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CREATIVE DIRECTION AND DESIGN PRODUCED BY EMERGE DESIGNS CONTRIBUTORS PUBLISHER Steve Boulter - Emerge Designs PRINTER Kwik Kopy Design & Print Centre PROJECT MANAGER Wendy Morrell ADVERTISING CONSULTANT Wendy Morrell PRESIDENT Janice Corey email@example.com CHIEF EXECUTIVE OFFICER Krista Ross firstname.lastname@example.org MEMBERSHIP DEVELOPMENT MANAGER Chrystal Hallihan email@example.com POLICY & RESEARCH MANAGER Morgan Peters firstname.lastname@example.org
Janice Corey Krista Ross Janet Moser Stacey Murray Morgan Peters Larry Shaw Valerie Whyte Shannon MacDonald Kevin Brown Brian Duplessis Tim Yerxa Omar Ali
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Clowater’s Plumbing and Heating
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Insight is published by Emerge Designs. All content, copyright © 2012, Fredericton Chamber of Commerce. All rights reserved. This publication may not be reproduced, all or in part without written consent from the Fredericton Chamber of Commerce. Every effort has been made to ensure the accuracy of all content in this publication, however, the publisher nor the Fredericton Chamber of Commerce will be held responsible for omissions or errors. Please address all editorial and advertising inquiries to the Fredericton Chamber of Commerce, PO Box 275, 270 Rookwood Avenue, Fredericton, NB, E3B 4Y9, Canada. The Fredericton Chamber of Commerce is not held responsible for the loss, damage or any other injury to unsolicited material (including but not limited to manuscripts, artwork, photographs and advertisements). Unsolicited material must be included with self-addressed, overnight-delivery return envelope, postage prepaid. The Fredericton Chamber of Commerce will not give, nor rent your name, mailing address, or other contact information to third parties. Printed in Canada. Printed by Kwik Kopy Design & Print Centre. Fredericton Chamber of Commerce PO Box 275, 270 Rookwood Avenue, Fredericton, NB E3B 4Y9 Tel: (506) 458-8006 Fax: (506) 451-1119 Twitter - @fton_chamber email@example.com Facebook – facebook.com/frederictonchamber www.frederictonchamber.ca
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Business Collaboration…Successful Economic Development Can Use You! “If everyone is moving forward together, the success takes care of itself”
Janice Corey, President
y the time this article is shared in our magazine, we will have moved further down the road of changes in our community on the economic development front. The model in our province is changing and the management of those changes definitely includes collaboration in order to be successful. As we become more visionary and embracing of the true spirit of collaboration, we can then find the true value of interdependency. When applied correctly it can support business development transformation! Business guru Stephen Covey has conveyed the message through his business articles and teachings that “the whole is greater than the sum of its parts”. So applied in practice, what does that really mean? Well, part of that meaning certainly includes defining a vision of what economic development is for the Fredericton area and how that fits into the province, the region, and globally. Further to that is an examination of where we can do better, what we can do better and ensuring that there is connectivity between all of the silos – most of which in their own right are silos of success. Change sometimes creates gaps, it is what we do with those gaps that will help identify for this community how successful we will be on the economic development front. Collaboration is a powerful business strategy that, if built upon correctly, allows us to develop strong economic hubs in our community. This model has proved successful in other jurisdictions. In Atlantic Canada, we have watched as the Halifax Chamber of Commerce has built on their collaborative strategy, “All Ships Rise,” which has given legs to a program called “Centre of Competitiveness”. This program is built around innovation, productivity, competitiveness, and
Jan. - Feb. 2013
collaboration at the business and economy level to provide research opportunities, practical information to businesses, as well as assistance and referrals for those businesses who want to be more competitive and collaborative in their home marketplace and globally. They do this by tapping into a number of areas - industry, government programs and academia, to name a few. Saskatchewan identified a number of years ago that in order for their region to prosper, any strategy that they adopted would need to be collaborative in nature to pull together all levels of business, government and potential investment. They adopted a strategy called “Action Saskatchewan,” the vision of which was to create a vibrant and prosperous investment economic climate . From this vision spurred many activities which included bringing together the community and business. Interestingly, their strategy identified growing their population as one of the keys to success, something that we struggle with in New Brunswick. Change is inevitable, how we embrace and work within that change is not – that is determined by us, the entrepreneurs and businesses in the region. We have an opportunity to define a solution for our community, help create a vision, and it is our choice to work collaboratively to bring out the best. There are many opportunities within your Chamber and the committee- and advocacy-work that we do that will allow you as members to tap into the change and help drive the collaboration in our business community. I encourage you to become involved. An engaged community is one that can thrive economically – it just might look different than it did before! For further information on our advocacy efforts in this area please contact Krista Ross, CEO at (506) 458-8006. 1 http://www.motivateus.com/leadership-quotes-12-10.htm 2 http://allshipsrise.com/ 3 http://www.saskchamber.com/default.aspx?page=57
Happy New Year and welcome to 2013!
s we begin the New Year, we are looking forward to participating in Vision 2020. This is a partnership between business, government, and academia that will see a vision created for our community going forward to 2020, including a new economic development strategy and model. The City of Fredericton has taken the lead on this important initiative and we are pleased to play a role as a key stakeholder. In addition to participating in the steering committee and helping to provide input and insight, one of the co-chairs of the Vision 2020 Economic Development Strategy is Andrew Steeves, past president of the Fredericton Chamber of Commerce. This is an excellent fit for this committee with Andrewâ€™s background as a volunteer in the community, with groups ranging from the Chamber, to the airport, to Enterprise Fredericton. We feel confident that Andrew will do an excellent job, along with others, representing the interests of our 930+ members. At the State of the City dinner in late November, Mayor Woodside announced the creation of Vision 2020. With the impending closure of Enterprise Fredericton, a need for a new community strategy has become evident. Groups including your Chamber, the City of Fredericton, Downtown Fredericton Inc, Business Fredericton North, the Knowledge Park, the Greater Fredericton International Airport Authority, and Enterprise Fredericton have been meeting to determine the areas where services will be required and how best to provide them. One of the first tasks of the group will be reviewing past strategies and models, as well as conducting research with various stakeholders and developing an analysis of the current situation (SWOT analysis, environmental scan, summary of issues and trends), as this information will help dictate the direction of economic development over the next decade.
Krista Ross, CEO
Moving forward into the year, we are once again poised to host the State of the Province dinner at the Fredericton Convention Centre on January 31st. As in the past, this event should prove to be an exceptional evening of networking with fellow Chamber members and business leaders from across the province. Premier David Alward will provide us with his vision for the province in the coming year and beyond, as well as his insight and reflections on 2012. If you have not yet had an opportunity to do so, please submit a question which may be chosen to be posed to the premier at the end of his speech during a question and answer period. Your Chamber continues to work on your behalf on issues which affect you, we welcome your input and insight on any issues you feel are of concern to the business community that we should be looking at, and we invite you to contact us. We also encourage you to attend upcoming professional development opportunities, networking events, and of course, take advantage of the many other benefits of your Chamber membership. If you arenâ€™t as familiar with them as you could be, check out our website or call one of the Chamber team members and we would be happy to provide you with the details!! Wishing you the best of success in your business in 2013! Krista Ross, CEO Fredericton Chamber of Commerce Tel: 506-451-9744 Email: email@example.com
Jan. - Feb. 2013
Hello Newest to our
Sorella Spa 358 King Street, Suite 202 Fredericton, NB E3B 1E3 Tel: (506) 450-8000 Email: firstname.lastname@example.org Website: www.sorella.ca Contact: Trisha Fournier-Hoyt
Second Showing Boutique 1010 Hanwell Road Fredericton, NB E3B 6A4 Tel: (506) 458-1305 Email: email@example.com Website: www.secondshowingboutique.com Contact: Judy Crosby
Atlantic Education International 1133 Regent Street, Suite 500 Fredericton, NB E3B 3Z2 Tel: (506) 453-8300 Email: Lawrence.firstname.lastname@example.org Website: www.aei-inc.ca Contact: Lawrence Durling
Heart and Stroke Foundation of New Brunswick 133 Prince William Street, 6th Floor Fredericton, NB E3B 7J7 Tel: (506) 459-5126 Email: email@example.com Contact: Sarah Brown
Hummingbird Holdings PO Box 30021, 1040 Prospect Street Fredericton, NB E3B 0H8 Tel: (506) 447-0309 Email: firstname.lastname@example.org Contact: Carlena Munn
Cape Consulting Group 720 Main Street, 3rd Floor Moncton, NB E1C 1E4 Tel: (506) 867-9964 Email: email@example.com Website: www.capeconsultinggroup.com Contact: Chad Peters
Jan. - Feb. 2013
PropertyGuys.com 32 Menzies Drive Hanwell, NB E3C 1M6 Tel: (506) 454-4897 Email: Fredericton@propertyguys.com Website: www.propertyguys.com Contact: Sylvie & Aaron McConnell
Eastland Industries Ltd. PO Box 1001, 77 Industrial Park Road Minto, NB E4B 3Y6 Tel: (506) 327-3321 Email: Charles@eastlandkitchens.ca Website: www.eastlandkitchens.com Contact: Charles Corriveau
Members Dale Carnegie Business Group 58 Church Avenue Sussex, NB E4E 1Y7 Tel: (506) 432-6500 Email: firstname.lastname@example.org Website: www.maritimes.dalecarnegie.com Contact: Paul Kearley
RSEI Consultants Inc. 564 Prospect Street Fredericton, NB E3B 9M3 Tel: (506) 451-0005 Email: email@example.com Website: www.rsei.nb.ca Contact: Lori Brewer
BUDD LYNCH CONSULTING
REAL ESTATE VALUATION/LEASE CONSULTING/LAND ANALYSIS OFFICE: 412 QUEEN ST., SUITE 300 FREDERICTON, NB, E3B 1B6 PHONE: 506-461-4848 EMAIL: firstname.lastname@example.org
Budd Lynch Consulting FreddyLink 412 Queen Street Category: Real estate valuation and consulting. Contact: Budd Lynch 201 Willingdon Street Fredericton, NB E3B 1B6 Services: Fredericton, NB E3B 3A6 Tel: (506) 461-4848 Commercial and multi-residential property valuation. Vacant land analysis Tel: 261-4414 Email: email@example.com Expropriation Expert testimony Property tax appeal Website: www.buddlynch.com Email: firstname.lastname@example.org Website: www.freddylink.com Contact: Budd Lynch Contact: Bernie Zebarth Services: Products & Services: Commercial and FreddyLink links caring individuals in multi-residential property the community of Fredericton with valuation. children and families in need in Haiti Vacant land analysis through World Vision. Together we can Expropriation help families in Haiti break the cycle of Expert testimony poverty and become self-sufficient. Property tax appeal
Number 1 English 45 Meadow Green Court Fredericton, NB E3B 5L8 Tel: (506) 262-4917 Email: email@example.com Website: http://number1english.blogspot.ca Contact: Carol Ann Melvin Products & Services: We provide homework help for all grades and teach English as a Second Language (ESL) for adults and children. We also edit your business, academic, or research documents. We teach in your home, at your work or online.
CDS Financial 620 Queen Street Fredericton, NB E3B 1C2 Tel: (506) 452-2840 Email: firstname.lastname@example.org Contact: Gregg Hunt
Jan. - Feb. 2013
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Lydia Lapointe of York Financial Services referred: New member: Second Showing Boutique Stella Kim of Teriyaki Express referred: New member: Number 1 English
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Congratulations to Beth Crowell (pictured) of Mayday Printing. She was named the â€˜2012 Fredericton Business Ambassador of the Yearâ€™ at the Meetings Matters Launch . Congratulations to Dr. Colleen Oâ€™Connell and Patricia Ellsworth on being the recipients of the YMCA Peace Medallions.
Jan. - Feb. 2013
Chamber’s strength is through its inclusiveness and diversity
By Morgan Peters
he theme of this issue is business collaboration and how industry, academia and business work together. Nowhere are the benefits of this collaboration more apparent than within our membership. Chambers of commerce are built on the cooperation of seemingly unrelated disparate groups with both common and dissimilar interests. Having access to the strengths and experiences of so many different organizations and individuals allows for the flow of information and resources amongst these partners. With over 900 members from categories such as non-profit organizations; professional associations; government agencies and divisions; post-secondary institutions and departments; individuals; and businesses covering dozens of industries, the potential for collaboration is virtually endless.
The value in bringing together organizations and individuals can readily be seen through the Chamber’s committees and related advocacy work. Participation in these committees by representatives from all sectors is the primary mechanism to ensure that all members’ interests are considered and the Chamber’s advocacy efforts take a comprehensive and wholistic approach. Having varying, and at times, opposing viewpoints allows for full and robust discussions, where issues are able to be fully flushed out and unintended consequences are minimized. This not only leads to more balanced advocacy, but is also beneficial for the community at large. In a relatively small city such as Fredericton, community environment and quality of life issues tend to play a more acute role than in larger centres. Our size and lifestyle can be a great asset when attracting new investment, drawing entrepreneurial immigrants, and encouraging executives of corporations to locate operations here. It is a big reason why issues such as physician recruitment and post-secondary education continually score so high on our annual member survey as “the most important issues that affect business in the community.”
Having a Chamber with dozens of non-profit groups, active involvement from our post-secondary institutions and businesses of all types and sizes demonstrate that we are a group that make our business conditions better through enhancing the community environment and the community environment better through enhancing business conditions. As a trusted organization in the community for decades, the Chamber is also able to be a hub for all of these groups who would otherwise have to find each other on a piecemeal basis. Business, non-profit groups, academia, and government agencies often have trouble connecting on projects or issues for which they are otherwise well-suited to work together. The efficiencies created by the Chamber acting as a conduit allow our members more opportunities to focus on developing and utilizing these relationships, rather than seeking out and creating them. Simple conversations that happen at Chamber events or as part of committee-work can lead to mutually beneficial exchanges of ideas, breakthroughs on advocacy work, new partnerships, or entirely new ventures. It must also be noted that the Fredericton Chamber is only able to act as such a strong advocate and connector because if the participation of our members. Having a collection of organizations and individuals is meaningless without the desire to connect and the commitment to continually improve our business conditions and the community as a whole.
Jan. - Feb. 2013
Knowledge Park Creating the Right Environment for Innovation and Entrepreneurial Success By Larry Shaw
ormer President of Waterloo University David Johnston saw “wonderful things happen” first hand – many of them, the result of his direct intervention and hands-on approach in helping grow Waterloo’s research and technology park. Today, more than 70 per cent of the world’s GDP runs on software created by companies in the David Johnston Research + Technology Park. Achieving that level of global impact required vision and commitment, the technological leadership of the parks’ organizations, and high impact research. But perhaps the most critical element of all was the level of collaboration that continues to take place when, as Johnston pointed out, “like minded people and organizations are in close proximity”. Indeed, the level of collaboration in the park itself was only surpassed by the commitment and support of its key partners - the University of Waterloo, federal and municipal governments, and other stakeholders, including Communitec and Canada’s Technology Triangle. But, as parks around the globe continue to discover, it is the existence of a collaboration nurturing environment that is at the heart of research park success stories since the first one was established more than 60 years ago in Menlo, California.
Jan. - Feb. 2013
Ensuring start-ups have a collaborative, supportive environment can have an exponential economic impact. Today, few dispute that research parks are economic engines that continue to accelerate the emergence of innovative small and medium-sized high tech enterprises. But it’s about much more than numbers of businesses. In fact, research parks are a proven catalyst for direct and indirect benefits, ranging from higher paying jobs and larger tax bases for communities to the ability to attract and retain increasingly hard-to-find technological expertise.
Fredericton’s Knowledge Park Continues to Evolve That kind of positive impact is why Fredericton’s Knowledge Park remains focused on building that same level of collaboration and innovation on its campus-like 25-acre site. Now in its fifteenth year, Knowledge Park is a tangible symbol of the region’s and New Brunswick’s robust knowledge industry. Its mandate is crystal clear – to support and grow the right collaborative environment for organizations engaged in research and development, commercialization, or simply growing their businesses. And, by doing so, fuel knowledge-based economic development in the region and the province. Like the David Johnston Research +Technology Park, Fredericton’s Knowledge Park is the result of the collaboration, vision and support of its partners – the provincial, federal and municipal governments, and the University of New Brunswick.
“Commercialization is a contact sport and when like-minded people and organizations are in close proximity wonderful things happen”
His Excellency David Johnston, Governor General of Canada That it’s working and helping attract companies and spur growth is evidenced by the fact that Fredericton is now home to almost 70 per cent of the province’s knowledge industry. Even more remarkable, the province’s capital city is the home-base for companies involved in two of Canada’s biggest deals in 2011. One of them, Radian6, cut its teeth alongside other Knowledge Park success stories, including Skillsoft, CGI and Blue Drop Performance Learning. Next Steps: Helping Start-ups Get to Market - Sooner In the coming months, Knowledge Park will take a page from the David Johnston Research + Technology Park when it launches perhaps the most critical infrastructure component if the park is to achieve its potential as the economic engine it can be. Knowledge Park’s Commercialization Environment for Advanced Learning Technologies (CEALT), its planned Acceleration Centre, and structured ACcelR8 program, will be housed in an 8,000 square foot adaptable space at Knowledge Park. With this new infrastructure and programming aimed at accelerating tech start-ups commercialization, Knowledge Park will seek to replicate the success of Waterloo’s Research + Technology Park Accelerator Centre launched six years ago. Since that time, that centre has been home to more than 90 high-tech companies. Knowledge Park CEO, Larry Shaw, is enthusiastic about the new centre’s potential to achieve the collaborative environment start-ups need: “Once we launch our centre, those who are eligible will have the opportunity to benefit from shared services, adaptable and easily configured work spaces, formal coaching and mentoring programs, as well as access to onsite professional financial, legal, and marketing services. ”
The planned centre and its one-stop-shop service approach, says Shaw, will be focused on ensuring tenants move ideas to market – faster. That’s because, in the world of technology, timing is everything. Being earlier to market reaps exponential financial benefits, increasing the company’s ability to reinvest and innovate. It’s an approach that’s spreading, says Shaw. In Ontario, the cities of Stratford and Barrie, he pointed out, are looking at similar initiatives. Further abroad, the University of Wollongong in Australia has consulted with the Waterloo’s Accelerator Centre as it plans a similar initiative in that country. In today’s increasingly knowledge-based economy, productivity is recognized as inextricably linked with innovation. Tech start-ups can be the innovation engines New Brunswick needs, given the significant fiscal and demographic challenges the province faces today. Investing in providing emerging enterprises with the mentoring, support, and knowledge they need to get to market faster, says Shaw, is not a risk, but an evidence based investment.
11 Insight Jan. - Feb. 2013
ndustry and academia have always known that each one benefits when they are working together. The best way to make a university education successful is to supplement that education with work experience. Strengthening the relationship between business and academia will help graduate more well-rounded employees who fit the needs of companies.
BAA CO-OP PROGRAM By Valerie Whyte
Hiring new employees is a daunting process, not to mention expensive and that process becomes more difficult when new hires aren’t prepared. The co-op program at the Faculty of Business Administration at UNB is bridging the gap that exists between academia and the industries that hire graduates. It is becoming increasingly difficult for university graduates to find employment when they finish their degree; many students are returning to school for more education or moving somewhere they don’t want to be to find work. This problem is also felt by business who can’t find graduates that meet their needs. Co-op students complete up to a full year of full time work while completing their degree. They’re hired by a variety of businesses that range from large accounting firms, to new venture start-ups which offers student placements in a variety of disciplines. This gives students the opportunity to gain valuable work experience but it has its benefits for employers as well. Businesses are able to fill positions much more cost effectively, but it also acts as an excellent recruiting tool because after the work term is over, they have the option to hire those students that fit into the organization. “During work terms, co-op students are given the opportunity to get to know us, understand what we have to offer, and to listen to what our people have to say about our organization, said Tara Olesen of Grant Thornton, an accounting firm that has been regularly hiring UNB co-op students for years. “Students are then able to decide for themselves whether that fits in with what they are looking for. While doing all of this, students will learn the practical side of accounting and will become a valued member of the team...each work term building on their previous experience so that before they know it, they are able to service our clients and build a promising career. Students are valuable to us; not only because of the work they do, but because of the future leaders of the firm they will become.” Building relationships between industry and academia is an important driver of economic growth in the region. A strong partnership between business and the university means that students are better suited to meet the needs of local businesses, but it could also mean that graduates stay in the region. If students work at a local business while completing their degree, it is more likely that they will stay after they graduate. If young, educated and motivated people are staying in the region, they will bring innovation to local business. Every business that participates in the co-op program by hiring a student isn’t just getting an employee for four months. They are making an investment, an investment in their business, in the student’s future and in the community as a whole. Businesses that hire co-op students are showing their community that they are committed to helping the entire region prosper. It’s time to create a long-term relationship between industry, the community and academia.
Jan. - Feb. 2013
lowaterâ€™s has been part of the Fredericton business community since 1944 and we couldnâ€™t be more proud of the city we live and work in.
Clowaterâ€™s Plumbing & Heating was originally started by my grandfather Ernest Clowater pedaling his bike around town making plumbing calls. In 1964, Wesley, Donald and Gordon Clowater joined their father in the business and created E.W. Clowater and Sons. Through their hard work, determination and a good relationship with customers they built up the business and each retired as they got older, leaving Wesley with the business for the past 7 years.
A small name change later and we continue to work hard to provide our customers with great service and are pleased to report that we have 3rd generation customers that continue to call us. We are very happy to announce that myself, (Jill Dickinson) and Jeff Clowater have become the 3rd generation owners of Clowaterâ€™s Plumbing & Heating. We are looking forward to continuing to serve Fredericton and to continue to be part of this wonderful city. We want to thank our employees for helping us create this company, without their continued effort and support we would not be able to do this.
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13 Insight Jan. - Feb. 2013
Business Collaboration By Shannon MacDonald
Shannon MacDonald is the Atlantic Practice Managing Partner for Deloitte, overseeing Deloitte’s marketplace presence in Atlantic Canada. Shannon is also a member of Deloitte’s national Board of Directors. Her experience includes over twenty years of public accounting and consulting services. Shannon’s most recent achievements include one of Canada’s Most Powerful Women – Top 100 award by the Women’s Executive Network and one of Atlantic Canada’s Top 50 CEOs.
ver the past several decades, a major gap has emerged between Canada and the U.S. in the most important driver of prosperity – productivity, defined as the average value produced per hour worked. The only way to safeguard our standard of living for future generations is to reset Canada’s productivity trajectory. Deloitte’s second report on the issue The future of productivity: Clear choices for a competitive Canada brings new and deeper insight into what must be done to restore Canadian competitiveness, to dispel myths which may block our way, and to set out specific recommendations aimed at creating a more prosperous future for Canadians. The Deloitte report found that among all firm sizes, most sectors and almost every region, Canada’s productivity performance lags the U.S. For example, while the U.S. employs more workers in large firms (which are more productive than small firms), shifting more Canadian workers into large firms would close only 2% of the $13 per hour productivity gap between Canada and the U.S. This is because we lag the U.S. in every firm size. Likewise, changing our sector composition to match the U.S. by shifting away from natural resources into other sectors would only reduce the gap in productivity growth by 5.8%. As in size, research shows that we lag the U.S. in nearly every sector. Regionally, Newfoundland is the only province helping to close the Canada – U.S. productivity gap, while New Brunswick, PEI, and Nova Scotia all have growth exceeding the Canadian average, but well short of U.S. levels. The solution to closing the productivity gap is deceptively simple – growth. A small percentage of firms that achieve high growth drive a disproportionate amount of economic gain – a phenomenon common across all firm sizes and sectors. In Canada, 43% of new jobs come from the fastest growing 5% of all firms. An in-depth U.S. study found that from 1998 to 2008, high growth firms exhibited significantly higher productivity levels than other firms in every size and sector category.
Jan. - Feb. 2013
Compared to OECD nations, Canada produces more than its fair share of fast growing firms under five years old. As firms age, however, few Canadian companies are able to sustain growth, while those in countries like the U.S., Sweden and Israel accelerate. Canada has a high level of entrepreneurial activity, but over time several factors – such as risk aversion, low export activity and weak R&D spending – stifle firm growth. Ensuring these growing firms scale and sustain their growth is a key priority. It is no secret that Canadian private sector investment in R&D as a percentage of GDP substantially lags other OECD countries. Surprisingly, this behavior is particularly pronounced among more established firms. OECD data from 2007 shows Canadian firms with fewer than 50 employees spend 0.29% of GDP on R&D, giving them a ranking of eighth among 27 OECD countries. As firms become bigger (50-250 employees in this study), other jurisdictions increase R&D spending – but Canadian firms invest less at only 0.27%, giving us a ranking of 15th. And while we do increase R&D spending in firms with more than 250 employees to 1%, Canada’s ranking is still low at 16th. These results, which show a lack of investment in growth and innovation among more mature firms, are consistent with Canada’s lacklustre penetration of high growth firms over five years old. A change in business attitudes toward investment in R&D has the potential to quickly yield positive results in the battle to close the productivity gap.
ECONOMICS FOR BUSINESS PEOPLE By Kevin Brown, P.Eng, MBA
How are we doing? Economics can seem like an irrelevant topic to many small business people. Especially those whose motivation for being an entrepreneur originates from the love of doing the work as opposed to growing and selling the business at a profit. I recently read a study conducted by Industry Canada that concluded that there is a significant correlation between growth in revenue and management skills and ownersâ€™ intentions to grow. Revenue growth was inversely proportional to the importance owners placed on self fulfillment. In essence, if you are in business for financial gain, you likely place a priority on business skills and in turn are more likely to achieve growth. If you measure success by how much you enjoy the work, you are likely less interested in developing business skills and are less likely to achieve financial growth. If you are reading this, I suspect you fall into the former category. In the last article, we saw that 90% of the businesses in the Fredericton region have fewer than 20 employees and the majority of the types of business are small retailers, repair shops and construction companies. These businesses, your businesses, are the backbone of the local economy. Over 60% of local jobs are in the private sector. One way of gauging performance is to compare yourself to something else. It may not seem like a good thing to be slowing down in a race. However, if you are climbing a hill and the rest of the pack is slowing more than you, then you are moving up in positions. Of 69 economic regions in Canada, Fredericton was typically in the top twenty for employment rate. That is, we had a relatively high percentage of our working age population who were employed. In 2011, we began to fall back in the pack. Our relative performance dropped and weâ€™ve been struggling to get back into the front half of the pack. In October 2010, we had about 65.2% of the working age population who were employed and this placed us about 21st in Canada. In October 2012, about 59.9% were employed and we dropped to 43rd. There was no single cause for the drop in employment. Jobs were lost in many different types of businesses. We can regain our position, but more of our small businesses owners will need to evolve from finding most of their satisfaction in working in the businesses to becoming determined to work on and grow the business. And this will require learning new business skills, including economics.
Fredericton Economic Region - Employment Rate Ranking 2010 2011
15 Insight Jan. - Feb. 2013
Fredericton Mentors Awarded National Recognition
Hart North, Germaine Pataki-Theriault, Danny Crain, Rebecca Steeves, Janet Moser (Program Coordinator), Robert Grant, Sharon Cowan, Carol Ann Hanley, Pierre Beaule, Tony Henderson. Absent Keir Clark, Leah Murchison, Sylvia Hudson and Peter Giebels As part of the Canadian Mentorship Challenge, hosted in partnership with CATAAlliance and the Canadian Youth Business Foundation, Start Up Canada put a call out to the national community in November 2012 to nominate Canadian Mentor Rock Stars — the local leaders and passionate individuals who inspire others in their communities. With several hundred nominations submitted nationally the Fredericton Business Immigrant Mentorship mentoring group were recognized along with nine other top ten mentors/mentoring groups in Canada. On behalf of the Fredericton Business Immigrant Mentorship Program and the Fredericton Chamber of Commerce we would like to thank our volunteer business mentors for their hard work, time and dedication in making our program one of the best in the country. Join us today and become a mentor Rock Star to help make a difference for an immigrant investor who is working through the maze of doing business in Canada!
“Our mentors have often said that they feel that are getting a great deal from this experience, both professionally and personally. Many have reached a point in their careers that giving back to the community in which they work and run business is very important to them. Our mentors learn about diversity, cultural acceptance and integration. They become more aware of themselves as people and what the meaning of being Canadian truly is.” Janet Moser—Program Coordinator Fredericton
Thank you to the Province of New Brunswick for their ongoing support of the Business Immigrant Mentorship Program
Jan. - Feb. 2013
When traditional businesses cooperate or share services it is essentially for the same reasons – scale, combination of strengths, combination of compatible products or components into a bigger product.
Good for Business and Good for the Community If you have been brought up in the old fashioned, traditional business philosophy of dog-eat-dog competition, it can sometimes be difficult to buy into the softer concepts of collaboration and cooperation. And if you are in a for-profit business it can be challenging to see what you have in common with what is called a “non-profit” business. I remember one conversation I had a few years ago when a successful businessman questioned why “non-profits” were called businesses rather than just charities. After I listed some the things we had in common - financial reporting, statements, balance sheets, cost control; HR issues; government reporting and remissions like EI and CPP; advertising, promotion and marketing; revenue generation; Board of Directors – he conceded that he hadn’t really thought of it in those terms. Plus, he had to turn a profit to stay in business and the “non-profit” has to turn a surplus to keep meeting its mission. Add into the mix the growth of “social enterprises” and the lines get even more blurry. One thing that non-profits have known for a long time is that they must collaborate with others in order to meet their goals. For example, if a person is staying at a homeless shelter, eating at a community kitchen, getting counseling through another agency and educational upgrading with another program, those agencies know that the person will be best helped to improve their life if they work together. There are also great opportunities to do research, training and fundraising together such as is carried out through the United Way. All with the goal of reducing costs.
When profit and non-profit businesses work hand-in-hand magic happens – corporate social responsibility initiatives on a large scale like Bell-Aliant’s focus on mental illness; and companies like UPS which run very successful United Way campaigns see positive impact on employee morale and loyalty. Collaboration between business sectors creates winners all around. Supporting and encouraging the works of non-profits benefit all businesses. Every time someone’s personal situation improves as they move out of poverty, for example (upgrading, improvement of literacy skills, better health and living conditions), costs to government go down, which benefits business in terms of demand for government services; those whose lives improve in a myriad of ways usually find their economic situation improving and thus purchase more goods and services. If you are not sure how to start or you want to expand your involvement in the community, just give us a call. It is amazingly easy to set up a payroll deduction plan for your employees and you and they are immediately partnering with more than thirty local organizations. Alternatively take a look at volunteer opportunities in the community for your employees. The United Way can arrange a Day of Caring in the community which meets your employees’ interests, provides real results for the clients of local agencies and makes your team even stronger than it is today. Brian Duplessis Executive Director email@example.com ----------------------------------------------------------United Way/Centraide Central N.B. Inc. Change starts here. ----------------------------------------------------------400-1133 Regent Street, Fredericton, NB E3B 3Z2 Tel: 506-451-7792 | Fax: 506-451-1104 www.unitedwaycentral.com -----------------------------------------------------------
17 Insight Jan. - Feb. 2013
At OFC, we not only offer the best one-on-one personal training, but we also provide our clients with proper nutrition planning and all the necessary tools to achieve their best personal fitness levels... all in one place. We believe that proper training techniques, along with proper nutrition methods are the true keys to success in developing and maintaining a great physique and most importantly, a healthy lifestyle. As the premiere personal training studio in Atlantic Canada, OFC offers: • Privacy • Education • Motivation • World-class experience • A 5000 sq. ft facility • Affordable membership includes: training program, nutrition plan, gym membership, and unlimited personal training • GUARANTEED RESULTS AND SUCCESS OFC’s membership is a unique and well rounded program coaching people on three key components: exercise, nutrition, and lifestyle. We teach members that instead of concentrating on your weight (number on the scale); the real results lie within changing your body composition. This will give you a more accurate picture of how well you’re doing and will allow your body to burn fat and in turn keep the fat off! The benefits of the TransformOver program include but are not limited to: increased energy levels, decreased sick days, improved cardiovascular health, disease prevention, permanent weight loss, and improved strength and muscular functions. OFC’s TransformOver program is proven to be the most powerful and effective program of its kind. We have had a 100% success rate for over 2 years! For more information, check out our website (www.transforming-lives.ca) or call us (450-9972) to start your TransformOver!
Jan. - Feb. 2013
Providing greater Fredericton with enriching artistic and cultural experiences through diverse live performances is the Playhouse’s central mission. In the last ten years, it has continued to broaden its scope in the community through its rental of the facility to local, regional and national organizations, the presentation of its own performance series, and numerous outreach activities. The Playhouse strives to deliver live performances that meet the evolving needs of the city. Further, what distinguishes the venue beyond its downtown location and professional live performance offerings is its connection to the community. And as an arts organization it plays an integral part in the expansion of the theatrical arts through programming initiatives such as “The Fredericton Playhouse Spotlight Series”, which offers a variety of presentations, including a large-scale Broadway production and various other performing arts genres. In fact, The Playhouse has become somewhat of a community cultural agency, expanding education and outreach programming and connecting artists to the community through a series of innovative workshops and enrichment activities that take place in conjunction with select performances. The Playhouse infrastructure also contributes to the development of theatrical arts in our community as a venue by offering a state-of-the-art facility that allows other arts organizations to do the same. For more information about our charitable organization, or to purchase tickets for an upcoming performance, check out our new website at www.theplayhouse.ca.
, 2012, On Tuesday, October 23rd, the Fredericton
phere in partnership with LearnS d a session called “Break ste Chamber of Commerce ho les” with facilitator Russ The Rules – Close More Sa s eived from this session wa Mallard. The feedback rec lly seemed to enjoy excellent, our members rea lot. themselves and learned a
On Thursday, November 1st, 2012,
National Bank hosted the Fredericton Chamber of Commerce’s monthly Business After Hours. The turnout of this event was outstanding, with over 100 peop le in attendance. Thank you to Costco Wholesale for being the catering sponsor for this event.
3th, 2012, November 1
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On Tuesdayte, r Jim Flaherty was our gueostn Centre.
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r 20th, 2012, On Tuesday, Novembe with of Commerce partnered
r the Fredericton Chambe Russ er session facilitated by oth an st LearnSphere to ho s very wa ion ss se is for the ‘No’”. Th g oin “G d lle ca rd, lla Ma mbers was ack received from our me db fee the d an ve ati inform with g forward to partnering excellent. We are lookin ar! Ye w ng sessions in the Ne LearnSphere in upcomi
December w as a busy mo nth of Holida Gatherings… y On Thursday ,
December 6th the Ramada , 2012 Hotel hosted the Fredericto , Commerce’s n Chamber o holiday Busin f ess After Ho a great job o u rs rganizing this . event, it really The Ramada did facility. At th showcased th e event the R eir amada collec monetary do ted food and nations for th e Community Food Centre. Thank you to all our memb ers who were our Holiday O able to join u pen House o s at n Wednesda 2012! We loo y, December k forward to 12 , seeing you a New Year! t our events in the
February 19, 2013 January 31, 2013
State of the Province Address at the Fredericton Convention Centre
February 2, 2013
Social Media for Non-Profits at the Ramada Hotel
January 24, 2013
Balanced Scorecards – A Leadership Approach at the Ramada Hotel
February 7, 2013
Business After Hours hosted by [Catch] Urban Grill Restaurant
Commercializing Innovation at the Fredericton Inn
March 7, 2013
Business After Hours hosted by Gardiner Realty Royal LePage
March 26, 2013
Distinguished Citizen Awards at the Crowne Plaza Fredericton Lord Beaverbrook Hotel
19 Insight Jan. - Feb. 2013
NUMBERS NOT ADDING UP?
OURS DO… SEE WHY WE'RE CANADA'S #1 EMPLOYEE BENEFIT PLAN FOR SMALL BUSINESS. Call Blair or Robyn Corey 458.0102 or Vernon Boyer 452.1891 to tailor a plan suited to your needs. See what the Chamber Plan can do for you! www.chambergroup.ca
Published on Jan 1, 2013