6 minute read
MONEY AND BUSINESS
How to financially prepare for your winter semester in Canada
Over the last few years, there has been a dramatic increase in international students enrolling from South Asian countries such as India – countries known for their mild climates.
In addition to coming face-toface with a brisk Canadian winter, they may be in for a surprise at the unanticipated expenses that go along with it. In fact, a survey by RBC shows that 42 per cent of international students are overwhelmed when it comes to money and need help, and 41 per cent admit they struggle with creating and maintaining a budget.
Unexpected winter expenses
Many international students may be unprepared for the frosty temperatures as they arrive in the middle of a Canadian winter, and one of the first things they should look to buy is a warm winter coat. Set aside a small budget and save money by searching for deals on resale sites such as Facebook Marketplace and Kijiji, or visit local thrift shops for bargain investment pieces. A winter coat is something that can (and should) last for years – and oftentimes you can find items in new, or nearly new, condition.
Students used to warmer climates may not be familiar with central heating (or radiators, for older residences). Some buildings or homes may have this included in the monthly rent, while others may charge a separate fee which ranges based on usage and time of day. Heat is essential in the winter and should be built into your monthly budget. In the middle of winter, heating costs can climb to over $100/month, and will decrease once spring – and the warm weather – arrives around April and May.
Tips for financial success on an international student’s budget
It’s important to understand and plan for expenses to ensure you have
Tips to manage your finances
enough money – here are some tips to help you handle your finances successfully:
• Speak with a financial advisor –
A financial advisor is often a good starting point when you arrive in
Canada, as opening a bank account is essential. Financial advisors can recommend accounts that cater to your needs and include valuable, money-saving features such as no monthly account fees. A financial advisor can also direct you to the appropriate banking solutions that will help prepare you for a successful financial future.
• Build a credit history – A good credit score is often needed for many things – from renting to getting a cell phone or a loan – even as a student. Opening a credit card will help to build your credit score, but be sure to pay off the bill each month to avoid late payment fees and penalties.
• Enhance your financial literacy – According to the RBC survey, international students hold many misconceptions when it comes to finances. For example, 26 per cent know a credit score is important, but don’t know what it is, and 58 per cent believe paying the monthly minimum on a credit card means they don’t pay interest. Check out resources such as the McGill Personal Finance Essentials, a free online program, to learn how to create a budget, manage your finances and save for the future.
One of the most important things is to make sure you know your numbers and cash flow, which will help you stay on track with spending and even save some money. Having a proper budget and tracking your expenses will help provide insight into your spending patterns, keep spending in check and avoid potential student debt.
Amit Brahme is senior director, newcomer client strategy with Royal Bank of Canada. Visit rbc.com/newcomers or visit a branch near you for help and advice to help you save more and settle in faster.
Helping newcomers explore career & job opportunities Register for free workshops & networking events Support & resources for starting a business
SKILLED IMMIGRANT INFOCENTRE Central Library, Level 4 350 West Georgia St. Vancouver, B.C.
604-331-3653 siic@vpl.ca skilledimmigrants.vpl.ca @VPLSiiC /SkilledImmigrantInfoCentre
Give your business a competitive advantage
Globalization and an everincreasing competitive market pose a greater need for businesses to create a unique advantage. There is significant motivation for a shift in the way businesses operate from the traditional production push to a demand pull approach. A production push is when goods are produced in the anticipation of being purchased. In contrast, a demand pull is whereby the company seeks to identify what is desired by its existing and potential customers and produce what meets the demand.
Such business transformation prioritizes customers’ needs and wants and an intentional focus on customer relationship management (CRM).
CRM is defined as a crossfunctional strategic process utilized by firms to manage and develop their interactions with current and potential customers. To efficiently and effectively respond to rapid changes in customer demand, firms must have access to timely and accurate information regarding their current and potential customers.
Effective CRM strategies give businesses a competitive advantage and should not be underestimated in today’s marketplace. It is a way to penetrate the market, secure your market position and also to expand your market share.
These benefits will be derived from utilizing CRM to acquire and retain customers. There may be instances when a business fails to meet the expectation of its customers. In order to acquire and retain customers, it is important for a business to take responsibility and be accountable for its actions to maintain a good relationship with customers.
Various measures to create a good impression of the company include acknowledging a customer’s complaint, showing empathy, explaining how the matter will be resolved and being prompt in actions to rectify the matter. It is also important to follow up with the customer to ascertain whether they are satisfied with the outcome. It is a best practice to proactively emphasize customer-centricity to address customer service challenges. This will enable the business to demonstrate a genuine concern for the well-being of its customers, leading to positive results.
On the flipside, a customer could have been at fault by not following the instructions provided with a product or have misinterpreted a key term of the agreement. Rather than denying a claim, it is a better option to weigh the costs and benefits of granting the claim. An assessment of the situation may uncover that it is worthwhile to grant the request on a one-time basis. A customer who has made a mistake would be grateful to the company for its gesture and could become a repeat customer, influencer and promoter of the business.
Many businesses invest in CRM software to streamline their processes as they keep track of changing customer wants and preferences. This is a dynamic way to assess real demand and to be responsive to customers. The software enables the monitoring, controlling and linking of several functional areas to deliver value to customers.
It is more efficient and convenient to record notes in a customer profile in a central system rather than having the customer go through a recollection of all previous conversations on each phone call.
The cost of CRM software can vary depending on the number of users, size of the company and the type of functionality included. Salesforce is a popular one that is user-friendly and convenient.
CRM is crucial for sustainability in business because keeping track of the services offered to your customers is the valued added component that will be a differentiating factor. It is through superb quality service and positive relationships that customer loyalty and goodwill are established.
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Sharee Aluko has a master’s in business administration and owns a business consultancy firm. She also teaches business courses at the college level on a part-time basis.
