Special Features - 2014 Small Business Week

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Celebrate Entrepreneurship

LOCAL EVENTS CAMPBELL RIVER CHAMBER OF COMMERCE 2014 BUSINESS EXPO Tuesday, October 21st www.campbellriverchamber.ca

BUSINESS NETWORK INTERNATIONAL MEETING Wednesday, October 22nd www.bnidiscovery.bnisite.com

October 19th - 25th, 2014

CAMPBELL RIVER NETWORKING ASSOCIATION MEETING Thursday, October 23rd www.campbellrivernetworking.ca

WHEN EXPERIENCE MAKES THE DIFFERENCE We are proud to be a 100% locally owned small business, who support many Campbell River events throughout each year.

1710 Island Hwy, Campbell River • 250-286-6132 associatedtire@shaw.ca www.associatedtireandauto.ca

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SMALL BUSINESS WEEK Ride the gr owing wave...

Kervin Marketing is proud to be part of the small business community of Campbell River!

• Websites • Search Engine Optimization • E-Commerce • Video Production

We’re the piece that completes your business.

kervinmarketing.ca 250.204.2108 301 St. Ann’s Road, Campbell River, BC V9W 4C7 250-286-5700 • info@campbellriver.ca • www.campbellriver.ca

Kervin Marketing is proud to be part of the small business community of Campbell River!

• Websites • Search Engine Optimization • E-Commerce • Video Production

We’re the piece that completes your business. kervinmarketing.ca

250.204.2108

5 tips to manage your cash flow Cash is king—it’s a common saying in the business world. But surprisingly few entrepreneurs take steps to manage their cash flow so they don’t wind up with an empty bank account and nothing to pay the bills.

“One of the main causes of business failure is poor cash flow management,” says Susan Rohac, Senior Vice President, Financing and Consulting, at the Business Development Bank of Canada (BDC). The good news: cash flow management is easy to improve with a few simple steps. “Getting control over your cash flow helps you prepare for slow periods, plan your financing and have peace of mind,” Rohac says.

Follow these five steps to get a better handle on your cash flow.

1. Profitability check First, make sure your business is earning a reasonable profit. Even the greatest cash flow management won’t help if your fundamentals are out of whack.

Analyze each product and service separately to see whether it’s pulling its weight. Make sure your products are appropriately priced, and work to eliminate inefficiencies. Instead of just chasing sales, chase profitable sales.

In 2007, Mike Whittaker’s company Bonté Foods learned the consequences of poor cash flow the hard way after facing large cost overruns on two major projects.

The company had to act quickly to restore its cash position. It analyzed its profitability and realized it had to raise prices to better reflect costs. Bonté also unloaded lower-margin product lines and launched an efficiency drive while tightening cash flow management.

The changes had a huge impact. Sales in Bonté’s meat division are up 36% since 2009, while gross profit is up almost 6%. “We learned to watch our cash very carefully,” Whittaker says. “You need to always be ahead of the curve on cash flow management.”

2. Do a cash flow projection Next, prepare a cash flow projection for the coming year. This is your early warning system for cash flow hiccups. Use an Excel spreadsheet or accounting software to plug in expected monthly cash inflows and outflows, including anticipated big-ticket purchases.

Use the projection to anticipate slow periods and plan in advance what to do about them. “Through the year, check your actual cash position regularly—once a week or month—against your projection to see how you’re doing and deal promptly with any divergences,” advises Rohac.

3. Finance big buys instead of draining cash One of the most common cash flow mistakes is using cash to buy a major long-term asset, instead of getting financing. Even if you feel flush right now, you may suddenly wind up short of cash if you experience a sudden revenue shortfall or rapid growth.

Use your cash flow projection to plan your financing needs ahead of time, not in the midst of a crisis, when bankers may be wary to lend. Rohac also recommends matching the lifespan of a purchase with financing of similar duration.

4. Speed up cash inflows Getting money into your business more quickly can save you carrying costs on your line of credit. Some tips: send out invoices more quickly, ask customers to pay electronically and charge interest to slow-payers.

5. Raise cash quickly in a crunch Facing an unexpected cash flow crunch? You can raise cash quickly using various techniques: approach your bank for help; check your inventory and assets to see what you can sell off, even at a discount; ask suppliers or your landlord for extra time to pay bills; or offer your customers a big discount to earn some quick sales.

Many businesses ignore cash flow management: survey BDC’s Susan Rohac points out that managing finances is one of the main challenges for entrepreneurs, coming in second after marketing and sales. The findings of a BDC survey this year confirm her observation: • More than four out of five entrepreneurs (82%) say they’re the ones managing cash flow and financing in the company.

• However, many of the entrepreneurs don’t take basic steps to control their finances. Almost half say they don’t make cash flow projections and check them against actual results—a basic procedure of financial management.

Source: www.bdc.ca

Celebrating our

8 Anniversary th

Dedicated to our commitment to our community, our service and our promise to making the advantage yours.

Hub International Barton Insurance looks forward to serving Campbell River for many years to come.

www.HubInternational.com

1241 Ironwood Street » Campbell River » 250-287-8819

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2014

S S E N I BUS O P X E

October is Small Business Month and the Campbell River Chamber is providing a great opportunity for you to find out about jobs, contractor and supplier opportunities in our community.

PLAN TO ATTEND! The Business Expo will be held Tuesday, October 21 from 11 a.m. to 3 p.m. at the Campbell River Community Centre. This is a FREE event and is open to the public.

Don’t miss out on this great opportunity to meet our local businesses representing various industry sectors in our community!

Learn more about the products and services they offer and what they can do for you.

If you want to find out more about job opportunities, learn how to compete for contracts associated with the John Hart project and North Island hospital project, access HR resources to help your business grown or mix

and mingle with local businesses and learn more about what they can provide as services and products then plan to attend the FREE Business Expo event. One more reason to attend - door prizes that include a return airfare Campbell River to Vancouver.

MEET THE PANEL You won’t want to miss this dynamic group of panelists speaking on topics that matter to you and your community! The Panel Presentation will begin at 1:30 PM. Featured panelists will share insights and updates on the John Hart project, the North Island Hospitals Project, training and trades as well as job opportunities.

The Business Expo Panel Includes: • Tom Sparrow, Chief Project Officer, North Island Hospitals Project • Anders Jonsson, Project Site

SMALL BUSINESS WEEK Manager, John Hart Project, InPower BC • Pat Rokosh, Dean Trades and Technologies, North Island College • Doug Podetz, Apprenticeship Advisor, Industry Training Authority GT Hiring Solutions Office • Greg Baynton, Chief Executive Officer, Vancouver Island Construction Association

Following the Panel Presentation there will be a complementary networking reception for exhibitors and the public with complementary appetizers and desserts provided by Quay West Kitchen & Catering.

HR RESOURCES & OPPORTUNITIES FAIR This year’s Business Expo will also feature an Opportunities Fair to connect local employers with job seekers to aid with talent, skills and workforce recruitment.

Benefits of the Opportunities Fair • Learn about the exhibitors and the employment opportunities available within their organization • Submit resumes to exhibitors looking to recruit at the Business Expo • Connect with local employment resource providers NIEFS, North Island College and North Vancouver Island Aboriginal Training Society to

discuss how they can support you MEET THE EXHIBITORS Don’t miss out on this great opportunity to meet the exhibitors who represent various industry sectors in our community! Stop by their booths to learn more about the products and services they offer and what they can do for you.

Acropolis Kuizina; BC Hydro; BNI Discovery Chapter; Campbell River Mirror; Canadian Corps of Commissionaires; City of Campbell River; Discovery Community College; Discovery Specialty Advertising/Hilcam Trophies; Domcor Health, Safety & Security

Inc.; Immigrant Welcome Centre; Mount Washington Alpine Resort; Nanaimo Precast Ltd.; North Island Employment Foundation Society; North Island College; North Island Chrome Inc.; Northern Property Real Estate Investment Trust; North Vancouver Island Aboriginal Training Society; Periscope Promotions Inc.; Quay West Kitchen & Catering; Quinsam Communications; Rod Chant Counselling; Scotiabank; St. John Ambulance; TD Canada Trust; TerraWest Environmental Inc; Wave Technology Ltd. Admission to the Business Expo is FREE and everyone is welcome.

Enter a draw at the Chamber’s booth for round trip airfare for

two between Campbell River and Vancouver, courtesy of Pacific Coastal Airlines. The Business Expo is proudly supported by BC Hydro, Presenting Sponsor, and ScotiaBank, Panel Presentation Sponsor. Quay West Kitchen & Catering will be onsite throughout the event and will be providing complementary appetizers after the panel’s presentation.

Complimentary Business Networking Mix and Mingle Reception Join us immediately after the panel presentation for a complimentary business mix and mingle reception. Bring lots of business cards to make new connections.

ASSISTED LIVING SERVICES FOR THE ELDERLY & HOUSEBOUND • • • •

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SMALL BUSINESS WEEK Heriot Bay Inn success One of the oldest buildings on Canada’s West Coast, Heriot Bay Inn has been welcoming visitors to Quadra Island since 1895. Perched on the shore of Heriot Bay, the inn is both a symbol of local pride and a beacon of Island hospitality.

Perhaps not surprisingly, it’s also become increasingly popular as a venue for weddings, family reunions and other

special events.

“You don’t have to have travelled the world to know when you arrive here that this place is special,” says Lois Taylor, Heriot Bay Inn’s general manager and one of 21 “Community Custodians” who purchased the Inn six years ago. “Whether you’re here for your wedding day, a corporate function or just an escape from the everyday, every-

one here wants to make your visit special.”

With a variety of banquet rooms and accommodations ranging from rooms at the inn to cabins to camping and moorage, Heriot Bay Inn can host anything from intimate gatherings to grand celebrations.

Guests can even rent out the entire Inn’s accommodation for an event, turning the property into

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1033 Ironwood St. 250-287-7121

Our business is small…

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an exclusive fun party for family and friends.

“Anytime from November to April, excluding December, you can rent all 10 rooms at the Inn, our three ocean-view cabins and the two-bedroom suite for just $1,000,” says Taylor. “Or, if you have a smaller party, you can rent all 10 rooms for just $500 a night.” Taylor says her staff is happy to set up a private group buffet, but mentions that booking the entire inn doesn’t include exclusive access to Herons Dining Room or the HBI Pub. “The beautiful setting and close-knit, commu-

nity feel really have to be experienced to be appreciated,” says Taylor.

“Here, a lot of couples get married under the maple tree next to the ocean and enjoy their reception on Herons deck overlooking Heriot Bay, whereas in a big hotel you might be in meeting room 3C.” Food options at the Inn are excellent, both the fine dining and housemade desserts in Herons and delicious pub fare in the HBI Pub. Further afield, Quadra Island has much to offer visitors, including beaches, walking trails, kayaking and artist studios. There’s also the

local golf course, farmers’ market, SouthEnd Farm Winery, Nuyumbalees Cultural Centre and whale watching tours.

Whether catering to groups, couples or individuals, the goal of everything they do at the inn, says Taylor, is to remain “locally authentic.” She beautifully sums up that authenticity, and indeed the entire Heriot Bay experience, in just seven words: “When you’re here,” she says, “you’re one of us.”

To learn more or book your stay, visit 1-888-6054545 or visit www.heriotbayinn.com.

Thank-you Campbell River for supporting small business!

#100-940 Island Highway • 778-346-3366 Monday - Saturday 10-5

We invite you to stop in the Merle Norman store for all your beauty care.

We have been proud to be your home for Westcoast Native art, clothing, deco, books, jewellery and more since 1998!

Thank you for supporting local artists in partnership with our small business!

1370 Island Hwy, Campbell River Discovery Harbour Shopping Centre

250-286-1440

• Make up Consultations • Eyelash Extensions • Hair Removal • Piercings • Gel Nails • Manicures & Pedicures • Massage • Infra red sauna • Facials Enjoy in a relaxing spa atmosphere

Cosmetics & Day Spa 635 - 11th Avenue • 250-286-0622 www.crmerlenorman.com

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SMALL BUSINESS WEEK BC’s Small Business Owners and Entrepreneurs Compete for the 2015 Small Business BC Awards British Columbia - Oct. 7, 2014: Small business owners have the opportunity to be recognized as one of BC’s top entrepreneurs for their contribution to their local community and to the global economy as part of the Small Business BC Awards.

The Small Business BC Awards celebrate the top small businesses and rising stars across British Columbia.

And so far, we have received some very exciting nominees located in Abbotsford, Chilliwack, Kamloops, Kelowna, Maple Ridge, New Westminster, Port Alberni, Port Moody, Richmond, Surrey, Vancouver, Vernon, Victoria, Whistler and Williams Lake, among others.

With 10 award categories, there is one suited for every small business - whether they’ve been operating for 10 years or are still creating a

business plan.

The contest is open for nominations from October 1, 2014 to November 30, 2014.

The public is invited to nominate their favourite small businesses, defined as less than 50 employees, for a Small Business BC Award. Entrepreneurs may also nominate themselves. Business owners can compete in the following award categories: Best Company Sponsored by TELUS Best Workplace Sponsored by WellnessFits Best Concept Sponsored by MNP Best International Trade Sponsored by Livingston International Best Employer Sponsored by WorkSafeBC Premier’s People’s Choice Sponsored by the

Government of British Columbia Best Online Marketer Sponsored by Sag Best Community Impact Sponsored by Vancity Best Immigrant Entrepreneur New for 2014/15 Sponsored by S.U.C.C.E.S.S. Best Emerging Entrepreneur New for 2014/15 Sponsored by Futurpreneur and the Ministry of Social Development and Social Innovation New this year is the Best Emerging Entrepreneur Award, which recognizes a young individual who contributes to the social, cultural and economic well-being of their communities. And Best Immigrant Entrepreneur Award, which recognizes an outstanding new Canadian who has started a successful business

in BC. “Every year we strive to increase the impact of the SBBC Awards so we can better support and celebrate BC small business owners. This year, we’re pleased to add two new award categories,” says George Hunter, CEO at Small Business BC. “Our small business community is driven by hard working committed individuals from diverse backgrounds who understand both the value of community and the opportunity to live and work in our wonderful province. That’s why we felt it important to add the categories Best Emerging Entrepreneur Award and Best Immigrant Entrepreneur Award to the contest.”

Winners will receive the Premier’s Prize of $1,500 cash, a one-year All-Access Pass to Small Business BC

education and resources, and one-on-one business mentorship opportunities with notable advisors from the award sponsors.

“IBC is pleased to be a part of the Small Business BC Awards which recognize the strength and talent of entrepreneurs. Small businesses are one of the key drivers of the economy and job creation - which is why we’re delighted to have been title sponsor of this event for the last six years,” says Bill Adams, IBC Vice-President, Western and Pacific.

Nominated business owners will be tasked with gaining as many votes as possible through social media, word of mouth, e-mail or any other means possible by November 30, 2014.

The Top 10 highest voted nominees in each category

will be announced as finalists on December 12, 2014. They will ten have the opportunity to submit an application to the judges, which they will use to determine the Top 5 finalists from each category, announced on January 30, 2015.

The Top 5 finalists will present a 10-minute Dragons’ Den-style pitch to judges to prove themselves to be one of BC’s best.

The winners of each category will be announced at the Small Business BC Awards Ceremony on February 26, 2015 at the Pan Pacific Vancouver Hotel.

For more details on the SBBC Awards, please contact Mark Blendheim, Communication Manager at Small Business BC, and visit the awards website at www.sbbcawards. ca.

THE SBBC AWARDS. SMALL BUSINESS BC AWA R D S

WHERE ALL BUSINESSES WIN.

The SBBC Awards are a great way for any business to gain exposure, build credibility and reach new plateaus.

From October 1 - November 30, nominate your business or a business you love in any of 10 categories!

Nominees have the chance to win: $1,500 Cash SBBC All-Access Pass Mentorship Extensive Media Exposure

NOMINATE TODAY! www.sbbcawards.ca

Presented by:

CAMPBELL RIVER MIRROR The Mirror has been helping Campbell River small businesses grow for almost 45 years.

Many small Campbell River businesses advertise in our newspaper to reach over 16,000 homes and other businesses twice per week in Campbell River and rely on our readers to shop local.

We at the Mirror salute all Campbell River small businesses for your support in our community.

You are the heart of Campbell River!

Awards Sponsors:

#104-250 Dogwood Street • 250-287-9227 campbellrivermirror.com

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SMALL BUSINESS WEEK Planning to fail: How mistakes can help your business E Every entrepreneur feels it at some point: the fear of failure. Only half of new businesses make it to their fifth birthday, and that can cause entrepreneurs a lot of stress.

However, experts say failure can actually lead to major accomplishments.

In fact, failure has been a key ingredient in some of the business world’s great success stories, says Michel Bergeron, Senior Vice President of Marketing and Public Affairs at the Business Development Bank of Canada (BDC). “Canadian entrepreneurs and the public at large need to be more forgiving about failure. Failure–and learning from mistakes–is often an important milestone on the path to success,” Bergeron says. “We have to change our perception about failure in order to help business owners stay in the game.”

Deborah Conroy of EY agrees. She points to the

new BDC Entrepreneurial Resiliency Award, an initiative that recognizes a Canadian business that has successfully undergone a turnaround or pivotal event in the past and come back stronger because of it. “Many entrepreneurs talk about some kind of massive failure or hurdle they’ve overcome,” says Conroy, Vice President of Transaction Advisory Services at EY. She is also President of the Montreal chapter of the Turnaround Management Association, a group for corporate turnaround experts that teamed up with BDC for this award.

No business is too big or too small to confront roadblocks. Bergeron cites the example of Groupon, the giant deals website. The company got its start as a social media site called The Point, which was created to help people connect for social activism purposes. After a year of effort and US$1 million in

operating costs, the start-up was going nowhere.

“The founders shifted gears and turned their offering into the discount coupon service Groupon. They learned, adapted and made a fortune,” Bergeron says. Two years later, the shift in focus proved profitable: Groupon ballooned from a few dozen employees to 10,000 and was the fastest company in history to make US$1 billion in revenue.

Bergeron advises entrepreneurs to adopt a “try, try again” philosophy. At its core: learning from mistakes and showing resilience, a new business approach that is growing in popularity in today’s rapidly changing economy, he says. Instead of the old model, which emphasized extensive planning before launching a new venture—by which time technology and markets may change substantially—the new approach favours a lean

and nimble start-up.

The idea is to engage customers early with a basic product, even if you haven’t worked out all the bugs. The second step: Learn quickly from customer feedback and missteps. Third: Constantly refine your efforts. And the final secret ingredient: Don’t give up.

“I don’t think fear is all bad. It can be healthy and reasonable. It keeps entrepreneurs from making rash decisions,” Conroy says. “But it’s important to avoid excessive hesitation and waiting for the exact perfect moment. Trying, failing and trying again is much better than not trying at all.”

Canadians slow to accept failure How do entrepreneurs turn failure into success?

“They have had a knack for seeing failure as an opportunity or challenge,” says BDC’s Michel Bergeron. “When solution ‘A’ didn’t work, they tried solution ‘B’ if they were still convinced there was a need. Or they decided to meet a different need and, in the process, found a new

path. The setback helped them identify a weakness, and they fixed it.”

Deborah Conroy of EY agrees. She cites a 2013 EY survey that found the following: • Over one third of Canadian entrepreneurs (35%) said business failure is seen as a barrier to future business prospects. This is 9 percentage points higher

than the average across the G-20 countries, which was 26%.

• Canadian entrepreneurs may be more worried about failure because of “higher expectations,” but they should also keep in mind Canada’s “many entrepreneurial upsides,” such as the low cost of starting a business, the survey authors noted.

Source: www.bdc.ca