Then there’s moose poo earrings. Don’t pretend to be disgusted; you know that’s seriously pretty poo. Chris Lewey of New Hampshire is the brains behind this operation; he’s taken to drying and shellacking the steamy stuff for some not so discerning customers. A quick google search, and you’ll be surprised at how many websites are selling moose droppings jewelry.

Precious alpaca poo not only provides for some awesome alliteration opportunities, it’s a trendy and effective fertilizer for your garden. Just ask Hélèna Katz and Mike Couvrette, owners of Flat World Alpaca Farm www.fwaf.ca in Fort Smith, NWT as they dish up doo for their loyal customers. Bet they never thought they’d be shovelling alpaca poo for profit, but it’s doo-ing quite well alongside their fine alpaca yarn and wool products.

Taking gasification to a whole other level, the Denver Zoo has introduced what may be the world’s first poo-powered vehicle (patent-pending). Pellets made from their massive amounts of zoo waste, including human trash and animal patties, are fuelling their specialized rickshaw. Number two takes it to number one in energy innovations!

Which leaves one wondering… could there be a future in Fido?

Submitted by Jan Napier
Find her at:  www.jnapier.ca

Now think about the average office: employees print everything single-sided, printers are powered “On” 24/7 and stacks of toners sit piled up in the supply cupboard. Unclaimed print jobs end up in the blue bin or the garbage and documents are printed first, then faxed. Old, outdated equipment is sent to the landfill.

Hitting PRINT has never been easier. As a result, the carbon footprint associated with printers has increased substantially.

What can you do to reduce this carbon footprint? Here are some tips:

• Consider a managed print services program. For a low monthly fee, a third party will remotely monitor machines for toner and service issues. No more running out of toner or wondering what that error code means.

•  Analyze the number of devices in the office. Are there ways to consolidate machines? Does everyone really need an individual printer? Enlist the services of a print specialist to assess and make recommendations.

• Use the “power save” feature. Schedule machines to turn on and off at certain times.

• Set printers to print double-sided to reduce paper usage.

• Invest in higher quality machines and not budget items. The total cost of ownership will be lower.

• Use the “scan to email” and “scan to network folders” options to avoid printing unnecessary copies of a document. If you have a lot of paper files, consider investing in a high quality scanner to digitize your office.

• Solid wax ink printers can be an environmentally friendly alternative to laser. Less packaging and waste, along with no off-gases make them a popular choice.

• Implement a PIN system to avoid unnecessary jobs being printed and forgotten.

By adopting even a few of these ideas, your business will be able to reduce its carbon footprint and increase efficiency.

Submitted by Vanessa Burns,

Managed Print Services Consultant 

Datarite, vburns@datarite.com 

www.datarite.com

The Canada Summer Jobs program is designed to help both students and industry. Not-for-profit employers are eligible for up to 100% funding of the provincial minimum hourly wage per student. Private sector employees with 50 or fewer employees are eligible for funding for up to 50% of the provincial minimum hourly wage rate. Employment must be full time for at least 6 weeks to a maximum of 16 weeks. Details of the program can be found on the Services Canada website or by calling: 1-800-935-5555.

Young Canada Works is funded by Heritage Canada. There are three summer job programs for students: YCW for Aboriginal Youth in Urban Area; YCW in Heritage Organization; and YCW in Both Official Languages. The programs may contribute up to 75 percent of the student’s employment costs (wages, benefits and other eligible expenditures) to a maximum of $8,000 per job and $50,000 per employer.

SkillsPEI administers a government funded Post-Secondary Student Program. The Program is designed to create jobs for post-secondary students by providing a financial incentive to Island employers who provide students with summer employment in their field of study. Details of the program are online.

The Health Care Futures Program provides PEI students with summer employment in health care facilities throughout the province. The Nursing Student Summer Employment program in NS provides employment for up to 12 weeks for Nursing Students who have successfully completed at least one year of a recognized Bachelor Degree in Nursing Program or Practical Nursing Diploma Program. Application for both of these Programs can be found online.

There are many other funding programs available. It takes time to uncover these programs, but the benefit to both the workplace and the student is worth the effort!

Submitted by Tanya Sieliakus of HRpros. 

Tanya is a Certified Diversity Trainer, certified by Executive Diversity Services, Seattle, WA.
She has trained nearly 1000 people across North America and Europe. Find Tanya at www.hr-pros.ca or contact her at (902) 293-0253

It’s okay to be trying to minimize our tax bills, but we need to do it within the framework of the rules. I encourage clients to conduct their affairs with the thought that they may be audited someday and that everything should be in order when that happens. My experience in dealing with CRA has been mostly positive and I have had a good amount of success regarding various types of audits with my clients.

How can you, as a business person relax and not live in fear of a CRA “AUDIT”? The first principle I encourage with my clients is to be honest. Report all of your income, but also claim all of the expenses to which you are entitled. Unfortunately not all business people know what they are entitled to, and may either unknowingly claim expenses incorrectly, or not claim expenses that they deserve under the income tax laws of Canada. For example, some business owners don’t know that you can only claim 50% of the HST on meals and entertainment, as well as just 50% of these expenses for income tax purposes, except in certain circumstances. This is one of the main reasons why you, as a business owner, need the services of a professional accountant. A professional accountant can assist you in structuring an accounting system that will properly…track your revenue and expenses, including correct reporting of HST.  They can also give you tax advice to ensure you are maximizing your tax benefits, but staying within the boundaries set by tax law.

Make sure that you keep copies of all of your receipts. If you are entertaining clients or your employees, make sure that you write the names of the people and the purpose of the meal or entertainment on the receipts. Audits often occur 2 – 3 years after the filing of tax reports, so if you are anything like me, you won’t want to depend on your memory for details.

To keep on the friendly side of CRA and reduce your chances of being audited, always file and pay your tax reports on time, including tax returns, payroll remittances and HST returns. Make sure you give your accountant authorization to deal directly with CRA. In case it is ever required, make sure you give your accountant authorization to deal directly with CRA. agents on your behalf. In fact, it is wise to have access to your own accounts online with CRA by properly registering through “My Account” or “My Business Account” on the CRA website.

If you are ever contacted by a person from CRA for an audit, make sure you are always friendly and try to be accommodating within reason. It is also imperative to have an accountant who has experience dealing with CRA audits, and get them involved.

If you have prepared properly from the beginning, you will never have to worry about an audit and can sleep soundly knowing that you are ready if that call ever comes.

Submited by Gary Graves, garygraves.ca

This piece originally appeared in the summer 2010 issue of Mingle. We particularly like the way Geoff uses nature to illustrate his ideas and challenge his readers to stretch the way they look at their business’s cycles. (J.T.)

Since summer is the best time of year to vacation, play and be with family you might not think of it as productive work time but summer is a great time to enjoy some space, reflection, and unhurried bigger-picture thinking. It’s an opportunity to be looking at your business as a whole, in a relaxed way. Contemplating your business needn’t happen in a regular workday structure; the key is to come up with the right question then just bring it to your conscious mind occasionally through the day.  No need to preoccupy yourself with it- your unconscious mind will be working on it while you are enjoying the view from the deck!

Like most Atlantic Canadians, chances are that when the sun shines you will be spending a lot of time outdoors.  As far as business is concerned, nature can be a great help in contemplating the bigger picture, providing examples and inspiration in developing grand strategy as well as in addressing smaller issues.

At the University of Waterloo, Frances Westley & Cheryl Rose have been studying the parallels between forest cycles and business/organization cycles. The forest cycle of growth (the Adaptive cycle) consists of four stages:

1. Creation/Destruction – when the new forest starts up, as after a fire (or an ugly clear-cut)
2. Reorganization – when species are sprouting
3. Exploitation – when everything is growing and competing for sunlight and resources
4. Conservation – the mature ecosystem stage of the fully developed forest.

Take a walk in the woods and consider the stage it has reached. How does it compare with the current stage of your business?  Try asking yourself some questions relevant to the forest’s cycles:

• Release or Creation/destruction:
What has to die in my business? What has to be born?  Do we need to change direction? If you recognize your business as being in this stage you might well need new ideas.

•    Reorganization or Exploration:
If your business has reached this stage ideas need to be nurtured and developed.  As you explore the unfolding possibilities, think about what aspects of your ideas are NOT being explored?  What potential are you ignoring?

• Exploitation (growth) – At this stage the business is working reasonably well and growing.  Your ideas have turned into products, processes, or an organization.  How to promote your products or services for further success?  What growth do you want for the next year and how well is your marketing & sales focus geared for that growth?

• Conservation (mature ecosystem) –  The company is running well. The ideas have become products and services that are now established.  What are you complacent about?  Where will the next change come from? How well are you set up to adapt?

Perhaps you are involved in a major change initiative in your organization.  How does nature manage change?  Take a look as you continue your walk in the woods.  Each plant or animal is in continuous communication with its surrounding subsystems.  Nature has each subsystem exchange resources with other subsystems.  It lets die what no longer works and starts something new.  When we tackle change management we often try to modify an existing system and make people fit into a new system but is this ever successful in the long haul?  Perhaps nature’s way is better – start the new, focus on that and let the old wither and fade away.

Another interesting example to contemplate in nature is symbiosis.  Dictionary.com defines symbiosis as “the living together of two dissimilar organisms, mutualism”. What other businesses could you work with for mutual benefit?  This is a really good question for single-person businesses. Working with colleagues or other businesses is much more fun that figuring it all out on your own!

My favourite example of symbiosis is the way the zebra and wildebeest herds work together as they travel in search of food in southern and eastern Africa.  They have a symbiotic relationship caused by an increased chance of predator detection.  Zebras graze on long grasses, whereas Wildebeest graze on the short grasses.  Wildebeest have poor eyesight and are not adept at defending themselves, whereas Zebra have excellent eyesight and can kick and bite ferociously.

We may not have zebra & wildebeest in Atlantic Canada, but there are examples of symbiosis everywhere you look – for example plants rely on many other sub-systems to flourish, and in turn provide sustenance to all kinds of creatures.

So here are your summer instructions:
Spend time alone in nature and look for the messages there in front of you – the parallels between what you see and your business position.

Who said you can’t mix business & pleasure?  Have a great and refreshing summer!

Submitted by Geoff Crinean.
Find Geoff at www.geoffcrinean.com

The relevance of face-to-face time with prospective clients cannot be understated.  A strong relationship with clients and prospects does many things:

• It helps to solidify your brand presence in the marketplace with positive word-of-mouth.
• It increases client retention.
• It encourages referrals.

The question is, how do we create trusting, long-term relationships that are authentic, and that have a chance of converting prospects into loyal clients who champion your cause?

Relationships are built on trust, and trust isn’t something that happens as soon as you meet someone. Think of one of your stronger personal friendships. Chances are that most of your strong friendships were not built overnight. Time and energy were spent in getting to know one another, identifying similarities in your lives, and building up a level of confidence in one another that eventually led to a strong, trusting friendship.

The same goes for business relationships. Building an army of committed clients is an on-going process that both starts- and ends- with trust. Time must be spent interacting with people, both on a business and (if appropriate) a personal level. Where do we find the time in our already crowded schedules? This is where networking comes into play…

Networking is essential for most business people, but especially for small business and entrepreneurs. Over time, the relationships that are formed through networking can lead to sales and referrals that help propel your business to success. Here are a few guidelines to consider for successful networking:

Don’t be shy. Remember that at business networking events, everyone is there for the same reason. People expect to be approached. It’s also OK in most cases to join in on a conversation in progress – just wait for the opportunity and jump in. Introductions should quickly follow…

It’s not about you. There’s nothing worse than being trapped by someone who hammers you with the features and benefits of their product or service. Instead of talking about yourself, try asking questions that demonstrate a genuine interest in the other person. A great rule of thumb is the 80/20 rule – let the person you are speaking with do 80% of the talking!

It’s good to help others. If you’ve just met someone, introduce them to others in the room. A quick introduction to the right person could have a huge impact on their business and they won’t quickly forget you for this. If there’s another way you can help out, do it – and do so without an expectation of anything in return. A true measure of a person’s character is how they treat someone when the other person has nothing to offer them.

Follow up, follow up, follow up! A quick phone call, email or hand-written note a day or two  after meeting will set you apart from the crowd. Better yet, invite the person out to coffee in order to get to know them better (not to sell them on anything).

Never stop networking. Many business owners make the mistake of ceasing their networking activities once their business has taken off. Sometime down the road, during the next economic crunch or stale business cycle, they decide to take it up again in order to boost sales. But by then they may have lost most, if not all, of the strong connections they had made when they first started out. They are, in effect, starting over in rebuilding those essential relationships that brought them their previous successes.

Networking can be fun, profitable and a great way to meet people and gain new friends! Try out one of these local networking events or groups. Both you and your business will be glad you did…

Submitted by Derek Kaye, Director of Operations at Apeeling Orange.
Find him at derek@apeelingorange.com www.apeelingorange.com

• Talk to your accountant. Make sure you are clear about what is expensible in your business area.
• Keep all your receipts! Credit card and bank statements are not enough if your are audited. When you get a receipt, indicate what and/or who it’s for. If you have clients you bill expenses to (i.e. construction materials, event supplies, travel expenses) indicate which client the expense applies to.
• Have a filing system. It doesn’t have to be sophisticated but at the very least sort receipts into groupings, i.e. capital expenses in one folder/box/envelope, meal and entertainment in another, travel in yet another.
• Track your receipts against your bank and credit card statements.
• Consider a user-friendly software program to log your expenses. If you are computer savvy Excel, Quicken, Open Office, Lotus 123 all offer spreadsheets with which you can create your own templates to meet your specific needs. If you’re not, ask your accountant to create a simple template for you and email it to you. That’s what they’re there for!
• Protect time in your schedule once or twice a month to sit yourself down and deal with it. You’ll thank yourself at tax time.

Small and medium-sized enterprises (SMEs), generally defined as businesses with fewer than 500 employees, are a core component of the Canadian economy. In 2008, SMEs with fewer than 50 employees made up 97.8% of all businesses in Canada.

The 5-year survival rate for SMEs in 2006 ranged from 58% for businesses with 50 to 249 employees, up to 70% for business with four or less employees. Because of the financial pressures on SMEs during start-up and development, obtaining financing is critical for their survival.

In the following discussion, six overarching categories of financing sources are described. It should be noted that, irrespective of the source of financing, an established independent board of directors or advisory board with experienced members can play a key role in attracting investors.

Personal Savings, Family, Friends, Employees and Directors
This is often the first source of financing and the least difficult to obtain, but can lead to unforeseen problems in the future. If an SME is receiving financing from friends or family, it can take the form of debt (loans, for example) or equity (shares held by investors). Because of the possibility that the investment will not be returned if the business fails, this financing source can cause trouble for personal relationships.

Equity investments in SMEs in Atlantic Canada are eligible for certain incentive programs. To increase the value of these types of investments, provincial equity tax credits (ETCs) are available to individual investors in qualifying businesses. These credits can be significant: in Nova Scotia, a maximum annual credit of $17,500 (on a maximum investment of $50,000 during the taxation year) is allowable.

Under securities laws, a company that issues shares is required to file a prospectus with securities regulators (i.e., provincial securities commissions). However, there are exceptions to this requirement.

Angel Investors and Accredited Investors
Angel investors are individuals who provide financing to SMEs; many are entrepreneurs who use their expertise and industry knowledge to mentor those in which they invest.There are formal networks of angel investors, such as the First Angel Network, as well as informal networks.The television show Dragon’s Den, aired by CBC, is a mainstream illustration of angel investing.

Angel investors who provide equity financing to SMEs are often very wealthy individuals that qualify as “accredited investors” under securities laws. As a result, these share issues will likely be exempt from prospectus requirements. Further, if the investors are individuals residing in Nova Scotia, they may also qualify for the ETCs discussed above.

Venture Capital
Venture capital is a form of financing available for high-risk start up businesses, most often in high technology industries such as biotechnology or IT. Venture capital funds provide financing in exchange for an equity interest in businesses with a greater than average expected rate of return. As venture capital is tailored to a specific financing need, it will not be relevant to all SMEs in the region. However, in Atlantic Canada, venture capital funds are relatively scarce.

Government
There are numerous government programs that provide financing, often in the form of loans, to SMEs in Atlantic Canada. The Atlantic Canada Opportunities Agency (ACOA), for example, is a major lender to SMEs in all industries. Other government organizations and departments, such as the Nova Scotia Industrial Expansion Fund (IEF) and the NRC Industrial Research Assistance Program (IRAP), will provide funds to SMEs in certain types of businesses, specifically technology related.The Canadian government provides further financial assistance to SMEs through tax incentives for research and development (Scientific Research and Experimental Development (SR&ED) Tax Incentive Program) and awarding supply contracts to SMEs under the Canadian Innovation Commercialization Program (CICP).

The Canadian government also provides assistance to businesses through its Immigrant Investor Program. The Program allows prospective immigrants to make a non-interest bearing loan of $800,000 which is managed by Citizenship and Immigration Canada and guaranteed by the provinces.

Banks
In many cases, because of the high-risk nature of the business, traditional bank loans may not be available to an SME or will be prohibitively expensive. To fill this gap, there are lending organizations that are focused on providing financing to entrepreneurial businesses. Organizations of note in this category are the Business Development Bank of Canada and Community Business Development Corporations (CBDCs) in
Atlantic Canada.

Private Equity
Two major sources of private equity are angel investors and venture capital funds, as described in more detail above, but there are private equity firms that do not engage in venture capital and angel investing. Typically, however, such private equity firms focus on businesses that have matured past the development or start-up stage and are generating profits.

Ongoing Considerations
Once the first round of financing has been acquired, an SME will normally have ongoing obligations under the documents that related to the financing, such as shareholders’ agreements (for equity investments) or the loan agreement. It is important to assess these obligations, as well as the potential costs associated with compliance, with the help of professional advice prior to creating the agreements and after those agreements have
been signed.

In addition, the future growth of the business should be considered and whether further financing will be required to expand the business, as well as to satisfy ongoing operating requirements. Creating a plan for growing the business and assessing operating needs make it easier for the business to obtain the necessary financing on a timely basis. The involvement of advisors at this stage is important to develop the proper mix of financing for the stage of the business.

Submitted by Jeff Larsen, Associate with Mcinnes Cooper Law
Reach him at jeff.larsen@mcinnescooper.com,
www.mcinnescooper.com

As a business owner you’ve worked hard to accumulate your assets, so it is important to take precautions to protect them from risk. Following are some strategies that may help.

Protect personal assets
Gifting assets. If you gift assets to family members you may reduce the amount of assets that may be available to your creditors, but bear in mind that those assets may now be at risk from creditors of the family members who receive them.

Using insurance. Depending on the province where you live, placing funds in an insurance policy may safeguard them from potential future claims. In many cases the investment component of an insurance policy and the interests of the beneficiaries under the insurance policy may offer protection from the claims of creditors.

Sheltering assets within registered plans. Funds in a Retirement Savings Plan (RSP) are potentially protected from creditors in certain provinces.

Transferring assets to a formal trust. The legal ownership of the assets passes to the trustee so, if properly structured, these assets could be protected from future creditors. However, you may lose control over the funds transferred, depending on the nature of the trust. Determine whether you can afford to transfer control of those assets. Remember there could be significant tax implications to placing assets in a trust, so obtain professional advice to ensure you understand the consequences before you make a decision.

Safeguard your business
When you’re working on a strategy to protect your business assets from risk, certain actions can create the impression that you intend to put assets beyond the reach of creditors. This can work against you in the event of a lawsuit and can be particularly important if your company is experiencing financial difficulties. Try to avoid the following:

• Transferring property for less than fair market value
• Paying for property by cash instead of cheque
• Transferring property without proper documentation
• Transferring property where the transferring person retains
• an ongoing interest or continues to behave like the property  owner
• Transferring property without a change in possession

Benefits of incorporation
Incorporating your business may be one way to protect personal assets. As an owner-manager, you are only liable to the extent of your shareholding, so you are not personally liable for the debts of the company. Compare this with sole proprietors
who are personally liable for all the debts and obligations of their businesses and partnerships where you
can be personally liable for the actions of other partners. However, if you do incorporate, be careful about giving personal guarantees for loans to your business. The protection provided by incorporation can be lost in such a case and you could be personally liable for repayment of the loan.

Surplus assets in your business
Aim to keep cash reserves as low as possible. If you have accumulated surplus assets in your business that you don’t need for operating expenses, consider transferring them to a holding company. This can help protect them from creditors of the operating company. You should also consider the pros and cons of having your company contribute to an Individual Pension Plan (IPP). This can help boost your retirement funds and assets in an IPP are creditor protected.

Submitted by Charles W. Cullen III, Investment Advisor with RBC Dominion Securities Inc. Member CIPF. Find him at 902-424-1092 or
visit www.cwcullen.com

This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.

What with social media, smartphones, clients, friends and family all pulling us in so many directions, what do we do for sanity? Oh yeah, try to enjoy the summer time!

Wouldn’t it be cool if over the summer we were able to build some balance in our lives, use technology to our advantage, and use our business to do it cost and tax effectively? Maybe we can. For example:

I have to plan a trip to PEI for business but my wife has suggested we are not spending enough time together. “You are working too hard. We don’t see you enough.” Being in financial services as well as personal coaching, my time can be booked for weeks in advance. I decide to combine the request from my wife for more together time with business commitments that I have on the Island. It makes sense to find a long weekend to book a cottage at the shore. This will give us the opportunity to be able to relax for 3 days before I start my meetings. After that my daughter and her family can join us and my wife can spend time with them while I am away conducting business. We will have some quality family time in the evenings.

I notify the people that I am normally in contact with that I may be a little slower getting back to them due to that family time, and focus on e-mail and communications during the working day only. Networking has become an around-the-clock way of life and it is hard to break the daily habits.

So we book the trip and we’re ready to go. Now to plan out the budget to see what the expenses of the trip will look like. The costs of driving to the Island are deductible expenses. I make sure to check the rates of accommodation for one occupant for the days that I am doing business. There are road tolls both for the Cobequid pass as well as the Confederation Bridge, then the cost of food for the BBQ’s and eat-out meals. When you begin to add up these costs, they can be considerable.

Everyone is excited about a trip to the Island. My wife is happy to spend time with me, my daughter and her family are pleased to come along, and I am able to meet face to face with my clients.
The travel costs breakdown as follows:

• 3 tanks of gas- $65 x 3 = $195
• Wear and tear on the car  @ .15 per km. (I use my car log to keep track of kilometers.) Total kms- 1200- includes back and forth trips between the cottage and Charlottetown (.15 x 1200) = $180.
• The rental of the cottage is $125 per night. We stay a week – 7 x $125 = $875.
• Then there’s the road tolls as well as the bridge- $4 to come and go on the pass and $43.25 for the bridge.
• Meals for the week -$600.

Total costs-  $1901.25

Let’s see what the deductible costs are:

• Whether I drive with my wife or by myself the costs are the same but I make some deductions as CRA may assess some personal use.  I write off 2 tanks- $65×2 +$130.
• On the km front- 900 kms x .15 =$135.
• The cost of the cottage is the same price for 2 as for 1 so I base it on work days. Four days x $125 = $500.Four days x $125 = $500.
• The food costs for myself and clients- $250.
• Toll costs- $4 x 2=$8, plus the bridge- $43.25.
• Total business expenses $1066.25.

That is quite a savings over the $1901.25 of a straight family vacation; out of pocket is $835.

Before you go on vacation see if there is an opportunity to mix a little business with pleasure. It’s one of the best ways to make work work for you- and the family.

Submitted by James R Hanifen RHU CFP Partner at Life Quest Financial. You can reach him at jrhanifen@gmail.com

The cat is now out of the bag, as they say. It turns out that Don was acting as facilitator and consultant on the purchase and sale of one of the largest General Motors dealerships in Canada- MacPhee Chevrolet, Buick, GMC, Cadillac- to Rob Steele’s Steele Auto Group.

A good start to a new venture.

In the works is a biography of Don Gardiner’s life in business here in Atlantic Canada. Former headmaster of Halifax Grammar School and current director at Schoolhouse Consulting Paul Bennett is the author of the biography. We’ll let you know when it hits the stands.

Eye contact: The next time you are at an event, have a look around the room. How many people are actually looking at the person they are talking with? The expression “shifty eyed” came about for a reason. When you are conveying something important, stay focused on your receiver. Saying “I’m sorry to hear that” or describing a key point while looking past their left shoulder kills the impact of your words.

Body language: Crossing your arms or legs does send a message,
as does shifting away or leaning towards
someone. Be aware of yourself, and keep your words and body language
consistent with each other.

Active listening: Nodding your head, making encouraging sounds, leaning
forward and good eye contact all tell someone you are listening to them. Wait a beat before you respond to make sure they are truly finished speaking. Good listeners stand out, especially in these days of constant external stimulus.

Checking in: Don’t assume. Re-frame, summarize or rephrase what you have heard. “So, if I’ve got this right….”, “I just want to clarify…”, “Can I recap?” all tell your partner in conversation that you have been listening and offerS them an opportunity to clarify. It’s critical in any business discussion- equally important in personal ones. Miscommunication results in time loss and in relationships lost, and can often be avoided by simply checking in.

Feedback: Giving effective feedback is tricky. Here’s a couple of things to keep in mind:
•    Ask permission before you offer a suggestion or advice, i.e. “Can I make a suggestion?”or “I have an idea- would you be open to some feedback on that?”.
•    Be specific. Telling an employee that they are doing a “good job” is nice, but unhelpful; giving them an example of something they did helps illustrate what you consider to be a “good job”.The same principle applies to constructive feedback- be specific about what the action was, what the result was, and what could be done next time (engage the receiver in the problem-solving).

Think before you speak: If you’ve been asked a difficult question, tell the person doing the asking that you need to think about your answer, or re-frame the question (“so what you’re asking is…”), to buy time. Either way, you are showing respect for the question asked.
Elementary, maybe. Fundamental, yes!

Submitted by Jacquie Thillaye
www.shapecommunications.ca

By Giving Value

A shift in focus from getting to giving not only feels great, it has practical and positive benefits to every area of life, including the physical, emotional, relational, spiritual, and the financial.

Physically, studies show that givers are healthier. Yes, physically healthier! Emotionally, taking the focus off yourself and turning it onto helping others (what we call moving from a “self-focus” to an “other-focus”) makes you happier and more fulfilled. Relationally, the strongest marriages and other relationships grow from a foundation of putting others ahead of ourselves. Spiritually, you are more likely to feel in tune with your beliefs.

And financially? Yes, it’s even true here, too. While this might seem counter-intuitive, the fact is that those who give the most in value are by far the most successful. This is because when you focus on adding value to the people with whom you do business, they recognize this value. Immediately? Not always. Eventually? Absolutely.

Booker T. Washington said, “No man who continues to add something to the material, intellectual and moral well-being of the place in which he lives is left long without proper rewards.” He was referring to people who add value to those around them.

Merriam-Webster’s defines value as “the property or aggregate properties of a thing which makes it useful or desirable.” In other words, that quality which translates into worth in the mind of another.

Your value to others is derived from and defined by what you give. This includes (but is not limited to) time, money, a kind word, a pat on the back, a business referral, a listening ear, encouragement- even a product or service. The person who comes from a giving place seeks to add value to all. Focus on constantly adding value in everything you do, and to everyone you meet.

A “giving spirit” is not one of self-sacrifice, co-dependence or martyrdom. The martyr still sees the dualism between helping oneself and helping others, and views the two as being in conflict. The true giver sees no such conflict. The true giver knows that giving is a tide that raises all ships.

Let’s use the example of building business relationships. Many see “networking” as a way to hit up people for business- they’ll talk all about how great their product or service is and how it might be in your best interest to do business with them. Yes, expressing some interest in the other person is involved in this scenario, but only insofar as it helps the person who believes they are networking.

We define networking as the cultivating of mutually beneficial, GIVE-and-take, win/win relationships. You can see the emphasis is on the give part. Genuinely caring about the other person- their wants, their needs and their desires- with a true desire to add value to their lives, creates an environment wherein your value shines through.

The Golden Rule of business networking says: “All things being equal, people will do business with, and refer business to, those people they know, like and trust.” It’s through that “other-focus” that you’ll elicit these feelings in people toward you. And for good reason. They’ll know you genuinely have their interests at heart.

There’s a temptation to want our business relationships (and our personal ones) to be 50/50. But the true networker, the Go-Giver, understands that the best relationships and most productive are not 50/50 but simply 100%. Focus on the other person’s victory. In fact, make your victory about their victory.

Again, we’re not talking about being self-sacrificial. Not one bit! If you take the attitude of the Go-Giver, the ongoing provider of value to others, before long you’ll find that you have planted so many seeds of good will- of great will- that you’ll have a wide network of people who know you, like you, trust you and who want to see you succeed. They will, in return, want to help you find new business and want to be a part of your life… you will have created what we call a “benevolent context” for your success.

Focus on the giving while being open to receiving the abundance that you have earned and you’ll find that your business will become a lot more fun, a lot less stressful and- absolutely- a lot more profitable. And you’ll be able to say the same for the other areas of your life, as well.

The degree to which you focus on constantly and consistently adding value to others will determine your worth, in the heart and in the marketplace. High value will translate into high income, high health, positive relationships, and a magnificent feeling of self-worth.

Bob Burg and John David Mann are coauthors of  The Go-Giver
(www.TheGoGiver.com)
Find them at www.burg.com and www.johndavidmann.com

As the baby-boomer generation reaches retirement age, consideration should be given to the preparation of  Wills and Powers of Attorney. Many people feel uncomfortable about taking the steps to put safeguards in place that will protect their loved ones. It means coming face-to-face with mortality and the possibility of  mental and/or physical infirmity as we get older.

The most difficult step is the first one but- once taken- you are on your way to greater piece of mind, knowing that you have provided guidance regarding the future well-being of those you care for, as well as your own future care.

A Will is a legal document that speaks from the time of your death and explains who you would like to administer your estate, act as Guardians of your minority children, and benefit from your estate. Married couples will normally name their spouse as the person to manage their affairs but should also name an alternative person(s) should their spouse be unable to do so. The alternative Executor of your estate should be someone who is without question a person of honesty and integrity, and who has the ability to mediate and arbitrate between possible competing claims.

If you are choosing a Guardian of your minority children, the person chosen should again be a person of honesty and integrity who will have your children’s well-being foremost in their mind, and who will not confuse their own personal interests with those of your children. You’ll need to consider at what age you would like your children to receive their share of the estate. Your Executor will be given the discretion to provide for their maintenance, education and support until they reach a certain age, at which time they would receive their share. If your children receive their share too young, it may be spent on poor choices.

One should give some thought to individual items or cash bequests you would like to leave your children, family or friends. If you fail to do so the result could be disagreements or disappointment.

If you are self-employed, and have involved your children in your business, you should be considering the issue of succession planning and the possible creation of family trusts. It would be wise to consult with your Chartered Accountant and put  a plan in place to allow for an easy transition related to your business after you are deceased.

The importance of the preparation of a Power of Attorney is becoming more apparent as the baby boomer generation ages due to issues of mental and/or physical infirmity, dementia, Alzheimer’s or physical infirmity. An Incompetent Person’s Act application can be a costly and lengthy process which can be prevented by a Power of Attorney having been executed.

As we plan for our retirement the preparations of a Will and Power of Attorney are essential components for peace of mind and the protection of your estate and affairs.

Submitted by Gary Jewett of Jewett Hayes Cook.
Gary can be reached at garyjewett@jewetthayescook.com

Empowerment is a troublesome word. It is overused and the context is often skewed. But Peter Mahoney, owner of the Salon Resource Group, president of the Summit Salon Business Centre and primary consultant to Redken (international cosmetic giant L’Oreal’s salon product brand) has built a highly successful business on empowering people.

Peter Mahoney got into business as a result of his neurosurgeon’s diagnosis. Enrolled in biochemistry at Dalhousie, Mahoney continuously fell asleep in class. When one day he woke up to find himself rolling down the stairs of a lecture hall in front of a hundred-odd amused classmates, he worried he was narcoleptic. He went to the Sleep Clinic, had tests done, then sat across from his specialist nervously awaiting the results. The neurosurgeon looked at him, laughed and told him the only thing wrong with him was that he was completely bored.

That really woke Mahoney up. He switched to the MBA program and never fell asleep in class again.

In his second year of school he became a partner in Atlantic Business Consultants and met the client that would impact his career path and ultimately, his life.  Wayne Drew, founder of the Halifax-based hair salon chain The Head Shoppe, invited Mahoney to be his general manager in 1984. A few months later Mahoney opened the first Head Shoppe franchise. Drew had been using a chair rental business model; Peter Mahoney saw the potential in a different model and brought in commissioned employees. The new approach worked and was the basis for the business model for which he is now recognized across North America. Mahoney describes the 7 years of working side-by side with Drew as an incredible experience. Wayne Drew had learned everything the hard way and was generous in sharing those lessons. Says Mahoney, “I was trained to think like a business owner in school, and Wayne taught me to think about the people behind the business.”

In the 1990’s Mahoney had the opportunity to expand across the country but preferred to keep the company a comfortable size. He likes knowing the people he works with. The challenge then became growing the business within a limited marketplace. The answer was to develop different brands built on the same business model that would service different niches. The Head Shoppe still exists as one of the Salon Resource Group brands along with the Golden Clipper, HS Studio Salon Spa, Vitality Medi Spa and the Hair Design Centre. This last is important. As Mahoney puts it, “We grow our own people.” They hire from within, because they can. The Hair Design Centre is a school of cosmetology; their goal is to teach young stylists not just “how to cut hair but how to live a great life. How to manage their money, build their self-confidence and… see their true value.” And the importance of taking responsibility for your life.

Mahoney is a strong advocate of the latter point. In the early 90’s he had it all- the business, the money, the nice house. But he was out of shape, smoked, his marriage had gone down the tubes and he was miserable. He had an epiphany. He realized that “everything in front of me was created by me.” He made a conscious decision to change and asserts that the minute he changed his mind, he changed his world. This is the conviction that drives his business.

Peter Mahoney explains that they have two types of clients. He defines success as the ability to offer the front line people (internal clients) a better quality of life, sense of confidence and income so that the customers (external clients) feel it reflected in the environment and want to come back- which benefits the company. This is what Mahoney describes as a “win-win-win” situation.

But how do you teach those internal clients how to have a better life, more confidence and a higher income? “Behavioural modification training… teach them that what they believe is what’s determining who they are, and if they don’t like who they are and what they’re getting out of life they’ve got to change what they believe.” Then teach them how to manage their books, time and clients, how to invest and to take responsibility for their lives. After that it is up them. Salon Resource Group spends half of their annual marketing budget internally – incentives, training, support. Coaches meet with employees once a month to ask them 3 questions: “What are your goals, what are you doing to achieve them, how can we help you?” Mahoney emphasizes that they are looking for career-minded- not job-minded- employees.

This concept is what has Peter Mahoney booked for speaking engagements a year out. It is why he is president of the Summit Salon Business Centre in Minneapolis where the workshops, courses and coaching for independent salon owners based on these processes regularly sell out. It has made him L’Oreal’s go-to guy for their salon brands. Salon Resource Group sells more Redken products per capita than anywhere else in North America, possibly the world.

Peter Mahoney is guided by three Ps- Passion, Purpose and Prosperity. “Be insanely passionate about what you do,” he says, “and be purposeful.” “Design the future today” through detailed and organized planning. “Take as much of the risk out of it so you can be passionate about it.” If you do those two things, he says, you will prosper. And when you do, and you have the knowledge and experience to share – pass it on.

The Salon Resource Group can be found at www.salonresourcegroup.com

Submitted by Jacquie Thillaye. Find her at www.shapecommunications.ca