lends itself to the mobile platform and, obviously, what you can invest financially.

No matter the answers, the bottom line is: start investing now. Technological shifts are swift. If you aren’t keeping up, no one is going to wait for you.

Here are my top three reasons to invest in mobile technology: 1) You’re open 24-7. Your customers have their phones with them all day, every day. Whether in bed, in the car or, yes, even in the washroom, the phone is a constant. If you’re not open at 2 a.m. when I’m ready to make my purchase, do my banking or book my appointment, the next guy will be.

2) You’ve got global reach. You’ve never done business in South Korea, Russia or Norway?

Well, you’re about to. Your market potential grows exponentially once you are up and running on mobile platforms.

3) You’re a trailblazer. The mobile revolution is moving quickly – but it is still early in the movement and if you’re an early adopter, you’re setting yourself up for nothing but success.

So, how much should you invest? That depends on your available resources. Start small if need be, but in the name of your future success, start now.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 37

| 37

It takes more than a paycheque to keep good employees around QUESTION | I’ve been experiencing a lot of attrition at my company. How do I retain

my employees, especially when the company is going through tough times?

CORI MAEDEL | CEO, Jouta Performance Group Inc.

RO B MALE C | President, Businessworks Consulting Inc.

MICHELE SOREG AROLI | Co-owner, Transformation Catalyst Corp.

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on’t assume employees stay solely for money. If you do, you may be vulnerable to losing your star performers.

Take proactive steps towards retaining your top talent and avoid the expensive process of replacing them.

Tough times in particular can cause lots of noise and chatter among your workforce. Employees may be unsure of what is happening or when it will happen and how it will affect them.

Communicate openly with your employees.

Start by sharing appropriate business information to help eradicate any mistrust, confusion or fear.

Secondly, ask for their help. Let them see that you value their contributions and enable them to make a difference. If you have a large number of employees, have people work in teams to come up with ideas to help you overcome the challenge you are facing.

Communicate your vision. If employees are really clear on what you are trying to achieve, it will provide a sense of purpose and help them feel like they belong.

Other retention tips: Behave appropriately. Be a true leader for your employees. Foster their respect and earn their trust by demonstrating a high level of knowledge, skills, honesty, ability and reliability.

Develop relationships. Create a workplace culture that values real people relationships.

Show that you understand and appreciate your employees.

Offer genuine praise. Praise and recognition are essential yet often overlooked. Praise needn’t be costly or complicated, but it must be genuine.

Lastly, don’t take loyalty and engagement for granted – aim to create a remarkable culture where there are possible and rewarding outcomes in the workplace.

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o begin with, put employees’ welfare as people ahead of the importance of solving pressing business challenges.

A recent client had several staff off ill during a very busy time. Stress levels were high and productivity was taking a beating. Her boss’ response? After pragmatically tackling the logistics of covering vacant desks, he finished with: “I just don’t get people being sick all the time.” My client was appalled. On top of his other challenges, her boss will soon have a vacancy to fill, too.

Next, be sure staff know how much they mean to you. You may believe they already know this.

Wise leaders understand the need to be overt and vocal in showing appreciation to hardworking staff, especially in tough times. For example, another client held “cocktail hour” (just sodas and pizza) at the end of business on Fridays during a recent multi-month tough go.

The event was opened with sincere words of thanks and praise from the boss. It’s amazing how much positive energy this informal event generated.

Finally, take the time to connect with staff, both one on one and as a group, wherever possible. Hold brief but informative team meetings and share openly where business results stand at the moment, and how things are going towards weathering the storm.

One-on-ones can be as simple as a brief chat or as formal as a sit-down in your office. Give each person specific feedback around how their current contributions are helping and where their future contributions might be focused to be of greatest help.

Underneath it all, people want to feel valued, that they are contributing and that they are growing. Make the effort to meet these needs regularly, and even more so in tough times.

strong sense of contribution and community are two key factors that motivate employees to stick with a company through tough times.

To feel fulfilled in the workplace (which is directly linked to loyalty and longevity of tenure), people need to feel that they are making a valued and valuable contribution to something meaningful to them.

They need to feel that they are a valued part of a community that is working toward a common, meaningful goal. A community that shares their values and supports their aspirations, that stimulates them and empowers them to grow, and rewards them appropriately for their efforts and contributions.

If you ask people who have been with a company for many years why they’ve stuck with their employer, what they tell you will come down to feeling that they are valued within their work community by at least one person of influence whom they respect deeply. And feeling that they are making a meaningful contribution toward the company’s goals.

And being engaged in work that they find challenging and fulfilling, with opportunities for variety and personal growth.

To reduce employee turnover in your own company, be clear on the vision you have for your company to attract and retain employees for whom that vision resonates.

Empower your team to make decisions on a daily basis that are consistent with realizing that vision, and your employees will stay engaged through good and bad times to help you achieve your corporate goals.

Create a culture that supports your employees, from the trenches to the boardroom, and keeps them stimulated with opportunities for personal growth.

2015-02-03 4:21 PM

38 | Ask the ex perts 2015 published by Business in VAncouver

Make your brand cut through the cluttered media landscape QUESTION | How can I develop and protect my brand?

DAVID BRODIE | Vice-president, Citizen Relations

KAREN F . MACDON ALD | Intellectual property counsel, Bull Housser

DEREK SHOR KEY | Senior vicepresident and managing partner, Dare Vancouver

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he competition for consumers’ attention has never been greater. Companies can no longer rely on traditional media to tell their story. They must find increasingly creative ways to stay relevant and think about the content that their target audience would be looking for.

My advice for companies looking to develop and protect a brand includes some simple, low-cost steps to begin. First, prior to launch, a company should always secure its name online, including branded Twitter, Facebook and Instagram accounts. This seems like a simple thing to do, but there are countless examples of large global brands that have announced a new product or campaign, only to find someone else already owns and controls the “.com” address for their new product name or has taken the profile names they would want to use on social channels.

Brand content, in both traditional and social media outlets, needs to go beyond delivering product information. Today’s consumer wants and expects content that is unique, creative and interesting enough to share with friends and family. As someone managing a brand you need to really step back and ask yourself the “So what, who cares?” question about your messaging, and make a realistic assessment about what will interest consumers, keeping your target customer at the centre of your considerations.

Customers want to feel as if the brands they love understand them, are there for them (in good times and bad) and will not waste their time with overtly commercial messages. Companies that are prepared to deliver original and creative content worthy of sharing will do well in today’s competitive and cluttered media landscape.

00_BIV_ASK THE EXPERTS 2015_1.indd 38

rom a legal perspective, there are several important considerations in selecting and protecting your brand.

When developing a brand, it is key to select a trademark that has a high level of distinctiveness: ideally, you want a trademark that is not descriptive or “generic” of your business or goods.

A coined or fanciful trademark, which has no suggestion of the services or goods involved, will act as a stronger trademark, granting a broader ability to prevent third parties from using similar trademarks.

It is also important to conduct a “clearance” search to ensure that there are no other third parties with the same or a similar trademark that might pose an infringement risk to your proposed use or limit your ability to enforce your own trademark against confusing usage by third parties.

Such a search would generally include a review of the trademarks office indices, and preferably other name registries.

Next, an application for a trademark registration should be filed with the relevant jurisdiction(s). A trademark registration gives you rights across the country (as opposed to being limited to your specific geographic reach).

Some jurisdictions operate on a “first to file” system, making it important to protect your brand early on.

Your brand must be enforced in order to maintain your rights. If you fail to stop a third party infringing your trademark, your brand may no longer be recognized as just relating to you. It is important to continually monitor the marketplace and the trademarks office to ensure that no other entity has adopted your brand, or a similar brand, and take steps to prevent any such use.

o matter the organization, product or service, creating and protecting a brand is no easy task.

The challenge starts with defining what a “brand” actually is. Removing all marketing buzzwords-du-jour leaves us a definition that is straightforward: a brand is an organization’s identity and reputation. As such, it’s something that exists primarily in the minds of your consumer – therein lies the challenge.

To illustrate, consider the many relationships you have with people in your life. Those you are drawn to – a dependable co-worker, a fun friend, a trusted family member – have all earned themselves a particular reputation. It’s a reputation based on every interaction you have with them.

With people, we call it “character” – with an organization, it’s a “brand.”

Considering the importance of each and every interaction you have with your customer becomes evident. Whether it’s a bus shelter ad, your website, Facebook page or in-store experience, each of these touch points plays a role in collectively defining your brand.

A brand ensures that regardless of where consumers interact with you – be it on mobile device, radio or television – their experience is consistent. All that’s left is ensuring there is something of value in every interaction with your customer, and you’ve got the basic recipe for a winning brand.

How you actually apply this “branding recipe” in your organization depends on a number of factors, but it is important to never forget it boils down to your customers. Not only do they keep your business afloat, but they also each own a piece of one of its most valuable assets: its reputation/brand. Accepting your customers’ power is the first step – and respecting it is the next.

2015-02-03 4:21 PM

Ask the ex perts 2015 published by Business in VAncouver | 39

| 39

The Experts Abakh an , G eo r g e | President, Abakhan and Associates 25

Ha lp er t, Wan da | President, Concord Business Plans

Bal l an ce, Lau r a | President, Laura Ballance Media Group

he r ber t, Br ad | Executive coach, HR consultant 9

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Bel en kie, N eil | CEO, GrowthPoint Group 28

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Jo r dan , Dan | Associate vice-president, Colliers International 33

Bo nne r , Sh ar o n | CEO and president, Bright Ideas Event Coordinators

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BOUDREAU , TREVOR | Partner, BreakThrough Communications

Kenm u ir , Jo hn | Management consultant, Kenmuir & Company Consultants 31

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Kir in cic, Jo h n | Investments manager, Vancity 28

Bo wr a, Dav id | President, Bowra Group 25 Bo y l e, Bet h | Co-founder, Talk Shop Media 14 Br adsh aw, Lan a | Managing director, Holloway Schulz and Partners

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BREIKSS, CHRIS | President, 6S Marketing 23 Bro die , Dav id | Vice-president, Citizen Relations Br o wn , Kir by | CEO, The Adventure Group Cair n s, R o b | Owner, Rob Cairns Consulting

38 22 9

Car l so n , Mat t h ew | Senior associate, Colliers 13

Kl ein , Eu g en | Commercial realtor, principal, Klein Group 13 Ko o ne r , Rab | Business analyst, Small Business BC

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Lan d es, Tar a | President and founder, Bellrock 8 LEE, LIBERTY | Senior director, Citizen Relations PR firm

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L et t s, Ash le y | Senior account manager, Yulu Public Relations 30 LIST, Aman da | Employee development consultant, Amanda List and Associates

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CATLIFF , CHRIS | CEO, BlueShore Financial 20

L o , Tani a | COO and CFO, Momentum magazine 19

Ch at r y, Pamel a | Business strategist, Pamela Chatry and Associates

L o r en , Gabr ielle | Founding partner, Loren Nancke & Company

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Ch il ds, Dav id | Brand strategist, Living Blueprint 4

L u r y e, Mar g ar ita | Senior manager, digital banking, Coast Capital Savings

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Cr an , Ch er yl | CEO, Evolutionary Business Solutions

MACDON ALD, KAREN F . | Intellectual property counsel, Bull Housser

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Cu n ni n g h am, Kar l ey | Creative strategist, Big Bold Brand

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D en n is, D r ew | Executive director, Out On Screen (Vancouver Queer Film Festival and Out in Schools anti-bullying program) 14 D esbr isay, R o b | Managing partner, NAI Commercial

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D h an ani , Ashi f a | Director, customer service, Industry Training Authority

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Dir ks, Mike | President, West Coast Fitness 35 Evan s, Jim | Chairman, Workplace Centre for Spiritual and Ethical Development 9 Ev er sfie l d, Mar k | Market research analyst, Small Business BC

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Gar d ne r , G l enn | Principal, Avison Young 33 Gau v r eau , D o n | Co-CEO, PharmaFreak and LBRX Sciences Inc. 18 G il ber t, Mer v | Principal partner, Psych Health + Safety

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29

MacL eo d, Bet t y | Sales manager, small business, Vancouver Downtown and West, RBC Royal Bank 5 MAEDEL , CORI | CEO, Jouta Performance Group Inc.

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MAHLMAN , CLINT | Executive vice-president and COO, London Drugs 6 MALEC, RO B | President, Businessworks Consulting Inc.

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May n ar d, James | President, Wavefront 36 McQue en , James | COO, Rumble

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Mur r ay, F r aser | Owner, Nimmo Bay Wilderness Resort

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Nahm Iache , L ind say | Partner, Jive communications

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PAYNE, PATRICK | CEO, QuickMobile

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PER CY, EAMONN | President, Percy Group Capital & Business Advisers

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Picco , Pepe | Director of operations, Precision Athletics

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Pil kin g to n , Chr ist ine | Founder and CEO, Crisp Media Inc. (VancouverMom.ca) 19 Pr in cic, L isa | Business coach

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Rach wal ski, T er r y | Management consultant, Front Porch Perspectives

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R AF ATI, SH AHRZ AD | Founder and CEO, BroadbandTV 24 R ed er , San d r a | President and founder, Vertical Bridge Corporate Consulting 29 R ekar, Caro l in | Associate professor, leadership and HR, University of Victoria

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SCHN ARR , JILL | Vice-president, community affairs, Telus

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Sh il l in g t on , An dr ea | Founder and owner, Brands for the People

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Sh o r e, Sar ah | Founding partner and principal planner, DreamGroup Productions 34 SHOR KEY, DEREK | Senior vice-president and managing partner, Dare Vancouver 20, 38 SIGERIST, KARL | President and CEO, Crelogix 6 Sode r ber g , R yan | Director of sales and 32 marketing, Sheraton Vancouver Airport Sol omon , Joe l | Chairman, Renewal Funds 18 So per , F r an k | Founder, Citahealth

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SOREG AROLI, MICHELE | Co-owner, Transformation Catalyst Corp.

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St epch u K, H el en | Marketing director, Cucumber Marketing 19 St eph en s, Ar jan | Vice-president, sales and marketing, Nature’s Path Organic Foods 8 Takasaki, Lau r a | Co-owner, Imagine That Events

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T he x to n , Rache l | Partner, Dunn PR

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T hom pson , Jan et | Independent consultant, Norwex

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Wal ker , Mat t | Principal, Avison Young 13 War d, Mich ael | Vice-president, Grosvenor Americas

N iemet sch eck, L isa | Director of marketing and operations, Forum for Women Entrepreneurs 32

War d, Sh an n o n | Co-founder, OnTrack Media 5

Os o ba, G re g | Marketing manager, Hollyhock Lifelong Learning Centre

22

Wer t z , Bo r is | Founding partner, Version One Ventures

PATER SON , BRIAN | Head of digital, Laura Murray Public Relations

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14

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2015-02-03 4:21 PM

We give where we live.

ÂŽ

Last year, TELUS, our team members and retirees contributed more than $8 million and volunteered over 170,000 hours of service to local communities in the Lower Mainland.

Every customer helps us give where we live. Thank you.

telus.com/community

Š 2015 TELUS. 15_00042-01

00_BIV_ASK THE EXPERTS 2015_1.indd 40 Telus FP 39232.indd 1

2015-02-03 11:29 4:21 PM 2015-01-19 AM