Sunday, October 19, 2014 - The Morning Star Z1
www.vernonmorningstar.com
Small Business Week October 19 - 25 2014
PROUDLY
creating a ripple effect in the
LOCAL ECONOMY!
Need Support with Your Business? Community Futures provides sound business advice to help you start, expand and grow your business. Call us today. 3105 - 33rd Street in Downtown Vernon Leigha Horsfield 250-545-2215 ext 256 • info@futuresbc.com • www.futuresbc.com
Z2 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
Small Business Drives British Columbia’s Economy
Offering a collaboration of Physiotherapy, Pilates, Massage Therapy, Yoga and Barré.
40% OFF! an Introductory Pilates Private Lesson
By Eric Foster MLA for Vernon-Monashee
T
he month of October has been proclaimed as Small Business Month in B.C. This initiative recognizes the contribution and the impact that small businesses have on our economy and our community. Small business owners and entrepreneurs work tirelessly every single day to ensure their operation is successful and growing. So what better way to recognize their efforts than supporting a locally owned and operated small business in your neighbourhood? All you have to do is drive down the street and you will find a small business. They could be a small store, a restaurant, tourism operation, or even consulting and healthcare professional corporations. In the Thompson-Okanagan region which includes Vernon, 48,300, or 13 per-cent of B.C. based small businesses are found here. No doubt, this sector is vital to our economy and employ many of our neighbours and friends.
Physiotherapy | Pilates Massage Therapy | Yoga | Barré
250.545.2848 vernon@neumovement.com 206 - 5100 Anderson Way Vernon, BC V1T 9V2
www.neumovement.com
Province-wide, 98 per-cent of all businesses are small businesses having fewer than 50 employees. They contribute almost 31 per-cent of our provincial GDP and employ nearly 55 per-cent of all private sector jobs, the highest rate in the country. That is why our government is commit-
Spotlight on
ted to the success of this vital sector with the goal of making B.C. the most friendly small-business jurisdiction in Canada and to keep it growing for many years to come. Since 2001, our government has eliminated unnecessary red-tape and regulatory requirements by 42 per-cent, and committed to a net-zero increase in regulations through to 2015. To encourage new small business owners to choose B.C. and to keep the sector growing, 2.5 per-cent tax rates continue to be the second-lowest in Canada.
Province-wide, 98 per-cent of all businesses are small businesses
The BC Jobs Plan has also integrated small-business as a strategic cross-sector economic driver with a focus to encourage further growth in this sector, creating jobs and economic growth across the province. Going forward this means further reduction in the small business tax rate, increased government procurement with small business partners and continued implementation of the B.C. Small Business Accord which is committed to continue to establish a progressive business cul-
ture for business owners. So this October, and all year round, please support your favourite small business in your neighbourhood. Also, if you would like more information on the impact of Small Business in B.C. or find services to help grow your business, please visit smallbusinessbc.ca.
Welcome HOME to
NEW BUSINESS BUSINESS in in Downtown Vernon
You might have noticed some changes and new faces to our Downtown community of late. In the past six months alone, many new businesses have opened their doors and what better time to highlight some of our new members than Small Business Week? The vibe of downtown and the energy of the businesses around them were a big draw for The Boardwalk 54 owners Chad and Jenna, “The choice to make downtown home was an easy one with all of the events and unique opportunities it has to offer to us and our clients.”
city blocks
1 Heart of the
Community
5
racks
8
lines
3
of Vernon’s Major
EMPLOYERS
downtownvernon.com 250-542-5851
public
Other new businesses that have set up shop in Downtown Vernon in just the past six months are Triumph Coffee, Station BBQ, Naked Pig, Casa Bella Bedding Boutique, Spinners Sound Centre, The Yoga Room 2, Pulse Body & Tattoo, and Cloud Zero. Read more at www.downtownvernon.com.
550+ Businesses 115
parking lots
The strong sense of community was what makes Ash Simpson from Cell Werx smile every day, “The response to my small shop has been overwhelming and I appreciate every single day and customer that walks through my door. I get nothing but smiles all day long and couldn’t ask for a better experience.”
#D owntownVerno n
www.vernonmorningstar.com
Sunday, October 19, 2014 - The Morning Star Z3
Small Business Week 2014
Dance studio off to running start GRAEME CORBETT Business Editor
If Lisa Schofield wasn’t passionate about her business, chances are she would still be a 9-to-5er. That she has been absolutely dancecrazed since age three has only helped fuel her ambition in running Vernon’s Diversity Dance and Fitness. “I don’t think you can really be halfway about it,” said Schofield, who immigrated to Vernon with her family from East Yorkshire, England seven years ago. “You have to truly want it in order to make it successful.” If there’s one thing the 26-year-old Schofield has learned from being self-employed, it is time management. From the time she wakes up to the time she comes home from her evening classes, she is thinking about her company, all the while trying to achieve some semblance of balance with her personal life. “Whether it’s choreography or advertising or planning your classes, you are constantly working,” said Schofield. “You go into it thinking it’s going to be a lot of work, but you never realize how much work it really is. That for me was the challenging part – trying to manage my home time to my work time to my family time. “Now it’s somewhat settled, but it’s still ongoing.” Schofield, the youngest of three siblings, got her foot in the door by subbing at various dance studios in Vernon. She then started renting space for herself at yoga studios before retaining a suite
above the Vernon Towne Cinema this spring. That arrangement lasted all of a month. Not because of her relationship with the landlord, she simply grew too big, too fast, and needed to expand. Not a bad problem to have. “I started with four students, and come September, I now have about 65 students,” smiled Schofield. “It’s just taken off.” Diversity Dance and Fitness is now located in a basement studio on 32nd Avenue. With about 2,400 square feet of floor space, it should keep Schofield content for the foreseeable future. She admits it was “definitely scary” going into business for herself, and wonders if it was some sort of subliminal New Year’s resolution that finally made her take the leap. “It’s my absolute passion. I don’t know what else I’d do if I didn’t dance.” Schofield has trained at various dance institutions over the years in England, including the Pamela Gray Dancing Academy, Royal Academy of Dance and the International Dance Teacher Association. She also holds a degree from the Hull College of Performing Arts.
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Lisa Schofield is combining her passion for dance with a little entrepreneurial spirit to operate Vernon’s Diversity Dance and Fitness.
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And she’s got more moves than Jagger, having been profesionally trained in ballet, tap, jazz, modern, hop hop, lyrical, contemporary, musical theatre, greek, ballroom, can can and Broadway, among others. Her favourite disciplines are ballet and contemporary.
… is Nationally Accredited by the Professional Photographers of Canada and holds the designation of “Master of Photographic Arts” by the PPOC and “The Fellowship” designation by the Professional Photographers Association of BC.
3001 - 30th Avenue, Vernon 250-542-3010
(Corner of 30th Ave and 30th St) www.brendahalaphotography.com
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CLEAN • BRIGHT • EFFICIENT Commercial, Drop-Off & Self-Serve Coin Laundry Service The Staff at Sunshine Laundry Express would like to send out a big
THANK YOU
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CALL 250-308-6297 FOR YOUR APPOINTMENT
Z4 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
Small Business Is Within Reach in your BC Community
A Successful
Your local Community Futures offers invaluable advice to owners and owners-tobe during Small Business Month. In celebration of Small Business Month, taking place across Canada this October, Community Futures, BC’s best resource to grow your small business, is offering advice from experts “Community Futures North Okanagan recognizes the across its 34 local offices substantial and positive impact small business owners throughout rural BC.
make to the economy of our region. Community Futures supports our local entrepreneurs by providing access to capital through our lending program, delivering training workshops, and by connecting small business owners to the many government programs that can help sustain and grow their businesses”
As a key business development organization within BC that supports entrepreneurs at all stages of their development, Community Futures’ has a track record of clients who - Norm Metcalf, General Manager, Community Futures North Okanagan have grown faster and lasted longer when compared to other traditional financing options.
Our caring staff would like you to know we offer: Free puppy and kitten exams Competitive prices In home vaccinations and exams available New clients always welcome
Dr. Chris Schenk 250.545.8011
sunridge veterinary clinic After hours services: 250.545.8011 2800 - 28 Street, Vernon www.sunridgevet.ca
“Being a successful small business owner is one of the most gratifying career experiences,” says Marie Gallant, Executive Director, Community Futures British Columbia. “The secret is not only perseverance, but also knowing who to go to for help along the way. We’re fortunate in BC to have fantastic resources for people looking to start or grow their own business. At Community Futures offices across the province, we offer a variety of services from business planning advice to loans. We’re not a bank, but rather a rural development organization that provides business financing to small businesses. It’s a system that works.” Community Futures offers these Top 5 Tips for small business success:
✔ 1. The best business plan remains flexible with measurable and realistic goals – One thing con-
stant is change. Operating a business can lead to a lot of surprises, so along with a solid Plan A have a well thought out Plan B. Many entrepreneurs know what success looks like for them; they’re just unsure of how to achieve it. We help our clients focus on realistic revenue projections, expense management, and where they want their business to be 1, 2 and 3 years later. This is imperative so business owners are making the right decisions and investments early on to reach their goals. Being undercapitalized at the beginning makes everyday a struggle and could result in missed opportunity and goals.
✔ 2. Cash is king – Being profitable only on paper doesn’t mean all is ok. What really counts is what’s in the bank. Cash flow is the biggest issue for new businesses. Stay on top of your receivables (customers who owe you money); business owners need to keep a close eye on money owed to them as well as money they owe. Margins may be great, but if you are not collecting at the same rate you have to pay important expenses like payroll and taxes - it could be the end of your business. ✔ 3. Keep your friends close and your competition closer –
Studying your competition is one of the best ways to learn how you can make your business better. It’s an excellent way to learn from what they’re doing right, while avoiding what they might be doing wrong. Rest assured that your customers are keeping a close eye on them too!
✔ 4. Don’t stop believing and don’t stop learning –
Remember that old saying, “Rome wasn’t built in a day”? It’s very true and it very much applies to you and your business. It takes time and patience to get your brand/business name out there. The rate of change in today’s world is crazy, and you need to keep up somehow. As a small business owner you are the business. We tell our clients that an
investment in themselves is an investment in the business. Turning to an organization like Community Futures allows you to get support and feedback as you grow your business. Also consider other key experts such as lawyers and accountants.
✔ 5. Treat your employees like they’re your customers – Your employees are your internal customers; be open to hearing their feedback. Employees are stakeholders in your business, too! Employee engagement adds to workplace culture. Hire the right fit for your organization’s culture; you can teach skills but you can’t teach attitude. Communication is critical; having team meetings and a written policy manual can be helpful, you want to make sure your employees understand what is expected of them and what you want in return. Ongoing training is often overlooked by small businesses. How your employees deal with situations, questions and special requests are things you need to make sure they understand before they get in front of clients.
About Community Futures Community Futures is BC’s most important small business development organizations – based in the community and for the community. We offer local assistance from experts who live in the same communities as our clients, and have 34 offices throughout rural BC. Our wide variety of services and tools are designed to help entrepreneurs and small business owners achieve their goals through business planning advice and loans, as well as self-employment assistance. Community Futures provides financing alternatives to small and medium enterprises when access to credit is a challenge to starting or growing their business. To learn more or find an office near you, visit CommunityFutures.ca.
Vernon Home Support is accepting new clients! We provide • personal care • companionship • safety checks • medication administration • meal preparation • grocery shopping LE B A RD O AFF CARE • housekeeping • and more
Call Brittney 250.351.5525 for more information
V•H•S
Vernon Home Support email: info@vernonhomesupport.com visit us at: www.Vernonhomesupport.com
www.vernonmorningstar.com
Sunday, October 19, 2014 - The Morning Star Z5
Small Business Week 2014
What a
BUSINESS BUYER Wants!
By Leigha Horsfield Community Futures North Okanagan
Bank with our Team
I
n the next five years we will see a number of small businesses go on the market for sale. If you are thinking of selling your business, then getting prepared to make your best first impression will help ensure your business is attractive to potential buyers. Smart owners will take steps to make their businesses stand out and prepare for a future sale. Today’s business buyers are savvy and doing a lot of their own research and leg-work before purchasing a business. So what do business buyers want? There are some commonalities among today’s business buyers and, from a seller’s perspective, it is important to know what they are. Business buyers want to know the truth about how much money they will make in the business. Providing information about the total benefits they will derive is key to piquing their interest. Include details about pre-tax benefits, salary, vehicles, assets, depreciation and amortization. Being able to demonstrate immediate cash flow and a reasonable salary – not in five years but in one – will allow buyers to be able to clearly rationalize their return on investment. Next, think about growth. Every business is valued based on its growth potential. Growth and future business opportunity are fundamental for any business, but critical in a business sale because without growth potential, there is really no reason for anyone to invest in a business.
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Finally, eliminate anything that will be a cost or headache for a buyer to take over. Consider infrastructure, such as staff, computer systems and equipment. Will there be any issues related to ongoing contracts, suppliers or leases? Ensure that you have done everything possible to achieve a smooth transition for an incoming owner. Need to know where to start? Community Futures can assist you with planning and help you prepare your business for sale. Call us today to make an appointment: 250-545-2215 x 256.
Come start your
Gabriele Iwan, Sandi Burch and Sharlene McKie (shown from left to right)
Scotiabank’s accredited advisors for the North Okanagan, who work with professionals, established businesses and entrepreneurs who are facing the many different challenges in today’s market. Our team will understand your business goals and help you turn them into reality by thinking “outside the box” to find the best solutions for your business. We invite you to meet them today to get your business growing.
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ALL WINE MADE IN STORE till the end of October
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250.542.3534 2209 48th Avenue, Vernon
Main Branch – 3213 – 30 Avenue Village Green – 4790 – 27 Street 250-260-5545, extensions 4300/4301 250-260-5530, extension 4300 www.scotiabank.com or www.getgrowingforbusiness.com.
Furmanek
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For appointment call
778-475-3822 Your care is our focus… A kind smile A listening ear Shared laughter Treating people with dignity and compassion Dr. Chris Spooner ND Naturopathic Doctor
GOLDSMITHS WATCHMAKERS ENGRAVERS Melissa Spooner B.Sc, Nutrition
250 549 3737
We offer care that strives to go beyond the expected and builds relationships with our patients and their families. Prolotherapy - Platelet Rich Plasma (PRP) Integrated Cancer & Chronic Disease Care Bio-Identical Hormone & Hormone Balancing Massage Counselling Nutritional Counselling Yoga
Learn more about us at paradigmnaturopathic.com
3026 30TH AVENUE DOWNTOWN VERNON WWW.FURMANEKJEWELLERS.COM
104 - 2802 - 30th Street, Vernon, BC
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Rhonda Rabuck Counsellor
Jen Bond RMT
Massage Therapist
Z6 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
How an advisory board can BOOST YOUR
BUSINESS
cant impact on their business.
“Once people understand the benefits, they become big fans,” says Pierre Cléroux, BDC’s Chief Economist. “There are really practical, tangible benefits for the bottom line.” BDC’s research bears that out. The study shows that annual sales at businesses with an advisory board were 24% higher than those at companies without one, and productivity was 18% higher.
At Central Animal Hospital, we believe that in partnership with our clients we can both lengthen and improve the quality of our pet’s lives.
Dr. Carey Keith
An advisory board is an informal body of outside experts that an entrepreneur can use as a sounding board or to fill in gaps in expertise and contacts. Unlike a board of directors, advisory boards have no legal responsibility for the company’s governance, but experts say they still bring a lot of value.
Dr. Trinity Smith
Since purchasing Central Animal Hospital in 2009, Dr. Carey Keith and Dr. Trinity Smith have had a vision of providing compassionate and exceptional veterinary care to the Vernon area. Since taking ownership of the hospital, they are proud to have introduced (among other things) a complete digital dental x-ray system to improve the quality of care they are able to provide with their dental services. Together with their team, they would like to thank all of the clients (old and new!) for their continued support, and look forward to caring for their pets for many years to come.
2700 - 30th Avenue, Vernon (kitty corner to the Court House)
250-549-0402 www.centralanimalhospital.ca
llustration: VIGG
L
ooking for an easy and inexpensive way to energize your business, boost sales and plan for the future? Here’s an often-overlooked idea: create an advisory board. Only a meagre 6% of Canadian entrepreneurs have an advisory board for their business, according to a survey this year by the Business Development Bank of Canada (BDC). However, 86% of entrepreneurs who have an advisory board say it’s had a signifi-
Jean-Yves Sarazin knows the benefits first hand. He created an advisory board back in 1990 at his company Groupe Delom, which offers maintenance and manufacturing rotating equipment such as motors, pumps and ventilators. At his advisory board’s very first meeting, Sarazin was referred to a financial institution that allowed his company to save tens of thousands of dollars through lower interest charges on a loan.
Leonard the Shoe Heeler Back to Earth Products make GREAT local
Christmas Presents
• Wildcrafted Products & Teas • Therapeutic Grade Essential Oils • Baby Products • Handcrafted Bar Soap / Personal Care Products
• Shoe and leather repairs • Satin shoe dyeing 3008 30th Avenue, Vernon • Located in the back of Discovery Shoes
250-306-9071
“Every entrepreneur should have an advisory board. Each time I’ve seen a company create one, the first meeting produces a return that is enough to cover the compensation for the whole year,” he says. Sarazin has become such a big supporter of the idea that he has agreed to sit on several other companies’ advisory boards as a way of giving back for the help he’s received over the years. Another benefit:
an advisory board obliges entrepreneurs to periodically step back and look at the overall direction of their business. “Just getting ready for my meeting with the advisory board forces me to take stock of the business and consider it from new angles,” Sarazin says. Having an advisory board also reassures financial institutions, which examine the quality of the company’s team when assessing a loan application, he says. “It shows you’re not alone in making decisions.” So why don’t more businesses have an advisory board? Some entrepreneurs think it may be too time-consuming to create one or are simply unaware of the benefits, Cléroux explains. But the payoffs, he says, are usually well worth the effort and cost (some companies offer advisors a nominal honorarium, while others don’t compensate them). “An advisory board is a good tool to force the business owner to think more about the company’s vision, long-term goals and how to achieve them,” Cléroux says. “The benefits are way bigger than the cost to the business.”
HOW TO SET UP AN ADVISORY BOARD
Setting up an advisory board is easier than you might think. “It’s not that hard to find people to sit on an advisory board. Experienced CEOs often agree because they want to help their community,” says BDC’s Pierre Cléroux.
Ask your accountant, lawyer or business network to refer potential candidates. Some business associations offer a service to help companies find advisory board members. Effective advisory board members tend to be veteran business people who offer expertise an entrepreneur may lack. They should be completely independent of the company, rather than your accountant or lawyer—“someone who will give you the true story,” as Cléroux puts it. Entrepreneurs should meet their advisory board regularly—for example, on a monthly or quarterly basis. About 60% of advisory board members receive no compensation, while others usually get a modest honorarium. A restaurant meal or retreat can also be a way to thank advisors.
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Support the Small Business Community in our region.
Until October 31, 2014
Call or visit our website for class types, schedule and teachers 3105 28th Avenue, Vernon (upstairs)
250.503.0212 www.theyogaroom2.com
Eric Foster, MLA
Government Caucus Whip
250-503-3600
Vernon Monashee
www.vernonmorningstar.com
Sunday, October 19, 2014 - The Morning Star Z7
Small Business Week 2014
Small Businesses are the heart and soul of communities South of Pine Street By Dan Rogers General Manager, Greater Vernon Chamber of Commerce
S
o another week goes by and you happen to hear that it’s a special week to recognize a particular group or cause. Yes, we can hear the collective yawn as it seems we can’t get through a single day on the calendar without hearing the rallying cry for one cause or another. Well, this week and month are no different but before you jump off this page take a moment and think about what life would be like without small businesses. From auto repair specialists to doctors; from tattoo artists to computer repair specialists, having someone local that is able to respond to your needs is critical and the benefits to the economy are immense though quite often that aspect goes unnoticed. That’s why this month is small business month in BC and this week is recognized as small business week across the country. It’s our chance to recognize the tremendous contributions made by small businesses. They support families and keep local economies strong and are in essence the heart and soul of communities like ours.
The owners are parents, coaches, entrepreneurs and volunteers who make a positive impact on the community every day.
Ninety-eight percent of businesses in BC are small businesses and they create opportunities for more than a million of their employees. The small business sector has a huge impact on the province’s economy and ultimately on the quality of life for millions of British Columbians. At the national level, small and medium-sized enterprises represent 99.9% of all companies in Canada and they employ more than 60% of private sector workers. Almost half of the members in the Greater Vernon Chamber of Commerce are small businesses with less than ten employees. That gives you a sense of how entrepreneurial the city really is. During small business week the Greater Vernon Chamber of Commerce and Community Futures are teaming up to put on a few business development workshops. The no charge seminars are put on each year to provide additional resources to entrepreneurs and small business owners in the city and region in order to help them grow and prosper. If you have a chance to attend the sessions at Community Futures please take advantage
Jeunesse Pearson Speaker, Life Coach and Play Instigator
“The opposite of play is not work — the opposite of play is depression.”
of the opportunity and in the meantime, perhaps take a moment and thank those entrepreneurs who are running small businesses across our region. They are making a huge contribution to the well being of our city and region and they do indeed deserve to be recognized with their own special week.
is a charming heritage home on Pottery Road filled with ladies fashionable treasures! Carrying designer lines such as Sympli, Cut Loose, Velvet, Chalet, Sandwich, Eric Alexandre, Tribal, Jag, Mac Jeans, Boo Radley, and more, Shella Ledingham, owner operator provides a unique shopping experience for ladies looking for affordable quality clothing. Stop by and check out the latest selection of jewelry by Vancouver artisan, Karyn Chopik, the fun colors of the ever popular Hanky Pankies or the weather girl hat from Nelson’s own Lille and Cohoe’s hats . Each year, South of Pine Street hosts two fashion shows at the Vernon Golf and Country Club. All proceeds from these fun events, which includes dinner and fashions, goes to Vernon Hospice House.
Shear Dimensions Hair Design
Store hours are Tuesday, Wednesday, Thursday and Saturday from 10:30-5:00. Drop in, have a latte and biscotti while you enjoy a quiet, non pressured shopping experience!
You’ve tried the rest, now try the BEST!
SANDRA
LING
TIFF
Lots of FREE parking! 3412A Coldstream Ave, Vernon
250-549-5201
GAIL le Great Sty e v ic Great S er s! ce Great P ri
Mon.-Sat. 8:30am - 5:30pm Evenings by appointment only!
www.sheardimensions.ca
476 Pottery Road,Vernon Phone: 250-558-5159 Cell: 250-308-9814 www.southofpine.com
We believe in small business. At VantageOne Credit Union no business account is considered too small to operate with us. Start a beautiful new relationship at any of our five branches TODAY!
— Brené Brown
Contact Jeunesse to explore play and its benefits in our lives and work. Call for customized workshops, talks and seminars.
www.PlayFate.org • 250-540-3910
Kara Leahy
Business Services & Credit Manager
Amy Gillies
Business Services Account Manager
Bonnie Thomas Business Services Account Manager
Our Business is Built on Relationships! 250-545-9251 • 1-888-339-8328 • vantageone.net
Z8 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
5 Tips to MANAGE YOUR CASH FLOW Cash is king — it’s a
CENTRE
DRY CLEANERS WHAT WE DO Since 1993, our friendly, knowledgeable staff continues to provide good customer service and fast quality work guaranteeing customer satisfaction. Whether it’s your favorite purse or shirt, or maybe your suede or leather jacket, there’s no cleaning task too difficult for us to handle. We also treat all wool items and clean and press clothing and bedding. STAIN REMOVAL From grease and ink stains to coffee and grass, with our treatment, we are able to remove numerous stains. RESTORATION When disaster strikes, you can request your insurance company entrust your belongings to Centre Dry Cleaners for extra care. We pay attention to every detail to ensure our excellent cleaning services leave your clothing looking great.
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.
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.”
Follow these five steps to get a better handle on your cash flow.
1) PROFITABILITY
CHECK.
Drop your items off today at Centre Dry Cleaners…
250-545-2002
3304 - 32 Street, Vernon nd
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.
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.
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
Wide Variety of Dance Classes
Dr. Phebe-Jane Poole Psychotherapist and Hynotherapist
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Watch for our new look coming after Christmas WE ARE MOVING TO SERVE YOU BETTER! 4406 29 th St. Vernon, BC (Old Bakers Dozen Building)
778-475-6177 www.stonecastimpressions.com
~ Counselling ~ Hypnosis ~ Spiritual Direction ~ Life & Performance Coaching Whether you are looking to make positive changes in your personal, spiritual or professional lives, wanting to reduce your stress, or seeking to ease your pain, Dr. Phebe-Jane Poole‘s professional sessions can help. As a highly trained and experienced professional, Phebe will assist you in discovering the sense of balance and inner peace you’re looking for. She will work with you to improve your emotional, physical, and spiritual well-being. Dr. Poole believes that transformation occurs through gently accessing your own inner knowledge. Through self-awareness and self-acceptance comes healing of mind, body, and spirit.
250.307.3015
www.pjpoole.com pjp@pjpoole.com
Diversity Dance and Fitness is offering a variety of dance classes for all ages from 3 years – Adults. Registration for classes are accepted year round. Also offering home school beginner dance, PIYO fitness and Bokwa Cardio. All information can be found at www.diversitydanceandfitness.com or email Lisa Schofield at diversityvernon@gmail.com. Bring this ad to any dance or fitness class and try it for FREE!
250-307-8982 3306B 32nd Avenue, Vernon, BC
www.vernonmorningstar.com
Sunday, October 19, 2014 - The Morning Star Z9
Small Business Week 2014
3) FINANCE BIG BUYS INSTEAD OF DRAINING CASH.
One of the most common cash flow mistakes is using cash to buy a major long-term asset, instead of getting financing. Even if you feel flush right now, you may suddenly wind up short of cash if you experience a sudden revenue shortfall or rapid growth. Use your cash flow projection to plan your financing needs ahead of time, not in the midst of a crisis, when bankers may be wary to lend. Rohac also recommends matching the lifespan of a purchase with financing of similar duration.
4) SPEED UP CASH INFLOWS.
Getting money into your business more quickly can save you carrying costs on your line of credit. Some tips: send out invoices more quickly, ask customers to pay electronically and charge interest to slow-payers.
5) RAISE CASH QUICKLY IN A CRUNCH.
Facing an unexpected cash flow crunch? You can raise cash quickly using various techniques: approach your bank for help; check your inventory and assets to see what you can sell off, even at a discount; ask suppliers or your landlord for extra time to pay bills; or offer your customers a big discount to earn some quick sales.
MANY BUSINESSES IGNORE CASH FLOW MANAGEMENT:
– SURVEY –
BDC’s Susan Rohac points out that managing finances is one of the main challenges for entrepreneurs, coming in second after marketing and sales. The findings of a BDC survey this year confirm her observation: More than four out of five entrepreneurs (82%) say they’re the ones managing cash flow and financing in the company. However, many of the entrepreneurs don’t take basic steps to control their finances. Almost half say they don’t make cash flow projections and check them against actual results—a basic procedure of financial management.
TWO OF A KIND ALWAYS MAKE A BEAUTIFUL PAIR. KRAUSE JEWELLERS
3001 - 31st St, Vernon • 250-542-1911
More than 25 years of solving the learning riddle. Tutoring can be a option to help your child get on track if he is falling behind. Students who are years behind in reading, math, and/or spelling catch up and go on to excel at school. This unique program, directed by Ms. Leanne Topham, a specialized learning therapist, has helped students who have suspected or diagnosed learning disabilities (like dyslexia) to overcome their challenges. At Potentials Learning Centre, the biggest reward is to see a student finally ‘get it’, and see the difference it makes in his or her confidence and self-esteem. We offer: • 1 on 1 specialized Tutoring for Children and Adults that uses a whole brain approach to learning • Strengthens Auditory, Visual & Tactile perception • Successful • Fun • Affordable
POTENTIALS LEARNING CENTRE SINCE 1989
250-545-7766 okanaganpotentials.com
Jessica Nicole Studio Custom ‘AAA’ Ethical Human Hair Extension Manufacturing & Distributing Dread Tightening & Maintenance Hair Pieces • Clip-ins • Dreads Stage, Film, Theatre Hair Specialist Professional Hair Colour Technician Eco Friendly Salon Check us out on 4116 25th Avenue, Vernon • 250-542-0888
27th
Z10 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
Business owners & entrepreneurs Second Location! NORTH OKANAGAN VALLEY
GLEANERS Pre-Owned Furniture Clearance Centre Wednesday & Thursday Only • 10:30 - 4:00 pm
$25.00 or less! Vernon Lock & Safe
DEALS ARE HERE!
Bus Depot 31 AVE
City Transit Dropoff
30 ST
31 AVE
32 AVE
Furniture …
31 ST
32 AVE
HIGHWAY 97 • 32 STREET
Post Office
3011 - 31st Avenue, Vernon
Caring Esthetics
Mandy King Certified Lash Stylist
250.542.4222 Cell: 250.550.6930
Phone:
COMPETE FOR TITLES
Small business owners have the opportunity to be recognized as one of BC’s top entrepreneurs for their contribution to their local community and to the global economy as part of the Small Business BC Awards. The Small Business BC Awards celebrate the top small businesses and rising stars across British Columbia. And so far, we have received some very exciting nominees located in Abbotsford, Chilliwack, Kamloops, Kelowna, Maple Ridge, New Westminster, Port Alberni, Port Moody, Richmond, Surrey, Vancouver, Vernon, Victoria, Whistler and Williams Lake, among others. With 10 award categories, there is one suited for every small business - whether they’ve been operating for 10 years or are still creating a business plan. The contest is open for nominations from October 1, 2014 to November 30, 2014. The public is invited to nominate their favourite small businesses, defined as less than 50 employees, for a Small Business BC Award. Entrepreneurs may also nominate themselves. Business owners can compete in the following award categories: BEST COMPANY Sponsored by TELUS BEST WORKPLACE Sponsored by WellnessFits BEST CONCEPT Sponsored by MNP BEST INTERNATIONAL TRADE Sponsored by Livingston International BEST EMPLOYER Sponsored by WorkSafeBC
PREMIER’S PEOPLE’S CHOICE Sponsored by the Government of British Columbia BEST ONLINE MARKETER Sponsored by Sage BEST COMMUNITY IMPACT Sponsored by Vancity BEST IMMIGRANT ENTREPRENEUR New for 2014/15 Sponsored by S.U.C.C.E.S.S. BEST EMERGING ENTREPRENEUR New for 2014/15 Sponsored by Futurpreneur and the Ministry of Social Development and Social Innovation New this year is the Best Emerging Entrepreneur Award, which recognizes a young individual who contributes to the social, cultural and economic well-being of their communities. And Best Immigrant Entrepreneur Award, which recognizes an outstanding new Canadian who has started a successful business in BC. “Every year we strive to increase the impact of the SBBC Awards so we can better support and celebrate BC small business owners. This year, we’re pleased to add two new award categories,” says George Hunter, CEO at Small Business BC. “Our small business community is driven by hard working committed individuals from diverse backgrounds who understand both the value of community and the opportunity to live and work in our wonderful province. That’s why we felt it important to add the categories Best Emerging Entrepreneur Award and Best Immigrant Entrepreneur Award to the contest.” Winners will receive the Premier’s Prize of $1,500 cash, a one-year All-Access Pass to Small
Business BC education and resources, and one-onone business mentorship opportunities with notable advisors from the award sponsors. “IBC is pleased to be a part of the Small Business BC Awards which recognize the strength and talent of entrepreneurs. Small businesses are one of the key drivers of the economy and job creation - which is why we’re delighted to have been title sponsor of this event for the last six years,” says Bill Adams, IBC Vice-President, Western and Pacific. Nominated business owners will be tasked with gaining as many votes as possible through social media, word of mouth, e-mail or any other means possible by November 30, 2014. The Top 10 highest voted nominees in each category will be announced as finalists on December 12, 2014. They will ten have the opportunity to submit an application to the judges, which they will use to determine the Top 5 finalists from each category, announced on January 30, 2015. The Top 5 finalists will present a 10-minute Dragons’ Den-style pitch to judges to prove themselves to be one of BC’s best. The winners of each category will be announced at the Small Business BC Awards Ceremony on February 26, 2015 at the Pan Pacific Vancouver Hotel. For more details on the SBBC Awards, please contact Mark Blendheim, Communication Manager at Small Business BC, and visit the awards website at www.sbbcawards.ca.
The CLEAR CHOICE for Custom Glass
Time for Fall Renovations
H&L GLASS LTD. The North Okanagan’s First Choice for GLASS! 2809 - 45 Ave, Vernon 250.542.9309 • www.hlglass.ca
www.vernonmorningstar.com
Sunday, October 19, 2014 - The Morning Star Z11
Small Business Week 2014
Planning to Fail: How Mistakes Can Help Your Business Every entrepreneur feels it at some point: the fear of failure. Only half of new businesses make it to their fifth birthday, and that can cause entrepreneurs a lot of stress. However, experts say failure can actually lead to major accomplishments. In fact, failure has been a key ingredient in some of the business world’s great success stories, says Michel Bergeron, Senior Vice President of Marketing and Public Affairs at the Business Development Bank of Canada (BDC). “Canadian entrepreneurs and the public at large need to be more forgiving about failure. Failure–and learning from mistakes–is often an important milestone on the path to success,” Bergeron says. “We have to change our perception about failure in order to help business owners stay in the game.” Deborah Conroy of EY agrees. She points to the new BDC Entrepreneurial Resiliency Award, an initiative that recognizes a Canadian business that has successfully undergone a turnaround or pivotal event in the past and come back stronger because of it. “Many entrepreneurs talk about some kind of massive failure or hurdle they’ve overcome,” says Conroy, Vice President of Transaction Advisory Services at EY. She is also President of the Montreal chapter of
the Turnaround Management Association, a group for corporate turnaround experts that teamed up with BDC for this award. No business is too big or too small to confront roadblocks. Bergeron cites the example of Groupon, the giant deals website. The company got its start as a social media site called The Point, which was created to help people connect for social activism purposes. After a year of effort and US$1 million in operating costs, the start-up was going nowhere. “The founders shifted gears and turned their offering into the discount coupon service Groupon. They learned, adapted and made a fortune,” Bergeron says. Two years later, the shift in focus proved profitable: Groupon ballooned from a few dozen employees to 10,000 and was the fastest company in history to make US$1 billion in revenue.
Bergeron advises entrepreneurs to adopt a “try, try again” philosophy. At its core: learning from mistakes and showing resilience, a new business approach that is growing in popularity in today’s rapidly changing economy, he says. Instead of the old model, which emphasized extensive planning before launching a new venture—by which time technology and markets may change substantially—the new approach favours a lean and nimble startup. The idea is to engage customers early with a basic product, even if you haven’t worked out all the bugs. The second step: Learn quickly from customer feedback and missteps. Third: Constantly refine your efforts. And the final secret ingredient: Don’t give up. “I don’t think fear is all bad. It can be healthy and reasonable. It keeps entrepreneurs from making rash decisions,” Conroy says. “But it’s important to avoid
Pardon Now
Enterprises Inc.
excessive hesitation and waiting for the exact perfect moment. Trying, failing and trying again is much better than not trying at all.”
Canadians Slow to Accept Failure How do entrepreneurs turn failure into success? “They have had a knack for seeing failure as an opportunity or challenge,” says BDC’s Michel Bergeron. “When solution ‘A’ didn’t work, they tried solution ‘B’ if they were still convinced there was a need. Or they decided to meet a different need and, in the process, found a new path. The setback helped them identify a weakness, and they fixed it.” Deborah Conroy of EY agrees. She cites a 2013 EY survey that found the following: Over one third of Canadian entrepreneurs (35%) said business failure is seen as a barrier to future business prospects. This is 9 percentage points higher than the average across the G-20 countries, which was 26%. Canadian entrepreneurs may be more worried about failure because of “higher expectations,” but they should also keep in mind Canada’s “many entrepreneurial upsides,” such as the low cost of starting a business, the survey authors noted.
Learn to cani-cross now! Obedience, nose work & Trick training classes Start Nov 3 Weight pulling every Sunday; Fitness classes Mon.-Fri. P: 250.308.5457 • E: bark@poochpartners.ca
www.poochpartners.ca
TRAVEL GLOBALLY DEAL LOCALLY
Your Local Pardon, U.S. Travel Waiver & Digital Fingerprinting Specialists
Located in Downtown Vernon
Back row L to R: Claudia, Alison (Owner), Vicki (Owner), Shanon, Lois, Rene, Consuelo, Deanne Seated L to R: Katy, Ziza, Maria, Colette
Locally Owned & Operated
Celebrating 30 + Years in Business! 3005 - 30 Avenue, Vernon www.marlintravel.ca
250-542-5371
BC Reg #3646-6
1 (866) 997-2736 or (250) 307-7104 www.PardonNow.com
Z12 Sunday, October 19, 2014 - The Morning Star
www.vernonmorningstar.com
Small Business Week 2014
More Than Money What is the cost of losing a good employee? Entrepreneurs know it can be high.
Okanagan Traffic Control would like to take this opportunity to thank everyone for their patience during another truly stellar year in construction! My team of professionals has once again proven to be “the most in demand” and pride ourselves in serving the community to our best ability! Look forward to our 15th year in business in 2015!
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 deep-pocketed 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 marketing. This program is already starting to yield impressive results,” explains McLaughlin. 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 non-monetary rewards.
250-546-8017 • Armstrong, BC
For the last nine years, Nadine’s Fine Art has been at the corner of 31st Avenue and 31st Street, in Downtown Vernon. Nadine has been custom framing for almost 25 years and has enjoyed serving Vernon’s finest customers, residential and corporate with either archival or inexpensive designs sure to please. Since 2005, Nadine has been the only fine art supplier in the North Okanagan offering the best in all mediums and supports, brushes and knives. As an artist herself, Nadine knows what supplies artists need, and offers classes in fine art in drawing and painting and has been teaching children for 24 years, adults for 10. The classes are all fun and all different, focus is on colour mixing and composition, each adult student can choose their own subject matter and receive individual assistance. Nadine is involved in the art community, maintains a stable of excellent artists in her gallery, currently offering an artist of the month show, with guest artists talks and workshops. She is a member of the Canadian Federation of Artists, a supporter of art charities, and participates in local business promotion, currently the Board Chair for the Downtown Vernon Association and sits on the Board of Directors for the Caetani House.
“Companies in all industries—not just hightech—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
How Non-Financial Benefits Can Be Inexpensive
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 employee-friendly 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
Kalamalka Travel
3101 - 31st Ave., Vernon Ph: 250-542-8544 nadinesfineart@shaw.ca Cell: 250-308-0758 www.nadinesfineart.com
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 company’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. 3) Self-development. Entrepreneurs should think about how to help employees develop themselves. The result will be more a productive and motivated workforce.
Other Companies May Be Laying Off…
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Call Bev 250-503-1337 3704 - 32nd St., Vernon Sandi
UNIQUE GARDEN ART & GIFTS
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Stop in and see us! Fine Art & Frames
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.”
300 - 3115 - 48th Avenue, Vernon
in the Andres Plaza next to Sweet Caroline’s Bakery
250-549-4432 www.uniglobekalamalkatravel.com
~ “Capt u r i n g Nat u re” ~ We’re open year round! T Gifts for all occasions T Concrete benches, statuary, bird baths T Light-weight metal planters T All concrete produced by artisan Daryl Carlyle
778-475-5752 • 907 Kal Lake Road, Vernon
Hours: Tues-Fri. 9AM-5PM • Sat:10AM-3PM • www.vernongardenart.com