Women's Enterprise Centre Blog: Blog

I Need a Holiday

Tue, 14 May 2013 01:55:00 PM

When I come back from holiday, it takes me days to catch up with myself, even if I have kept track of what’s going on in the office from afar. Here’s how my return to work unfolds: I receive about 30 emails each day which require some sort of response, add about 20 I’d like to read for information and another 30 that I have to consider before I dump. Usually, I check email while I’m gone and only respond to the urgent ones, maybe five to 10 each day. Now, if I’m gone for two weeks and only receive a modicum of mail on the weekends, that leaves more than 300 emails to which I have to respond, about 200 with relevant information and 200 more that I have to scroll through and give at least a moment’s thought. That’s about a day right there. Phone messages require another two to three hours to field. Mail takes another half day and general office catch up through meetings and drop-ins is two to three hours. That’s two and a half days to get to up to speed on what has happened in my absence so I am able to make informed decisions. I can cut that down to two days if I come in early and stay late. That’s two days of very concentrated effort and significant cognitive engagement because I am ‘telescoping’ the past two weeks and injecting it directly into my brain – which isn’t really ready for the task. In fact, it took me a moment to figure out which key unlocked my office door after my last holiday. When you spend a significant portion of time in a totally different context you lose some of your automatic-pilot synaptic connections. That’s why I find that I need a vacation from my vacation. Rather than never taking another holiday (a decision which would no doubt distress my colleagues), I have a plan for the next time I leave town. I will do all of my prep work leading up to holiday in a more organized fashion. I will schedule a one-day holiday BEFORE I leave, in order to create some distance between myself and work, pack in a rational and leisurely way, and prepare my mind to enjoy the time away. Hopefully this will avoid the two days required to get into holiday mode once I arrive at my destination. Once back, my new plan is to schedule two concentrated days to catch up and then TAKE ONE MORE day off before I start back in full mode. This way, I’ll have dealt with the most urgent matters but will have the benefit of regenerating a bit so that the time away will not have been in vain, and I can approach work with a fresh mind and re-invigorated energies. Doesn’t that sound like a plan? Now if I can only schedule accordingly, I’ll be able to get a better effect from the time away without the stressors that usually accompany absence from work. Somebody please remind me to give this a try next time around.

Do It Yourself Recruiting

Tue, 07 May 2013 02:17:00 PM

The need to recruit a new employee may result from business growth, an employee promotion, termination, illness or any of a number of other reasons. This step-by-step process will help increase your success in the hiring process. Before beginning the recruiting process, assess your business needs so that you can prepare a job description that fits your requirements. As you develop the job description, be sure to visit the National Occupational Classification (NOC) which provides a standardized language for describing the work performed by Canadians in the labour market. Job Descriptions: Employer’s Handbook can help you develop job descriptions to hire employees, evaluate employee performance and identify training needs. Once you are satisfied with the final job description, advertise the position. The advertisement should clearly detail the education, background and experience required. There are a variety of ways to create awareness about the opening: send it out to your business and personal network, use LinkedIn and Facebook, advise Service Canada Job Bank, Monster, Workopolis, universities, colleges, technical schools, or placement agencies. Depending on the position, the applications could pour in. Be prepared to effectively and efficiently screen them. Develop a rating sheet based on the criteria set out in the job posting and screen each resume using the same system. The next step is to develop a short list of candidates. Set up interviews with qualified candidates and develop interview questions that will gather relevant information. Behavioural questions such as “What do you do if you disagree with someone at work?” will provide you with a sense of how an individual might react in a given situation. Two heads are often better than one. Ask a colleague (perhaps the position supervisor or an employee who will work closely with the candidate) to take part in the interview. Be sure to take notes of applicant’s responses. Once all the interviews have been conducted, compare the candidates. There may be times when a second interview is necessary, particularly if you are having trouble selecting between a few qualified candidates. Once you have decided on the best candidate and offered them the position, the negotiation process may begin. Subsequent meetings may be required to come to an agreement on details such as start date and remuneration. On-boarding is the process of introducing the new employee to the organization, their supervisors, co-workers, work areas and jobs, and sometimes to health and safety in general. Providing extra assistance during the initial period is as important as a good interview process. Develop an orientation checklist that is customized to your business and workplace. Provide an overview of the company – its history and culture, HR policies, procedures, performance management and on-going learning/training options. Provide coaching, peer support, information sessions, and meet with new employees regularly to ask how they are and what other resources, if any, they may need. The process of hiring a new employee involves, preparation, recruitment, interviews, selection and orientation, which eventually leads to regular performance management and employee development. Investment in the recruitment process is well worth your time, effort and resources.

90 minutes

Mon, 29 Apr 2013 02:01:00 PM

90 minutes. That’s it. Apparently we only have about 90 minutes of good, productive time in the morning, where we are able to completely focus on a single project. The rest of the day is downhill from there. In the afternoons, we are easily distracted, and coincidentally, this is when people tend to make the most mistakes. During the morning when you are still energized, it is important to get your priority work done first. Don’t sift through e-mails or surf the net while you still have a fresh, productive brain. This can be done later, when you are tired and after you’ve completed the important work. Trust me it will take a lot of self-discipline not to dive into e-mails first thing. Interestingly, self-discipline is easier to exercise while the day is young. If you think about it, most people break their diet at the end of the day, once their will-power muscle has been exhausted. My goal is to get my priority work done first thing; to make the action a strong habit or a ritual. Brushing my teeth has become a morning ritual; I don’t stand in front of the sink and argue with myself about whether or not I will brush. I just do it. This is how I’m going to tackle my important work first – just do it. If your priority is to become more profitable or to grow your business, try spending some precious morning time on this goal, before the craziness of the day takes you in another direction.

Balancing Act: Work and Life

Mon, 22 Apr 2013 10:08:00 AM

Women’s Enterprise Centre of Manitoba clients often remark to me about my work schedule; they are surprised to see me when they arrive for a morning or afternoon meeting with their business advisor, and when they attend one of our evening training sessions. I’m very quick – and happy - to let them know that it is through these flexible shifts that the Centre supports my academic goals. We all know that life is busy: running our own businesses or working for someone else, fulfilling family obligations, fitting in studies and enjoying other pursuits. A Business Insider infographic shows how flexible work hours as well as working remotely, dramatically affect employee productivity and happiness. The 2009 study ‘Are Flexible Work Schedules Created for Business Reasons or to Assist Workers’ by researchers from McMaster University, Memorial University of Newfoundland and the University of Guelph provided strong evidence that flexible work schedules help workers achieve work-life balance. A new University of Manitoba study shows how alternate work arrangements help employees attain a degree of work-family balance and decrease absenteeism and turnover in the workplace. Among their findings was that flexible schedules, shift work and self-employment significantly increased women’s perception that their work and family lives were balanced. According to the Center for Talent Innovation, 87% of Boomers, 79% of Gen X'ers, and 89% of Millennials cite flexible work arrangements as important. It took nine years, but this summer I will complete my Bachelor of Fine Arts degree. Reflecting on this near achievement, I realize that attaining my personal goal was in large part due to my employer’s recognition of the importance of providing me with a flexible schedule to achieve a degree of work/life balance.

Dreaming vs. Doing

Fri, 12 Apr 2013 04:28:00 PM

I found a terrific graphic that visually answers the question we get often at the Centre which is, “Why do I need a business plan?” My favourite design /philosophy /news/ interesting-stuff site, Co-Design, has an article about an artist who designs posters that are simple illustrations of complex paradigms. This one, designed by Joey Roth, shows the very concept that we struggle to impart to our clients regarding the power of the entrepreneurial dream vs. the need to dig in and work to make the dream happen. Mark Wilson’s article in the most recent Co-Design shows some of Roth’s infographic work and quotes the artist as saying “the poster is inspired by my developing realization that the most valuable tool anyone has is their grind--represented in the poster as steps carved into an incline. I’m not talking about the ‘daily’ grind: doing work you don’t like or care about. By ‘grind’ I mean a combination of work ethic and improvised strategy that becomes a daily ritual, and ensures progression or improvement over time, regardless of an individual day or even week’s outcome… Dreaming about reaching the same goal is easier and faster in the beginning, but doesn’t provide the same ritualized framework. The more a dream is exposed to reality, the more it needs this framework: grind.” ‘Work ethic and improvised strategy.’ We couldn’t agree more. The poster illustrates the increasing difficulty of reaching your goal via the dream rather than the steady progression toward the objective that is planning, thinking and doing. Certainly worth the $35 cost of the poster via Joey Roth’s website. Look for a large framed copy soon at your friendly downtown Women’s Enterprise Centre of Manitoba.

Caution! 'Sense of Entitlement' at Work!

Thu, 28 Mar 2013 04:48:00 PM

Whose fault is it? Is it mine? Is it society in general? Is it regional? Canadian? North American? Worldwide? When did it start? I’m referring to what seems to be an overall loss of awareness of other people’s feelings, position or situation. Have individuals become so imbued with the sense of ‘me’ and what is important to ‘me and my schedule/desires’ that they forget there is a world outside of themselves? Am I just becoming more aware of perceived infractions against ordinary existence or are things becoming worse? Am I equally unaware? Have I offended/irritated others without thinking? While drivers who use the transit lane to ‘beat the traffic’; litterbugs who feel it is ‘okay’ to discard their trash where they stand; and those people who forget to use please and thank you to acknowledge a service or kindness are among my top pet peeves, the lack of customer service wins hands down. When did customer service become an inconvenient and irksome chore? From a business perspective, exceptional customer service is a given not an option. Non-listening, bored-faced client-service individuals seem more common these days. I’m sorry – maybe my expectations are falling into the ‘sense of entitlement’ area. To me, customer service via social media isn’t really customer service. While the app-savvy generation might be fine with a ‘cloud interaction’, those of us still trying to get our heads around Facebook, Twitter, Pinterest and Facetime, actually prefer interacting with another human; but lose the attitude and make interactions less stressful! I recently read Aaron James’ book A*!@: A Theory. My inherent politeness prevents me from naming it fully in a public forum, but it does make you stop and think about why people behave the way they do, and why their bad behaviour disturbs us. On the flip side, “Random Acts of Kindness” appears every week in the Saturday edition of the Winnipeg Free Press. The letters in this column always express appreciation for good deeds. What is worrisome is that these kindnesses are seen as an exception rather than common practice. So, to all those thoughtful and caring people who think of others and simply help out because they can, ‘thank-you’.

Location, Location, Location!

Thu, 21 Mar 2013 03:09:00 PM

If we had a nickel for every time that phrase was uttered when discussing the potential for business success…we’d all be millionaires. It’s hard to refute the thinking behind the adage; the ideal spot, with the right amenities, amid your target demographic, and secured at the right price…how can you lose? A recent discussion in one of our Business Plan Development workshops, however, got me thinking. We were talking in general terms about positioning your business relative to your competition, about doing your due diligence in terms of market research, and undertaking a comprehensive SWOT analysis to inform decision-making. Following some healthy debate, most participants asserted that the best place to locate is as far away from the competition as possible. Mine was the lone contradictory voice in the classroom. Interestingly, research suggests I’m not alone in my thinking. When determining where your business should be located many experts agree that it’s more straightforward than a lot of entrepreneurs make it. In an Entrepreneur.com article, Greg Kahn, founder and CEO of the U.S. based Kahn Research Group says, “Quite simply, the best place to be is as close to your biggest competitor as you can be." Kahn, a behavioral research veteran who has done location research for Arby's, Home Depot, Subway and other major and minor players continues, "Foot traffic is obviously important, but landing the 'perfect' customer is far more crucial.” That’s the crux of the matter; finding the best way to leverage the ideal customer, providing you have a quality product to back up your efforts. By being in close proximity to your real competitors you glean benefit from their already proven marketing efforts. "Why spend the money when they've already [spent it] for you?" asks Kahn. Location is good; healthy competition is better!

Take Pictures

Tue, 12 Mar 2013 09:33:00 AM

Take Pictures. Of everything. Whether it is someone purchasing items for an event you are organizing, a staff/team member having a meeting, some technology you are using, your space, the weather. Take lots – with digital cameras it doesn’t cost anything to take many pictures and the more you take, the more likely there will be one great one among them. Try out some of the options you have in the camera - play with settings, lighting, scenes, etc to see what you get. Have fun. Something great might turn out, but that isn’t the most important thing. Save them on your computer By date By event By topic Whichever works best for you. Share them – put them up on Facebook, add to a tweet, send to someone who’s in the picture. You can easily make collages with something like Picasa which is a free program and can be a good place to store your pictures. As you move forward you will have a visual reminder of things that have happened – in the store, your studio, your events. This will give you a great opportunity to add visuals to your printed/online documents and presentations. Pictures can also help with how to’s for staff. They don’t have to be art, just a visual of things that have taken place. I often create procedure manuals and will take a picture of what the file looks like, or where something is located in the space. Pictures are great addition to blogs, web pages, letters. I carry my camera with me and I also have the camera on my cell phone. Because I have it with me all the time, it is easy to just pull it out and snap a photo. In the last few weeks I have taken pictures of a colleague who was writing a blog and needed a photo to put in it – she was doing yoga at her desk; a couple of locations we might be interested in using for events, so that we have a visual of what’s available; clients at a seminar, to put a picture up on our website; a photo of an item that was going out for a quote, so the person receiving my email could see what I was talking about; my computer screen regarding an issue I was having so that I could send it to our tech person without having to write it down on paper and then type into an email; the weather so that I could put something up on Facebook. Make picture taking a part of your routine. So, get that camera out and start snapping, and remember to have fun!

An Important Date

Mon, 04 Mar 2013 09:23:00 AM

Friday, March 8 is International Women’s Day. As the name suggests, it is a global acknowledgement of the economic, political and social achievements of women. While it began as an offshoot of labour unrest in the early 1900s, today it is marked by celebrations that range from parades and marches to concerts and galas. In some countries, it is a national holiday. Every year since I joined the team at the Women’s Enterprise Centre of Manitoba, I have participated in IWD celebrations. I have been inspired by speakers of all ages, attended breakfasts and lunches, and enjoyed the entertainment that is part of most celebrations. I have seen both the progress that has been made by women in Canada and the work that still needs to be done. This year, International Women’s Day has a truly international feel for me. In June 2012, we had the honour of hosting a delegation from the Ukraine at the Centre who wanted to learn what we do and how we do it. As a country that continues to face economic challenges, there is recognition that women entrepreneurs will play a huge role in creating jobs, alleviating poverty and moving the country toward economic prosperity. Following that serendipitous first meeting, I had the opportunity to travel to the Ukraine in October and then again in December to share more about the Centre, our challenges and triumphs. In December, the Lviv Regional State Administration, which was so impressed by what they had seen in Winnipeg, announced that they would be establishing their own women’s enterprise centre. While there is still much work to be done in order to make that happen, the commitment by the state administration reinforces what women have always known and the wider community is now beginning to recognize: women-owned and managed businesses are a force. They are good listeners, wise decision-makers, skilled at aligning human, financial and operational resources; and generous community builders. One thing leads to another. On Friday, March 8 as Canadians are marking International Women’s Day in their own unique way, I will be on an airplane heading for Vietnam to again share the Women’s Enterprise Centre of Manitoba story and hopefully plant a seed that inspires another community to recognize the value of women entrepreneurs.

The Paper Mountain

Mon, 25 Feb 2013 09:20:00 AM

If your house or office is anything like mine, you probably have a pile stacked on the floor (box, drawer, cabinet) that is comprised of books, papers and magazines that you fully intend to read ‘as soon as you have time’. My pile has now topped three feet and is beginning to have that tottering stance that tells me that it desperately needs my attention before the next person to breeze by creates a paper tsunami. Step one is, of course, to do the usual quarterly sorting. Did I really want to read this and why? Lots of drawing paper for my friends’ kids results from that first cull. Then I generally cluster the material: this is work-related; these are good recipe/organizing/hobby/fashion ideas; these are self-help life changers (or purport to be); these I put aside for someone else but can’t remember who. Okay, I now have four or five smaller piles which, naturally, I prioritize and re-pile, but – vastly improved because now they have labels and I’ve had a chance to dust around the perimeter. I find that each time I engage in this exercise, I come away with two or three must read selections that I actually do peruse. My most recent ‘find’ (if you can call it finding when it’s been within a five foot reach for the better part of seven months) is Malcolm Gladwell’s Blink. I’m so loving this book! It was worth dancing with the dust bunnies to finally unearth it. Blink, among other thoughtful ideas, is about the good and bad decisions we make from the gut, and why and how that happens. Gladwell’s ‘thin slice’ is the way that we take the whole of a situation using only the most minimal and immediate aspects of the experience, and are able to make perfect judgments and decisions. The premise is that there is so much expertise and experience from which our subconscious draws, that we are able to derive a fairly credible and solid instant foundation for immediate action. Naturally, there is a flip side to this which is the unintended biases and prejudices that also lurk in our hidden consciousness that is a reflection of our societal influences and which, despite our voluntary intentions, will impact or influence our actions. I recommend the book for its clear language, good stories and examples and thought-provoking ideas. One further thing that emerged from my recent delving is information about the world’s most perfect app to help to avoid future piles. Both my conscious and unconscious mind jumped for joy when I understood its purpose. Instapaper is an inexpensive app that allows you to easily save links to sites that you come across but don’t have time to read. All you have to do is create a password and you can access those links on any of your mobile devices, thus creating an instant newspaper made up of articles generated by your web browsing. You can read them on your phone or tablet when you are waiting in the doctor’s office or on the bus or at lunch. I’m hoping that between Instapaper and my good intentions, I can shrink that paper mountain down to nothing and save a good many trees in the process.

How Does It Look?

Fri, 30 Nov 2012 03:59:00 PM

It’s strange how some old memories keep kicking around in your head. As a child, I lived in a suburb in the north part of Winnipeg. The main street was lined with homes on one side and small stores on the other. The businesses in this two-block stretch included a bakery, doughnut shop, butcher, haberdashery, hardware store, shoe repair, doctor’s office, barber shops, hair salons, two drugstores and a couple of five-and-dimes that sold the basics and had lunch counters. I remember how the sidewalks were always bustling. Workmen would make the journey to the five-and-dime for lunch, and many times we would pick up fish and chips for a special treat at the end of the week (50 cents bought enough to feed a family of five!) There were lots of dogs and cats, too. This predated any by-laws preventing animals from roaming at will but no one seemed leery around them. Well okay – there was one Great Dane that made me nervous. He would take up his daily post in front of the butcher shop so as a six-year old on a mission for a carton of milk, I would take the long way around rather than pass a mild-mannered animal that was taller than me. One of my lasting childhood memories is the pride the shop-keepers took in the exteriors of their businesses. Every morning, the sidewalks were swept and refuse went in the garbage bin behind the store. Litter and dirt were not swept into the street to blow around the neighbourhood. Weeds were pulled. Windows and doors were washed on a regular basis. Handles and door knobs were cleaned daily. Awnings were not allowed to become shredded or dirty. A quick rinse with the hose removed dust build-up from the awnings and made short work of mud splashes on the facade. In winter the sidewalks in front of the stores were completely shovelled – not just a path; and no one waited for the city to send out the plows. In this competitive world where things change so quickly (many for the better) and businesses around the corner must compete with businesses around the world, why wouldn’t you want to do everything in your power to put your best foot forward? We all know the old adage about first impressions, not to mention the importance of customer service. Spending a little time on the outside of your business sends a powerful message about your attitude to your customers and is a great way to help build your community.

What do creditors look for?

Fri, 16 Nov 2012 01:39:00 PM

When you apply for a loan, you are not just borrowing money. You are asking the potential lender to invest in you and your business. Whether it is a family member, friend, angel investor, bank or credit union, or a government supported business financing program such as the Women’s Enterprise Centre of Manitoba, the lender is being asked to make an investment. As such, they will want to assess: The viability of your business idea or expansion What you are planning to spend the money on The investment that you, as the owner, are making towards the start-up or expansion The projected profitability – how much and how long it will take to be profitable, and how sustainable it will be If you are a low credit risk – the investor wants to be confident that they will get the investment back plus the promised return One of the measures that lenders use to assess if you are a low or not-so-low credit risk is your credit score which measures your risk of default at a specific point in time. It indicates the risk you represent for lenders. Your credit score is an actual number that can range from 280 to 850. If you have a high score, you will be considered a low risk to lenders. If you have a low score, you will be considered at high risk of not making payments and paying off the loan. Your credit score is influenced by your payment history, the amounts you owe on your current credit sources or credit utilization, the length of your credit history, your new credit inquiries and activities, and the types of credit you have and have used. In Canada, there are two main credit bureaus that collect data on your borrowing history – TransUnion and Equifax. When a financial institution does a credit check on you, it will obtain your credit history and your credit score from one or both of these bureaus. You can improve your credit history and credit score by: Paying your bills on time – delinquent payments and collections have a significant negative impact on your score If you have missed payments, get caught up and then stay current Pay off debt rather than shifting it from one credit account to another Only apply for new credit when needed – don’t complete the credit card application just to get the free gift – every time you complete a credit card application, you are authorizing that company to do a credit check on you Manage your credit cards responsibly – do not spend more than you can afford to pay back Do not exceed your credit limit

When is enough...enough?

Fri, 09 Nov 2012 04:10:00 PM

Entrepreneurs often encounter pitfalls when their desire to be first-to-the-gate prevents them from acquiring sufficient knowledge. There’s possibly only one thing that plays as much havoc with an entrepreneur’s ability to realize their goal(s)… analysis paralysis. Serial entrepreneurs and experienced business professionals will attest – having passion, conviction, and a good idea isn’t enough to ensure a positive outcome when considering new ventures. You have to prepare yourself with sufficient background, data, and the stats that demonstrate your business is not only feasible, but viable and sustainable as well. In reality, there is virtually limitless information, scientific research, and conjecture about any industry, proposition, or undertaking you might be considering. While some of the research may be difficult to find, make no mistake, the likelihood is that there is no shortage of quantifiable evidence both FOR and AGAINST the business you’re considering. The environment in which you plan to operate, your own experience and business acumen, economic and social factors, resources (human and financial), and a myriad of other considerations come into play. Depending on your personality and predisposition, you may be inclined to a more thorough analysis of existing facts than your competition. If you take the exploration, research and analysis stage too far, however, you run the very real risk of missing your window of opportunity. That’s where good counsel, the advice of a seasoned veteran in the industry you’re considering, or a business analyst has a significant role to play. They can advise you where there are gaps in your thinking or research and they can challenge your assumptions and projections for revenue generation. Trust that there are people at WECM positioned to help you succeed!

The Healthy Entrepreneur

Wed, 31 Oct 2012 12:30:00 PM

In order to reach my goals of balancing work, studies, family, and even having “me-time”, I have worked to develop a healthy lifestyle built on proper rest, eating right, and physical activity. Sounds too good to be true, right? A large part of the credit goes to the Health and Wellness program at the Women’s Enterprise Centre of Manitoba. The physical activities and wellness information available to the staff makes the Women’s Enterprise Centre of Manitoba one of about 13% of Canadian organizations offering group fitness activities on-site. What is even more exciting is that employees from two other workplaces are participating with us during our lunchtime sessions. My own experience of creating a healthy and balanced lifestyle started me thinking about the clients that I serve each day: without a doubt, our clients (regardless of their business stage) share similar challenges in their attempts to maintain healthy lifestyles. Delving deeper into the connection between health and entrepreneurship has led me to facts and stats on the Public Health Agency of Canada website, an inspirational story of an entrepreneur’s journey to regain her health, and the discovery of quick, practical and easy to follow yoga poses that can be accessed on your computer or mobile device. This research has given me an even greater appreciation for the connection between health and entrepreneurship and the creative ways in which entrepreneurs and businesses are working together to promote healthy lifestyles. In an entrepreneurial environment, it shows that the healthy individual and business reap the rewards and enjoy a competitive advantage. What are your thoughts about health and entrepreneurship? Are you striking a balance? We would love to hear of your experiences and successes.

Inspired and Inspiring

Wed, 24 Oct 2012 11:28:00 AM

Last week I was in Lviv, Ukraine, a beautiful medieval city with magnificent architecture, imposing churches and cobbled streets. I was there to speak at a forum that was focussed on women’s participation in entrepreneurship and politics. After 20 years of independence from the Soviet Union, Ukraine is still trying to find its way after a long history of socialist rule. While the recent economic crisis and continuing political instability take their toll, there are many people who see that business ownership is a vital ingredient in helping to build a strong and healthy nation. I had the privilege of sharing the experiences and best practices of the Women’s Enterprise Centre of Manitoba both during my presentation and in subsequent conversations. There is an eagerness among several Ukraine-based economic development professionals to implement a similar Centre in Lviv. There are certainly challenges. Not only was profitable, commercial enterprise frowned upon (to say the least) during the Soviet regime, women hold few if any positions of power in the national politics, making the implementation of women-specific programming an uphill battle. As entrepreneurs know, financing is crucial for business success. In an economy where interest rates remain extremely high, just getting a business started is a daunting experience. But it is happening. Slowly but surely, businesses are starting and many are beginning to flourish. I was inspired by the determination of the people I met to build a progressive and inclusive economy. I hope they were inspired by what is happening elsewhere and can use those examples as a foundation for their own success.

Ten Critical Success Factors

Tue, 16 Oct 2012 02:38:00 PM

I was at the Canadian Council for Small Business and Entrepreneurship (CCSBE) conference last week in Halifax, a great city with some of the best seafood restaurants in Canada. I managed to escape from the conference hotel for an hour’s walk along the pier on a beautiful, sunny and breezy day. Usually, the result of these little excursions is a ding on my credit card and this one was no exception; the shops along the harbor front are very enticing. So, a little pewter pin for Mom, some hand-made chocolates for the staff, a necklace that will go oh-so-well with the neckline of my favourite sweater, a scarf for the guy friend. It’s amazing how much a determined shopper can accomplish in a 58-minute sprint! The CCSBE focuses on the study and support of entrepreneurship in Canada. The presentations at the conference are always interesting in that they juxtapose the academic research with the practitioner programming so that there is always a play between theory and practice; studies that result in insights, programs that make the research applicable. Very cool stuff. The 2012 Halifax conference had an additional perk for me, and that was one of the major speakers, Dianne Buckner, journalist, tv producer and host of Dragon’s Den. Dianne’s Friday luncheon keynote was focused on the ten attributes of successful entrepreneurs, gleaned from her years with Venture and Dragon’s Den. I managed to capture the essence of her presentation and am happy to pass on this information in the hope that it will support, vindicate and inspire our clients in their entrepreneurial journey. Here, in reverse order, the critical success factors as noted by Dianne Buckner: comfort with opposition – accepting and working with conflicting viewpoints; curiosity – noting and recognizing the importance of trends; tough times are not necessarily bad times – making the most of barriers and downturns; ability to get financing – by virtue of making the pitch and having the goods; knowing how to be brief – it’s too easy to ‘make the sale’ and then end up buying it back again with too much chatter; knowing what is NOT your strength – and making sure you have someone who can do the things you can’t while you do the things you are good at; passion plus practicality – emotion plus reason will get you where you want to go; getting people to say yes – by aligning your needs with their goals; working hard – but doing it without burning out, getting some balance; decisiveness! – nothing sabotages a deal like dithering. Whether or not you agree with the order or the content, you have to admit, Dianne’s got the goods when it comes to watching the parade of successful and unsuccessful pitches that make Dragon’s Den the entertaining program that it is. There’s a lot of wisdom here and if there’s something on this list you need to work on, don’t wait too long to add it to your repertoire. We make pitches every day, to customers, suppliers, investors, family, colleagues, sponsors and supporters. Not every deal is about money, but it’s always about the resources we need to take the next step in our business growth. Great companies know how to overcome the challenges and make every pitch count.

It Doesn't Have to Be Stressful: Employee Performance, Developmental Review and Plan

Tue, 09 Oct 2012 06:24:00 PM

Employee development should include an annual performance review and can involve improving the employee’s skills in their current job, as well as developing them for future responsibilities and new positions. Managers can help to alleviate the anxiety and stress some employees experience when preparing for a bi-and/or annual employee reviews by taking a positive and respectful approach, and by preparing an employee well in advance. Develop an Employee Development Review process and document that clearly outlines what will be covered during the interview. Provide the employee with enough notice and time to prepare. Review the employee’s performance over a defined period of time. Ask the employee about major accomplishments since their last review. Ask the employee what ways you can help them do a better job. As part of the review, give the employee an opportunity to provide you with feedback. Ask the employee what activities would help them develop themselves. Based on their response, provide the employee with suggestions such as peer coaching, training, job design changes, special project assignments, or assigning the employee to assist another executive. Ask the employee to develop a written plan. Review the plan to discuss time and other commitments, associated costs, supervision responsibilities, etc. Implement the plan. Monitor the employee’s progress by observing them in action, scheduling regular meetings to see how things are going and providing them with an opportunity to give feedback and to ask questions. Provide the employee with ongoing follow-up and an opportunity to reflect on what they have learned. A company that takes a positive consistent approach to employee review and development by conducting, at minimum, an annual review, is likely to have more satisfied employees.

SimplifyThis

Mon, 01 Oct 2012 03:43:00 PM

My colleague Nancy and I recently had the pleasure of supporting a particularly delightful entrepreneur, whom I shall refer to as "Jane". My affinity toward Jane is rooted in her willingness to develop new skills that will benefit her business not only now, but also support her future growth plans. One of the strategic objectives Jane identified is to provide exceptional customer service. To this end, she and I have been exploring technology solutions that make it as easy as possible for her clients to transact with her. Although Jane's specific services are unique, many entrepreneurs may relate to her as a solopreneur, and as such, benefit from exploring the web-based solution that Jane is implementing in her business. SimplifyThis.com is an online billing and booking system that offers a 30 day free trial (no credit card required), and then starts as low as $9 per month. Although the application offers self-serve booking by clients, this function can be disabled with the click of a mouse if, like Jane's business, personal interaction is preferred in order to determine the specific service, time and location. If, however, services are offered on a regular schedule and for pre-established time periods, clients can book online from a widget embedded in an existing website. For some of Jane's services, a deposit is required at the time of booking, with the balance due on or before the date that the service is provided. By using SimplifyThis, Jane is able to create a client contact record, send a booking confirmation that populates her own calendar, and then email an invoice which includes a link to online payment by credit card. SimplifyThis is tightly integrated with a number of payment processors, including PayPal, which means that Jane always has a current view of which clients have paid or still owe, and can send a reminder with a few mouse clicks. Following are some of the features identified on the SimplifyThis website: Email invoices and estimates with .pdf attachments Supports unlimited number of customers Your own logo on invoices Automated recurring billing Track incidental charges for later billing Allow clients to access their account and pay on-line Track time spent on projects and tasks, and invoice them easily Unlimited online booking from your own website Booking for classes/workshops and events Configurable booking page with your logo, embeds in your website Client database with tracking Support for pre-paid packages Automated email notifications to clients and staff What are some of your challenges related to managing client scheduling, billing and client information?

But I KNOW my idea is a good one!

Tue, 25 Sep 2012 01:28:00 PM

Fact #1: There’s no limit to good ideas. My past year spent with the Women’s Enterprise Centre of Manitoba attests to this. More often than not, I’m impressed with the ingenuity, resolve and passion that our clients possess when they come to us for business plan development or financial assistance. Fact #2: Would-be entrepreneurs are often so enthusiastic about their ‘epiphany’ in terms of a proposed product or service and the possibilities inherent in their concept, that they fail to fully research and test the idea’s business viability. It’s easy to lose one’s objectivity when the initiative you’ve been working on for several months or years is something close to your heart and experience. Fact #3: Passion, conviction, and related know-how are not enough to ensure business success. These qualities are an important part of an entrepreneur’s potential for achievement, but an equally integral aspect is the commitment to research and assessment of an idea in order to ascertain its real potential. If it can’t generate ongoing revenue within the market it operates (given the peaks and valleys of enterprise and competition) and sustain a ‘reasonable’ return for the owner (including a requisite salary/draw), then it’s not a sustainable business; it’s an expensive hobby. Fact #4: The veracity of a good idea is made infinitely more credible and, consequently, the likelihood for financing is greatly enhanced when an inspired venture is backed up by unbiased research and a well-articulated business plan. The prospect of failure or false starts vs. success is mitigated by the systematic analysis of the factors influencing the industry in which your proposed business operates. We encourage all our clients to begin their business journey strategically. Take the time to research and plan for the inevitable road blocks that may arise.

Reading – A Small Business Concern

Mon, 17 Sep 2012 02:22:00 AM

I’m an avid reader, or maybe more to the point, an addict reader. I can’t sit in a waiting room, or watch a commercial, or dry my hair or eat alone in a restaurant without having some kind of reading material to hand. I’ve been known to read the small print on cereal boxes, ketchup bottles and tubes of hand lotion in the absence of a book, kindle, iPhone or other source of more cognitively challenging arrangements of words in sentences. I read books, magazines and e-zines, online articles, websites, research papers, blogs and well written FB posts. If I had a better memory, I’m sure I’d be an expert on any number of esoteric topics. As it is, however, with much of my non-escapist reading relegated to topics of business development and entrepreneurship, I’ve built at least a foundation of knowledge and interest that has helped me in my work on many levels. Gathering information on a particular topic or interest through reading gives us an idea of what the “universe” of our particular topics looks like, from the stable foundation of familiar and constant orbits to the new discoveries of unexpected trajectories and visits from distant galaxies. Our fields of study and knowledge provide us with more than food for thought and often help us to chart a path to the next business decision or creative innovation. A recent Harvard Business Review Blog by John Coleman (For Those Who Want to Lead, Read) points out the important connection between deep reading and the development of a whole continuum of leadership benefits. “Deep broad reading habits are often a defining characteristic of our greatest leaders and can catalyze insight, innovation, empathy and personal effectiveness.” Aren’t those the very qualities we need to be developing as small business leaders? Whether we are leading employees, colleagues or communities, those characteristics enable us to create sustainable, memorable and valuable contributions. Whether it’s a profitable business, a winning team, a better widget, or an innovative cure for a long-term problem, reading provides the foundation for us to become a real force for positive change; in other words, better leaders. Coleman provides a few tips on getting started as a deep reader: join a reading group (like minded or divergent thinkers, both are valuable) vary your reading (read a few books outside of your comfort zone) apply your reading to your work, especially if it’s a different topic area altogether ( I love this one, it’s really sideways thinking) encourage others (it can form part of your coaching and developmental leadership) read for fun (not everything has to be hard work) Take the time to read. The rewards to your personal and business development are far beyond the time you will have invested.