January 2009 - Issue 80
SPECIAL EDITION |  |  | |
NovaNAIT is an Approved
Service Provider for the Innovation Voucher Program
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Interview with:
Josephine Shulko
Girlfriend Getaways
Josephine is a client of The Business Link.
Deciding to finally start a travel business in 2008, Josephine Shulko learned very quickly how a sudden economic change can impact a particular market. Her business, Girlfriend Getaways, offers international shopping and relaxation trips to women who need time away from home. Josephine points out that the global economic downturn "couldn't have hit at a worse time for her new venture" -- while planning her first major trip to the United States this past November. Although she had considered a slight fall in the Canadian dollar, she was caught off-guard when the value of the Loonie plummeted almost 25%. In spite of the poor exchange rate which significantly increased her expenses, she mentions that "with the bad, came the good," referring to the discounts that were available from retailers in the States. "The sale prices were so fantastic due to the U.S. economy, my clients were able to find great deals, and quality products for much cheaper than expected." She recalls a recent media report indicating retail prices in the U.S. had dropped by up to 75%. Overall she rated the trip as being a good four days. "I did not have any challenges I could not overcome." Her clients appreciate the fact that they do not have to worry about any of the travel details.
"I look after everything from booking the flights, arranging the accommodations, planning the meals, and paying gratuities. The only thing the women have to be concerned about is being on time." Josephine continues to keep an eye on economic news to keep pace with new developments that may affect her business.
She participates in a number of association groups and subscribes to e-newsletters - both of which keep her informed about current travel trends, news and discounts. Josephine plans to re-evaluate her business and its strategy in the coming months. She says she can see some potential in offering more Canadian (than U.S.) shopping trips, so that she does not have to compete with a strong American dollar. "This whole experience has definitely been a learning process." Every business will experience ups and downs along the way and it is a matter of how you ride it out.
| |  |  | | They will find themselves lagging behind and at a disadvantage. Instead, see this economic context as an opportunity because cost of hardware and software is coming down [even cutting-edge technologies] and consulting fees too. Use these elements to prepare yourself and your business for the next phase of growth. The IT and E-Business budgets and functions of your enterprise should be looked at for ways to gain revenue and cut operation costs. Based on "Pinch those IT Pennies" ComputerWorld Canada p.13, Dec. 12/08. | | |  | | The Business Link Library has a good selection of current books, magazines, and government sources of business information. See the library catalogue on our website or call 1 800 272-9675 and ask for the library. We can help you find the information you need. Below is a sampling of the over 8,000 items we have available. Survival is Not Enough: why smart companies abandon worry and embrace change / Seth Godin CustomerCentric Selling / Michael T. Bosworth and John R. Holland Your Client's Story: know your clients and the rest will follow / Scott West and Mitch Anthony Right Decision Every Time: how to reach perfect clarity on tough decisions / Luda Kopeikina Below are links to websites with a variety of information on thriving during these times.
Profit Magazine from Canadian Business Online has a series of articles on coping in a tough economy. "How to Find Revenue in an Economic Downturn" and several other related articles are available in the Financial Post Small Business Solutions. Retailers can keep in the know on the Retail Council of Canada website. Sign up for the e-newsletter for weekly updates. "Top 10 Best Home Businesses to Start during a Recession" Lynn Keller, E-Zine "Top Ten Business Ideas for the Top Ten Industries with Opportunities for 2009" Springwise The Business Link website has a wealth of information on making your business thrive.
________________________ When the economy slows, some industries experience reductions in demand, but many don't. The right businesses will still start, and the right businesses will still prosper. According to McKinsey Quarterly, as consumers cut back on luxuries they actually increase spending on education, reading materials, groceries and personal insurance.
People understandably spend a larger portion of their income on necessities, security and comfort. Businesses related to food, health care, and securing the future are a good bet. But you need to be aware that the definition of "necessities" has changed in recent years to include mobile services such as cellphones, mini computers, PDAs and similar products. Accessories for these items are expected to be in big demand. Technologies related to green issues, health and industrial process efficiencies, are expected to continue doing well. For information on Alberta's emerging industries of Advanced Materials and Health & Bio Industries, visit Alberta Industry Sectors. In preparation to start or expand your business, attend Basic Market Research March 19 6:00 p.m. or April 15 1:00 p.m. See our Spring 2009 Season for details and to register. | | | Position your organization in front of over 12,000 subscribers within Alberta and beyond by becoming an
E-News! Issue Sponsor. This and other unique opportunities exist for your organization to be showcased within a number of The Business Link's associated products and services, providing you with valuable profile within Alberta's small business community. To explore the options available for a strategic relationship with The Business Link, please contact Jim Ewing, Business Development Officer at 780 422-7768 or email Jim.Ewing@canadabusiness.ca. | | | | Cliquez ici pour accéder, ou vous abonner à ce bulletin électronique en français. | | | | | | | | | |  | |
With the dawn of this new year, we bring you this Special Edition of The Business Link E-News! To help your business thrive, you'll find practical information on maintaining your customer base, looking for cost efficiencies and strategic planning.
The good news is business professionals acknowledge that small and medium-sized enterprises can adapt much more quickly than large corporations to changes in the marketplace, giving them an advantage. Read about a new entrepreneur who just started a business and how she adapted to the changing situation. Learn how to maximize opportunities and overcome obstacles through business training, access to information and the many services available to you from The Business Link and other providers. Take advantage of opportunities for free publicity by following the advice in the Canadian Youth Business Foundation article on how to ace a print media interview. It all starts with an encouraging message from Alberta's Minister of Finance and Enterprise. |  Albertans are known for their ability and agility to adapt to evolving circumstances by taking advantage of the opportunities before them. This is evident in the fact that 95.5 per cent of all businesses in Alberta are small businesses. Alberta's small business sector is a vital component of the province's economy. In 2006, the sector was responsible for 20 per cent of Alberta's gross domestic product.
Albertans believe in entrepreneurship and self-reliance. Government's job is to make sure our tax system and business environment reflects that value. We have the lowest overall tax regime in Canada - including the lowest personal income taxes, the lowest business taxes, and no provincial sales tax. Currently, the world is experiencing a level of economic turbulence that hasn't been seen in generations. Alberta is not immune, but we are in a better position than most jurisdictions to weather this storm. The actions our government took to get us to where we are today will help us persevere and prosper during any economic cycle. Here in this province, I believe Albertans are ready to accept the challenges that economic turbulence brings. Alberta is debt free, our economy continues to grow, and we have laid the foundation for the province to weather this storm. Alberta will remain one of the strongest provinces in this country, now and into the future. Iris Evans
Minister, Finance and Enterprise
| | | As editor of E-News! and the Librarian at The Business Link, I have been tracking what business professionals are currently writing about how to thrive in today's world.
From the many recommendations, here are my favourites.
1. Keep all your business relationships strong--employees, suppliers, industry colleagues and especially your customers. Do your networking so you know how the economic situation is affecting your business partners and customers.
2. Provide your customers with good value by listening closely to their needs and giving them cheerful, competent service. Learn how to retain customers through special services and loyalty programs.
3. Update your strategic plan--be sure your activities focus on your goal. Have a Plan B that you can put in place quickly if necessary.
4. Be innovative--find new ways to serve your loyal customers. You may be able to provide no-frills products or services to make what they need still affordable. Work in collaboration with other entrepreneurs and suppliers to combine products or services in new ways.
5. If your business slows, take action immediately. Use this time to upgrade your customer service, find new customers and look for efficient ways to cut costs and increase value. "Greening" your operations could save many dollars. Engage professionals to help you.
6. Keep learning. Know what is happening in your industry and the business world in general. Read good business books, network and attend business seminars.
7. Maintain a positive atmosphere in your workplace--whether you have employees or you operate alone--attitude can make or break your business. Face the challenges with confidence.
These are just a few things for you to consider. Obviously, there are many other things that you can do based on your individual situation. A wealth of materials and research are available for your business at The Business Link Library; call us in Edmonton at 780-422-7780 or ask for the library at 1 800 272-9675. |
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Do you wish to become more competitive, productive and innovative in 2009? The Spring 2009 Season has been specially designed to equip you with tools to help you thrive and meet the challenges of today's ever-changing entrepreneurial landscape. Knowledge is power and there is no better way to gain small business knowledge than by attending this Season's "quick-to-learn, quick-to-use" sessions. It all starts February 2. In addition to a great line-up of timely business topics offered this season, be sure to check out four new special series: Productivity and Competitiveness; Social Enterprise; Human Resources; and Innovation. These all start in February. Our economically priced Seminars and Free Brown Bag Sessions provide information on ways to improve processes, including business, marketing and e-business planning; help you to prepare to be globally competitive; and provide innovative strategies to ensure optimum performance for your business. Be prepared to gain insight and motivation to tackle your business challenges in 2009. Check out the Spring 2009 Season.
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Networking is important to your business by keeping you in touch with clients, colleagues and the industry information they can provide. The Business Link gives you opportunities to keep your relationships and knowledge current every month. For January, our Networking Event will be held in Edmonton and Calgary on Tuesday, January 20, 2009 from 2:30 p.m. to 4:00 p.m. Drop in to either office to meet and mingle with your fellow entrepreneurs, exchange business cards, and share your business experiences. Calgary:
250-639 5 Avenue SW | Edmonton:
100-10237 104 Street NW | | For more information about this FREE event, contact Jean-Jacques Mitakaro in Edmonton at jean-jacques.mitakaro@canadabusiness.ca or Alvaro Carvajal in Calgary at alvaro.carvajal@canadabusiness.ca. |
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The Canadian Youth Business Foundation (CYBF) is a national charity dedicated to growing our nation's economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business. www.cybf.ca | | By Flavian DeLima | | |
Telling your story to the media is one of the most exhilarating and nerve racking experiences in an entrepreneur's life. The most frequent question I hear after an entrepreneur secures an interview is how to prepare and what to say. The following strategies will help you give a great interview.
1. Assume your conversation with the journalist is 'on the record'. In Canada, anyone can record his or her own conversations with another person, whether face-to-face or by phone.
2. When first contacted for an interview, ask what the purpose of the story is. Also, ask how long the interview will take and the approximate word count. Take notes! You have the right to ask about the context in which the story will be written so you can tailor your answers.
3. Never do an interview on the spot when a journalist calls. Instead, schedule the interview giving you ample time to prepare, rehearse questions and organize your content.
4. Learn about the publication, its audience and review past articles written by the journalist. Ensure that your answers and anecdotes are clear, concise and speak directly to the audience.
5. Before a phone interview, behave as though you are doing a face to face interview. By focusing on your dress, posture, demeanor, tone and body language, you will feel more prepared and confident.
6. Be interesting! Always view the interview as a two-way process rather than an interrogation. It is a good idea to voice an opinion since you are being interviewed as a credible source.
7. Ask for clarification if a question is ambiguous. Also, it is better to say "I don't know" than provide a long winded evasive answer, which often backfires.
8. If the interviewer asks a negative question, respond with a positive statement.
9. Relax and have fun. If you are prepared and confident, the reporter will perceive you as a likeable source that can be called upon in future.
10. Show gratitude. Thank the interviewer for their time. Ask when the article will be published and if the journalist can forward you a copy.
Flavian DeLima is the Media Relations & Communications Specialist with the Canadian Youth Business Foundation (CYBF).
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|  | | Now is a great time to research foreign markets that you might not have considered previously. Although markets abroad may be purchasing less than in a boom, accessing new markets still opens up potential sales. Diversifying your markets to other countries will help to insulate against possible reductions in domestic sales. Also, the lower Canadian dollar provides export opportunities that have been hampered by the high valued dollar in the recent past. This strategy also applies to your supply chain. You can often source quality goods at competitive prices to include in your manufacturing/sales process from other countries. Entrepreneurs need to keep in mind there are always great business opportunities in all economic situations. Emerging markets provide a high potential for new sources of revenue and production efficiencies. The Business Link can assist you in your research and preparations for export, import, and outsourcing through its Library and its International Trade Services.
Call 1 800 272-9675. |
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 With the current economic situation, it's very important to understand the environment in which your business operates. A well researched and organized strategic plan can keep your business thriving. You need to keep up-to-date on economic, industry and consumer trends and forecasts, and analyze how they are likely to impact your business. How will they affect your company, your market and your products or services? Make an action plan to adapt to the changing reality. Plans should be done at least once a year or more frequently in rapidly changing times. And, most importantly, follow the plan and adjust as necessary. Here are a few considerations when preparing your plan: - Review the goals of the business
- Analyze the financial position of the company
- Review current business operations
- Take action on processes that could be improved
- Involve employees so there is buy-in to the plan (if applicable)
- Prepare a timeline for actions required
- Assign various elements to employees and set deadlines
- Commit resources (personnel, money, time)
- Be sure the plan fits the goals of the business
- Include an alternate strategy that can be used quickly if necessary
- Follow up and follow through
If you need assistance in preparing a plan, talk to one of our Business Officers to connect you to the resources you may need. You can also speak with a management consultant through our Guest Advisor Program. For details on the program which starts February 2 to the end of April 2009, contact The Business Link at 1 800 272-9675 or visit our website. For further information, see articles on strategic planning at these websites:
Industry Canada ; Business Development Corporation ; Management Library To find ways of improving your efficiencies and productivity, attend The Business Link's Brown Bag Session Transform Your Business Processes for Results, February 2.
When faced with difficulties, many companies cut back on developing and marketing new products and services. But, innovation is always an excellent way to maintain customers and attract new ones. As well, when your traditional market is shrinking, it becomes a necessity.
Review ideas and projects you have had on the back burner during the recent boom and focus on those with the most promise. Keep your current clients happy and look for innovative ways to attract new ones.
Network regularly with other businesspeople so you can keep up-to-date on developments in your industry. You can learn about processes to make your business more efficient and save you money. Consider working collaboratively with other businesses to provide new products and services. Together you may be able to offer what you could not accomplish alone.
Great innovations have been produced in tough economic times when there is pressure to make changes. Innovators are most often successful as a result of the variety of higher quality products and services they offer. So never stop product development. For more on innovation, attend our Brown Bag Sessions Improving Productivity Through Innovation, March 2. As well, we are offering a complete special series in collaboration with novaNAIT on "Innovation" which will look at progressing a commercial opportunity from idea stage to the marketplace. More information also available at The Business Link website in "Innovation".
While there is no magic plan that can insulate a business from any economic situation, there are ways to retain customers and excellent employees. What the business owner needs to know: When the economy slows, consumers become value-oriented. They are not necessarily looking for the least expensive product or service, but they are looking for what they perceive as giving them the most for their money.
Your existing customers will likely be shopping around for the best deals. You don't necessarily have to cut list prices but may need to offer temporary price promotions or extend credit to long-time customers.
In advertising, people look for security, assurance or comforting family scenes rather than outrageous humour, images of extreme sports, adventure or rugged individualism. Consider this when your advertising is targetted to your existing customer base.
Cement employee loyalty through innovative programs and ideas to keep your valued people. Assure employees that the company has previously succeeded in difficult times. Stay positive. Optimists accomplish a lot. For more information, attend The Business Link's seminars Beyond Pay and Benefits March 17 and Promotional Strategies April 23.
Retailers tend to be the first hit when consumers have less disposable income. Prompt decisive action is required to maintain retail businesses.
First important action is checking the financial health of the organization.
A financially strong company can invest in upgrading/adapting stores (at a time when costs may be lower), increase marketing and promotions, and find ways to use their customer relationship management systems to more accurately predict their markets. Armed with this information, they can advertise more effectively to their target market. For companies with fewer resources, it will be necessary to focus on reducing costs. This can be done by:
- reducing old inventory through promotions
- using labour efficiently--sales staff should be spending their time with customers
- learning and applying lean operations techniques To discuss the opportunities and challenges of your business, talk to a Business Officer at The Business Link (1 800 272-9675). For more information see The Business Link and the Retail Council of Canada websites. | |
| | Cloud computing is an Internet (cloud) development that uses computer technology (computing); the cloud refers to the Internet and the hidden infrastructure behind it. You will be hearing lots about it in 2009, especially from suppliers such as Google and Amazon.
This style of computing provides users with access to technology-enabled services from the Internet without knowledge of, or control over, the technology infrastructure that supports them. Information is permanently stored in servers on the Internet and cached temporarily on clients' computers, entertainment centers and other electronic devices.
Cloud computing is a general concept that incorporates Software as a Service(SaaS), Web 2.0 and other recent, technology trends which use the Internet to provide products for computer users.
The technology is still in its early development stages and will undoubtedly be upgraded frequently as new features and services are offered.
It can provide the not-so-tech savvy entrepreneur with new opportunities for collaboration with colleagues and communication with customers. It is an important option in these economic times. For more detailed information visit Info World.
To keep up-to-date on business trends, call The Business Link Library, 1 800 272-9675.
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