MARKHAM VOICE - WINTER/SPRING 2024 by markhamboard

2024

Winter | Spring P UBL IS H ED BY:

IN S IDE

33rd Annual Business Excellence Awards Business Excellence Celebrated In Markham

Effective Change Management: Decoding Organizational Transformation A Campus for Changemakers Education and Industry Coming Together 25 B2B Sales Tips For 2023

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Markham VOICE | Winter | Spring 2024

IN THIS ISSUE Publisher/Editor Chris Collucci President & CEO

Advertising information David McGrew 905-505-0024 dmcgrew@markhamboard.com

COVER STORY

Building a Business That Stands Strong Against Cybersecurity Threats

Effective Change Management: Decoding Organizational Transformation

Business Excellence Celebrated In Markham

25 B2B Sales Tips For 2023

Director of Membership MaryAnn Quagliara 289-844-3017 maryann@markhamboard.com Design: Lisa Mervin, L.J. Sales Printing: Canmark Communications Inc Your comments are always welcome. Please email info@markhamboard.com ©January 2024. All rights reserved. No part of this publication may be reproduced or copied in parts, or as a whole, without prior written permission of the Markham Board of Trade Publication Agreement Number 41245573

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INSIDE A Campus for Changemakers Education and Industry coming together at York University, Markham Campus

Markham Economic Development | Visiontif 12 Markham Economic Development | Phyxable 16 Welcome to the Newest Members

Business Marketplace

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Markham VOICE | Winter | Spring 2024

EFFECTIVE CHANGE MANAGEMENT:

Decoding Organizational Transformation By Carmalina Calarco and Paul Teitelman

Goals Set By Leadership + Working-Level Desire + Active Measurement of Goal Attainment = Change Realization

Markham VOICE | Winter | Spring 2024

rganizational leaders and employees are experiencing the transformational impact of emerging technologies such as generative AI. While transforming established processes, structures, and cultures is necessary, recent studies have proven that only 34% of change initiatives are successful. Navigating an organizational transformation requires forethought on what needs to be put in place, how to steer around significant obstacles and even the foresight to know when to change course if the initial approach is not yielding the

expected results. BDO specializes in propelling change by designing and implementing effective strategies and approaches to manage organizational transformation, ultimately enabling people to work differently. Our leaders in Change Management have cracked the code for implementing a practical and structured approach to change. The change formula is designed to maximize adoption and achieve transformational benefits faster. It has demonstrated improved employee morale, increased productivity, client satisfaction, enhanced organizational performance, and a smoother transition to the desired goals.

GOALS SET BY LEADERSHIP + WORKING-LEVEL DESIRE + ACTIVE MEASUREMENT OF GOAL ATTAINMENT = CHANGE REALIZATION The formula is rooted in our extensive experience in successfully leading transformative change. It is designed to foster a positive culture and establish sustainable change by prioritizing the human aspect of transformation, which includes employee engagement, training, and support. It also provides a clear roadmap for managing the change process and ensuring all necessary resources and support are available. By combining all three elements, organizations can increase the likelihood of a successful transformation.

Goals set by leadership

In any business transformation, the leadership team plays a critical role in setting the tone and direction for the entire organization. Through leading by example, providing clear communication and support, and modelling the desired behaviours, they can help to build trust and motivate employees to embrace change. Understanding why change is necessary and supporting the transition is essential to build confidence and trust. Goals should be clear, concise, and measurable — providing an outline for achieving desired outcomes. Our collaborative approach involves inputs from stakeholders across your organization. This ensures that the goals are aligned with your company’s overall strategy and vision and that everyone is on board with the set direction.

By regularly reviewing performance measures, organizations can make necessary adjustments and improvements to the change process, ultimately increasing the likelihood of a successful transformation. Active measurement also provides transparency and accountability, helping build stakeholder trust and confidence.

Change realization

Our experience has shown that by incorporating the above three factors, organizations can achieve effective change transformation that is people-centred, sustainable, and positive. All aspects of the formula are required to achieve the intended benefits of the transformation and for a real and fundamental shift in employee behaviour. Our change leaders have enabled the successful impacts of this strategy and are committed to continuing to work with organizations to achieve the outcomes their change transformations intend to achieve.

How BDO can help

Navigating your organization through change can be complex and challenging. Our team of experienced consultants can provide valuable support to ensure the success of your transition efforts. We work with leadership teams to build strategies and help them evaluate and plan for transformation. Sustainable change requires ongoing support and monitoring, so we provide tailored, start-to-finish transition plans to ensure the change is fully adopted and integrated into the organization’s culture. For more information, please contact: Paul Teitelman, CPA, CA Partner, Assurance and Accounting | BDO Canada LLP | Direct: 905 946 5416

Working level desire

Studies show that over 80% of organizations manage change from the top down, but it’s worth noting that this approach may not always be the most effective. Organizations can increase the probability of change success from 34% to 58% by involving their workforce. Employee engagement is a critical component of realized organizational transformation. It helps organizations understand the current sentiment of their workforce, including their skills, motivations, and aspirations. Through this process, we identify potential roadblocks and opportunities for improvement, enabling a more positive and productive work environment. Our team helps companies shape the employee experience by providing tailored training and development programs — designed to equip employees with the skills and knowledge they need to adapt to organizational change. The value of gathering employee sentiments during the change process cannot be understated. Our tools and techniques help companies collect employee insights and feedback, enabling them to monitor morale and identify potential issues.

Helping you be okay in your moments of truth

Active measurement of goal attainment

It is crucial to understand what success looks like for your organization and how to measure it iteratively during a transition. We help leaders define their goals and objectives and develop a clear framework for achieving them. We work closely with senior management to identify key performance indicators (KPIs) and create a system that enables them to track progress and adjust as needed. With our expertise, you can confidently navigate the complexities of change management and achieve desired outcomes.

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Markham VOICE | Winter | Spring 2024

Building a Business That Stands Strong Against

CYBERSECURITY THREATS By Miguel Ribeiro

Cybersecurity Wake-Up Call

It’s Monday morning and you have your first cup of coffee in hand and a week’s worth of goals ahead. Now, imagine discovering your systems are locked, you realize you’ve been breached, and business operations halted. This moment, unsettling as it may be, is more than an inconvenience. It’s the beginning of a journey that will test the resilience of your business and potentially leave a lasting mark on your company’s reputation. Small businesses are not insignificant to cybercriminals; in fact, they are easy targets. What if you had someone that could help navigate you through the hidden pitfalls of cybersecurity and explain why proactive measures are not just advisable but essential for the continuity and success of your business?

Markham VOICE | Winter | Spring 2024

The Reality of Cyber Risks

It’s easy to think, “That won’t happen to me.” But cyber threats aren’t just distant news stories; they’re immediate threats lurking in your inbox, network, and supply chain. Ransomware and phishing scams can paralyze an entire business. Trust can be eroded, affecting everything from stock value to customer loyalty. The risks are immediate and can have multi-dimensional impacts. As a result, cybersecurity insurance has skyrocketed in recent years.

The Hidden Costs of a Breach

Cyber breaches can be financially devastating, but they also have hidden costs. Costs that do not appear on an invoice, but quietly undermine your business. Firstly, consider downtime. A cyberattack locks up your systems, and suddenly, you’re at a standstill. Every hour your screens are dark is an hour you’re not making moves, not making deals, not making money. The ripple effect extends to productivity. Your team, instead of driving the business forward, is sidetracked into crisis management. Tasks are left unattended, projects are delayed, and

the overall momentum of your organization is disrupted. This diversion of resources is a drain on your business that can have substantial long-term effects. In fact, 60% of businesses go bankrupt after a cyber breach. Lastly, and perhaps most damaging, is the hit to your reputation. Trust, once broken, is not easily mended. Cyber breaches can have lasting effects on your reputation, casting doubt on your credibility and shaking your customer’s confidence. As a result, organizations lose 10% of revenue after a breach, according to statistics. The costs of a cyber breach are not just a dent in your finances; they can shake the very foundation of your business. A cost that many small businesses cannot afford.

Your Cybersecurity Blind Spots

In the realm of cybersecurity, ignorance isn’t bliss—it’s a vulnerability. The “unknown unknowns,” or the risks that haven’t even crossed your mind, can be the most dangerous. We recommend conducting a risk assessment to shine a light on these blind spots, offering not just awareness, but actionable solutions. As David Sherry, CISO of Princeton University, puts it, “Just the process of doing a risk assessment changes the culture. People now realize, ‘Oh, I do have something that’s worth enough of a cyberattack” Understanding these hidden risks isn’t a luxury—it’s an essential step in protecting your business, your reputation, and your future.

Reducing Risk: Proactive Measures

Proactivity in cybersecurity is similar to a robust insurance policy for your organization. It’s about strengthening the weakest link in the security chain—the human element. Regular training sessions equip your team to recognize and combat potential threats. The practices need to be integrated into your daily operations, not onetime actions. Robert Mueller’s words ring true when considering cyber threats: “There are only two types of companies: those that have been hacked, and those that will be.” Investing in cybersecurity isn’t merely an expense; it’s a strategic investment in your business’s longevity and success.

Cybersecurity ROI: Secure Your Future

Consider this: the average cost of a data breach in 2023 has reached a staggering $4.45 million. On the other hand, proactive cybersecurity measures can range from a few hundred to a few thousand dollars per year, depending on your specific needs. The return on investment is undeniable. Strong cybersecurity policies also build trust with your customers and stakeholders, which is invaluable.

Strengthen Your Cyber Defenses

Cybersecurity isn’t just a service; it’s a partnership in protecting what you’ve worked so hard to build. You’re not alone in navigating the digital dangers that threaten today’s businesses. We’re here to stand with you, offering customized solutions that fit the unique needs of your company. The risks are real, but with the right cybersecurity partner, you can fortify your defenses and secure your operations. Take the step towards a secure future. Contact us for a consultation, and we’ll develop a robust cybersecurity strategy together. The cost of waiting is too great. With us as your ally, you can focus on growing your business, assured that your cybersecurity is in expert hands.

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Markham VOICE | Winter | Spring 2024

A Campus for Changemakers Education and Industry coming together at York University, Markham Campus

ork University’s new Markham Campus will offer students a world class education that goes beyond the classroom. By combining York’s academic expertise with the experience of employer partners like you, we can bridge the skills gap and help build thriving communities. Together, York and your partnership can shape the workforce of the future, empower students to become leaders that make positive impacts and contribute to the overall economic growth and development of York Region. York University, Markham Campus will meet the future employment needs of local businesses to thrive in the rapidly changing job market and local economy, thanks to the competitive advantage of an innovative approach to experiential education. York’s experiential education initiatives are designed in collaboration with industry experts like you and community leaders, providing students with insights and perspectives that are directly applicable to today’s dynamic workplace. York University, Markham Campus programs offer students the opportunities to engage in communitybased initiatives, addressing organizational challenges and making

Markham VOICE | Winter | Spring 2024

positive change. Emphasising and prioritizing career preparation, ensuring each student not only graduates with academic knowledge but also with practical skills honed through your industry-specific projects. Working collaboratively; York University’s, Markham Campus and employee partners will provide students with some of the most innovative classrooms and experiential learning opportunities available.

Secure a Competitive Edge, Explore the future of your workforce with York University, Markham Campus students. Partnering with York University, Markham Campus opens the door to talented and motivated students ready to contribute to your team. You can be the first to access a highly innovative and skilled pool of candidates to build a consistent and stable talent pipeline that will ignite creativity and innovation in your workplace. By joining forces with York University, Markham Campus, you not only invest in the future of York students by shaping the next generation of leaders, but also gain access

to a stable talent pipeline of experienced and forward-thinking professionals who are ready to make a meaningful impact in your organization. York University, Markham Campus students will bring a dynamic blend of innovative thinking, strong technical skills, and a relentless drive to learn, ensuring they not only adapt seamlessly to your company culture but also contribute significantly to your team’s success.

What Students are Studying at York University, Markham Campus? Undergraduate Programs Communication, Social Media & Public Relations (BA) Offered exclusively at the new Markham Campus, this program will help students develop a solid foundation in communication and media studies while pursuing an intensive focus on the study of social media and public relations. Associated roles you might hire for: • Public Relations Specialist • Social Media Manager • Communications Officer

Computer Science for Software Development (BASc)

Students will have the opportunity to work on real-world communityand industry-inspired projects. Through experiential learning, they’ll play an active role in the learning process, whether that’s during extensive labs, project-based assessments, simulated workplace assignments and/or work terms in Markham-based industrial or non-profit organizations. Associated roles you might hire for: • Computer Programmer • Software Developer • Application Developer • Software Design Architect

Creative Technologies (BFA)

Anchored in critical entrepreneurship, the Creative Technologies (BFA) program empowers students to develop multidisciplinary creative skills and technological expertise through hands-on learning with an emphasis on social applications and contexts. Associated roles you might hire for: • Creative Technologist • Digital Content Creator • Interactive Exhibition Designer • Programming Director • Community Artist & Organizer

Digital Technologies (BASc) Students in this program work at a full-time job and study at the same time. Approximately 20 per cent of student work time is dedicated to theoretical, in-class learning, delivered during five-day block

periods every five to six weeks. The rest of their work hours are spent in the workplace where academic learning is continually applied and integrated as they gain experience and contribute to your employer goals. This unique work-based degree program can be used not only to upskill your existing employees, but also attract new talent to your business. Through a high-quality education combined with work-integrated learning, students gain knowledge that can be directly and immediately applied to the workplace, adding value to your organization from day one. Associated roles you might hire for: • Cyber Security Specialist • Information System Analyst • Database Administrator • Data Analyst or Software Developer

Entrepreneurship & Innovation (BCom)

A new Markham Campus stream in York University’s established Commerce program, this option lets students combine core commerce courses with courses focused on developing an action-oriented, entrepreneurial mindset for overcoming organizational and societal challenges in an everchanging world. Associated roles you might hire for: • Entrepreneur • Business Consultant • Product Developer • Venture Capital Manager

Financial Technologies (BSc)

Combining computing and information technology training with economics and finance education. A specially designed combination of courses will have you explore diverse aspects of the financial technologies industry, from AI and machine learning, financial systems design and financial cryptography, and mathematical finance, banking and payment systems to e-trading and portfolio management. Associated roles you might hire for: • Financial Data Analyst • Regulatory Technology Specialist • Wealth Technology Developer • Cryptocurrency Specialist

Sport Management (BSM)

This business-oriented program focuses on the managerial and organizational aspects of sport. Students will learn about sport innovation and entrepreneurship alongside studies in sport leadership, sport communications and community relations, sport analytics and e-sport. The experiential education component includes strategic management, marketing or finance and accounting projects. It also includes two employer and community-focused, hands-on learning opportunities. Associated roles you might hire for: • Professional Sports Manager • Athletic Director • Recreational Program Administration • Sports Entrepreneur

The Future of learning is here Our Markham Campus opens Spring 2024 Join us in creating positive change at yorku.ca/Markham

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Markham VOICE | Winter | Spring 2024

First Year Engineering Core Program

Thorough introduction to all York engineering disciplines, including civil, computer, electrical, mechanical, software and space engineering, these students can be considered for future co-ops in your company.

First Year Science Program

This foundational year includes the study of Life Sciences (Biology, Biomedical Science, Biotechnology) and Chemical Sciences (Biochemistry, Chemistry) which will allow these students to be ready for future co-ops with you.

Graduate Programs Master of Public Policy, Administration and Law (MPPAL – Municipal Government)

Students will be able to work with your company in a position that understands the challenges that municipalities confront, and how municipal and regional governments, related boards, agencies, and non-profit

Markham VOICE | Winter | Spring 2024

organizations are delivering services, responding to community needs and calls for accountability.

Graduate Diploma in Management (GDM)

Students will be able to work with your company in a position of management having the key skills required in managing an organization.

Master of Science in Management Practice (MScMP)

Students will be able to work with your company in positions where they are putting data to a better use through the most up-to date research and analytical methods to efficiently run an organization.

Graduate Diploma in Biotechnology (GDB)

Students will be able to work in the Canadian private sector in positions where they can apply their knowledge and skills focused on the current biotechnology practice.

Master’s in Biotechnology Management (MBM)

Students will be able to work with your company in a position where they will make immediate contributions to the growing Canadian biotechnology industry. Amazing things happen when diverse communities work together to tackle world issues. When York students apply their knowledge, they have the power to make things right. Join us in creating positive change. yorku.ca/Markham

Explore the potential of your workforce by connecting with students from York University, Markham Campus. Get in touch with the Markham Educational & Employer Partnerships Team today yorku.ca/markham/become-a-markham-campus-partner

A new way to move forward

Test and demonstrate your automotive and smart mobility solutions in the OVIN Demonstration Zone (DZ) in Markham and Vaughan. Challenge areas include: Smart traffic, smart intersection, and smart city solutions First mile, last mile, and transit solutions aiming to solve urban transportation challenges Electric vehicle technologies Shared and integrated mobility solutions Robotics and automated micro-mobility utility devices Connected and autonomous (CAV) solutions in a real-world, urban environment devices

Companies are invited to submit their innovative transportation and smart mobility technologies by completing our online application form. If your company fits any of these challenge areas, don’t miss this opportunity. Collaborate with us and be a part of our mobility tech ecosystem. Contact us at: info@ovindz.ca

The OVIN DZ will operate with the support of key partners, including SmartCentres, Rogers Communications, Syntronic, Honda Canada, AMD, IBM, Qualcomm, Microart Services Inc., Remington Group, PSP Services, York Region, York Region Transit, Toronto Transit Commission (TTC), York University, Alectra, and Seneca-HELIX.

Learn more at ovindz.ca Markham VOICE | Winter | Spring 2024

MARKHAM ECONOMIC DEVELOPMENT | Visiontif

VISIONTIF Sets its Sight on Helping

the Visually Impaired Navigate the World

isiontif is on a mission to help people living with visual impairments independently navigate the world. The Visiontif team is creating a wearable device that uses artificial intelligence (AI) and machine learning technologies to describe objects, signs, and other elements around the user. Chun Yu, founder and CEO of Visiontif, was inspired by his uncle’s lifetime struggle living with a visual impairment. He said existing AI-powered glasses on the market were not designed with visually-impaired users in mind. “My uncle became blind and every day was a battle for him. It was painful to watch. Through him and supporting him, I have a lot of people living with being blind. Going inside a building is difficult. Things like finding the door and knowing whether it’s push or pull to open are challenges—and there is no solution on the market to solve it,” Yu said. People with normal vision often have difficulty understanding those challenges. Yu said something as simple as finding the right washroom door is impossible for someone with a severe visual impairment. The Visiontif wearable device is a screen reader for the real world. It uses a combination of optical character recognition and computer vision to tell the user what is around them, and what

is on a sign, such as a bathroom door gender indicator. He added that the primary user for the device is someone born with vision or partial vision who loses that over time. “We have great programs in Canada for people who are born blind, but there is a different user mentality for those who lose their vision. These people were able to navigate by themselves and now struggle to do something as simple as figure out which door to use,” Yu said. The most common way for people with visual impairments to navigate outside is through the use of guide canes and raised tactile indicators at

intersections. Yu said these technologies are over 100 years old, and there hasn’t been much progress made with alternative solutions. Visiontif is currently testing a beta version of the wearable device as they work towards bringing it to market. Locating in Markham has provided Yu and the Visiontif team with the support and expertise to bring their product to life. Visiontif was accepted into the fourth cohort of the ventureLab Hardware Catalyst Initiative in August 2022, and Yu said the program has been invaluable. “I’m an engineer by trade, so being in ventureLab has opened my mind to how to run a business. They’re also helping us to file patents for our intellectual property—it’s been a fantastic opportunity with Venture Lab,” Yu said. The proximity to ventureLab and other ecosystem partners is just one of the advantages of being in Markham. Yu said that, unlike Toronto, they don’t have far to drive to get the help they need. “We can go to Centennial College or Seneca College for help—they’re only a 20-minute drive and you don’t need to worry about traffic jams,” Yu said. To learn more about Visiontif, visit visiontif.com.

Markham VOICE | Winter | Spring 2024

10 TOP CATEGORIES Tech Titans of Markham

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Markham VOICE | Winter | Spring 2024

BUSINESS EXCELLENCE

“Our primary goal is to ensure we are here to support you in growing your businesses” Jack Ungar, Board Chair

Celebrated In Markham Markham Board of Trade (MBT) announces the recipients of the 33rd Annual Business Excellence Awards, the 11th Annual ASPIRE Awards and the Anthony Roman Award. The MBT 2023 Business Excellence Awards (with Title Sponsor, Green City Communities) were presented to:

High Quality and Service:

Dean Clean Services Inc. Innovation:

Business Employer of Excellence:

NVISION

Community Involvement & Cultural Enrichment: Evergreen Hospice The Donald Cousens Conservation & Environmental Leadership Award:

Blumind Inc.

Entrepreneurship: Sinalite Food Service & Hospitality:

The Toston Colombian Cuisine Global Business Excellence:

Astera Labs Canada Inc.

The Six Semiconductor Inc. Women Led Business: YoGPS Inc. The Anthony Roman Award, which honours an individual who is both a community leader and a successful business person, was presented to

Amin Tejani, Vice-President, WEINS Auto Group.

“Congratulations to the 2023 award recipients, finalists, and nominees. And a huge thank you to our generous event sponsors for their continued support,” stated Markham Board of Trade President & CEO Chris Collucci. “I’d also like to acknowledge the award’s selection committee, under the leadership of Chair Mike Essex, for their diligence in reviewing and determining the 2023 recipients.”

Chris Collucci, Markham Board of Trade President & CEO, congratulates award recipients and finalists, thanking supporters and sponsors for a successful event

Seneca College of Applied Arts and Technology, proud sponsor of the Markham Board of Trade ASPIRE Awards, celebrating business leaders and young professionals under 40. 14

Markham VOICE | Winter | Spring 2024

The Anthony Roman Award, which honours an individual who is both a community leader and a successful business person, was presented to Amin Tejani, Vice-President, WEINS Auto Group.

Jack Ungar from RBC Royal Bank, greets at Markham Board of Trade’s Business Excellence Awards Gala, as Board Chair.

Group photo of 2023 award recipients with Mayor Frank Scarpitti, Chris Collucci, Jack Ungar at the 33rd Annual Business Excellence Awards by Markham Board of Trade.

The Markham Board of Trade ASPIRE Awards recognize business leaders and young professionals under the age of 40. The 2023 Recipients Are: Professional Excellence: Nolan Liu, Golf It Up Community Involvement: Mark Elias, CEO, Steadiwear Inc Start-up: Huayi (Edward) Gao, Co-founder, CTO, VCycene The Business Excellence Awards are Markham’s annual celebration of entrepreneurial spirit and business success. Any business located in the City of Markham is eligible. Nominations open early next year, visit www.markhamboard.com for details. About Markham Board of Trade: Markham Board of Trade (MBT), a local non-profit Chamber of Commerce, serves the largest municipality in York Region. Celebrating its 40th anniversary, MBT advocates for economic development and business growth in Markham, serving a community of 10,000 businesses.

MBT enhances the success of its members by offering exclusive programs and services to assist them in growing their networks and businesses. MBT connects local businesses through digital and in-person networking events. MBT produces Markham’s Annual Buyer’s Guide and Markham’s exclusive business magazine, the Markham VOICE. www.markhamboard.com For More Information: Contact Selina Martins, Communications & Events Coordinator, Markham Board of Trade. P: 289-844 3015 E: smartins@markhamboard.com

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Markham VOICE | Winter | Spring 2024

MARKHAM ECONOMIC DEVELOPMENT | Phyxable

PHYXABLE Delivers Virtual

Rehab from Markham to Space

hyxable founder Dr. Jim Feng always envisioned the virtual rehab platform as a tool for engaging patients with their physiotherapy exercises. The platform was designed to help people with pain quickly diagnose, design a self-care plan, and prevent injuries from recurring all without leaving their homes or offices. But there’s no way he could’ve imagined that home or office would be a space station or lunar colony. The healthcare technology company, based out of YSpace Markham – York University’s incubator for growth-ready tech ventures – recently inked a deal with the Canadian Space Agency to be a foundational piece of its Health Beyond Initiative for providing healthcare and preventative rehab beyond Earth. “It’s awesome and really out there… literally,” says Feng. Currently, Feng says the platform can analyze data from point-of-care, diagnostic and assessment devices to create reports for practitioners instantly. “We even have an ultrasound that’s able to push toward an artificial intelligence platform that can give us real-time echocardiogram results,” says Feng. That data can be used to quickly diagnose and develop a self-care plan for patients – critical for those living off-planet without access to a doctor. “We can treat people anywhere in the world, and then, hopefully, on Mars someday,” says Feng. The Canadian Space Agency deal is yet another unexpected in Phyxable’s unconventionally accelerated trajectory.

Markham VOICE | Winter | Spring 2024

Feng’s background is in clinical treatment. As a sports chiropractor and founder of Form & Function, a Markham-based chiropractic, rehab and wellness clinic, Feng has worked with world-class athletes including the National Wrestling team and the UFC. Phyxable builds on that, increasing access to rehab and making it more engaging through incentivization. “We’re using the same psychodynamic tools that social media like TikTok and everybody else is using to get you to engage.” Feng founded the company in 2017 but COVID-19 helped supercharge interest in telehealth, putting Phyxable in a good position for growth. He recently brought

the business to YSpace Markham, where he’s an entrepreneur-in-residence working with the healthcare tech startups building within the space. “I think YSpace is a great place to get started,” says Feng. “And Markham has a really good ecosystem.” From Feng’s perspective, the region functions as a roadmap for innovative companies as they move from the early stages toward more robust funding and growth. “It’s a really good opportunity to live and play and run your business.” As for Phyxable, Markham has proven to be a springboard for growth. It’s allowed easy access to developer talent both within the Greater Toronto Area and beyond. “It’s really important to have that (innovation) corridor,” says Feng. It’s especially critical given that fellow Markham-based research and development company Micron Digital will be building the triage robots for the Health Beyond Initiative with the Canadian Space Agency. Feng says Micron Digital is a key partner in their success with this project. It’s also an example of the type of cuttingedge artificial intelligence development coming out of Markham. “Really good companies are built in downturns,” says Feng. “This wave is literally the information and AI wave… we’re at a critical point where a lot of things are going to change in the ecosystem.”

MBT

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B2B Sales Tips For 2023 By The Daily Sales

the ever-evolving landscape of B2B sales, staying ahead of the curve is paramount for success. As we continue through 2023, the rules of engagement have shifted, and sales professionals need to adapt to new challenges and opportunities. This comprehensive guide offers 25 actionable B2B sales tips for 2023, supported by statistics, motivational quotes, and real-world examples to help you elevate your sales game.

1. Embrace AI and Automation TIP: Leverage AI-powered tools to streamline repetitive tasks and gain valuable insights into customer behavior. STATISTICS: According to Gartner, by 2025, 80% of B2B sales interactions will occur in digital channels. EXAMPLE: Implement chatbots on your website to engage with potential clients 24/7 and gather data for personalized follow-ups.

2. Invest in Sales Enablement TIP: Equip your sales team with the right resources, content, and training to maximize their productivity. STATISTICS: A CSO Insights study found that companies with effective sales enablement programs achieve 15.3% better win rates. EXAMPLE: Develop a sales playbook that includes objection-handling techniques, product knowledge, and competitor analysis.

3. Prioritize Customer-Centric Selling TIP: Shift your focus from selling products to solving problems and meeting customer needs. STATISTICS: According to Salesforce, 75% of customers expect companies to understand their needs and expectations. EXAMPLE: Tailor your pitch by identifying pain points specific to each prospect and presenting solutions accordingly.

4. Leverage Social Selling TIP: Use social media platforms to connect with prospects, build relationships, and share valuable content. STATISTICS: LinkedIn reports that 78% of social sellers outsell their peers who don’t use social media.

EXAMPLE: Engage with industry-related posts, share insightful articles, and send personalized connection requests.

5. Implement Video Outreach TIP: Incorporate video messages into your outreach strategy for a more personalized touch. STATISTICS: According to Vidyard, 80% of video marketers say video has directly increased sales. Example: Send a brief video introducing yourself and addressing a prospect’s pain points.

6. Harness the Power of Data

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TIP: Use data analytics to identify trends, refine your targeting, and make informed decisions. STATISTICS: McKinsey found that data-driven organizations are 23 times more likely to acquire customers. EXAMPLE: Analyze past sales data to identify the most profitable customer segments and tailor your approach accordingly.

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7. Build Trust Through Content Marketing

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TIP: Share informative and relevant content to establish credibility and nurture leads. STATISTICS: Demand Gen Report states that 95% of buyers consider content as trustworthy when evaluating a company. EXAMPLE: Create a series of educational webinars or whitepapers addressing industry challenges.

8. Offer Personalized Experiences TIP: Customize your interactions and solutions to meet the unique needs of each prospect. STATISTICS: Epsilon reports that 80% of customers are more likely to do business with a company that offers personalized experiences. EXAMPLE: Use CRM data to send personalized emails and follow-ups based on a prospect’s previous interactions.

9. Develop a Referral Program TIP: Encourage satisfied customers to refer new clients to your business. STATISTICS: Nielsen reports that people are four times more likely to buy when referred by a friend.

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EXAMPLE: Offer incentives or discounts to customers who refer others, and track your referral success rates.

10. Master the Art of Objection Handling TIP: Anticipate objections and prepare persuasive responses to overcome them. STATISTICS: According to Gong.io, topperforming sales reps address objections 36% more than their peers. EXAMPLE: Role-play objection scenarios with your team to refine your responses.

11. Practice Active Listening TIP: Truly understand your prospect’s needs by listening actively and asking open-ended questions. STATISTICS: HubSpot found that 69% of buyers say that the most important element of a good sales experience is a salesperson who listens to their needs. EXAMPLE: Instead of rushing into your pitch, start the conversation by asking, “What challenges are you currently facing?”

12. Implement Challenger Selling TIP: Challenge your prospect’s thinking and provide insights that lead them to reconsider their approach. STATISTICS: CEB (now Gartner) found that Challenger reps outperformed other types of salespeople by 23%. EXAMPLE: Share industry trends or case studies that highlight the benefits of your solution, even if it challenges the status quo.

13. Develop Trust Over Time TIP: Understand that building trust takes time and consistent effort. STATISTICS: Edelman’s Trust Barometer shows that trust in businesses is built over multiple interactions and experiences. EXAMPLE: Maintain regular contact with your prospects, offering valuable insights and assistance throughout their decision-making process.

14. Showcase Social Proof TIP: Highlight endorsements, testimonials, and case studies to demonstrate your credibility. STATISTICS: BrightLocal reports that 87% of consumers read online reviews for local businesses. EXAMPLE: Include customer success stories on your website and share them during your sales conversations.

15. Stay Resilient in the Face of Rejection TIP: Understand that rejection is part of the sales process and use it as an opportunity to learn and improve. STATISTICS: It takes an average of eight cold call attempts to reach a prospect, according to The Marketing Donut. EXAMPLE: Keep a rejection journal to analyze common objections and refine your approach.

16. Collaborate Across Departments TIP: Foster collaboration between sales, marketing, and customer service teams to create a seamless customer experience. STATISTICS: A study by LinkedIn found that companies with aligned sales and

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marketing teams see a 38% higher win rate. EXAMPLE: Hold regular meetings to share insights and align messaging and strategies.

17. Adapt to Remote Selling TIP: Embrace remote selling technologies and techniques for a post-pandemic world. STATISTICS: McKinsey reports that remote and digital sales interactions have grown by 41% during the pandemic. EXAMPLE: Invest in video conferencing tools and virtual sales presentations to connect with prospects worldwide.

18. Cultivate Long-Term Relationships TIP: Focus on building relationships rather than quick wins. STATISTICS: A study by Bain & Company found that increasing customer retention rates by just 5% can boost profits by 25% to 95%. Example: Send personalized thank-you notes and check in with clients regularly, even after the sale.

19. Practice Competitive Intelligence TIP: Research your competitors to understand their strengths and weaknesses. STATISTICS: Crayon’s State of Market Intelligence Report reveals that 77% of organizations consider competitive intelligence a high priority. EXAMPLE: Subscribe to competitor newsletters, monitor their social media activity, and analyze their pricing strategies.

20. Develop an Emotional Connection TIP: Connect with your prospects on an emotional level by sharing stories and experiences. STATISTICS: Harvard Business Review reports that emotionally connected customers are 52% more valuable than highly satisfied ones. EXAMPLE: Share a personal story about how your product or service made a significant impact on a previous client.

21. Be Responsive TIP: Respond promptly to inquiries and follow up consistently. STATISTICS: InsideSales.com found that 35-50% of sales go to the vendor who responds first. EXAMPLE: Set up automated email responses to acknowledge inquiries and provide a timeline for follow-up.

22. Continuously Improve Sales Skills TIP: Invest in ongoing training and development to stay competitive. STATISTICS: A study by ATD found that companies that offer comprehensive training programs have 218% higher income per employee. EXAMPLE: Encourage your team to attend

sales conferences, webinars, and workshops.

23. Monitor Key Metrics TIP: Keep a close eye on key performance indicators (KPIs) to track your sales team’s progress. STATISTICS: HubSpot Research found that high-growth companies are more likely to measure sales metrics than their low-growth counterparts. EXAMPLE: Regularly review metrics such as conversion rates, lead quality, and sales cycle length to identify areas for improvement.

24. Embrace a Growth Mindset TIP: Encourage your sales team to adopt a growth mindset, where challenges are seen as opportunities for growth. STATISTICS: In a survey by Sales Management Association, 60% of respondents said that a growth mindset was a key differentiator for top-performing salespeople. EXAMPLE: Share motivational quotes with your team to inspire them to embrace challenges and learn from failures.

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25. Celebrate Successes TIP: Recognize and celebrate both small and significant wins to boost team morale. STATISTICS: Gallup reports that organizations that regularly acknowledge their employees’ achievements have 31% lower turnover rates. EXAMPLE: Hold monthly or quarterly team meetings to highlight individual and team accomplishments. As we navigate the complex B2B sales landscape of 2023, these 25 tips, backed by statistics, motivational quotes, and practical examples, will serve as your compass for success. Remember that sales is an ever-evolving field, and adaptability, continuous learning, and customer-centricity will be your greatest assets in achieving your sales goals. Embrace these strategies, stay resilient, and watch your B2B sales soar in the coming year and beyond. As the legendary Zig Ziglar once said, “You don’t have to be great to start, but you have to start to be great.” So, start implementing these tips today and embark on your journey to greatness in B2B sales.

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