BusinessView Saskatoon October/November 2014

October/November 2014

Education for the Modern Economy For Saskatoon Business College, a lot has changed in 100 years

Celebrating the Fourth Annual Huskie Tailgate Party

Also: Member news, President’s View, and more

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BUSINESS VIEW SASKATOON

Table of Contents

Featured Articles President’s View Pg. 4 Tearing down barriers to trade

Education for the Modern Economy Pg. 5 For Saskatoon Business College, a lot has changed in 100 years

Fourth Annual Huskie Tailgate Party Pg. 14

Promotional Features K+S Potash Canada Pg. 7 Supplier and contractor update

Celebrating Saskatchewan Entrepreneurs Pg. 9 Crash Course in Email Marketing Pg. 16 Selling your Business? Pg. 17 These common mistakes cost owners more than they realize On the Cover: Rich Chapman (Co-Owner), Marcia Whittaker (Principal) and Blair Chapman (Co-Owner) of Saskatoon Business College. Image by Grant Romancia Photography.

Showcase Your Business with Style Pg. 18 Highest and Best Use Pg. 21 REALTORS®, property, you, and the market

BUSINESS View­is a bimonthly publication of the Greater Saskatoon Chamber of Commerce 104-202 4th Avenue North, Saskatoon, SK S7K 0K1 Phone: (306) 244-2151 Fax: (306) 244-8366 Email: chamber@saskatoonchamber.com Website: www.saskatoonchamber.com Twitter: @stoonchamber Reproduction of any material contained in Business View is permitted provided credit is given to the Greater Saskatoon Chamber of Commerce.

Articles and criticisms are invited, but views expressed in Business View are those of contributors and are not necessarily endorsed by, or are policy of, the Greater Saskatoon Chamber of Commerce. We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership.

The Board reserves the right to edit submissions.

The Chamber

Greater Saskatoon Chamber of Commerce Building the Best Business Climate in Canada, Thereby Creating a City of Opportunity

STAFF

Cover image by Grant Romancia

Kent Smith-Windsor, Executive Director Derek Crang, Membership & Marketing Director Ryan Wig - Director of Communications Terry Lawrence, Administration Roz Macala, Executive Secretary Breanne Lishchynsky, Director of Operations Linda Saunders, Bookkeeper Kevin Meldrum, Business View Publisher

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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President’s View

Tearing down barriers to trade While access to international markets improve, lack of free trade within Canada needs to change “The world is shrinking.” “Globalization is here to stay”. How many times have you heard these and other similar statements?

With the widespread use of the internet and other technological advances, few would disagree that the ability to do business worldwide is easier than ever. Because of these trends and the continuing evidence that enhanced access to markets everywhere is a key component of any strong economy, the Federal Conservative Government continues to enter into trade deals with other countries.

The trade deal recently signed with Korea is just the latest example, bring the number of trade agreements Canada has with other countries up to 43.

Image: oriontrail/Shutterstock.com

While our Federal Government has made great strides in improving access to international markets for all Canadians, access to markets within Canada remains restricted. According to the Government, this lack of free trade is costing the Canadian economy billions every year. We had heard complaints from a number of our local businesses who do not have the same access to markets in Ontario and Quebec as their competitors from those provinces have to our markets. This needs to change. We need full access to markets in the rest of Canada to sell our products and provide our services on a playing field that is as level as the Saskatchewan Prairie.

At times like these it is tempting to take the protectionist approach by imposing trade restrictions on other provinces similar to those that have been imposed on us. Our Provincial Government recently formed a new entity called Priority Saskatchewan, which is “responsible for ensuring Saskatchewan businesses are treated fairly when bidding on government and Crown contracts.” This appears very close to the slippery slope of protectionism in Provincial Government contracting.

The lack of free and fair trade across Canada is detrimental to Saskatchewan, as our export-driven economy (second per-capita in the country) is more dependent on trade than most provinces. The The lack of free and fair trade across Canada is detrimental strong economic and to Saskatchewan businesses and exporters. population growth we

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BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

have recently experienced is owed largely to our exports of a variety of commodities that the world needs, a hard-working and educated workforce, and a Provincial Government focused on developing and maintaining a pro-business environment in which to operate. Let’s hope Priority Saskatchewan does not stray from that approach.

So what is the solution to these interprovincial barriers? Clearly the provinces are unable (or unwilling) to solve the problem on their own. Wise parents let their children try to solve their own disagreements, but when no agreement is forthcoming, the parents step in. The time has come for the Federal Government to step in and act in the best interests of the entire country – that’s the job of any Central Government.

I was encouraged to hear earlier this year the Conservative Government initiative to modernize the Agreement on Internal Trade (AIT) that was signed by all provinces in 1994.

This was followed by the announcement at the First Ministers’ Meeting in August of the formation of a Steering Committee composed of four Premiers, who will undertake a detailed review of the AIT with the goal of making improvements in line with recent agreements with other countries. These initiatives represent a tremendous opportunity to bring down these internal trade barriers. We need to ensure that the changes ultimately made go far enough – numerous special interest groups will try to derail this process, and our Federal Government needs to have the courage to ignore these groups and improve the AIT. Let’s all push our MP’s to do the right thing and remove these barriers. There are many reasons (billions of reasons, in fact) why this is important to all Canadians.

Tony Van Burgsteden President Greater Saskatoon Chamber of Commerce

Cover Story

Education for the modern economy For Saskatoon Business College, a lot has changed in 100 years Article by Jeff Davis Saskatoon Business College graduated its first class of young ladies back before the First World War began, when Saskatoon’s 3rd Ave North was still just a dirt track.

The Traffic Bridge, now being torn down, was just taking shape across the river in 1907. Saskatoon only had a population of 4,000 people or so, and there was plenty of work to be done.

Over more than a hundred years, this little secretarial college on the prairie has grown up as part of Saskatoon’s business life. It has trained scores of clerical staff over the years, and now offers specialized business, medical and computer programs.

Along with huge changes in technology, the college also sees a very different type of student. They’re a little older, a lot more culturally diverse, and hungry for the skills that pay in this economy.

The second oldest privately-owned career college in Canada, the Saskatoon Business College is owned by brothers Blair and Richard Chapman. Their grandfather bought the place in 1951, moving to the current location in 1960.

“Our demographics have changed dramatically from when my dad ran this business,” Blair Chapman says. “About 90 per cent of students were directly out of high school.”

Nowadays, instead of learning shorthand and Dictaphone, students at the Saskatoon Business College take courses like the 12-month Mining Industry Business Specialist program. Chapman says the course was developed with input from industry to satisfy the specific needs of the mining world.

“It’s the only program of its kind in Canada,” he says. “It focuses entirely on Saskatchewan resources: potash, uranium and a bit on oil and gas.”

While they don’t go underground, the college’s graduates can hit the ground running with knowledge of the sector.

“They learn mining terminology and how things are brought to port,” he says. “Upon

Saskatoon Business College has been preparing students for the workforce for over 100 years. L-R: Blair Chapman (Co-Owner), Marcia Whittaker (Principal) and Rich Chapman (Co-Owner). Image: Grant Romancia. graduation students look for work in the mining supply chain, and we’ve identified about 60 companies looking for graduates.”

Saskatoon Business College’s health care programs are similarly plugged into the local economy.

“Our Medical Administrative Assistant, that’s the go-to program for the Saskatoon Health Region,” Chapman says. “They hire about three quarters of my grads every year.”

Many of these graduates work in medical office support roles, while Personal Care Aides find employment as home care and long term care aids.

Walking through the College’s hallways you can see from the graduating class portraits on the wall that the student body remained almost uniformly female until the mid1980s. Back then fewer women attended university, but now claim nearly 60 per

cent of university enrollment. As they’ve left more men have begun attending Saskatoon Business College, and entering into some less traditional roles.

“Now we see more men in paralegal or in the health care fields,” Chapman says.

These days only about 10 per cent of the college’s students come straight out of high school, Chapman says. What he’s seeing now is more students coming from the working world, with a few years’ experience, who want to escape low paying jobs and unpredictable hours in the service industry.

“The typical student here is paying for the program themselves, so they are financially independent,” he says. “And they’ve got a lot at stake often times. They might be a single parent or have left work for a year to go to Continued page 10

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

Promotional Feature

K+S Potash Canada – Supplier and Contractor Update This advertisement is to provide Saskatchewan suppliers and contractors with a follow-up on where K+S and AMEC stand today, in their efforts to work with First Nations and Métis people, and Local Firms.

We also want to ensure that we don’t miss an opportunity to involve First Nations and Métis people, or Local Firms. Hence in this advertisement, we outline the process again and re-emphasize key criteria.

There is still a large amount of work to be awarded to subcontractors and suppliers.

Since the “LYP” will be used for ongoing operations, and quite a few submitted One Pagers were not suitable for the explained purpose, the following is a re-iteration of the process so that suppliers and contractors have a higher chance of making it into the “LYP” [upcoming revision] and have a high chance of getting work: If your previously submitted One Pager does not look like the below guidelines, or if you have not submitted your One Pager but you would like to join us, which we encourage you to do, then please email your (revised or first) One Pager to Andrew.Gajadhar@ ks-potashcanada.com;

To-date, the vast majority of suppliers and contractors working or which have worked for the Legacy Project, are medium sized or small, local companies. In this context, “majority” means by head count rather than by volume because, as explained in the town hall meetings held in Moose Jaw, Regina and Saskatoon during the winter of 2014, it would be impossible to implement a CAD 4.1 Billion dollar project via thousands of small work packages.

Still, K+S Potash Canada (KSPC) and AMEC found a way to involve medium and small sized local companies through what we refer to as “Legacy Yellow Pages” [“LYP”]: At the town hall meetings we asked Local Firms to email us an efficient “One Pager” which many did. We have meanwhile created the “LYP” and updates thereto out of the received data.

We have been using the “LYP” by asking our large, general contractors/suppliers to prioritize the use of “LYP” firms. We also have, as suggested by Local Firms during the town hall meetings, added the “LYP” to our bid documents so that bidders are encouraged to involve interested suppliers and contractors at this early stage.

The “LYP” will not only be used during construction of the Legacy Project but will also be the basis from which suppliers and contractors will be sourced directly by KSPC rather than via sub-supplier/subcontractor involvement, during the operation of our mine for decades, and for the further development of our well field.

Also, we are proud to report that we were able to give approx. CAD $200 Million dollars of work to firms with First Nation or Métis equity.

Your One Pager should not exceed 1 page. State the name of your company, contact details of the person you want to be contacted, a bullet point list of the type of goods and services you offer, a brief indication of your firm’s capacity and your location(s); If your firm is active in very different industries then you should submit a One Pager per industry but please keep such splits minimal; If you have previously provided services or supplied goods for the Legacy Project, then please indicate this on your One Pager as well; Please indicate what First Nation or Métis equity share your firm has, if any, or whether you have or see the potential for an Aboriginal joint venture partner.

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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Promotional Feature

Celebrating Saskatchewan entrepreneurs November 18th, 2014 marks the W. Brett Wilson Centre’s 7th annual Pitch Party. Not only is Pitch Party the largest celebration of entrepreneurs in Saskatchewan, it also ties in with the largest celebration of entrepreneurs in the world: Global Entrepreneurship Week. From November 1724, 2014, thousands of events and activities across the globe will be recognizing innovators that bring ideas to life, drive economic growth and expand human welfare.

With a theme of “Innovation & Creative Thinking”, this year’s Pitch Party aims to connect creators, innovators and entrepreneurs from across different backgrounds, showcase local startups, and get attendees thinking creatively and building ideas.

The Pitch Party 2014 program will include rapid fire pitches with live audience voting, updates from past winners of the i3 Idea Challenge, and a speaker panel on “Innovation & Creative Thinking” facilitated by W. Brett Wilson. Following the program, the celebrations continue with booths showcasing local entrepreneurs, and interactive networking spaces including a Little Bits Prototyping station.

VIP Corporate Tables to Pitch Party can be purchased for $700. This Corporate Table package includes six tickets to the event with reserved, VIP seating, sponsorship recognition on all tables and seating maps, your company logo displayed on your table, two complimentary bottles of wine, and a premium appetizer platter. Individual tickets are also available for $75 each.

For more information on Pitch Party, visit www.usask.ca/pitchparty.

W. Brett Wilson addresses a sold out crowd at “Pitch Party 2013”.

Audience members are drawn for the opportunity to come on stage and pitch their business ideas to W. Brett Wilson.

Attendees of “Pitch Party 2013” browse the tradeshow booths, which feature business startups, student groups, and entrepreneurial support organizations.

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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Continued from page 5

school and better themselves.”

Most students make a lot of sacrifices – living on a shoestring budget and working up to 40 hours per week – to get through the program.

“There is no silver spoon,” he says. “They are serious, and as a result they make for good employees.”

The college runs classes from 8:30 am to 3:30 pm from Monday to Thursday, leaving Friday off for students to attend to their jobs and families.

“The vast majority of students are working and can save on a day of daycare,” he says.

“So they really appreciate that.”

Chapman says due to recent trends in the global economy, students are being more strategic about how they spend their education dollars. The appeal of a four year humanities degree at a university – with unclear job prospects on the other side – is becoming less attractive to many, he says.

“Since the economic downtown of 20082009, people are forced to be more realistic about what’s the best value for their tuition dollars,” Chapman says. “They want to see their investment pay off, and we can in a 10 or 12 months program get them working

Saskatoon Business College has diversified not only their program offerings, but their student base as well, with applicants from around the world. Image: Grant Romancia. very quickly.”

Over the years as more immigrants chose to move to Saskatchewan, the ethnic makeup of the school has change dramatically. Many of these students came to the province because of its economic prospects, and are eager to skill up and start working.

There is also a growing interest from abroad.

“We’re getting a flood of inquiries from not only new Canadians but also international students,” Chapman says. “We just got designated this spring to host international students, and we’re the first private college in Saskatchewan to get this designation.”

Over the long sweep of Saskatoon Business

College’s history, Chapman says that integrating new technologies as they come out has been the key to survival.

“We’ve had to continually try to stay ahead of the curve in terms of technology,” he says.

With healthy enrollment and solid links to major economic players in the local job market, Chapman says the private college route is a compelling offering for thrifty students.

“For students who attend private career colleges, it’s their first choice,” he says. “We don’t play second fiddle to universities.”

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Member News

Fourth annual Huskie Tailgate party Supporting Huskie football and a salute to our soldiers

On Friday, September 19th, the Greater Saskatoon Chamber of Commerce proudly presented the Huskie Tailgate Party and BBQ in support of Huskie football with a salute to our soldiers, sponsored by Conexus Credit Union. In what has become an annual tradition, the event featured a BBQ (Sponsored by the Concorde Group) with proceeds to the “Soldier On” Fund – a charity which provides financial aid to injured and disabled individuals from the armed forces. Award winning country music star Jess Moskaluke entertained guests throughout the evening on the Conexus Free Stage. A special thanks goes out to our other sponsors: Sheraton Hotel, Great Western Brewing Company and the Saskatoon Media Group.

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BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

MORE READERS WITH MORE BUYING POWER

74% of adults with personal incomes of $50,000 or more are StarPhoenix readers.

74% of adults with household incomes of $100,000 or more read The StarPhoenix.*

To ďŹ nd out how your business can best reach this audience, call 306.657.6340. *Source: NADbank 2013 Study; Saskatoon CMA (Adults 18+: 229,100).

Combines print & online. Read in last six days

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IN MOREWAYS THAN EVER BEFORE.

Promotional Feature

Crash course in email marketing

By Mouneeb Shahid, CEO, 2 Web Design Ever since Canada’s Anti-Spam Legislation (CASL) came in to effect, online marketers have become very cautious in how they conduct their email marketing campaigns.

The stakes are high and penalties can be very severe for unauthorized commercial emails.

The transition has been a nightmare for most organizations and some would argue if it was even necessary considering the amount of spam we already receive. For those of us who have been faced with the challenge of refreshing our pool of subscribers, good luck! We know because that response rates are pathetically low, getting subscribers to renew their interest can be taxing.

All that said, email is still one of the most powerful means of communication. It costs almost nothing, is quick to send, can be easily monitored and keeps our legal departments happy. Heck, it is one of the best inventions on the Internet even to this day. To use this power of email under the CASL umbrella of governance, it is therefore necessary to take measures to grow our lists responsibly and get better at sending messages that result in higher response rates. The following three steps will get you started in the right direction.

STEP 1 - Getting Email Subscribers The fastest way to destroy your reputation and potentially get in to some serious trouble is by buying an email list. Simply put, never do this as nobody likes spam.

Your goal should be to build an email list of subscribers that are eager to hear from you. There are two parts to achieving this goal, the first part requires you to generate quality traffic and the second is to convert that traffic to subscribers.

We know that getting quality traffic is a side-effect of compelling content on your website and blog. Investing in writing articles that educate your audience by answering key questions in your industry will give your organization the traction it needs to drive quality traffic through search engines.

This methodology delivers long-term and sustainable traffic that grows over time.

Once the traffic is flowing, the next step is to encourage conversions. We all like free giveaways, but by making the incentive educational and highly targeted to your industry, you will find an increased number of users willing to subscribe to your list.

STEP 2 - Increase Your Email Delivery Score Sending the email is just the beginning.

There is no guarantee that your email will be delivered or break through spam filters.

Many variables impact your email’s delivery rate. A key metric is the “Sender Score” which is basically an algorithm that ranks the reputation of your mail server. A great service that evaluates your Sender Score is ReturnPath.com. You can increase your Sender Score using a variety of techniques and most bulk email services follow current standards.

STEP 3 - Make Your Email Irresistible With email being so cheap, we receive tons of it. However, most of the mass emails sent get deleted before they are read.

You therefore have to break through the competition to get noticed. A great way to

do this is to start by writing a great title. In most email programs, the title would consist of the name, subject and a preview text. A short genuine title that reflects the content of the message increases the response rate and reduces the chance that a reader would unsubscribe from the list.

To make the email personal, ensure that it comes from the sender’s name, rather than the company name. Take personalization to another level by including the first name of the recipient in the subject line, but be careful not to get too creepy. The last component of the title is the preview text which is the first line or two of your email. Make this piece engaging enough so it encourages the viewer to click and read through.

Finally, it is good practice to avoid words known as “spam triggers” in your subject line. I would recommend to Google the most common spam trigging words and avoid using them at all costs.

Once you have an increased number of subscribers, it is important to continually optimize your messages by performing A/B testing to identify which versions generate a better response rate.

Visit our blog at www.2webdesign.com/ blog to learn more and share your thoughts.

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BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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Promotional Feature

Selling your business? These common mistakes cost owners more than they realize

By Travis Kellett, Owner & Broker, Bridgepoint Business Brokers As a business broker in Saskatoon for several years, I’ve helped a lot of great businesses and owners move on to the next phase of their life through the selling of their business. But I’ve also seen a lot of clients that Travis Kellett is the owner need help fixing of Bridgepoint Business their business Brokers in Saskatoon. before they can sell, saying to me “why didn’t I plan for this sooner?”

Business owners spend years carefully crafting their own empires literally through blood, sweat, and tears (not to mention money). Despite the work that goes into running a small to medium sized business, I’ll often find that even the most prudent owner overlooks what to do when it finally comes down to retiring and hanging up the work boots (or maybe powering down the laptop) one last time.

The following are the most common mistakes that I see which can derail a lifetime of work and guarantee not getting full value for your business:

Your Books are Disorganized or Incomplete Like many owner-managers, you worry about what’s important to get the job done and think about the details after. Don’t let this happen with your bookkeeping though, as any reasonable buyer is going to look long and hard at those records before they make you an offer. Records that are a little dicey won’t cut it and can devalue your actual worth

25-50%. Get a good accountant.

Bad Management or Structure Maybe your nephew manages the shop because he needed a job, but really isn’t effective. Maybe you still do most of the sales because nobody else is capable or knows your ordering methods. Many businesses limp along for years with the owner doing most of the day-to-day work and not delegating a manager to take over as the owner wants to retire. An owner-run business isn’t nearly as appealing to a buyer as one with full management in place to run the show in your absence.

No Owner’s Manual Is everything in your business learned on the job, or procedures in someone’s head rather than down on paper? If you don’t have controls or systems in place like training manuals, sales guides, and ordering instructions so that you could leave tomorrow and the place won’t fall apart, you need to get this done at least one to two years away from selling.

Get it in Writing Strong business relationships are great, but make sure your contracts and agreements are in writing rather than sealed with a handshake. Buyers want to see that your suppliers have agreements in place on pricing, or long-term contracts have been

signed. These are valuable assets, and help seal the deal for a buyer.

No “I” in Team You may know the ins-and-outs of your business, but you probably haven’t sold a business before. It’s one of those transactions that usually happen only once in your life, so why go it alone? There are many options to consider, and you may not be an expert on whether an asset sale or share sale is a better deal for you, or how to maximize what you will get for your business.

A solid accountant, business lawyer, and a business broker can work together to help you succeed in what will likely be the largest financial transaction of your life. Don’t try to go it alone, the headaches alone won’t be worth the costs.

About Travis Kellett and Bridgepoint Business Brokers Prior to starting Bridgepoint Business Brokers in 2009, Travis Kellett led a successful commercial banking career, supporting business owners in acquisition and expansion projects across the country.

Bridgepoint Business Brokers is a fullservice business brokerage firm. As an experienced business intermediary, they are equipped to work with both buyers and sellers throughout the business transfer process.

For more information contact Travis at 306-979-8750, travis@yourbridgepoint.ca, or visit www.yourbridgepoint.ca

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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Member Profile

Square One: Saskatchewan’s business resource centre •

In Saskatchewan, the industries of entrepreneurship and small businesses see immense growth year after year. Since 98% of companies in the province are small businesses, Square One strives to be Saskatchewan’s centre for entrepreneurs and small business owners. Our team consists of a group of professionals who are committed to providing helpful and accurate information in order to contribute to the growth of small businesses in the provinces.

As a small organization ourselves, we understand how important a support service can be. That’s why our office provides a convenient “walk ins welcome” policy, along with self-serve or assisted services.

Our Business Information Officers will also correspond over email or telephone in order to meet the needs of our clients from across Saskatchewan. Square One also works with and supports a network of regional partners who share similar goals to further support our clients in the direction that they want to pursue.

Our services include: • Market Research (demographics, competitive analyses, trends, benchmarks etc. in North America) • Market Research (information in Saskatchewan, Canada & USA -Industry profile, Competitors...)

• Business Registration Assistance

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Understanding business structures Assist with Information about starting, planning, financing, managing and growing your business Providing Sample Business Plans and other business document templates Understanding Federal, Provincial and Municipal Regulations Referrals for Financing

Sources to find information regarding hiring employees, trademarks and copyrights, business planning, importing, and other business resource centres Square One is supported by Western Economic Diversification. We are a member of the Canada Business Network, which allows us to access relevant business information from licensed databases. Square One is also a division of the Saskatoon Regional Economic Development Authority. These supporters help us make a positive impact on the province’s small business sector.

Every business starts at Square One. Contact: info@squareonesask.ca or call 1-888-576-4444.

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

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THIS YEAR, ONE LUCKY FAN WILL WIN A TRIP FOR TWO TO CUBA COURTESY OF

USKIES H R U O Y N O R E E H C * COME OUT AND !

IN W O T FOR MORE CHANCES

College of Kinesiology

huskies.usask.ca

* RECEIVE ONE ENTRY FOR EVERY GAME TICKET PURCHASED AT THE GAME, AND RECEIVE TWO ENTRIES FOR EVERY GAME TICKET PURCHASED ONLINE OR AT THE HUSKIE STORE IN CENTRE MALL. MUST BE 18 OR OLDER TO WIN. SKILL-TESTING QUESTION REQUIRED. EMPLOYEES OF HUSKIE ATHLETICS AND THEIR FAMILY MEMBERS, AND EMPLOYEES OF THE HUSKIE STORE AND THEIR FAMILY MEMBERS, ARE NOT ELIGIBLE TO WIN. THE CONTEST CLOSES FEBRUARY 9, 2015 AND THE WINNER WILL BE INTRODUCED AT FAN APPRECIATION NIGHT ON FEBRUARY 14, 2015.

Promotional Feature

Highest and best use REALTORS®, property, you, and the market

By Jason Yochim, Saskatoon Region Association of REALTORS® The home you own could well be the largest single asset on your personal balance sheet. In business, your retail store is the vital interface with your customers, and your shop or office and other physical assets are fundamentals in your operations and financial flexibility. Real property – real estate – is a huge, and sometimes overlooked, factor in our lives.

The life of a house is probably 75-100 years.

Over its century of service, it will be home to many families, have multiple owners and diverse uses. Likewise business buildings: as we see in Saskatoon’s core, what began years ago as a warehouse or industrial plant may now have migrated across the spectrum and morphed into high-end housing.

Property uses change with times and lifestyles. In real estate, this evolution and re-purposing is called moving a property to its highest and best use.

You might think this process would be a specialized job for city planners or economists.

In real life, it’s about thousands of individual owners, buyers and renters, with their many personal hopes, values, knowledge, needs, resources and priorities. Choices get made on the front lines by people who live or work in the properties. The market is actually an economic democracy where you can vote with your feet to find what best fits our own situation.

Individual buyers and sellers usually have no prior connection to each other.

REALTORS® provide the connective tissue. The web of relationships among REALTORS® creates a market, something like the interplay on the trading floor of a stock exchange.

When a REALTOR® “knows the market”, it means being in touch with other REALTORS® and what their clients are selling or offering–

and what prices, terms and timing are most likely to work best to create a sale.

Saskatoon’s REALTORS® conducted a study of how people see the market and what they value in it. The Praxis organization sampled a cross-section of 605 Saskatoon citizens to research perceptions, attitudes, behaviour and opinion on property-related issues.

Both buyers and sellers put the highest value on REALTOR® market knowledge.

Three out of four (75% or more) rated “market knowledge” at a 5 on the 1-5 scale.

80.0 70.0 60.0

75.8

Importance of Market Knowledge

50.0 40.0

could give. On the flip side, only 5.2% were negative: a favourable ratio of 14:1.

How satisfied were you with the service of the REALTOR® you used?

50.0

40.0 35.0

22.4

25.0 20.0 15.0 10.0 5.0

3.9

1.3

0.0 1. Very dissatisfied

2

3

4

5. Very satisfied

Buyers and sellers were satisfied with their REALTORS® because they paid attention to needs, cited by a third, and market knowledge, cited by more than a quarter – in short, personal service in tapping the market.

40.0 35.0

18.5

20.0

0.0

27.6

30.0

30.0

10.0

44.7

45.0

1.0

0.4

1. Very low importance

2

30.0

4.4

33.7 27.8

25.0

3

4

5. Very high importance

18.1

20.0 15.0

12.8

10.0

7.6

5.0

Asked if they would call on a REALTOR® if they were thinking of selling or buying, three out of four (74.4%) said Yes, they would.

Interestingly, among the approximately 20% of people who said they actually had bought or sold in the last three years, the number who called on a REALTOR® turned out to be even higher, four in five (80%). In other words, when it’s time to do a deal, more people – the vast majority – brought in a professional.

And, people who chose a real estate professional showed an overall strong level of satisfaction. The average rating on the 1-5 scale is a very positive 4.08, with the largest group (44.7%) rating the service they received at 5, the highest rating they

0.0 Attention paid to Knowledge of the my needs market

Level of honesty

Level of skill as a negotiator

Other

Saskatoon’s market is hugely diverse, full of opportunity, and growing. It’s one of the reasons our city is a great place to live. Visit SRAR.ca for information on REALTORS® services you can rely on.

BUSINESS VIEW SASKATOON OCTOBER/NOVEMBER 2014

21

CHAMBER VOLUNTEER COMMITTEES COMMITTEE CHAIRS Agribusiness Opportunities Bert Sutherland - BERTradioonline.com Loran Forer - BMO

Meetings: 2nd Monday of the month - 3:30-5:00 pm

Business Growth Elise Hildebrandt - The Mortgage Centre

Meetings: Last Tuesday of the month - 8:00 am

Business of Science & Technology Sanj Singh - AdeTheraputics Inc. Meetings: TBA

Celebrate Success!

Lynn Nastiuk - Sask. Health Research Foundation Meetings: Depending on need - closer to event

Environmental Sustainability Colleen Yates - Equinox3 Consulting Ltd.

Meetings: Last Monday of the month - 3:30-5:00 pm

First Nations and Métis Opportunities Chris Sicotte - Affinity Credit Union

Agribusiness Committee Every month a guest speaker embedded in the agricultural sector presents on informative and best practices within the agricultural industry. The Committee is focused on connecting and learning about new and innovative measures taking place in the agricultural industry.

Business Growth Committee ‘Shaken with a Twist’, sponsored by S&E Trusted Online Directories, is back in the swing of things. Come join us the third Thursday of the month for a cocktail and appetizers at Cut Casual Steak and Tap and enjoy listening to prominent women in the business community sharing their story. The committee will also be hosting its ‘Business by Design’ workshop series in October, please visit www.saskatoonchamber.com for more information.

Business of Science & Technology Committee The Business of Science & Technology aims to promote our City’s science and technology-based businesses and to bridge the gap between the science, technology, and business communities. The committee has recently launched a sub-committee focusing in the field of information and communications technology.

Meetings: 1st Tuesday of the month - 9:00-10:30 am

Going Global Ken Ziegler - Robertson Stromberg Pedersen LLP Monica Kreuger - Global Infobrokers Meetings: Last Thursday of the month - 3:30-5:00 pm

Government Affairs Michael Chudoba - Innovative Residential

Meetings: 2nd Wednesday of the month - 4:00-5:30 pm

Health Opportunities Dave Dutchak - MD Ambulance Care Ltd. Debby Criddle - Synergos Capital Management Inc. Meetings: TBA

Knowledge & Youth Development Jeff Wandzura - Phenomenome Discoveries Meetings: 2nd Wednesday of the month - 5:00 pm

Membership Development Evan Drisner - Nu-Fab Building Products

Meetings: 2nd Thursday of the month - 11:45-1:30 pm

More information available online at www.saskatoonchamber.com under Committees.

Our surveys give organizations access to information on current salaries, bonuses, group insurance, retirement benefits and compensation best practices.

SALARY SURVEYS

3

DAtA coLLEction hAS bEgUn

top

REASonS to pARticipAtE 1 Over 375 positions 2 Receive 50% discount 3 Free report on actual & projected salary increases

participate at

iMpoRtAnt DAtES

wcbc.ca/register

May 1 data collection opens

contAct Nancy MacLeod

September 30 data collection closes

1-800-781-2411 | wcbc@wcbc.ca

Additional 15% discount for Chamber members

october results available

For membership information contact Derek Crang

(306) 664-0702 dcrang@saskatoonchamber.com Visit saskatoonchamber.com today under Member Services for more details

New Members

7shifts Employee Scheduling Software Computers - Custom Software 3330 College Ave, Regina Phone: (877) 640-2340 Andrée Carpentier

Franklin by Revera, The Retirement Facilities AND Health Care - Services / Supplies 220 24th St E, Saskatoon Phone: (306) 664-6366 Kelli Baxter / Jillianne Nagy

A.R.M. Holdings Ltd. Transportation Industry PO Box 367, Eston Phone: (306) 962-7421 A. Rick Milton

Howden Construction Construction AND Concrete Products / Supplies 821 46th St E, Saskatoon Phone: (306) 242-5880 Isabelle Howden

Antheny B O’Niry Custom Building Contractors AND Home-Based Business 411 25th ST W, Saskatoon Phone: (306) 227-2723 Benjamin Mason Cobra Industries Ltd. Metal Fabrication - Equipment / Supplies 101 Elevator Rd, Delisle Phone: (306) 493-3238 Michael Brown CQ Flooring Ltd. (Central Quality Flooring Ltd.) Carpet / Flooring - Sales / Service AND Retail - Builders Supplies 7-805 Circle Dr E, Saskatoon Phone: (306) 931-8080 Donna Brown / Louis Chiesa Dr. Nael Shoman Medical Professional Corporation Health Care - Services / Supplies Room 15, Ellis Hall, RUH, 103 Hospital Drive, Saskatoon Phone: (306) 655-2425 Nael Shoman Dress for Success Saskatoon Non-Profit Organizations 215 103rd St, Saskatoon Phone: (306) 343-7377 Roberta Campbell-Chudoba Emergency Response Mgmt.

Consulting Consultants - Business 13127 156 St NW, Edmonton Phone: (780) 483-9168 Bruce Hertz

Just For You Day Spa Cosmetic / Esthetic - Services / Supplies AND Massage Therapy 2414D 8th St E, Saskatoon Phone: (306) 955-7546 Jessica Tetu / Jessica White Le, Guong Zhou Si Home-Based Business Medallion Pipe Supply Metal Fabrication - Equipment / Supplies 821 45th St E, Saskatoon Phone: (306) 934-8800 Gerald Guinan Mike’s Hydraulics Sales and Service Machine Shops AND Equipment Maintenance 1725B Ontario Ave, Saskatoon Phone: (306) 683-1960 Abbas Eazadi Pinnacle Distribution Saskatoon Distributors 3255B Miners Ave, Saskatoon Phone: (306) 651-1255 Dean Chappell / Randy Gerritse Rock Creek Tap and Grill Restaurants 160-220 Betts Ave, Saskatoon Phone: (306) 974-7392 Jim Beck Sparkle N Shine Cleaning Services Janitorial / House Cleaning Services 936 Glenview Cove, Martensville Phone: (306) 361-7217 Tanya Brittain

Sterling Homes Ltd. Home Builders / Renovations AND Home-Based Business Phone: (306) 227-5423 Diane Bussiere Sunrise Foods International Inc. Agricultural AND Food Processors / Distributors 2162 Airport Dr, Saskatoon Phone: (306) 931-4576 Nicole Mackisey / Jake Neufeld Text2Car Telecommunications / Wireless 201-302 Pacific Ave, Saskatoon Phone: (306) 979-8900 Vince Hardy Trafco Canada Transportation Industry 238 Brookmore Lane, Saskatoon Phone: (306) 934-2055 Kevin Shoults Trinity Excavating Ltd. Construction 840 47th St E, Saskatoon Phone: (306) 280-7803 Lee Arens Twisted Goods Retail AND Retail - Gift & Novelty Phone: (306) 374-3221 Angelica Fehr Two Fifty Two Boutique Retail - Clothing / Costumes AND Retail - Jewellery / Accessories 134-1824 McOrmond Dr, Saskatoon Phone: (306) 652-2502 Mackenzie Firby Vemax Management Canada Inc. Consultants - Engineering PO Box 25047 RPO River Heights, Saskatoon Phone: (306) 374-3487 Terri Feltham

What’s the problem here?

The real problem here is too many people in Saskatchewan are getting hurt on the job. We have the second worst workplace injury rate in all of Canada.

What are YOU doing to prevent injuries and stay safe where you work?

Zero injuries. Zero fatalities. Zero suffering.

Did you spot all the hazards in this picture? Go to: worksafesask.ca/problem

worksafesask.ca