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CAPITAL IDEAS UPCOMING APR. 16: LEADERSHIP SERIES — I C O N S O F A L B E R TA A full-day event dedicated to building the leadership capacity of women business owners ■ When: 8:30 a.m. to 4:15 p.m. ■ Where: Hotel Arts (119 12th Ave. SW) ■ Admission: $200 to $300. Register at aweinspiringentrepreneurs.com
FINANCIAL POST
CA LG A RY H E R A L D
COMMUNITY QUESTION
HOW DO YOU DIVERSIFY WHERE YOUR BUSINESS COMES FROM IN TIMES OF UNCERTAINTY? Entrepreneurs discuss how they get going when the going gets tough “Uncertainty and conflict resolution go hand-in-hand, and as a conflict manager, I become more and more comfortable with uncertainty. New sources of business often come from existing clients once they understand how they can utilize my skills to engage employees, manage change, build working relationships and capitalize on diversity. Uncertainty is a time for new undertakings to emerge, so I always strive to be open to viewing obstacles in a positive way.”
APR. 16: AWE CELEBRATION OF ACHIEVEMENT Alberta Women Entrepreneurs pays tribute to Nicole Bourque-Bouchier of The Bouchier Group ■ When: 5:30 p.m. to 9 p.m. ■ Where: Hotel Arts (119 12th Ave. SW) ■ Admission: $135 to $200. Register at aweinspiringentrepreneurs.com
Michelle Phaneuf, Alberta co-director of Workplace Fairness, workplacefairness.ca/wfi_alberta.html
“Knowing that markets go up and down, the key to diversification is to plan and prepare for it ahead of time, as it can take months, sometimes years, for business relationships to come to fruition. Three years ago my business eggs were all in one basket — the oil and gas industry. At that time, I realized that I needed to diversify my client base, and intentionally set out to do so. It is a strategy that has worked well for my company.”
For more great events, visit capitalideascalgary.com/ calgaryevents.
Wilma Slenders, president of Transcend Management Advisors Inc., transcendmgt.com
“With the low Canadian dollar reducing the purchasing power of many retail businesses, the best bang for your buck is to keep it in Canada! Start researching Canadian solutions for your retail business needs now, and lessen your dependence on American products or products with prices pegged to the American dollar. This tactic even comes with a built-in marketing angle for your customer base — supporting Canadian businesses first. Alternately, if you are a Canadian manufacturer, this is your prime opportunity to reach out to those Canadian businesses that would be a good fit with your product who may not know that you are out there.”
C A P I TA L QUESTION
How much research should you do when developing new products?
Veronica Murphy, owner of STASH Lounge, stashlounge.com
Shawn Freeman, president of TWT Group (twtgroup.ca), warns entrepreneurs to be prepared from the start. “During times of uncertainty, you may realize you need to diversify the industries your business serves; however, you should be thinking about this from Day 1 to avoid business-crippling issues when the market turns. If you are stuck in a react-or-die position, you should start focusing your marketing at industries you can serve best who are thriving. Hit the streets and start finding more clients right away.” PH OTO BY M I KE BAI LE Y
Expanding your product line can go a long way towards helping your business grow, but doing so can be a huge undertaking. That’s why Wellington Holbrook, executive vice-president of ATB Business, is curious to hear from you: How much research should you do when developing new products? You can answer the question in two ways: Open today’s Capital Ideas email if you’re a member or visit capitalideascalgary.com. We’ll publish the best answers, along with your business name and website address, on March 12. For more great information on what business owners in Alberta think, visit atb.com/businessbeat.
“We don’t diversify our business because times are uncertain; we stick to what we do best and try not to deviate from our strategic path. Where our business comes from is another matter. We research what markets or business lines are doing well, and are likely to be able to sustain themselves, and approach them. In a place like Calgary, tying your business to the oil industry can guarantee you a bumpy ride. We spread out our portfolio to other less volatile industries, which makes more sense. The stock market, the news and local connections can provide you with insights into which businesses make the most sense to spend your marketing dollars and time on.” Merri Lemmex, managing partner of operations at Lemmex Williams Training Inc., lemmexwilliams.com
“In times of uncertainly, nurturing and reconnecting with current and past clients can help sustain business already built. Passing cards or brochures on to clients and inviting them to share them with others is a form of marketing and networking. Then giving thanks with a gift card to show our appreciation follows that. Exploring opportunities to network and market such as trade shows, corporate speaking engagements and newsletters can also help open doors and attract new business. We continually look at joint ventures with other likeminded organizations to diversify. Evaluating current services, resources and possibly starting new, more affordable ones while being conscious not to overspend is another avenue.” Shannon Gordon, owner of Zone One Wellness, zoneonewellness.com
“Business will always see ups and downs, and when uncertainty shows its ugly face, it actually is a great opportunity to go back to the basics. What product or service do you have that others really need? When business is uncertain, people need to be a bit more assertive in their sales and marketing activities. They need to stop relying on passive techniques like networking or waiting for referrals; businesses need to get back to selling. Find the people who need your help and go meet with them. That’s it … Alberta is facing some turbulent times, so remember what your business is about and who it can help, and keep that focus.” Lynda Kavanagh, owner of Wow Communications and Training, wowcommunications.ca
“In my business, I don’t wait for times of uncertainty; I always have a steady stream of income that I can depend on so I don’t experience financial vulnerability when the market shifts. Suggesting to business owners that they create something of steady substance while they pursue their dreams makes good sense. This helps to alleviate stress and insure a good night’s sleep during uncertain times.” Carmen Goss, HR consultant and career coach
“As an accounting professional, I am fortunate in that my offerings are somewhat recession-proof. My brand is not about providing the traditional accounting services such as taxes or assurance work. Instead, I work with business owners to use accounting systems and information to make their businesses more efficient and effective. When times are good, my clients want to make sure they’re handling their resources the best they can. With the recent downturn in the Alberta economy, my phone is ringing more than ever as companies want to streamline and be in a good position to weather the storm. This is a good problem to have in that I have not had to revise my core offerings during this recent period of uncertainty. By helping my clients in these tough times, I’m poised to help them even more when the recovery happens.” Brad Celmainis, president of Brad Celmainis Consulting, bradcelmainis.com
YOUR TURN TO ASK THE QUESTIONS Do you have a question for the Capital Ideas community? Pose it at capitalideascalgary.com/ask.
These answers are in response to a question posed by Michael Tighe, president of Solid Site Inc. (asolidsite.com). Here’s his take: “Firstly, don’t panic. All businesses will experience this at one Business owners helping business owners
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