COMMUNITY QUESTION:
UPCOMING:
What is the best business advice 10 you’ve received? SEPT
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Entrepreneurs share helpful tips they have learned along the way
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PH OTO S U PPL I E D BY: A M A N DA POE TK E R
Amanda Poetker, owner of Strategy Twelve (strategytwelve.com), keeps one simple piece of advice in mind. “Stop thinking and start doing, because you’ll never know until you try.” “Always factor in a profit margin of between 20 and 40 percent. Get customers to pay at least 40 percent upfront to ensure commitment.” — Marie Gervais, CEO of Shift Management Inc.— shiftworkplace.com “Surround yourself with other entrepreneurial individuals. Being fuelled by passion will take you a long way. The people we choose to spend time with impact the way we see the world and the everyday choices we make. Surrounding yourself with people on a similar journey can give you perspective, encouragement and the opportunity to learn about both others and yourself.” — Karina Crooks, managing partner of operations at TransparentC — transparentc.ca “Be flexible, you have to be able to go with the flow. You are going to have everything planned out and plans are a must, but sometimes those plans are going to change. Don’t stress when things don’t go exactly as planned. You will always be working towards the same end result, sometimes you will just have to take a different route than the one you planned.” — Stacey Hogbin, owner of Wevive Fitness — wevivefitness.com “‘You’re standing on the wrong side of the table’. Before owning a bakery, I worked in the corporate world. My boss and I opened new stores and trained staff. That’s when he noticed I was working while my trainee was watching. After his great words of advice I realized that if I’m a good trainer then they will be a good worker. At some point you have to turn things over to others so you can grow. Now I tell my staff, if you want a promotion, you need to train your replacement.” — Brian Jaeger, owner of Vienna Bakery — viennabakery.ca
“Fail often, fail fast and fail cheap. Celebrate failure as that which brings you closer to success. As you discover what is working, do more of it. What does not work and gets cut is not a failure, it is learning. — Ali Salman, partner at Rapid Boost — rapidboostmarketing.com “Take your job seriously, but don’t take yourself seriously. When I felt frustrated at the progress (or lack thereof), this has always pulled me back into a balanced perspective and reminded me that a sense of humor, especially when looking in the mirror is immeasurably valuable.” — Vicky Walker, president of Empor Consulting — emporconsulting.ca “Fear is okay as long as it doesn’t stop you from moving forward. Making mistakes is acceptable, making the same ones isn’t. Learn to recalibrate what hasn’t been working consistently and don’t change things unless you have tried three to five times. Perfect your craft and keep on working. You become good at something when you have done it for three years, you become great if you have done it for five years. Don’t expect to do it perfectly so soon.” — Emili Gomez, account manager at TPD — tpd.com “Be generous to your best customers, at least twice as magnanimous as you may think. As an entrepreneur, you’re naturally inclined to worry about spending, but when it comes to great clients, lavish them with attention and unexpected luxuries and bonuses. Referrals are one of the ways to grow your business, and building your loyal tribe goes a long way in ensuring solid word-of-mouth marketing.” — Katie Pearse, co-owner, Ava Sophia Weddings & Events — www.avasweddings.ca
These answers are in response to a question posed by Sarah Befus, president of Rescue Flats. Here’s her take: “The best business advice I’ve ever received came from my dad when I was 16 in the form of a quote by Goethe “Things that matter most must never be at the mercy of things that matter least.” It wasn’t meant to be “business” advice at the time but it is a principle I follow every day at Rescue Flats. Thanks, Dad.” For more information on Rescue Flats’ unique wedding favors head to rescueflats.com.
From “Attracting Our Next Generation of Leaders” by Jason Bekdashe, principal of TransparentC (transparentc.ca): “We know that Millennials are going to comprise the majority of our workforce in a very short amount of time, but I find it surprising that many organizations have been slow to change their approach when it comes to hiring top talent from this generation.”
From “How to Calculate Profit Margin” by Blaine Bertsch, founder of Dryrun (dryrun.com): “Calculating your profit margin is crucial for understanding the health of your business and is a key indication of strong, overall business performance.”
Aspiring Women in Leadership and Legacy’s inaugural leadership luncheon with women of wisdom (WoW) panel. Where: Sawmill Banquet Centre (3840 76 Ave.) When: 12 p.m. to 2 p.m. Admission: $45 each | $360 table at awill.ca/upcoming
Purpose & Productivity A day-long workshop to give your work better clarity, purpose, and an actionable plan to make progress. Where: Lister Centre (U of A campus, 11613 87 Ave.) When: 9 a.m. to 4 p.m. Admission: $899. Tickets at meaningandflow.com
BoostR Stage pitch event Attendees hear pitches from entrepreneurs and get to help fund their plans the same night. Where: The Club at The Citadel Theatre (9828 101 Ave.) When: 5:30 p.m. to 8:30 p.m. Admission: $20. Tickets at albertaboostr.ca/connect
Connected Business Women Network Breakfast Includes breakfast, speakers, networking circles and opportunities to connect with like-minded business women. Where: Chateau Nova Hotel (159 Airport Road) When: 7:30 a.m. to 10:15 a.m. Admission: $44. Tickets at cbwnedmonton.com/events
For more great events, visit capitalideasedmonton.com/edmontonevents.
CAPITAL QUESTION:
What are some things you have done to set your company up for a successful merger or acquisition? When the economy slows down, it is often a time when companies seek efficiencies which can include thoughts to expand through mergers or acquisitions, which is why Wellington Holbrook, executive vice-president of ATB Business, is curious to hear from you: What are some things you have done to set your company up for a successful merger or acquisition? You can answer the question in two ways: • Open today’s Capital Ideas email if you’re a member, or • Visit capitalideasedmonton.com We’ll publish the best answers, along with your business name and website address, on September 2nd.
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Roundup: Recent posts from Capital Ideas members From “3 Reasons that ‘maybe’ will set you back” by Lisa Heerensperger, marketing manager at Grant Thornton LLP (grantthornton.ca): “Think about the last time you invited someone to an event and they said maybe. Where did that leave you, and how did it make you feel? I got annoyed.”
AWILL leadership luncheon
Find the full posts on these members’ LinkedIn profiles. We’ll curate a selection every Friday in our LinkedIn group, Capital Ideas Alberta. To bring yours to our attention, email it to hello@ capitalideasedmonton.com or post to LinkedIn with the hashtag #capitalideas.
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