2014 Salute to
STETTLER & AREA BUSINESSES
al ion Reg
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2014 Salute to Business
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2014 Salute to Business
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Making wishes come true: Prehn named female citizen of the year Joel van der Veen INDEPENDENT REPORTER
Erin Prehn has plenty of goals on her “bucket list” — visit the Eiffel Tower, tour the canals of Venice — but winning Stettler’s Female Citizen of the Year award wasn’t one of them. That didn’t seem to have had any impact on her reaction, though, after she was presented with the honour at the Business and Citizenship Awards ceremony at the Stettler Community Hall on Thursday, Oct. 23.
Joel van der Veen/Independent reporter
continued on page 4
Erin Prehn (right) accepts the Female Citizen of the Year award from Guy and Danielle Mohn.
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2014 Salute to Business
Female citizen of the year …
continued from page 3 With a wavering voice and a lump in her throat, Prehn accepted the award, naming some of the people — famous, fictional or local — who had inspired her over the years. “Behind every inspired person is someone who lit a match,” she told the audience. “I will try my damnedest to light as my fires as possible with your match.” Presenting the award to Prehn on Thursday were Guy and Danielle Mohn,
presenting on behalf of sponsors Vortex Production Services. Don and Bev Falkenberg had nominated Prehn for the award, based on her dedication to the community through her years of teaching at Stettler Middle School and her volunteer work for various groups. Raised in Byemoor and a graduate of the University of Lethbridge, Prehn has also been involved as a coach for soccer, hockey and volleyball, and previously served
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as the middle school’s health and fitness co-ordinator. Last year, she decided to take a one-year hiatus to focus on spending time with her family. She and husband Brian have three children: Mya, 7, Hadley, 5, and Clark, 3. “I kind of wanted to take that year to soak it all in with them,” Prehn explained. She has since returned to teaching Grade 6 students at Stettler Middle School, but has also continued with a new endeavour she began during her hiatus as she sought new ground for her volunteer work. It was an item on her bucket list — grant a wish for someone — that led her to begin working with the
Children’s Wish Foundation, which helps grant wishes for children living with life-threatening illnesses. In the Mohns’ presentation, Danielle read a letter written by the mother of a 17-year-old boy who came to know Prehn through the foundation, developing a close friendship in the process. Hearing that letter provoked an emotional response from Prehn, who said she was taken aback to hear it read in front of a large crowd. “That got the lump in my throat,” she said, adding jokingly that she’d have to return the favour to the Falkenburgs. “I’m going to have to get them back.”
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2014 Salute to Business
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Male Citizen of the Year: Bob Willis
Stacey Lavallie INDEPENDENT REPORTER This year’s recipient of the Male Citizen of the Year award is none other than Bob Willis, a man known for his dedication to the arts, his work with Alberta Prairie Railway, and for being a fellow who gets things done. Willis, who found out before the award ceremony that he had been not only nominated, but chosen, said he was “humbled.” “I’m surprised,” he said. “(This is) not something I would have expected.” He doesn’t know who nominated him, nor does he know on what merits, but he does confess to being a very community-oriented person with his fingers in many pots. continued on page 6
Joel van der Veen/Independent reporter
Town councillor Will Brown (left) presents the Male Citizen of the Year award to Bob Willis.
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2014 Salute to Business
Male Citizen of the Year …
continued from page 5 “When you’ve lived in a place as small as Stettler and been as active as I’ve been, you get some baggage,” he said. “Mostly good.” The former publisher of the Stettler Independent said that his reaction to the discovery of his nomination essentially boiled down to one sentence, “Oh, you’ve got to be kidding.” When he realized there was no kidding going on, he said it took time to sink in. “It’s pretty lofty company (among those who’ve won the award),” he said. “Those who came before... my dad was awarded it twice.”
Though the recognition is something Willis said is humbling and nice to have, he noted that he’s just one person in a very active community that makes things happen. “You never do (events and projects) by yourself,” he said. “This is a pretty good community to pull these things off. When you come to it, people come out of the woodwork to do the heavy lifting. “So being recognized is great, but it was never done alone.” Willis, in his decades in Stettler, has been involved in many key projects. Formerly the owner and publisher of the Stettler Independent, he relinquished
ownership of the paper in 1996, 90 years after his family bought it – a year after it was founded in 1905. He once sat on the National Library Board, the organization run out of Ottawa that manages the National Library, but also helps establish library management policies that go into effect across the country. His love for the arts made chairing the committee behind the push for a Performing Arts Centre a natural fit, and once it was built, he managed the backstage area for years. When Stettler played host to the Summer Games, Willis was selected as Culture Committee chair, a
task that at times found him swimming against the current. “It’s sports,” he said. “Everyone else is worrying about sports, about venues. I’m culture, so we’re not always on the same page.” Willis, who is now general manager for Alberta Prairie Railways, said the culture events at the Summer Games remain some of his proudest accomplishments. “We had street performers everywhere, concerts for the community and for the athletes, had the opening and closing ceremonies, and more. We did a good job there, even though we weren’t always on the same page.”
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2014 Salute to Business
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Youth award a surprise for MacKenzie Joel van der Veen INDEPENDENT REPORTER
Last week’s Business and Citizenship Awards ceremony was an evening of surprises, but few people were more surprised than Maggie MacKenzie. MacKenzie was the recipient of the Youth Citizen of the Year award, but she was in the dark about it until shortly before it was presented to her at the ceremony on Thursday, Oct. 23. “My parents refused to tell me why I had to come home on a Thursday night,” said MacKenzie, 18, who now attends Rosebud School of the Arts, located about half an hour’s drive southwest of Drumheller. continued on page 8
Joel van der Veen/Independent reporter
Maggie MacKenzie (left) receives the Youth Citizen of the Year award from Brandi Page on behalf of the Canalta Hotel.
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2014 Salute to Business
BUSINESS OF THE YEAR
Joel van der Veen/Independent reporter
Bernadette Jackson (left) of Wells Furniture accepts the Business of the Year award from Joyce Kiryk.
Youth Citizen of the Year …
continued from page 7 “My mom texted me,” she added later, speaking to the Independent. “She’s like, ‘What are you doing on the 23rd?’” MacKenzie received the award in recognition of her volunteer work and involvement in several local arts and church groups during her teen years in Stettler. Brandi Page of Canalta Hotels presented the award, describing MacKenzie as “an eager, self-motivated individual who brings hard work to whatever she pursues.” MacKenzie’s mother and stepfather, Natasja and Martin Willms, were there to see her receive her award, as was her father, Shelby MacKenzie, who visited from Innisfail for the presentation. During her high school years, MacKenzie was involved with both the Heartland Arts Troupe Society and
the Wildcat Theatre at William E. Hay Composite High School, from which she graduated this past June. MacKenzie has continued to pursue her interest in the dramatic arts, now studying acting at Rosebud. She was also part of the Gracenotes choir directed by Rhonda Sylvester, which features singers between the ages of 12 and 18. As a member of Christ-King Catholic Church in Stettler, MacKenzie was involved in the services, first as a reader of children’s liturgy and later as a proclaimer of the Word, reading from the Scriptures. She also volunteered at the local health care centre, spending an hour each week with acute care patients, talking or sharing a cup of coffee. In accepting the award, MacKenzie spoke of her gratitude to local residents
for their support, and specifically to patrons of the arts community. She also thanked the members of the P&H Elevator Preservation Society, for whom she worked this past summer, giving guided tours of the historic facility. Speaking later to the Independent, MacKenzie said she has lately become appreciative of “how much support this community has for its young people.” The encouragement is overwhelming, she said, going on to name some of the local people who had inspired and encouraged her during her upbringing in Stettler. These included choir director Rhonda Sylvester, drama instructor Darren Fleischhacker, and members of the elevator society, who impressed her with their passion for history and dedication to the project.
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2014 Salute to Business
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Small business activity in Canada moderating but demographics show opportunity to expand export orientation: CIBC
From Canadian News Wire Small business activity in Canada is lagging behind the economy as a whole, but has the potential to pick up and grow in the next five years, especially in Alberta and British Columbia which provide the greatest advantages for startups, finds a new report from CIBC World Markets. “Looking back at the recent history, we see that small business activity outperformed the broader economy in the earlier part of the recovery, but now at the more mature stage of the cycle, things are changing and small businesses are the ones lagging the economy as a whole,” says Benjamin Tal, Deputy Chief Economist, CIBC, who coauthored the report with CIBC Economists Andrew Grantham and Nick Exarhos. “Exports have been on the upswing, helped along the way by a meaningful drop in the Canadian dollar below parity. Just as small and medium enterprises are less responsive to a rise in the value of the loonie, they are just as insensitive to Canadian dollar weakness.” The report finds that since the recession, small businesses have been getting larger, with the number of firms with 20-49 employees up close to 18 per cent, those with 10-19 employees up by 12.5 per cent and those with less than 10 employees up by
10.3 per cent. “While economic conditions have deteriorated for them recently, small businesses have been contributing a greater-than-normal share of hiring recently,” says Mr. Tal. “That’s partly because hiring in the rest of the economy has been muted, but small businesses have also been adding to their workforce at a greater rate than they have historically.” Small businesses activity in Canada is an important part of the economy, accounting for about 40 per cent of private-sector gross domestic product. Clearly, there are opportunities for small businesses to exploit, particularly given structural factors that favour the launching and growing of new endeavours. But increased export and import orientation points to greater complexity in doing business, putting increased pressure on small business in terms of price, quality, cost control, efficiency, marketing expertise, customer satisfaction and innovation, the report says. The report identifies Alberta as the most favorable place in Canada for a small business to flourish as it has the strongest projected growth, while also possessing good demographics and immigration trends. “Those latter characteristics offer a steady stream
of future entrepreneurs and workers to drive operations in tomorrow’s small and medium enterprises,” says Mr. Tal. “The province does lack an advantage in export orientation, with a concentration in Alberta’s outbound flows in larger, energy-focused firms.” British Columbia and Ontario ranked second and third, respectively, with a three-way tie for fourth between Saskatchewan, Manitoba and Quebec. B.C.’s strong growth prospects, solid urban concentration and labour dynamics suggest that smaller enterprises can exploit emerging opportunities, says Mr. Tal. While small firms in Ontario are well integrated into larger firms’ manufacturing supply chains, the province isn’t aligned to industries that are poised to see the highest growth, he notes. “It will need to work on its weaker readings on debt management to give firms the capital they need to expand toward industries with brighter prospects,” Mr. Tal says. The provinces were scored on nine macro factors, with double weight added to expected economic growth given its importance: • Economic growth - The extent to which the macro environment supports small and medium enterprise (SMEs) activity • Urban/Rural Mix - The
concentration of SMEs in large urban centres. Recent years have seen growth in SME formation in those areas outpace growth in rural areas. • Labour Availability The share of firms citing labour shortages as a source of restraint on their operations • Net Exports Position The balance of exports minus imports and a measure of sensitivity to the prospects of a weaker Canadian dollar • Demographics - Growth in the 33-55 year-old age group. This age group has the highest propensity to become self-employed and start a business. • Net Migration - The contribution of new immigrants to growth in the labour force, with the motivation here that new immigrants have a higher tendency to become selfemployed. • Sectoral Mix - The extent to which the fastestgrowing sectors in the economy are also SME-friendly. • Outsourcing Activity The propensity by large corporations to outsource core activity. • Debt Position - A measure of dependence on financing and a proxy for sensitivity to higher interest rates. The complete CIBC World Markets report is available at: http://research.cibcwm.com/economic_public/download/if20141020.pdf
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2014 Salute to Business
SMALL BUSINESS OF THE YEAR
Joel van der Veen/Independent reporter
Lorissa Brower presents the Small Business of the Year award to Larry and Lawrence Muhlbach (centre) of Heartland Glass Ltd.
STETTLER AMBASSADOR AWARD
Joel van der Veen/Independent reporter
Kevin (left), Traci and Jean MacDonald (second from right) of Ol’ MacDonald’s Resort accept the Stettler Ambassador Award from Malcolm Fischer.
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2014 Salute to Business
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CUSTOMER SERVICE
Joel van der Veen/Independent reporter
Gord Lough (left) of Stettler’s Subway restaurant accepts the Customer Service Award from Vicki Leuck.
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2014 Salute to Business
COMMUNITY SERVICE
Joel van der Veen/Independent reporter
The staff of Q93.3 accept the Community Service Award from Scott McMurtrie (second from right) of ATB Financial. Also pictured, from left, are Jenna Witherow, Olivia Guthrie, Landin Chambers, Vicki Leuck and Alex Mykyta.
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2014 Salute to Business
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BUSINESS SERVICE
Joel van der Veen/Independent reporter
Barb Munholland (left) of the Stettler Veterinary Clinic accepts the Business Service Award from RBC Royal Bank’s Ron Sauve.
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2014 Salute to Business
METAL BUILDINGS INC. Did you know: - METALEX also has a commercial construcƟon division capable of design/erecƟon of your next shop or other commercial building? - METALEX will be producing our own high-quality Polyurethane foam panels by spring 2015! - METALEX has brought in skilled design/fabricaƟon/erecƟon staī from as far away as Mexico, Ukraine, Russia, Lithuania, and Ireland? - All erecƟon staī are trained to the highest industry caliber for safety? - METALEX operates with a beƩer-than-industry average for safety incidents? - Alberta has some of the most stringent safety legislaƟon in the world? - We employ over 70 people across Alberta, half off w which operate out off St hich hi ch o pera pe rate te o ut o SteƩ eƩller? lerr? - Several employees have been here since day one (2001)? - Our smallest building takes one erector less than a day to complete? - Our 10 erectors and took nearly 3 months to complete? Ou largest larges estt project pro ojectt to to date dat a e involved in - Two-thirds of the Ɵme required to erect a metal building is spent on a ladder, scaīold, man-liŌ or roof? - ALL design and fabricaƟon is completed enƟrely in our SteƩler facility? - METALEX vehicles travelled over half a million kilometers last year? - METALEX can provide emergency response for buildings in case of disaster? - METALEX staī Ňipped over 1,000 hamburgers and smokies for customers and special events this past summer? - METALEX provides intangible employee beneĮts that include Ɵme oī for personal/family development including hockey, rodeo, racing, dance, music fesƟvals, marathons and more? A key to our success and growth has been management’s ’s co comm commitment m it mm itme ment n to provide e quick turn-around. People familiar with the Oil & Gas industry recognize that if it wasn’t for the last minute, many projects would never get done. Our people are on a w par with the military for preparedness, and ability to respond to crisis situaƟons. This T has forced METALEX to develop and implement solid processes designed to ensure success. METALEX further invests heavily in training – Customer service, Project Management, Mana Ma nage geme ment nt,, Le nt LLeadership, ad ader dersh ship sh ip,, SSupervisory Training, and more. We develop and maintain our own quality standards in conjuncƟon with such industry codes as S-16, S-136, W-47, A660, which are Clay and reinforced with staī involvement, and industry audit-reviewed annually. Lorisa Brower Some of our biggest, best and most loyal customers are here in the Heartland. There’s no quesƟon that Edmonton, Calgary and Red Deer produce some of the Įnest industrial equipment in the world, but on a per capita basis, the SteƩler region is a manufacturing dynamo. A combinaƟon of strong work ethic, intrinsic customer service, reliable supplier-chain and git ‘er done aƫtude provides a lengthy list of customers that have been calling us since day one. We can’t walk on water, but we can turn a phone call into a building!
For further information, check us out on-line www.mmbi.ca. Our website hosts galleries of work we have done, as well as an on-line quote request form available 24/7.
2014 Salute to Business
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CORPORATE CITIZEN AWARD
Joel van der Veen/Independent reporter
Kevin Plante of Newalta accepts the Corporate Citizen of the Year award from Tana Nixon (left).
Credit union leaders tell Ottawa “My Credit Union Matters” From Canadian News Wire Credit union leaders have been on Parliament Hill urging MPs to make sure the next budget recognizes the vital role credit unions play in supporting small business, creating jobs and building communities. In the last two months,
thousands of Canadians have contacted Finance Minister Joe Oliver telling him that credit unions need different – not preferential – treatment from Ottawa. Representatives from many of the country’s 317 credit unions plan to meet with MPs to reinforce that mes-
sage. As one of the largest and most trusted lenders to small business, credit unions need the federal government to recognize credit unions’ structural differences and promote policies like a Capital Growth Tax Credit. This measure would
allow co-operative financial institutions to grow retained earnings and produce an estimated $700 million in economic growth and job creation locally, while supporting more competition for consumers. continued on page 18
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2014 Salute to Business
GONDA SAFETY SOLUTIONS Gonda Safety Solutions is a safe bet. Valerie Gonda, President of the Castor business and Safety Advisor & Auditor for the Company, founded the business in March 2013 after a personal experience in her family. Her dad fell off a ladder a few years before she decided to pursue a safety career, and recalls feeling so helpless during his recovery. It made her realize there was an opportunity to make a difference and perhaps influence safer choices with people. Gonda went on to finish training with the Alberta Construction Safety Association to achieve a National Construction Safety Officer designation. Her most challenging role to date was the Prime Contractor Safety Lead for the Halkirk Wind Project in 2012. Managing the overall safety performance of 300+ contractors during the construction phase of the Wind Farm was definitely a challenge, but extremely rewarding. It was a very safe & successful project with only 3 minor injuries. Gonda graduated from the University of Alberta’s Occupational Health & Safety program this past spring and is now eligible to write the Canadian Registered Safety Professional (CRSP) exam, which is a highly recognized safety designation amongst the industry. Becoming a CRSP will keep challenging Gonda since training and development are continuously ongoing to maintain this status. Gonda is also a peer auditor for the Alberta Construction Safety Association as well as the Manufacturers Health & Safety Association. She also assists companies with developing their safety manuals and preparing them for COR certification. When she’s not customizing manuals for businesses, and taking on projects as a field safety supervisor to keep the diversity. It’s a good way for her to meet new people and build up a clientele. Gonda Safety Solutions also provides assistance with WCB claims, sub-contractor management, & ISN & Complyworks updates.
MARKETING AWARD
Joel van der Veen/Independent reporter
Wares Jewelers Ltd. was named the winner of this year’s Marketing Award, presented by Bernadette Jackson. The store was recognized for its creative use of window displays.
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2014 Salute to Business
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PRODUCT AND INNOVATION AWARD
Joel van der Veen/Independent reporter
Darcy Bachman (left) presents the Product and Innovation award to Jami and Dean Lovell (right) of SolutionCorp.
Congratulations to all local businesses on their successes. Thank you Stettler. We appreciate your business.
4902-51 Street, Stettler 403 742 4436
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2014 Salute to Business
LEARNING IN THE WORKPLACE Joel van der Veen/Independent reporter
Town councillor Karen Sernecky (left) presents the Learning in the Workplace Award to Joe Huraj of Foremost.
“My Credit Union Matters” continued from page 15
“Credit unions are vital to the economy and are a fundamentally different kind of financial institution,” says Martha Durdin, president and CEO, Credit Union Central of Canada. “By working with us and our 5.3 million members, the government has the opportunity to promote more economic growth and more good local jobs.” Credit unions are the only financial institution
in over 380 communities, responsible for billions in economic activity, and are among the leading lenders to small business. Credit unions are financial co-operatives, which means they don’t issue shares on capital markets like banks do, so that on average, nearly 80 per cent of credit union capital is retained earnings, compared with less than 45 per cent for shareholderowned banks. In August, Credit Union Central of Canada launched the “My Credit Union Mat-
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ters!™” campaign inviting Canadians to promote the Capital Growth Tax Credit proposal directly to the federal finance minister. Thousands of emails and hundreds of post cards have been sent from credit union members in all parts of Canada. For more information about the campaign, visit www.myCUmatters.ca and www.macaissejytiens.ca. About Credit Union Central of Canada (CUCC) Credit Union Central
of Canada is the national trade association for the Canadian credit union system. Canada’s credit union system is a vital competitor in the financial services industry. CUCC represents five provincial/regional Centrals and one Federation representing 317 credit unions with more than $165.6 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada’s credit union system visit www.cucentral.ca.
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2014 Salute to Business
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HERITAGE AWARD
Joel van der Veen/Independent reporter
Alvin Kuefler (left) accepts the Heritage Award for Don’s Car Sales from Aubrey Brown, executive director of the Stettler Regional Board of Trade and Community Development.
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2014 Salute to Business
Simple steps to self-motivation and more sales Every day of your life you are selling yourself, nothing happens until you’re successful at doing that. We’re all in the selling business whether we like it or not. It doesn’t matter whether you’re a lawyer or an accountant, a manager or a politician, an engineer or a doctor. We all spend a great deal of our time trying to persuade people to buy our product or service, accept our proposals or merely accept what we say. Before you get better at persuading or influencing other people - you need to get better at self-motivation and selling yourself. Here are 10 simple steps to self-motivation: 1. You must believe in the product Selling yourself is pretty much like selling anything. Firstly, you need to believe in what you’re selling. That means believing in “you.” It’s about lots of positive self-talk and the right attitude. The first thing people notice about you is your attitude. If you’re like most people then you’ll suffer from lack of confidence from time to time. It really all comes down to how you talk to yourself. The majority of people are more likely to talk to themselves negatively than positively - this is what holds them back in life. It isn’t just about a positive attitude; it’s about the right attitude - the quality of your thinking.
Successful people have a constructive and optimistic way of looking at themselves and their work. They have an attitude of calm, confident, positive self-expectation. They feel good about themselves and believe that everything they do will lead to their inevitable success. If you’re in a sales job or a business owner or a manager then you need to continually work on your attitude. You need to listen to that little voice inside your head. Is it saying you’re on top, going for it and confident, or is it holding you back. If you’re hearing - “I can’t do this or that” or “They won’t want to buy at the moment” or “We’re too
expensive” then you’d better change your self-talk or change your job. Start to believe in yourself and don’t let things that are out with your control effect your attitude. Avoid criticizing, condemning and complaining and start spreading a little happiness. Remember the saying of Henry Ford, founder of the Ford Motor Company - “If you believe you can do a thing, or if you believe you can’t, in either case you’re probably right.” 2. The packaging must grab attention Like any other product we buy, the way the product is packaged and presented will influence the customer’s decision to buy. Everything
about you needs to look good and you must dress appropriately for the occasion. And don’t think that just because your customer dresses casually, that they expect you to dress the same way. The style and color of the clothes you wear, your spectacles, shoes, briefcase, watch, the pen you use, all make a statement about you. 3. Smile No need to get carried away, you don’t need a big cheesy grin, just a pleasant open face that doesn’t frighten people away. 4. Use names Use the customers name as soon as you can but don’t over do it. Business is less formal nowadays however be careful of using first names initially. Make sure your customer knows yours and remembers it. You can do the old repeat trick -”My name is Bond, James Bond” or “My name is James, James Bond” 5. Watch the other person What does their body language tell you? Are they comfortable with you or are they a bit nervous? Are they listening to you or are their eyes darting around the room. If they’re not comfortable and not listening then there’s no point telling them something important about your business. Far better to make some small talk and more importantly -get then to talk about themselves. continued on page 21
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2014 Salute to Business
Page 21
Simple steps to self-motivation… continued from page 20
It’s best to go on the assumption that in the first few minutes of meeting someone new, they won’t take in much of what you say. They’re too busy analyzing all the visual data they’re taking in. 6. Listen and look like you’re listening Many people, particularly men, listen but don’t show that they’re listening. The other person can only go on what they see, not what’s going on inside your head. If they see a blank expression then they’ll assume you’re “out to lunch.” The trick is to do all the active listening things such as nodding your head, the
occasional “UH-HUH” and the occasional question. 7. Be interested If you want to be INTERESTING then be INTERESTED. This really is the most important thing you can do to be successful at selling yourself. The majority of people are very concerned about their self-image. If they sense that you value them, that you feel that they’re important and worth listening to, then you effectively raise their self-image. If you can help people to like themselves then they’ll LOVE you. Don’t fall into the trap of flattering the other person, because most people will see right through you and they won’t fall for it. Just show some
®
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genuine interest in the customer and their business and they’ll be much more receptive to what you say. 8. Talk positively Don’t say - “Isn’t it a horrible day” or “Business is pretty tough at present” or any thing else that pulls the conversation down. Say things like (and only the truth) - “I like the design of this office” or “I’ve heard some good reports about your new product.” 9. Mirror the other person This doesn’t mean mimicking the other person, it just means you speaking and behaving in a manner that is similar to the customer. For example, if your customer speaks slowly or quietly, then you speak
slowly or quietly. Remember people like people who are like themselves. 10. Warm and friendly If you look or sound stressed or aggressive then don’t be surprised if the other person gets defensive and less than willing to cooperate. If you look and sound warm and friendly, then you’re more likely to get a positive response. This isn’t about being all niceynicey. It’s about a pleasant open face or a warm tone over the telephone. Before we can get down to the process of selling our product, our service or our ideas then we need to be as sure as we can be - that the customer has bought us and that we have their full attention.
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2014 Salute to Business
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2014 Salute to Business
Page 23
Alberta small business confidence highest in year and a half Shortage of labour remains biggest challenge; 53 per cent identify it as a constraint According to the latest Business Barometer survey results released by the Canadian Federation of Independent Business (CFIB), small business confidence jumped 2.1 points in September to 73.8, the highest level for the index in a year and a half. “The level of confidence among Alberta’s entrepreneurs is up by 4.4 points since July, including another two points this month. That’s clearly a healthy jump and certainly good news for our provincial economy,” says Richard Truscott, Director of Provincial Affairs for CFIB. There are a series of other positive signs in the September numbers compared to August. Entrepreneurs’ hiring intentions stayed virtually the same in September, with 34 per cent of respondents planning to add full-time staff, down just one point, while six per cent were expecting to cut back, unchanged from August. In terms of their view about the gen-
eral state of the economy, 51 per cent of entrepreneurs characterized it as “good” in September, down six points after reaching a post-recession high in August. Only five per cent described it as “bad”, same as last month. Despite the drop, Alberta’s business owners maintain one of the most positive outlooks in the country on the general business environment. Labour shortages remain the biggest challenge for small business in Alberta. Fifty-three per cent of entrepreneurs surveyed in Alberta said the shortage of skilled labour was limiting their sales or production growth. “Alberta’s economy appears to be running at full tilt, but the shortage of qualified labour continues to hamstring the growth and success of smaller firms”, states Truscott. The national Business Barometer Index stayed virtually unchanged in September (65.6) compared to August (65.5). Across Canada, entrepreneurs
in Newfoundland (74.2) were again the most optimistic about the economy and the future prospects for their business, followed by Alberta (73.8), British Columbia (70.9), Saskatchewan (68.2), Manitoba (65.8), Ontario (65.2), Nova Scotia (63.5) Quebec (60.5), New Brunswick (59.2), and PEI (53.8). About the Business Barometer: Measured on a scale of 0 and 100, an index level above 50 means owners expecting their businesses’ performance to be stronger in the next year outnumber those expecting weaker performance. According to past results, index levels normally range between 65 and 75 when the economy is growing at its potential. The September 2014 findings are based on 1,022 responses, collected from a stratified random sample of CFIB members, to a controlled-access web survey. Findings are statistically accurate to +/- 3.1 per cent 19 times in 20.
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2014 Salute to Business
Five 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 per cent) 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.
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2014 Salute to Business
Page 25
Insurance tips for small businesses It is Small Business Week in Canada and Insurance Bureau of Canada (IBC) is offering its top 10 insurance tips for small businesses. According to the Government of Canada, there are over 1 million small and medium-sized businesses in Canada, making up 99.8 per cent of all companies in the country. “Small and mediumsized businesses are the economic drivers of Canada, and IBC wants to ensure they have the necessary information to find insurance coverage that meets their unique needs,” said Bill Adams, VicePresident, Western and Pacific Region, IBC. IBC’s top 10 insurance tips for small businesses include: 1. Speak to an insurance professional about the specific insurance needs of your business. 2. Shop around to find the right policy to fit your unique needs. 3. Review your policy at least once a year. 4. Understand your policy. Know what your policy covers and your policy’s limits and deductibles. If you have questions, contact your insurance representative. 5. Make sure your policy’s limits are appropriate.
Check to see if you have the right amount of coverage for what you own and operate. 6. Look into purchasing liability insurance. If someone were to slip and fall on your premises, you’d want to be sure you had adequate liability coverage. 7. Ensure that you have appropriate auto insurance
coverage. A personal car insurance policy will not cover commercial use of a vehicle. 8. Look for ways to lower your premiums. Some insurers offer discounts if you take actions to reduce risk. Ask an insurance representative about what you can do to lower your premiums.
9. Consider errors and omissions coverage. If you are offering advice to clients, you will want to make sure you are covered if something goes awry. 10. Contact IBC if you have further questions. For further information, consumers can contact IBC’s Consumer Information Centre.
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2014 Salute to Business
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2014 Salute to Business
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BMO Report: Sixty per cent of Canadian entrepreneurs concerned about retirement and cash flow issues - Other top concerns among the nation’s business owners include identifying income options and paying too much tax - Three-quarters of entrepreneurs are focused on making improvements in their business operations and more than half are seeking to grow their business aggressively - Majority of entrepreneurs do not have a succession plan in place for their business To mark Small Business Month, the BMO Wealth Institute released a report which examines what keeps Canada’s entrepreneurs “up at night”. The study found that 60 per cent of Canadian business owners are concerned with being able to retire from their business, as well as managing cash flow in profitable and challenging times. Other top concerns identified included: – Identifying income options from business profit (56 per cent) – Paying too much tax (51 per cent) – Handling the business if a key employee quits or leaves (47 per cent) – Taking care of family members if incapacitated (44 per cent) – Managing business succession planning (39 per cent) The report, “Entrepreneurs: Definitely Not Your Ordinary Business Owners”, also notes that, in terms of priorities, 75 per cent of entrepreneurs said they are focused on making improvements in their business operations and more than half (56 per cent) are seeking to grow their business aggressively. “Entrepreneurs face a variety of stresses, both business-related and personal, as they travel the path from growing an idea to transforming it into a viable business,” said Chris But-
tigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. “Most entrepreneurs are so focused on the day-to-day management of their businesses that they often overlook the importance of effectively managing hard-earned profits and taking into consideration critical medium- and long-term priorities such as retirement and succession planning. A comprehensive and personalized wealth plan, which includes a business succession planning component, is an important key for any business owner.” The report outlines several wealth management considerations for business issues and personal concerns: Income options: Being paid by salary, dividends or a bonus can have different ramifications for the entrepreneurs and the business. Varying provincial tax rate advantages and taxdeferral options should be considered. Minimizing taxes: Combining both personal and business taxes is beneficial to entrepreneurs. Leaving personal funds in an incorporated business can help to minimize taxes and reduce reliance on lines of credit. Insurance needs: Selecting an insurance plan that can care for the entrepreneur, their family and their business can be challenging and require specific knowledge around risk and insurancebased strategies. Minimizing risks: Using ownership structures, such as holding companies or family trusts, can help reduce the risk of owning a business. Income splitting: Allotting assets or income to a spouse or other family members can be implemented to reduce the entrepreneur’s family’s overall tax bill. Tax-advantaged savings plans: Individual Pension Plans, Pooled Reg-
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istered Pension Plans, Tax-Free Savings Accounts, Insurance Retirement Plans and Group Registered Retirement Savings Plans are options to help the entrepreneur plan for the future. Investment management: Managing the investments of a company is important and liquidity, risk and shortor medium-term cash needs must be considered. Credit management: Accessing credit when needed is essential when owning a business. Ensuring that personal and business needs are in order help keep funds available for the business. Succession planning: An overwhelming 69 per cent of entrepreneurs do not have a formal written succession plan in place. Establishing a plan to ensure the orderly transfer of management and ownership of a business to the next generation helps prepare the employees, the owner and the owner’s family for when the owner is no longer involved in the business. “Coordinated planning and advice from a financial professional is essential for those who own a business. When an entrepreneur seeks advice, it’s important that both their business and personal needs are addressed in a holistic approach. This way, they can plan for a financially stronger future,” said Mr. Buttigieg.
About BMO Financial Group Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers.
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Page 28
2014 Salute to Business
More than money: How non-financial benefits can be a game-changer for your business What is the cost of losing a good employee? Entrepreneurs know it can be high. At Frima Studio, a fast-growing video game maker, the challenge of attracting and keeping talent got harder five years ago, when a pair of deeppocketed multinational competitors opened offices nearby. “We couldn’t compete on salary, so we decided to create an attractive workplace one that was fun and inspiring,” says Nathalie McLaughlin, Frima’s Human Resources Director. Twice a year, Frima emulates the “Dragons’ Den” TV show and invites its employees to pitch innovative projects to a panel of judges. “If we judge a project to be solid enough and to have sufficient marketing potential, we will release its creators from a few of their usual tasks so that they can devote one day a week to the development of their
amazing idea. A few months later, we review the state of the project and decide if it’s worth pursuing, in which case we greenlight its production and
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2014 Salute to Business
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More than money … continued from page 28
The array of benefits designed to make Frima’s employees’ lives easier includes flexible work hours, as well as a week of paid vacation time between the 25th of December and the New Year. The company offers employees gaming areas and an on-site gym. Twice a month, two massage therapists and a hair stylist also drop by. Frima isn’t alone in turning to creative ways to provide employees with nonmonetary rewards. “Companies in all industries—not just high-tech— increasingly see non-financial compensation as vital to their growth,” says Nathalie Gélinas, Senior Vice President, Consulting, at the Business Development Bank of Canada (BDC). In today’s challenging economy, it’s harder than ever for many entrepreneurs to find the resources to draw in and retain skilled employees, she adds. At the same time, boomers are quitting the labour market, leading to labour shortages in many fields. This means businesses are increasingly competing for good workers, but they have less money to do it with. The good news: non-financial benefits can be inexpensive and can even boost a company’s productivity, Gélinas says. “The cost is a lot smaller than what the employer gets back. Losing an employee is very costly. Human capital is the most important resource a business has,” she says. “The ultimate challenge is to mobilize employees. Salary alone will never mobilize or retain talent over the long-
term. Businesses should be creative about finding ways to attract and engage talent.” At Frima, the employeefriendly workplace became a beacon for smart, enthusiastic workers who helped propel the company’s explosive growth. “The key to our success is our work culture,” McLaughlin says. “We listen to employees a lot. People always talk about the customer experience. We have developed the employee experience. It means people don’t want to leave.” Frima also has a performance reward system that awards points that employees can exchange for services, thus reinforcing the company’s commitment to helping employees maintain work-family balance. Perks include tax preparation, lawn
mowing, babysitting, movie/ dinner combos and more. “Our office is completely different from anything else in the area. It’s really made a difference in attracting people,” McLaughlin says. Frima’s success shows that while pay is important, it isn’t what makes employees happy at work, Gélinas says. Employees want flexibility, trust and the chance to develop as part of a team, she adds. “We spend a lot of time listening to customers to serve them better. We also need to listen to employees.” How to compensate without cash Entrepreneurs should listen to employees to learn what benefits they value and work on non-financial compensation constantly until it becomes part of the compa-
ny’s way of life, BDC’s Nathalie Gélinas says. Here are three types of non-financial compensation to consider. 1 Flexibility. A flexible workplace is increasingly in demand. You can offer flexibility in terms of time (variable work hours) and space (opportunities to work outside the office). 2 Trust. Employees like to have responsibility, work in a harmonious environment and be trusted to make decisions. At the same time, you should hold employees accountable via solid performance appraisals. Self-development. Entrepreneurs should think about how to help employees develop themselves. The result will be more a productive and motivated workforce.
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2014 Salute to Business
Retaining investment income a good strategy for small businesses Canadian News Wire Knowing when to keep funds in your corporation can mean greater wealth accumulation If you don’t need funds personally from your business, after-tax investment income should generally be retained in your corporation, finds a new report by Jamie Golombek, CIBC’s Managing Director of Tax and Estate Planning. “Now is the time for small business owners to look at the taxes that arise when corporate funds are invested, and whether to reinvest the after-tax income or pay it out,” says Mr. Golombek. “If you don’t need funds for personal use, there are often clear benefits to keeping after-tax investment income in your business.” When it comes to earning investment income inside your corporation, the amount of taxes paid de-
pends on the type of income earned, such as interest income, Canadian dividends or capital gains. Similarly, the amount you get to keep depends on how well the corporate tax system is integrated with the personal tax rates in your province, he says. In his latest report,
In Good Company, Mr. Golombek examines the tax impact on various types of investment income in a corporation by province, and shows that it may be best to retain after-tax investment income in your corporation due to an investment advantage. “There is an invest-
ment advantage for most types of investment income in the majority of provinces in Canada,” says Mr. Golombek. “The larger the investment advantage, the bigger the benefit from leaving after-tax investment income in your corporation for re-investment.” When there is an investment disadvantage -- less after-tax investment income is available in your corporation -- you are better off distributing the after-tax investment income as dividends to yourself and/or other shareholders in the year it is earned and re-investing the remaining funds personally, he says. Mr. Golombek adds that the non-taxable portion of capital gains should be distributed as capital dividends as soon as possible in all provinces. Paying capital dividends will prevent future capital losses from reducing your tax-free capital dividends, he says.
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2014 Salute to Business
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2014 Salute to Business
Stettler Regional Board of Trade & Community Development
2014 Shop Stettler Participants Apple Drugs Attic Unisex Hair Design Autotrust Service Corp Bond-O Communications Canadian Tire/ Marks Work Wearhouse Canalta Stettler Caroline’s Homespun Seasons Gitzel Krejci Dand Peterson Chartered Accountants Guns n Games Source for Sports John’s Jude’s Liquor Store Kal Tire Ltd. Lawlor Jewelry Panda Flowers
DRAW DATES:
Party Maxx Peavey Mart Pfeiffers House of Music Pharmasave Rushton Agencies Ltd. Savage Value Drug Mart Schwartz Home Building Centre Sean’s No Frills Sobey’s Stettler Home Hardware Stettler Independent Stettler Vet Clinic The Brick The Shoe Closet & Boutique Tom’s Boots WISH Kitchen & Gift
November 13.....($250) November 28.....($500)
December 19...($1000)
WHAT ARE HEART OF ALBERTA DOLLARS? These are a gift card backed by the Stettler Regional Board of Trade and Community Development and are a method of encouraging shopping at home. Heart of Alberta Dollars make a great personal gifts, employee incentives and bonuses, or recognition awards. Heart of Alberta Dollars are available for purchase at the Stettler Board of Trade office in denominations of $10, $20, $25 & $50. May be used at participating Stettler businesses.
UPCOMING EVENTS
November 28 6:00-10:00pm Rockin’ Around the Christmas Tree & Moonlight Madness Join ATCO Electric and Shop Stettler Participants for the Main Street Tree Light Up and Family Dance. The Stettler Lightning will be there for games of shinny as well! ATCO Electric will be serving hot dogs, pop and hot chocolate for a nominal fee to be donated to a local charity. Come rock around the Christmas Tree with family and friends! ~
Stettler Festival of Lights November 24 - November 29, 2014 ~
The Night Before the Night Before December 23, 2014