SPECIAL ADVERTISING FEATURE
Small Business Week 2014 POWER UP YOUR BUSINESS
INVEST, INNOVATE, GROW
Photo courtesy of Futurpreneur
2 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
There’s a great little
business I’d love to buy. But how? Great little businesses can be great little investments. And in times like these, with unemployment rates climbing, buying an established business can make a lot of sense. If you have the dedication, commitment and creativity to be your own boss, self-employment could be exactly what you’re looking for. If you’re interested in buying a successful business, come see us at Community Futures. We’ve just launched an exciting new line-up of loan products – including BizBuyout – especially for the entrepreneur who sees opportunity waiting.
Financing to buy an established business.
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Left to right, Murray Berezowski, Karli Eckart , Kelly Kierluk and Kelsey Krieger are the faces behind Community Futures Central Alberta in downtown Red Deer.
Community Futures Central Alberta:
Meet the team!
working and learning events and financial management.
Congratulations to all the nominees and best of luck to all the finalists at the
2014 BUSINESS OF THE YEAR
Awards
Thank you to all our 2014 sponsors! 76129J17
Morphing business dreams into realities — that’s what Community Futures in Central Alberta has been doing for over 25 years. Small business specialists work with budding entrepreneurs to cultivate the knowledge, skills, financing and resources needed to succeed. A community driven non-profit, Community Futures provides a number of services to anyone wanting to start, expand, franchise or sell a business. Programs include how to write a business plan, one-on-one business coaching, net-
PROUDLY SUPPORTS THE 2014 SMALL BUSINESS WEEK
Murray Berezowski, general manager
reddeerchamber.com
403-347-4491
SPECIAL ADVERTISING FEATURE
FRIDAY Forward Friday, Oct. 17, 2014 3
Saluting
SMALL BUSINESS WEEK
Kelly Kierluk, senior business analyst
Karli Eckart, business analyst
They also offer business loans, designed to support small business growth, ranging from $10,000 to $150,000. Developing rural diversification strategies in partnership with business and community leaders, local government, educational institutions, other business lenders and not-for-profits is also a main priority for the organization. Community Futures is guided by a volunteer board of directors, local business people who bring valuable knowledge and experience to the table.
Kelsey Krieger, administrative assistant
Meet the board: Cody Berggren, chairman Russell Crook, vice chairman Jackie Kurylo, secretary-treasurer Ernie Murias, director Mayor Dennis Cooper, director Dick Wymenga, director Councillor Tammy Burke, director Councillor Dale Plante, director Toby Williams, director Councillor Curt Maki, director Funded in Western Canada by Western Economic Diversification Canada, Community Futures has been supporting small business and rural economic diversification since 1986. There are 27 Community Futures offices in rural communities throughout Alberta and a total of 269 across the country.
The Central Alberta Economic Partnership supports small business growth and success by helping communities and businesses with:
• 6USPUL [VVSZ Website connections 9LNPVUHS THYRL[PUN • Regional marketing • ;YHPUPUN HUK L]LU[Z Training • *VSSHIVYH[PVU HUK WHY[ULYZOPW Collaboration and partnership • 9LMLYHSSZ HUK YLZV\YJLZ Community economic development -VY TVYL PUMVYTH[PVU!
www.centralalberta.ab.ca
Phone: 403.357.CAEP (2237) Toll Free: 1.888.508.CAEP (2237) 73647J17
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This map shows the area Community Futures’ services cover in Central Alberta.
Prescription Drugs • Dental • Extended Health • Vision • Travel Coverage Critical Illness • Spending Accounts • Life and Disability Employee and Family Assistance Program
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4 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
Manager’s Report 2014 was a milestone year for our office. Along with celebrating our 25th year in business we were able pay off our building. This allowed us to complete some much needed office renovations. Some staff relocated offices as well as relocating our reception desk, this has resulted in a more functional office. Our large main meeting room has been made into a more intimate Boardroom space. The rest of the large meeting room has been transformed into a state of the art training room and has received very favorable feedback from training participants. We continue to operate with our two Business Analysts sharing Economic Development Coordinator duties. This has allowed us to maintain our annual review procedures for all clients and will strengthen the overall performance of our loan portfolio. The structure has evolved into a Senior Business Analyst with less CED duties and a Business Analyst position that has about a 50-50 split between CED and loans administration. Our loan activity recovered nicely from a slow 2013 with strong demand for our 2014 fiscal year. Our Board approved 19 loans for almost $1.5 million. We were able to advance 16 of those loans for just under $1 million. We were able collect on some previously deemed uncollectible loans totalling over $60,000. Our lending activity assisted clients in communities across our region including Red Deer, Olds, Sundre, Eckville, Innisfail, Rocky Mountain House and Sylvan Lake. Within these communities our lending activities were able to create or maintain a total of 44 full & part-time positions. Training continues to be large part of the services we offer to our clients. With our new Training Center fully operational we were able to add a full complement of Certified Quickbooks training to our course offerings. We delivered a total 81 training sessions in 2013-2014. The number of sessions contributed to strong attendance during the year with over 270 individuals receiving training through our in-house and other training sessions. Our Business Analysts provided great service to our clients providing advisory services to 515 clients throughout the year. QuickBooks training delivered by Debbie Romkes of Aggregate Financial Solutions met our expectations with 18 participants receiving training. We will be looking to expand our Quickbooks offerings this fall with an Ad-
vanced Course and the addition of a Basic Bookkeeping. Through training or advisory services we had face to face contact with over 780 clients reviewing various aspects of starting or running a business. We continued our successful support of Entrepreneurship in our region through the Youth Entrepreneurship Camp. This camp assists in developing the entrepreneurial spirit of youth aged 13-15. Other projects included the Parkland Mall, Mall Street Market business contest and the RED Challenge Business plan competition. We maintained the visibility of Community Futures within the region through marketing activities including attending 5 tradeshows and sponsoring the Small Business week insert in the Red Deer Advocate. Our Business Analyst Karli Eckart assisted Junior Achievement delivering the Economics for Success program. Website visits continue to show a substantial volume of traffic with over 18,135 unique visits in 2013-14. Community Futures Central Alberta continues to market our services within the region participating in trade shows as well as speaking to Service Clubs, Chambers of Commerce various high school and post-secondary students throughout the region. We offer a wide range of business counselling and training services offered by webinar through our partner Business Link. Our board is very enthusiastic and are strong supporters of the Community Futures program. We sent 3 members of our Board including our Board Chair Cody Berggren, Vice –Chair Russell Crook and Director Ernie Murias to the fall conference in Edmonton in October 2013. Our board consists of an excellent mix of members at large and elected officials. We were able to add 4 new members to our Board filling some regional gaps in representation, we now have all corners of our region represented. Community Futures Central Alberta clients have access to a remarkable diversity of talents and skills. Our office has an experienced, enthusiastic, hardworking staff and a dedicated volunteer Board of Directors. This team effort contributes to the continued success of Community Futures Central Alberta. I would like to thank our current staff of Kelly Kierluk, Karli Eckart, Kelsey Krieger and our Bookkeeper and Trainer Debbie Romkes for their dedication to Community Futures. Sincerely, Murray Berezowski
Summarized Statement of Financial Position MARCH 31, 2014 ASSETS
2014
2013
Current Assets Loan Investments Capital Assets
$1,102,352 $2,044,091 $ 415,358 , $3,561,801
$1,323,731 $1,758,279 $ , $393,949 $3,485,959
$58,447
$55,837 $15,525
7 $3,099,822 $ , $403,525 $3,561,801
7 $3,006,005 $ , $405,585 $3,485,959
2014 $611,578 $522,811 $(88,767)
2013 $548,937 $634,183 $85,246
LIABILITIES AND NET ASSETS Current Liabilities Demand Debt NET ASSETS Share capital Externally restricted net assets Unrestricted net assets SUMMARIZED STATEMENT OF OPERATIONS Year end March 31, 2014 Revenues Expenses Excess Revenues over Expenses
Loan Statistics
LOAN FUND BY LOAN CLIENTS APPROVED 2014Statistics Loan COMMUNITY 2014 Sylvan Lake 11%
Sundre 5% Sundre 5% Red Deer 42%
Rocky Mtn House 16%
Innisfail Olds 5% 4%
Sundre 7%
Sylvan Lake 6%
Eckville 8% Olds 16%
Innisfail 5%
Eckville 5%
Rocky Mtn. House 20%
Bowden 1%
Red Deer County 1%
Red Deer 48%
FRIDAY Forward Friday, Oct. 17, 2014 5
SPECIAL ADVERTISING FEATURE
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6 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
Shine Factory: A Family Business Committed to Shine, Protect and Detail BY TEENA DI CK E R S O N
Don’t you just love that “new car” look, feel and smell? Supple leather, burnished metal, crystal-clear glass, immaculate surfaces glisten and glow when you first buy a vehicle but soon life has a way of dulling the shine, dribbling the coffee and dusting the carpets. You can get that “new car” experience back — and protect it — at Shine Factory in Red Deer. Shine Factory is a family owned and run business providing automotive detailing and protection services for both private and commercial vehicles. They offer cleaning of the interior, exterior, tires and glass of your vehicle and protection against oil, staining, fading or discolouration. Shine Factory can help retain or regain that showroom new paint finish with
their power polishing system and offers paint protection against loss of gloss, fading and chalking. The Shine Factory is the largest automotive detailing business in Canada. It has locations in Alberta, New Brunswick and Nova Scotia. The first Shine Factory opened in Calgary in 1979. The Red Deer Shine Factory franchise is a family affair; owned by parents Carl and Arlene Sandberg with its daily operations run by daughter Christine Eckert. The Shine Factory franchise itself also has a familial connection to our local community. The parent company is owned by Stephen Gaetz and run by his daughter, Stephanie Gaetz, of Dartmouth, Nova Scotia. Stephen and Stephanie are descendants of the same Gaetz family as founding father of Red Deer, Leonard Gaetz. Shine Factory, in its Red Deer location, opened in July and has
been busy since. Community Futures Central Alberta provided the start up financing for this business. Operations manager, Christine Eckert plans to access some of the business skills training programs that are provided by Community Futures in their continued support of local economic growth and the entrepreneurial spirit in Red Deer. Community Futures Central Alberta offers one-on-one business coaching, training programs, financial management and marketing courses, and network and learning events. Christine Eckert enjoys working with community members and her business mentor, her father Carl. She recounts a particularly charming client who brought in his antique car to be detailed. The client had owned the car for many years,
each of his children had used it during their wedding ceremonies, and it was a prized possession. Christine felt honoured to be trusted with the refurbishment and detailing of the beautiful antique car. If you are planning on selling your vehicle, getting ready to store it for the winter, or you just miss your old “new car,” you can contact Shine Factory for a quote at 403-358-3790. Pricing depends on the size and condition of your vehicle. Gift certificates are available for detailing services at Shine Factory. The Shine Factory is located at #104-121 Clearwill Ave, Red Deer. The hours of operation are Monday to Friday, 8 to 4:30 and closed on the weekends. For more information on their services and protection packages, visit www. shinefactory.com.
SPECIAL ADVERTISING FEATURE
FRIDAY Forward Friday, Oct. 17, 2014 7
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8 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
QuickBooks Training at Community Futures Central Alberta B Y K AT H L E E N R A I N E S
Community Futures Central Alberta is an excellent resource to assist entrepreneurs to develop the skills needed to grow and maintain their businesses. In order to deliver on their mandate to “foster rural economic growth” Community Futures’ four person team offers business training, financing, coaching and mentoring. Through their work with clients, the Community Futures team has identified the need to maintain accurate financial records among the greater challenges facing small business owners, especially those who are starting new businesses. Most entrepreneurs embark on a business venture because they have a great idea or product or see a market opportunity; few get into business because they love to do the
necessary paperwork! In response to the need and seeing a market opportunity themselves, Community Futures has expanded their QuickBooks course offerings to six sessions accommodating the full range of learners from those with no bookkeeping background through to advanced level training. QuickBooks is recognized as a user-friendly software program for small business owners with no or little formal accounting background. Community Futures has offered QuickBooks training for their clients for over three years, but a facility upgrade last year that saw the installation of a Training Centre fully equipped with Smart board technology and eight computer stations allowed them to expand the courses to the general public. Instructor Debbie Romkes
is a certified bookkeeper and a QuickBooks ProAdvisor. Courses are reasonably priced at only $179 per class with rates decreasing if you bundle two or more classes. The three hour lesson format is manageable, practical and hands on — students can bring their own computers and work on their own accounts, or use the Centre’s computers and software and take a copy of their files home on a flash drive. Response to the courses has been extremely positive, with many registrants taking advantage of the multi-class bundle price. In addition to offering training in financial management and in support of their broader business development mandate, Community Futures staff work one-onone with entrepreneurs to develop their business plans and tools, and to help them
secure funding. Clients are referred to banks for their initial credit application, and in turn the banks refer many of their applicants who do not qualify for traditional loans to Community Futures whose lending criteria are more flexible than those of
banks, with consideration given to sweat equity, for example. For course descriptions, dates and to register visit the Community Futures Central Alberta website at: central. albertacf.com or call the office at 403-342-2055.
We are Celebrating 24 Years in Central Alberta!
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FRIDAY Forward Friday, Oct. 17, 2014 9
SPECIAL ADVERTISING FEATURE
Manage Your BY KATHLEEN RAINES
Community Futures Central Alberta offers training and support to entrepreneurs and potential business owners. Courses focus on marketing, business and financial management and are offered in small group settings at a reasonable cost. The four person team in the downtown Red Deer office provide one-on-one consulting to help clients develop a business plan and access financing. The need for more targeted training in personal financial management resulted in a new series being offered for the first time this fall. Money Skills Training is delivered in three sessions designed to help individuals create and meet their financial goals through a comprehensive overview of budgeting, managing credit and home rental and purchase options. Cost is reasonable at $50.00 each or $40.00 when taking two or more classes. Each module will position the client to improve their personal financial prospects and credit rating, which in turn makes them a more attractive business client should they wish to consider starting their
Money
own business at some future point. Community Futures General Manager Murray Berezowski and Business Analyst Karli Eckart have offered similar courses on request to groups across the region, and are eager to expand their reach with the new programs. “Often teachers contact us to come and talk to their students about financial management,� Murray says. While the focus is not business related, the presentations touch on a number of hot topics making the information applicable to a wide range of individuals, not just young people. If you are interested in having these topics discussed with a group, please contact the Community Futures office. Community Futures Central Alberta, based in downtown Red Deer for twenty five years, serves a large area of rural central Alberta bordered by Highway 11A on the north, Red Deer on the east and running south to Carstairs and west to Nordegg. Staff deliver training offsite but are especially eager to promote the expanded course offerings through their newly renovated Entrepreneur Training Centre in Red Deer which boasts Smart board technol-
Money Skills Training is delivered in three sessions designed to help individuals create and meet their financial goals through a comprehensive overview of budgeting, managing credit and home rental and purchase options ogy and eight computer stations running Office 2013 and QuickBooks 2012 software. In support of their broader business development mandate, Community Futures staff work one-on-one with entrepreneurs to develop their business plans and tools, and to help them secure funding. Clients are referred to banks for their initial loan application, and in turn the banks refer many of their applicants who do not qualify for traditional loans to Community Futures whose loan criteria are more flexible than those of banks, with consideration given to sweat equity, for example. The Community Futures team members value the opportunities their work offers them to support people as they build their businesses, whether through individual mentoring or in group settings. For full course descriptions, dates and to register visit the Community Futures Central Alberta website at: central.albertacf.com or call the office at 403-342-2055.
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10 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
Alberta Youth Entrepreneurship Camp: Nurturing Confident and Creative Kids in the Community BY TE EN A D I CKER S ON
“You will have trial and error but you can’t quit.” This is the most important lesson about business and life that Conner Wattenbarger, a 14-year-old student at Lindsay Thurber Comprehensive High School in Red Deer, learned at the Alberta Youth Entrepreneurship Camp. The Alberta Youth Entrepreneurship camp is a weeklong camp run by Community Futures, fostering fun and the entrepreneurial spirit in youths between the ages of 13-15 at the Eagle’s Nest Ranch in Cypress Hills. Community Futures Central Alberta, in Red Deer, sponsors four youth each summer to attend this camp free of charge. The focus of the camp is to educate, inspire, and offer a future in business to youths. The campers learn about marketing, advertising, preparing a cash-flow statement and writing a business plan. The youths borrow actual money from real bankers to set up their own creative and unique businesses. The very last day of camp is “Business Day” where campers launch their businesses and family and friends are invited to come and peruse their wares. In addition, the camp offers many fun recreational activities that chal-
lenge the campers to explore, succeed and grow, in a safe and educational environment, such as rock climbing and scavenger hunts. The youth entrepreneurs create retail kiosks on their business day in a specific area of the camp. Campers have recently created and sold candles and candle holders, cookbooks, painted mugs, picture frames, jewelry, decorated pens, and food items such as cake pops, popsicles, and cookies. The businesses the campers produce vary from year to year. One of the clever products created in the past was a bangle made from toothbrushes softened in hot water and formed to fit the wrist. The youth entrepreneurs come up with the ideas for their businesses and the adult volunteer leaders facilitate, in a support role, in the production. Volunteer Karli Eckart, business analyst at Community Futures Central Alberta, feels that the camp is important because she sees campers gaining life skills that are not only useful in business but in all realms of their lives. “People gain really great life skills; they work on their networking skills, they speak to people in high authority roles, they negotiate with bankers, as well as
gaining life long friendships, and of course, the entrepreneurial skills,” Eckart says. She has been volunteering at the Alberta Youth Entrepreneurship camp for four years and continues because she loves to see the youths’ personal evolutions from shy kids on the first day to confident, engaged and enthusiastic individuals by the end of the week. Confident camp attendee, Conner Wattenbarger, would recommend the Alberta Youth Entrepreneurship Camp to any of his friends, “because it is really fun, it’s cool to hang out with all of the people there, and you always meet new friends at camp.” If you would like to see more photos from past Albert Youth Entrepreneurship camps, check out the application form, or learn any other information about AYEC, visit their website at www.ayec. ca or contact them toll free at 1-888-528-2824.
SPECIAL ADVERTISING FEATURE
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
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.
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fortune,” Bergeron says. Two years later, the shift in focus proved profitable: Groupon ballooned from a few dozen employees to 10,000 and was the fastest company in history to make US$1 billion in revenue. Bergeron advises entrepreneurs to adopt a “try, try again” philosophy. At its core: learning from mistakes and showing resilience, a new business approach that is growing in popularity in today’s rapidly changing economy, he says. Instead of the old model, which emphasized extensive planning before launching a new venture—by which time technology and markets may change substantially— the new approach favours a lean and nimble start-up. The idea is to engage customers early with a basic product, even if you haven’t worked out all the bugs. The second step: Learn quickly from customer feedback and missteps. Third: Constantly refine your efforts. And the final secret ingredient: Don’t give up. “I don’t think fear is all bad. It can be healthy and reasonable. It keeps entrepreneurs from making rash decisions,” Conroy says. “But it’s important to avoid excessive hesitation and waiting for the exact perfect moment. Trying, failing and trying again is much better than not trying at all.”
FRIDAY Forward Friday, Oct. 17, 2014 11
12 FRIDAY Forward Friday, Oct. 17, 2014
SPECIAL ADVERTISING FEATURE
FALL 2014 SCHEDULE AT A GLANCE
OCTOBER 2014
SMALL BUSINESS LEARNING SESSIONS FALL 2014
If you’re starting or expanding a business and looking for direction, you can’t afford to miss these great training sessions designed to save you time and money.
SMALL BUSINESS LEARNING SESSIONS
DATE
TIME
TITLE
COST
TOPIC
3
9:00-12:00
Introduction to QuickBooks
$179.00*
QuickBooks
6
12:10-1:00
Lunchtime Learning – Preparing Your Cashflow for Your Business Plan
FREE
Business Start-up
8
10:00-11:00
How to Sell to the Alberta Government
FREE
Sales
20
9:00-12:00
Mission and Vision Planning
$60.00
Mission & Vision
24
9:00-12:00
Beginner QuickBooks
$179.00*
QuickBooks
27
12:10-1:00
Lunchtime Learning – Preparing Your Start Up Budget for Your Business Plan
FREE
Business Start-up
29
1:00-3:00
Money Skills Module #1 – Personal Budgeting
$50**
Money Skills
NOVEMBER 2014 DATE
TIME
TITLE
COST
TYPE
3
12:10-1:00
Lunchtime Learning – Preparing Your Marketing Plan and Market Research for Your Business Plan
FREE
Business Start-up
Our sessions focus on a three main topics: QuickBooks Training, Business Planning, and Money Skills. All sessions on this schedule will be held at Community Futures Central Alberta.
5
1:00-4:00
How to Write a Business Plan
$35.00
Business Start-up
10
12:10-1:00
Lunchtime Learning – Preparing Your Cashflow for Your Business Plan
FREE
Business Start-up
Our Presenters
12
1:00-3:00
Money Skills Module #2 – Living with Credit
$50**
Money Skills
13
9:30-11:00
Getting to Know Your Industry and Market
FREE
Market Research
14
9:00-12:00
Advanced QuickBooks
$179.00*
QuickBooks
17
12:10-1:00
Lunchtime Learning – Preparing Your Start Up Budget for Your Business Plan
FREE
Business Start-up
24
12:10-1:00
Lunchtime Learning – Preparing Your Marketing Plan and Market Research for Your Business Plan
FREE
Business Start-up
26
1:00-3:00
Money Skills Module #3 – Buying or Renting a Home
$50**
Money Skills
28
9:00-12:00
QuickBooks Payroll
$179.00*
QuickBooks
All of our presenters are both professionals in their fields and knowledgeable about the topics.
Registration Pre-registration is required for all sessions. This allows us to prepare materials in advance of the session.
Red Deer Location: Community Futures Central Alberta 5013 – 49 Avenue, Red Deer, Alberta (403) 342-2055
For Registration: Call us at (403) 342-2055 OR E-mail: central@albertacf.com
DECEMBER 2014 DATE
TIME
TITLE
COST
TYPE
1
12:10-1:00
Lunchtime Learning – Preparing Your Cashflow for Your Business Plan
FREE
Business Start-up
5
9:00-12:00
Preparing for Year End Including T4’s
$179.00
Year End
8
12:10-1:00
Lunchtime Learning – Preparing Your Start Up Budget for Your Business Plan
FREE
Business Start-up
*Bundle the Introduction to QuickBooks and Beginner QuickBooks courses for only $299.00, or bundle the Introduction to QuickBooks, Beginner QuickBooks, Advanced QuickBooks and QuickBooks Payroll for $549.00. **Money Skills modules are $50 each or $40 each if taking more than one module. This schedule is subject to change without notice.
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The benefits of
BUSINESS PODCASTING (ms) Businesses, particularly small businesses, understand the importance of establishing an online presence. Identifying new content strategies can help keep a company’s name and business motto fresh in the minds of consumers. Search engine optimization, or SEO, and social media use can greatly improve a business’ online visibility. Podcasting is another tool small businesses have at their disposal. Podcasts, often referred to as ondemand audio content or audiocasts, are usually short audio or video clips. Typically they’re episodic and are released at key intervals. Podcasting enables listeners to determine when and where they would like to receive content. Podcasts can be informative, entertaining or a combination of both. All that’s needed to tune in is a mobile device or Internet access. Although podcasting was once a way to present on-demand radio and other audio programming, businesses have redesigned podcasting to use them for training and marketing and as another avenue to disseminate marketing materials to the public and a target market. As opposed to visiting a website or reading newsletters and emails, podcasts are often described as more customer-friendly and accessible. There are several ways businesses can benefit from podcasting, including: · Businesses can distribute valuable content to increase customer loyalty. · Podcasts enable you to be an industry and
news trend provider, which can set you apart from the competition. · Audio and video are very engaging media and can keep customers engaged for longer periods of time. · Podcasts increase marketing reach and online visibility and can strengthen SEO. · Syndication and repeat scheduling gives listeners a reason to keep coming back for more content. · Podcasts can be promoted through social media channels to make online marketing efforts even more cohesive. · Downloads of podcasts and transcripts can be offered directly from your company›s website to drive even more traffic to the location. · It’s possible to measure the success of
digital audio because it can be tracked by the number of downloads and the number of social interactions with the content. · Podcasts work with the consumer›s schedule. If they are unable to listen to a podcast immediately, they can download content and enjoy it on their own time. · Podcasts reach anyone around the world with an Internet connection, dramatically increasing your potential customer base. · Content that is creative and fun shows an entirely new side of your business. Consistent podcasts can be a great way to share information about your business and improve your online presence. A 20- or 30-minute podcast may be better received than a barrage of marketing emails or a monthly newsletter.
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LEARNING SESSION DETAILED INFORMATION BUSINESS PLAN SESSIONS Lunchtime Learning – Preparing Your Cash Flow for Your Business Plan
How to Write a Business Plan –In Class Session A comprehensive guide which shows you how to complete your business plan. Take the unknowns out of your business idea and mold it into a calculated risk. Learn about cash-flow projections and marketing plans. This session will be delivered by our business analyst in a classroom setting. In order to run this session a minimum of 3 participants must be registered.
Learn how to create a cash flow statement for your business plan. The staff at Community Futures Central Alberta will work with you to make sense of why you need a cash flow in your business plan and why it is important to understand it for your business. Presenter: Community Futures Central Alberta Staff Offered on September 15th, October 6th, November 10th and December 1st 12:10pm - 1:00pm Cost: FREE (pre-registration is required)
Lunchtime Learning – Preparing Your Start up Budget for Your Business Plan Learn how to create a budget for your business plan. The staff at Community Futures Central Alberta will explain the steps to figure out how much money you will need to open your business and keep your business operating. Presenter: Community Futures Central Alberta Staff September 22nd, October 27th, November 17th and December 8th 12:10pm - 1:00pm Cost: FREE (pre-registration is required)
Lunchtime Learning – Preparing Your Market ing Plan and Market Research for Your Business Plan Learn how to create a marketing plan and how to gather market research. The staff at Community Futures Central Alberta will explain what is needed for a marketing plan and why you should do market research before going into business.
Presenter: Karli Eckart – Business Analyst at Community Futures Central Alberta Offered on: November 5th 1:00pm-4:00pm Cost: $35.00 (pre-registration is required)
Presenter: Community Futures Central Alberta Staff September 29th, November 3rd and November 24th 12:10pm - 1:00pm Cost: FREE (pre-registration is required)
We Offer Entrepreneur Training in: * Quickbooks - Beginner to Advanced * Basic Bookkeeping * Mission & Vision Planning for Small Business NEW! * Money Skills Training Personal Budgeting * Understanding Personal Credit and More
Our New State of the Art Training Facility Offers * SMART board technology * Newest software and computers * Wireless Hi speed internet & Webcasts * Facility available for rent *Call for rates and availability
Call or visit us on the web for descriptions & dates. T (403) 342-2055
5013 49th Avenue, Red Deer
www.central.albertacf.com
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BUSINESS EDUCATION & TRAINING AT
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FRIDAY Forward Friday, Oct. 17, 2014 15
QUICKBOOKS TRAINING SESSIONS All of our courses use QuickBooks 2012, which is installed on our computers. If you choose to bring your own laptop, please have the 2013 Pro version of QuickBooks loaded. If you are using our computers, please bring a flash drive so you can take a copy of your work home with you. You will be provided with handouts of the information you are learning at each class. In order to attend any of the QuickBooks classes, you must have basic knowledge of bookkeeping. For example, you must know what the following functions are:
Chart of Accounts Accounts Receivable Accounts Payable How to prepare a bank reconciliation The difference between a debit and a credit Pre-registration is required for all QuickBooks courses and full payment
must be received no later than 4:30 p.m. the Tuesday prior to class. In order to run QuickBooks sessions, a minimum of 4 participants must be registered.
Understanding Basic Bookkeeping Join our certified Bookkeeper and QuickBooks trainer, Debbie Romkes, as she takes you through the basics of simple bookkeeping practices. Learn what a debit and credit is, explanations of the various areas in your financial statements, learn how to reconcile your bank and the importance of it, and basic transaction entering whether you are doing your books in an accounting program, or on a spreadsheet. Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: September 26th 9:00 a.m. – 12:00 p.m. Cost: $179.00 (Pre-registration is required)
continued on page 16
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Mary Anne M A Jablonski, J bl ki MLA Red Deer North #200, 4814 Ross Street Red Deer, Alberta T4N 1X4 Ph: 403.342.2263 Fax: 403.340.3185
Based in Red Deer Focused on Red Deer
16 FRIDAY Forward Friday, Oct. 17, 2014
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BUSINESS LINK WEBCASTS
QUICKBOOKS TRAINING SESSIONS CONTINUED...
How to Sell to the Alberta Getting to Know Your Industry and continued from page 15 Government Introduction to QuickBooks Market
Presenters: Chelle Busch & Marcy Soehn, Procurement Services, Service Alberta, Government of Alberta Offered on: September 18th and October 8th 1:30pm - 2:30pm Cost: FREE (pre-registration is required)
This session will provide an overview on the wide range of data products Statistics Canada offers business owners. Gain a basic understanding of selected standard geographic and industry classifications. Learn how to conduct basic market and industry research on Statistics Canada’s website, specifically: Demographic and socio-economic characteristics of local population Household spending patterns Population projections Size and sales of an industry Number of businesses with an industry Trends of selected industries Presenter: Pamela Borland, Statistics Canada Offered on: November 13th 9:30am - 11:00am Cost: FREE (pre-registration is required)
Learn how to get organized and started in the software. Specifics about what you will be learning are: 1. Learn how to set your QuickBooks file up properly Initial file set up and activation Setting up your Chart of Accounts Setting your Preferences for the company Setting up your customers and vendors 2. Learn how to maneuver in QuickBooks 3. Backing up and restoring your file Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: October 3rd 9:00 a.m. – 12:00 p.m. Cost: $179.00 per class or bundle with Beginner QuickBooks for $299.00, or bundle all 4 QuickBooks classes for $549.00 (Pre-registration is required)
Beginner QuickBooks Training This course will begin after your file is set up and you want to begin processing your bookkeeping documentation. You will be taken through the accounting cycle covering sales, payables/payments, banking and GST. Basic accounting topics will be discusses as well. The following is a detailed outline: 1. Sales Transactions: sales receipts, create invoices, credit memos, receive payments from customers, apply discounts and credits, and create statements 2. Accounts Payable: enter bills, pay bills, printing cheques, enter credit card charges, pay the credit card, enter bills you paid personally and reimburse yourself 3. Bank and other reconciliations: how to prepare reconciliations 4. File a Sales Tax Return 5. QuickBooks reports: how to find the basic reports you might want to view
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The Alberta Government is looking for YOU – and your goods and services. With over 2000 purchasers, they buy everything from agricultural goods to professional services and everything in between. These opportunities are being posted daily. This session helps you to understand the Alberta Government’s buying practices - who buys what, how they buy, and where to find these opportunities. In this webinar, you will learn about: Government of Alberta procurement practices Registering your business on the Alberta Purchasing Connection Searching for opportunities Tips on how to bid for opportunities
Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: October 24th 9:00 a.m. – 12:00 p.m. Cost: $179.00 per class or bundle with Introduction to QuickBooks for $299.00, or bundle all 4 QuickBooks classes for $549.00 (Pre-registration is required)
Advanced QuickBooks Training Individuals wishing to take this course need to have a background in using QuickBooks (taking the first two classes will help but there should be an element of practical experience). Join our certified QuickBooks trainer, Debbie Romkes, as she goes through some more advanced options in QuickBooks. Below is a detailed outline of some of the things you will learn in this course: Managing your “items” Setting up classes and using the job costing Using the Purchase orders An Introduction to using the inventory in QuickBooks Reporting Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: November 14th 9:00 a.m. – 12:00 p.m. Cost: $179.00 per class or bundle all 4 QuickBooks classes for $549.00 (Pre-registration is required)
Payroll QuickBooks Training This course costs $179.00. Learn how to set up the basic payroll file in your QuickBooks. You will learn how to do payroll item setup, employee set up, basic payroll processing, how to pay your CRA remittances and how to prepare ROE’s. A subscription to QuickBooks Payroll is required to perform this function on your personal computer. This is available with Pro versions of QuickBooks. Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: November 28th 9:00 a.m. – 12:00 p.m. Cost: $179.00 per class or bundle all 4 QuickBooks classes for $549.00 (Pre-registration is required)
Preparing for Year End Including T4’s This will show you what your accountant wants to see when you bring your year end in and what you need to prepare your T4s. Presenter: Debbie Romkes, Aggregate Financial Solutions Offered on: December 5th 9:00 a.m. – 12:00 p.m. Cost: $179.00 (Pre-registration is required)
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MONEY SKILLS TRAINING This module will provide the skills and tools to successfully create and meet your financial goals on a weekly, monthly and yearly basis. You will be introduced to ways to save money on monthly expenses and what to do with those excess funds. Some basic information on different types of accounts including checking, savings accounts and investment options will be discussed. Presenter: Community Futures Central Alberta Staff Offered on: October 29th 1:00pm-3:00pm Cost: $50 or $40 per session if taking two or more Money Skills modules (pre-registration is required)
Module #2: Living with Credit This module will discuss different types of credit and the advantages and disadvantages of each. Specific information will be provided on credit cards as well as managing your personal credit and how your credit report is used by money lenders. Presenter: Community Futures Central Alberta Staff Offered on: November 12th 1:00pm-3:00pm Cost: $50 or $40 per session if taking two or more Money Skills modules (pre-registration is required)
Module #3: Buying or Renting a Home
This module will review the buying process and understanding mortgage terminology. Specific information will be provided on mortgages and how they work and the cost of home ownership. Presenter: Community Futures Central Alberta Staff Offered on: November 26th 1:00pm-3:00pm Cost: $50 or $40 per session if taking two or more Money Skills modules (pre-registration is required)
MISSION AND VISION PLANNING Mission and Vision Planning Create the foundational structure of your organizations long term strategy by creating Mission Vision statements that will connect employees and customers with your businesses ideal future state. This workshop will include understanding what a Mission and Vision statement is, learning how they guide your decisions within your business, and learning how to use
them. Presenter: Kurt Spady, Avason Consulting Offered on: October 20th 9:00am-12:00pm Cost: $60.00 (Pre-registration is required)
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HOW AN ADVISORY BOARD CAN BOOST YOUR BUSINESS FROM THE BUSI NESS D EV EL OPMEN T BA NK OF CA N A D A
Looking 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 significant impact on their business. “Once people understand the benefits, they become big fans,” says Pierre Cléroux, BDC’s Vice President of Research and 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. 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. 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. “Every entrepreneur should have an advisory board. Each time I’ve seen a company create one, the first meeting produces a re-
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. turn 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.”
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FROM THE BUSINESS DEVELOPMENT BANK OF CANADA
Cash is king—it’s a common saying in the business world. But surprisingly few entrepreneurs take steps to manage their cash flow so they don’t wind up with an empty bank account and nothing to pay the bills. “One of the main causes of business failure is poor cash flow management,” says Susan Rohac, Senior Vice President, Financing and Consulting, at the Business Development Bank of Canada (BDC). The good news: cash flow management is easy to improve with a few simple steps. “Getting control over your cash flow helps you prepare for slow periods, plan your financing and have peace of mind,” Rohac says. Follow these five steps to get a better handle on your cash flow. Profitability check. First, make sure your business is earning a reasonable profit. Even the greatest cash flow management won’t help if your fundamentals are out of whack. Analyze each product and service separately to see whether it’s pulling its weight. Make sure your products are appropriately priced, and work to eliminate inefficiencies. Instead of just chasing sales, chase profitable sales. In 2007, Mike Whittaker’s company Bonté Foods learned the consequences of poor cash flow the hard way after facing large cost overruns on two major projects. The company had to act quickly to restore its cash position. It analyzed its profitability and realized it had to raise prices to better reflect costs. Bonté also unloaded lower-margin product lines and launched an efficiency drive while tightening cash flow management. The changes had a huge impact. Sales in Bonté’s meat division are up 36% since 2009, while gross profit is up almost 6%. “We learned to watch our cash very carefully,” Whittaker says. “You need to always be ahead of the curve on cash flow management.” Do a cash flow projection. Next, prepare a cash flow projection for the coming year. This is your early warning system for cash flow hiccups. Use an Excel spreadsheet or accounting software to plug in expected monthly cash inflows and outflows, including anticipated big-ticket purchases. Use the projection to anticipate slow periods and plan in advance what to do about them. “Through the year, check your actual cash position regularly—once a week or month—against
your projection to see how you’re doing and deal promptly with any divergences,” advises Rohac. 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. 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. 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.
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S4B: STRENGTHENING CENTRAL ALBERTA BUSINESSES Mighty Owls Daycare takes home inaugural Start-Up Entrepreneur Award at Success 4 Business Expo By Renée Francoeur Last week marked the second annual Success 4 Business Expo, an event unique to Central Alberta that provides an abundance of resources and fosters growth for local businesses. With over 40 exhibitors — ranging from Red Deer College to Warren Sinclair Lawyers to Southpaw Communications Inc. — the expo went above and beyond what it achieved in its debut year. “I’ve worked really hard on trying to give small businesses the resources, learning opportunities and connections that are so valuable to any business. That’s what it’s all about,” Brenda Kolasa, event manager and owner of Success 4 Business, said. The Expo, which saw over 170 entrepreneurs this year, was well up from 85 last year and boasted a number of new features — including the Start-Up Entrepreneur Award. Mighty Owls Daycare in Sylvan Lake scooped up the award, running against two other finalists: Openhwy Marketing and Practically Organized Ltd., a custom closet design and installation company. “Basically [the prerequisite for the award] is to be creative and innovative in their industry,” Kolasa said. “We thought that they had a really different take on daycare.” Mighty Owls runs out of an “ultra modern” building, designed for optimal learning, stated the company in their submission package. Unlike other daycares with one or two large rooms, Mighty Owls assigns its children to one of four age appropriate rooms or “hubs”
which functions independently from the rest of the daycare, reducing noise, distractions and strain on children and staff. The cash award, $1,500 from Community Futures, will now be an annual part of the expo, said Kolasa. It also includes six months of coaching sessions by Futurpreneur and $500 worth of design services by Visual Resolve Graphics. Ruth Kelly, president and CEO of Venture Publishing Inc., was the Expo’s first-ever keynote speaker this year, another exciting addition, said Kolasa. More seminars were also offered, such as one on the temporary foreign workers program, employment standards, brand management, tax 101 for small businesses and more. A few of these were recorded and will later be available on the website. The Private mentoring corner was also popular, offering those with full day passes 1 on 1 sessions with the mentor of their choice if requested. For those wondering how successful companies developed strong sea legs, the Expo also offered the new Panel of Leaders Forum. Established business people such as Jeremy Jablonski from The Coverall Shop and Andrea Fox and Diana Knapton of Babycakes Cupcakery were invited to sit on the panel and answer questions
Brenda Kolasa runs the Success 4 Business expo and online consortium as well as her own business, Visual Resolve Graphics. in a Q & A fashion regarding how they managed to build up their businesses and become successful. Kolasa, also the owner of Visual Resolve Graphics in Red Deer, started Success 4 Business a couple years ago. She said many of her clients were start-up businesses and looking for more direction. “Sometimes I didn’t now where to direct them so I thought wouldn’t it be beneficial to have something under one roof.” The S4B Consortium, which is the online resource area for Success 4 Business, (www.Success4Business.ca) offers local entre-
preneurs the opportunity to book speakers, take online courses, link to different solutions, download business development tools, view the calendar of business events, as well as be active on the newly launched Barter Board for business. Kolasa has had interest expressed in expanding Success 4 Business to the northern and southern parts of the province but said for now her focus remains on Central Alberta. For more information, visit www.success4business.ca.
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What new inventions does the world need? What light bulb has lit up recently in your head? Calling all students of any age currently enrolled in a post-secondary institution or within one year of having graduated, if you have an idea with a technology, science or knowledgebased focus, head to Central Alberta’s own Dragon’s Den. The RED Challenge is looking for budding entrepreneurs to pitch their business proposals and will award the contest winner $20,000 as well as office space at Red Deer College for one year and mentoring. “We call it a gentler Dragon’s Den,” said Alicia Cafferata-Arnett, a project co-ordinator at Red Deer College. “We’re not here for the media or for destroying people. We’re here to build capacity and provide constructive feedback.” The RED Challenge, which first ran in 2010, is about nurturing innovative entrepreneurs in Central Alberta. “We are excited to have Olds College and Toby Williams the Project Manager of the Canadian Institute of Rural Entrepreneurship as a partner. We’re pooling all our resources together this year,” said Cafferata-Arnett, also crediting their main sponsor, Alberta Innovates Technology Futures. This year will also mark the first time the RED Challenge has handed out prize money for second and third place. The second place winner will take home $10,000 and $5,000 goes to
third. The process is fairly simple, explained Toby Williams, with Olds College. Everyone who submits an idea is entered into the contest and heads off to “boot camp,” which is run by Community Futures. Here, competitors learn all the ins and outs of business planning. At the end of this training they can decide whether or not to submit the business plan they learned to create and from those submissions, four to six are selected to present to a panel of judges. “This year we’re also going to try to add in more coaching help, pitch coaching specifically for those that will be presenting,” said Williams. Submissions will be accepted starting in November. Winners are expected to be announced in March. “It’s a really great contest. When do you get the chance to win $20,000 as a small business? So we really encourage people to apply,” said Cafferata-Arnett. “The feedback from people has been that the training has really helped them set up for future success.” New businesses may also apply, as long as they’ve only been in business for less than 24 months. Organizers would like to recognize support from the City of Red Deer and Central Alberta Community Futures, as well as AITF. For more information, call Red Deer College at 403-343-4076 or stay tuned for updates to the website redchallenge.ca
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Take a stroll down Mall Street: Market returns for third year BY RENÉE FRANCOEUR Juicy preserves. Beautifully hand-bound books. Soaps with rose petals, goats’ milk and cedar. Christmas crafts you can’t find in a big-box store. This and more is what the third annual Mall Street Market at Parkland Mall has in store. From Oct. 16 to 19, take the entrance by Safeway and peruse the kiosks of local artists, craftspeople and business men and women. Everything on display is from Central Alberta — that’s this market’s golden rule. “It’s a great opportunity for home-based businesses,” Melody McKnight, Parkland’s marketing director, said. “A lot of them have only one employee so there’s no way they could work from 9 a.m. to 9 p.m. everyday in a mall store. This way they can still access all the mall traffic though.” The market has a new setup this year and is more contained than previous years, said McKnight, noting the kiosks will be placed in a V-shaped pattern in two corridors of the mall. Fifteen businesses have signed
up to participate, slightly higher than last year’s numbers. “Quite a few have returned from last year . . . There’s these beautiful birdhouses, clothing, bath and body products and jewelry,” said McKnight. Hosted in partnership with the Red Deer Chamber of Commerce, Mall Street Market will award one contestant with the title Mall Street Mogul and the grand prize (a one year membership with the chamber, a month of free weekend kiosk rental and coaching from Community Futures). Last year, Danielle Butt of Scratch Cakes and Sweets in Sylvan Lake was the champion after a panel of judges toured the market and public votes were totaled. “Any public sale will promote your business and encourage other small business owners to participate to spread word of mouth advertising,” said Butt of the experience. She’s noticed her business has expanded in the Red Deer area and was ecstatic to win the Mogul title the past two years. For more information on Mall Street Market, call Parkland Mall at 403-343-8997 or visit www.parklandmall.ca.
FRIDAY Forward Friday, Oct. 17, 2014 23
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More Than Money How Non-Financial Benefits Can Be a Game-Changer for Your Business What is the cost of losing a good employee? Entrepreneurs know it can be high. At Frima Studio, a fast-growing video game maker, the challenge of attracting and keeping talent got harder five years ago, when a pair of 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. “Companies in all industries—not just high-tech— increasingly see non-financial compensation as vital to their growth,” says Nathalie Gélinas, Senior Vice President, Consulting, at the Business Development Bank of Canada (BDC). In today’s challenging economy, it’s harder than ever for many entrepreneurs to find the resources to draw in and retain skilled employees, she adds. At the same time, boomers are quitting the labour market, leading to labour shortages in many fields. This means businesses are increasingly competing for good workers, but they have less money to do it with. The good news: non-financial benefits can be inexpensive and can even boost a company’s productivity, Gélinas says. “The cost is a lot smaller than what the employer gets back. Losing an employee is very costly. Human capital is the most important resource a business has,” she says. “The ultimate challenge is to mobilize employees. Salary alone will never mo-
“Not just a Curling Facility”
bilize 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 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.”
There when you need it, growing when you don’t.
The new Pidherney Centre can accommodate your • Business Meeting • Seminar • Wedding Reception • Christmas Party and so much more.
1.35%
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Book your Spring or Summer tradeshow on the new 30,000 square foot exhibition floor. Available April to September.
Business Savings Account
We also offer a full time onsite caterer and fully renovated lounge.
Bundle it with an operating account and get even more benefit. Visit our Red Deer branch and start earning today.
To book your event:
4822 - 51 Avenue / P: 403.341.4000 / cwbank.com
Phone: 403-346-3777 Email: curling@reddeercurling.ca Website: www.reddeercurling.ca 75557J20
*Rate is subject to change without notice. Interest is calculated on the daily closing balance based on the portion within each tier and paid monthly. Interest is paid as follows: 1.30% on deposits up to $250,000, 1.35% on deposits between $250,000.01 to $5 million and 0.25% on deposits above $5 million. Available in-branch only.
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FROM THE BUSINESS DEVELOPMENT BANK OF CANADA
24 FRIDAY Forward Friday, Oct. 17, 2014
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