Douglas magazine Feb/Mar 2024 by Page One Publishing

4 STEPS TO RECESSION-PROOF YOUR BUSINESS

Money

FEB/MAR 24

The

I$$ue

PASSION INTO PROFIT Discovering value in the side hustle

INDIGENOUS TOURISM Adventure meets reconciliation

MONEY SMARTS

A guide for young professionals

MODERN ACCOUNTANT The

Finding small business solutions in the cloud

Joe Collins, founder, Avalon Accounting

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Rising Economy 2024 The business event for business insiders March 6 – 8, 2024 Delta Ocean Pointe Resort, Victoria Where ideas emerge & connections are made

Get your tickets by Feb 9 for a 25% early bird discount! Visit ourrisingeconomy.com to book tix and be in the loop

It’s almost time for Rising Economy 2024, the highly anticipated conference about shaping your business or organization to survive and succeed in the new economy. This top-rated conference explores the massive changes and opportunities ahead — and offers actionable insights to help your organization thrive.

Top Reasons to Attend Rising Economy 2024 From SME owners to CEOs, managers, community leaders and policy makers, Rising Economy attracts dynamic people who want to shape their organizations to meet the challenges and opportunities of Greater Victoria’s future.

Get leading-edge intel and insights from industry leaders Expand your ideas with energetic keynotes, panels & firesides Tap into trends and forecasts to inform your strategies in the new economy Make valuable connections and generate leads — MORE networking than ever! Gain practical, actionable takeaways to propel your organization forward

Keynotes, Panels & More Leadership in the Age of Distraction Is Victoria on the Rise? Who's Coming, Who's Leaving, Who’s Staying

Getting On and Off the Island: Transportation Infrastructure in 2024 and Beyond

Small Business, Big Potential: Unlocking AI's Game-changing Potential

International Women’s Day lead-up panels on women in innovation and more

Average Is Over: AI and the Future of Work

Plus cybersecurity intel, media relations for a disrupted era, ESG strategies for SMEs, innovation for affordable housing and more.

Victoria's Maker Economy: From Brews to Robot-Boats

Stay tuned for exciting speaker announcements! Visit ourrisingeconomy.com to stay in the loop.

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CONTENTS

FEB/MAR 2024

F E AT U R E S

18 Not Your Parents’

Accountant

BY DAVID LENNAM

22 A Young Professional’s Student debt, credit cards, rent: There’s a lot to juggle when you’re starting out. Here is some down-toearth advice from the experts.

44 Career and Education

Avalon Accounting does things differently by doing them virtually. Joe Collins is a new breed of money manager.

Guide to Money Management

SPECIAL FEATURE

Learning doesn’t end after school. From mastering Excel to studying French, lifelong learning promotes creativity and problem-solving, and is a company’s greatest strength.  Lifelong Learning Outside the Classroom  The 15 Most Sought-after Jobs in B.C.

BY LIAM RAZZELL

28 Passion Into Profit

D E PA R T M E N T S 8 NOTE FROM THE EDITOR

Whether for a work/life balance or as a springboard to a startup, one in three Canadians has a money-making side hustle.

13 IN THE KNOW

Victoria is going to the dogs; Langford grows business startups in shipping containers; Helijet aims to fly Canada’s first eVTOL; the “vibe economy” doesn’t trust statistics; B.C. cracks down on short-term rentals; TEDx returns to Victoria.

BY ANDREW FINDLAY

38 How to Recession-

proof Your Business

48 LIFE + STYLE

Are you insulated from an economic downturn? Here are four strategies to protect your enterprise against inflation. BY KEN WINCHESTER

40 Adventure, Culture, History — and Reconciliation

Indigenous tourism is a growing business that connects people and uplifts communities. BY DIANE SELKIRK

Ditch the sweats and Crocs and dress for modern business casual; savour veteran chef Tom Moore’s new restaurant Tombo, a destination for gourmet lunches and upscale grab-and-go; strike off the beaten path this winter on snowshoes.

50 I NTEL 50 5 THINGS I WISH I KNEW Entrepreneur and founder of Fatso peanut butter shares the highs and lows of starting and growing a young business. BY JILL VAN GYN-CARR

51 “ FIT” OVER FACTS Hiring Part 2: Recruitment has changed dramatically. An HR expert looks at hiring through the employer’s eyes. BY INGRID VAUGHAN

54 DID YOU KNOW

Your money by the numbers.

D O U G L AS

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Home | Auto | Business | Travel | Recreational

Scotiabank Lighthouse, 100 Yonge St., 5th Floor, Toronto ON, M5C 2W1 File: 2706252 The McNaughton Group Douglas Ad

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NOTE FROM THE EDITOR

Money is Expensive!

FOR YOUR F A M I LY, BUSINESS AND FUTURE. A team-based approach for a total wealth strategy that addresses the entirety of your life. C.P. (Chuck) McNaughton, PFP Senior Wealth Advisor 250.654.3342 charles.mcnaughton@scotiawealth.com themcnaughtongroup.ca

WELCOME TO THE MONEY ISSUE, where our writers and experts make sense of issues like inflation, recession and financial planning — issues that affect all businesses large and small. Why is everything so expensive? Inflation’s certainly a factor, but each sector has its own variables at play: real estate, groceries, construction, health care, etc. Inflation is so high because many consumers are spending more money than they usually do, and because supply-chain issues and global fuel shortages have lingered since the pandemic. That high demand and low supply have led to an increase in prices. In this issue we cover the complex factors at play in our economy, from the Bank of Canada’s tea-leaves reading to the rising cost of living, whither mortgage rates to working with an accountant. Then there’s the rise of side hustles, spurred by the pandemic and remote work. Years ago I interviewed Howard Schultz, former chairman and CEO of Starbucks. He noted that people have three places in their lives: home, work and a third place that could be the gym, a pub or, of course, a Starbucks. The same can be said about our work. Most of us have day jobs, but also passions, whether home canning or computers. For some these side hustles are just part of their work/life balance. For others it’s a way of making extra money in a tight economy. For still others, more daring and entrepreneurial, it’s a springboard to a startup. Many of those have been featured in Douglas magazine’s annual 10 to Watch issue. We also address the financial challenges and opportunities of young professionals, from juggling student debt to managing credit cards to building a nest egg. And we gather tips from money managers on how to stay on top of finances early in your career. Then there are electric helicopters, the thriving business of walking many of Victoria’s 60,000 dogs and off-road adventures in snowshoeing. •

“Why is everything so expensive? Inflation’s certainly a factor, but each sector has its own variables at play.”

The McNaughton Group ScotiaMcLeod® , a division of Scotia Capital Inc.

— Ken Winchester, Editor

®Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. For more information visit www.scotiawealthmanagement.com. McNaughton Group is a personal trade name of C.P. (Chuck) McNaughton.

D O U G L AS

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Celebrating 50 Years of Excellence

In the dynamic landscape of real estate appraisal and consulting, D.R. Coell & Associates stands as a beacon of excellence, proudly celebrating 50 years of unparalleled service. As we mark this significant milestone, we are thrilled to introduce our valued clients and partners to exciting developments that underscore our commitment to quality, innovation, and customer satisfaction.

ESTABLISHING A LEGACY Founded by David R. Coell in 1974, D.R. Coell & Associates was created to assist both the private and public sectors with their rapidly expanding commercial and residential valuation requirements. Strong local demand was met with an increasing supply of the most knowledgeable appraisers in the industry, including Rick Gordon, Mike Martyn and Jack Miller. As the company’s ownership increased, the new leadership rallied, encouraging geographic expansion and diversification in asset classes.

LEADERSHIP REDEFINED D.R. Coell & Associates recognizes the pivotal role of leadership in shaping the future of the company. The recent addition of three Senior Appraisers, Rick Howard, Liam Fast and Alanna Gagliani, along with Principal Partners Scott Humphreys and Mishelle Martin, their team of nine dedicated Candidate members and outstanding Administration team, exemplifies the company’s dedication to providing clients with unparalleled expertise.

EMBRACING TECHNOLOGICAL ADVANCES In an era where technology shapes the future, D.R. Coell & Associates is at the forefront of innovation. We have invested in cutting-edge appraisal technologies to enhance our services and provide more accurate and efficient results. From advanced data analytics to state-of-the-art valuation models, our embrace of technology ensures that our clients receive the highest standard of appraisal solutions.

WORK-FROM-HOME CAPABILITIES Recognizing the evolving nature of work, we are proud to highlight our seamless transition to a work-from-home or office model. Our team’s ability to deliver quality appraisal and consulting reports remains unwavering, irrespective of their physical location. This not only enhances our operational efficiency but also underscores our commitment to the well-being and work-life balance of our dedicated professionals.

CONTINUED COMMITMENT TO QUALITY At D.R. Coell & Associates, quality is more than a standard — it’s a commitment woven into the fabric of our company culture. Our clients can continue to rely on us for timely and competitive appraisal and consulting reports that meet the highest industry standards. As we look back on 50 years of success, we look forward to building lasting partnerships and providing exceptional service for decades to come. As we celebrate our golden jubilee, we extend our gratitude to our clients, partners, and team members who have been integral to our success. Join us in commemorating this milestone as we embark on a new chapter, embracing innovation and continuing our legacy of excellence at D.R. Coell & Associates. Check out our 50 Year Anniversary Video here:

JOIN OUR TEAM We are currently hiring both fully designated AACI’s and Candidate members of the Appraisal Institute of Canada. Discover greater value at www.drcoell.com/careers.

WWW.DRCOELL.COM

PERFECT FOR THE VICTORIA WEATHER

VOLUME 18 NUMBER 1 PUBLISHERS Lise Gyorkos, Georgina Camilleri EDITOR IN CHIEF Joanne Sasvari EDITOR Ken Winchester DIRECTOR OF PHOTOGRAPHY Jeffrey Bosdet LEAD GRAPHIC DESIGNER Caroline Segonnes ASSOCIATE GRAPHIC DESIGNER Janice Hildybrant ADVERTISING CONSULTANTS Deana Brown, Will Gillis, Cynthia Hanischuk, Brenda Knapik ADVERTISING COORDINATOR Rebecca Juetten MARKETING CONSULTANT Amanda Wilson DIGITAL MARKETING COORDINATOR Claire Villaraza

Strellson overcoat paired with a Harley of Scotland sweater over Matinique pants, gloves by Hestra and scarf by Dawnte.

MARKETING COORDINATOR Lauren Ingle EDITORIAL ASSISTANT Liam Razzell CONTRIBUTING WRITERS Andrew Findlay, Jill Van Gyn-Carr, David Lennam, Diane Selkirk, Ingrid Vaughan PROOFREADER Lionel Wild CONTRIBUTING AGENCIES Getty Images p. 17, 38, 44, 46 - 48, 50 GENERAL INQUIRIES info@douglasmagazine.com SEND PRESS RELEASES TO editor@douglasmagazine.com LETTERS TO THE EDITOR letters@douglasmagazine.com TO SUBSCRIBE TO DOUGLAS subscriptions@ douglasmagazine.com

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ONLINE douglasmagazine.com X twitter.com/Douglasmagazine INSTAGRAM @douglas_magazine COVER Joe Collins, Founder, Avalon Accounting, Photo by Jeffrey Bosdet Published by PAGE ONE PUBLISHING 580 Ardersier Road, Victoria, B.C. V8Z 1C7 T: 250.595.7243 E:info@pageonepublishing.ca pageonepublishing.ca Printed in British Columbia by Mitchell Press. Ideas and opinions expressed within this publication do not necessarily reflect the views of Page One Publishing Inc. or its affiliates; no official endorsement should be inferred. The publisher does not assume any responsibility for the contents of any advertisement and any and all representations or warranties made in such advertising are those of the advertiser and not the publisher. No part of this magazine may be reproduced, in all or part, in any form — printed or electronic — without the express written permission of the publisher. The publisher cannot be held responsible for unsolicited manuscripts and photographs.

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IN THE KNOW

Flying Green

Looking like a giant drone, Alia’s eVTOL is poised for vertical takeoff. Helijet has commissioned four such aircraft for its fleet. READ THE FULL STORY P. 14

Helijet orders a groundbreaking electric aircraft. BY LIAM RAZZELL

D O U G L AS

IN THE KNOW Helijet may soon be the first Canadian carrier to offer commercial flights using electric vertical takeoff and landing (eVTOL) aircraft. Last October, the company announced that it had placed an order with Vermont-based Beta Technologies for four of the aerospace manufacturer Alia’s eVTOL aircraft. Douglas previously reported on North America’s first electric seaplane, commissioned by Harbour Air, and Canada’s first electric tugboats, to ply the waters off Kitimat. Helijet’s new aircraft makes it a trifecta of innovation for Vancouver Island. The sleek Alia models run on batteries and can carry five passengers and one pilot. With four sets of horizontal rotor blades, they take off and land vertically. Wings provide forward airspeed and lift capacity. Helijet’s president and CEO Daniel Sitnam says this type of aircraft generally makes less noise than standard helicopters — important to the company because it operates primarily in urban environments. Beta is still studying Alia’s operating costs, but Sitnam says he expects eVTOLs will be less expensive to fly than other aircraft in Helijet’s fleet. If that proves true, Helijet wants to use them to expand its reach, servicing communities that would have been too costly otherwise, and offer flights at lower price points to broaden its customer base. Sitnam says the whole aviation industry needs to improve its sustainability efforts. He hopes that adding Alia aircraft to Helijet’s fleet will not only reduce the company’s carbon footprint, but also encourage other Canadian air carriers to do the same. Beta expects to complete the Alia aircraft by 2026, and Helijet wants to get them up in the air shortly after. 14

D O U G L AS

THE LORDS OF DOGTOWN Walkies! Dog walking is big business in Victoria, with some owners spending as much as $10,000 a year. BY DAVID LENNAM

og walking has become a professional service for as many as 100 companies in a region where there could be as many as 60,000 dogs. There are some 36,000 licensed dogs in Greater Victoria, but because many pet owners forgo purchasing the metal tag, the number is thought to be nearly double that. Same with the companies offering dog walking. Only 33 hold permits for Capital Regional District parks, but those in the business agree there are dozens more operating. “Those of us who have been around a long time started to

see companies pop up because, on the surface, it does look like you can make a lot of money,” says dog walker Tamara Castle. The business of walking all these dogs — since Castle started Adventure Dog almost 20 years ago as one of only three such operations — is thriving and has grown faster than a chocolate Lab gobbling a bowl of kibble. Adventure Dog now employs seven people to walk 60 dogs a day, making it one of the regionʼs largest such businesses. As with most of the dog-walking agencies, pooches are picked up and dropped off after a couple of hours in the woods with a pack of their hairy pals. Typically, fees are in the $30

to $40 range per excursion. Kym Spencer of Ruff Coast Canine reveals it’s not uncommon for pet owners to run up big bills. “Twenty-five per cent of my clients are every day; another 25 per cent are three times a week. People can spend $10,000 a year on dog walking.” Spencer is one of the original members of the Capital Region Association of Dog Professionals, a collection of 36 dog walkers formed in 2016. The group has come up with a code of best practices and offers members medical and dental benefits. “We wanted to make this professional and responsible,” says Spencer, “and have

JEFFREY BOSEDET/DOUGLAS MAGAZINE

IN THE KNOW

The Vibe Economy

Many Canadians — especially young, media-savvy professionals — trust feelings over statistics.

nemployment in B.C. is down to 5.3 per cent, and the economy is still adding jobs—some 60,000 last year. Inflation is cooling, now down to 3.2 per cent. Home prices have held steady, despite high interest rates. And the TSX is up more than 950 points already this year. But even with all that, Canadians, especially young professionals, often feel remarkably gloomy about the state of the economy. But is the economy really a mess? Or is it economic hypochondria? (The test results can’t possibly be true!) Unfortunately media, both conventional and social, often play into this lack of confidence. Canadians can feel they’re worse off these days because Facebook, their co-workers and their friends tell them so. In this view, the vibe today is so dour that public opinion is no longer

responsive to economic reality. But the conundrum is that Canadians are actually spending more than ever, and not just on necessities, but on discretionary expenses like restaurants, entertainment and subscriptions. The problem with the vibe economy is that there’s just not much evidence to support it.

The “vibe” is bad, so consumers can’t see that the economy is good: “If we don’t buy the economic data, then it must be misleading.” What can be said is that Canada’s concrete economic data, and the vibe theory itself, will both be put to the test as soon as the economy improves, and that time might soon be at hand.

CONSUMER CONFIDENCE INDEX 2023 52 50 48

51.43 49.24 49.54

48.81

49.55

47.49 47.28

46.9

47.26

46.57

45.56

46 44 January ʼ23

47.66

April ʼ23

July ʼ23

October ʼ23

Consumer Confidence in Canada averaged 52.11 points from 2010 until 2023, reaching an all-time high of 57.05 points in November of 2018 and a record low of 35.60 points in April of 2020. Source: Ipsos

Leader of the pack: Tamara Castle of Adventure Dog wrangles her charges with gentle authority.

standards to get rid of the riffraff who are irresponsible.” It’s not exactly easy money ensuring Fido gets his day in the park. Overheads can include $3,700 a month on fuel for a couple of vans; $800 for insurance; $110 for a business licence; and a $465 CRD permit allowing access to 33 parks. But according to Bailey Côté of Local Bark Adventures it’s relatively easy to enter the market. Just don’t expect riches. “I always tell people who are interested in dog walking, you definitely don’t get in it for the money, especially living in Victoria … but if you really love dogs it doesn’t feel like work.”

How to Spark Curiosity and Connection TEDx returns to Victoria after almost a decade. BY KEN WINCHESTER With inspiring speakers, unexpected connections and a mission to share thoughtprovoking ideas, TEDx is returning to Victoria. This year’s TEDx is themed simply “It’s Up to Us” and aims to bring the community together for inspiring dialogues to help understand, explore and motivate change. Hosted at the McPherson Playhouse, TEDxVictoria will be a full day of speakers, live music, performances and networking opportunities

running from 9 a.m. to 5 p.m. on May 15, including:  12 TEDx speakers  Live performances  Networking sessions  Community exhibits Almost a decade has passed since the last TEDx conference was held here, and Victoria has changed and grown in so many

ways. TEDx gives participants the opportunity to explore the challenges and possibilities of this city with fresh perspectives. Organizers say Victoria is long overdue for imaginative problem-solving, celebrating ingenuity and pondering the future. The conference goal is to turn discovery into action.

D O U G L AS

TYLER CAVE

IN THE KNOW

GROWING BUSINESSES

Langford has transformed a disused railway yard into a creative hub.

Langford is helping entrepreneurs hatch their dream with “incubators.” BY LIAM RAZZELL

ust off Station Avenue and down the road from Royal Colwood Golf Club in Langford are 13 retrofitted shipping containers on what used to be a gravel parking lot. This is The Langford Station — the city’s two-year-old project designed to help businesses and artists grow while attracting visitors to the city centre. Four of the shipping containers are reserved for artists to practise and sell their crafts. A fifth container, called the Creation Station community

workshop, is a rentable art space for the public. These buildings are key to the city’s effort to brand The Langford Station as a creative hub. The remaining eight containers, reserved for entrepreneurs, are dubbed business incubators. These rentable spaces are designed to provide a physical space for aspiring entrepreneurs to test their business models, sell their goods or services and build a customer base in a low-rent setting. Long term, the city hopes incubator businesses will succeed and expand to

offices and bricks-and-mortar storefronts in Langford. For entrepreneurs and would-be business owners who are interested in renting an incubator, here are a few needto-know specifics: Each incubator is licensed on an annual basis to a single retail business. Though there isn’t a limit on the amount of time folks can rent an incubator, Langford hopes businesses will scale up within three years. However, there’s no requirement to expand, or to do so in Langford. A panel assesses all incubator

Both successful entrepreneurs and chess grandmasters have the same vision: R E A D S To look at the pieces in front of them and anticipate their next moves. In Your Next Five Moves, Patrick Bet-David helps entrepreneurs understand exactly what they need to do next by translating this skill into a valuable methodology. Whether you feel like you’ve hit a wall, lost your fire or are looking for innovative strategies to take your business to the next level, Your Next Five Moves offers: UG L

 Clarity on what you want and who you want to be. 16

D O U G L AS

applications and favours businesses that are local to Langford or Westshore. Businesses that have few or no other locations and that offer unique, creative products are more likely to have their application approved. There are no kitchen facilities in incubators, although selling food is allowed as long as it’s prepared off-site. Rent for incubators ranges from $300 to $600 per month depending on the size of the shipping container. There are no monthly, weekly or daily rentals available.

 Strategy to help you reason in the war room and the boardroom.  Growth tactics for good times and bad.  Skills for building the right team based on strong values.  Insight on power plays and the art of applying leverage. Bet-David draws from his own rise to successful CEO to combine principles and revelations into a compelling read for executives, strategists and entrepreneurs.

Airbnbust Is B.C. really banning shortterm rentals?

The statistics are daunting. There has been a jaw-dropping 845 per cent growth in Airbnb listings in Canada since 2012. And a groundbreaking report by Dr. David Wachsmuth of McGill University sheds light on the undue influence of short-term rentals on housing prices here in B.C.:

COMPOUND ANNUAL RETURNS (Including reinvested dividends, as of December 15, 2023) 1 YEAR

3 YEAR

5 YEAR

10 YEAR

20 YEAR

INCEPTION1

Odlum Brown Model Portfolio

8.9%

10.4%

11.7%

10.7%

11.2%

13.8%

S&P/TSX Total Return Index

8.3%

8.7%

10.4%

7.8%

7.9%

8.4%

December 15, 1994. *The Odlum Brown Model Portfolio is an all-equity portfolio that was established by the Odlum Brown Equity Research Department on December 15, 1994 with a hypothetical investment of $250,000. It showcases how we believe individual security recommendations may be used within the context of a client portfolio. The Model also provides a basis with which to measure the quality of our advice and the effectiveness of our disciplined investment strategy. Trades are made using the closing price on the day a change is announced. Performance figures do not include any allowance for fees. Past performance is not indicative of future performance.

 In the summer of 2023, approximately 16,810 homes shifted from residential to investor-owned, short-term rentals, triggering a 19 per cent decline in housing availability.  The rapid resurgence of short-term rentals in 2022 created a 28.1 per cent increase in rent that year.  The top 10 per cent of hosts earn nearly half of all revenue.  Tenants provincewide bore an extra $2 billion in rent between 2016 and 2021.

YO DEPEN COU

Enter the B.C. government. “Anyone who’s looking for an affordable place to live knows how hard it is, and shortterm rentals are making it even more challenging,” says Premier David Eby.

The Short-Term Rental Accommodations Act, effective July 2024, will limit short-term rentals to the host’s primary residence, plus one secondary suite or accessory dwelling. But the legislation is not a blanket FOR ALL YOU ban. Reserve lands, hotels, motels and resort communities are exempt as are FREIGHT & LOG many smaller towns in the province. The maximum fine for offences will increase from $2,000 to $50,000. Not everyone is happy. Smaller owner/ investors who depend on short-term rentals FOR ALL YOUR COURIER, to supplement income or as a retirement FREIGHT & LOGISTICS NEEDS investment will now have to sell or rent long term. The new rules have sent vacation “Your business and event plans up in the air, and there are Servicing Victoria, Vancouver COURIER, FREI is our highest concerns about accommodation for workers Island, the Lower Mainland, in construction, film and other industries. priority!” nationally and internationally Servicing Victoria, Va Companies such as Airbnb and Vrbo, and AL HASHAM, PRESIDENT Lower Mainland, nation their hosts, have until May to comply with MAXIMUM EXPRESS “Your business the new rules. If you have booked a shortCOURIER, FREIGHT & LOGISTICS highest term rental for next summer, better make maxcourier.com is | our info@maxcourier.com | 250.721.3278 sure you can still stay there. • priority!” maxcourier.com | info@maxcourier.com | Vancouver Dispatch: Servicing Victoria, Island, the 250.721.3

YOUR LOCAL, YOU R INDEPENDENT DCOURIER E P E N DWITH ABA LE GLOBAL C O U RREACH IER

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Lower Mainland, nationally and internationally.

D O U G L AS

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Dispatch: 250.721.3278

I N C O N V E R S AT I O N

Joe Collins, Avalon Accounting

NOT YOUR PARENTS’ ACCOUNTANT BY DAVID LENNAM | PHOTO BY JEFFREY BOSDET

Joe Collins and Avalon Accounting combine tech and a bit of whimsy to serve the small business owner.

“My parents’ generation wants their accountant as dull as dull can be.” Joe Collins and Avalon Accounting is anything but. 18

D O U G L AS

I N C O N V E R S AT I O N

here’s a mock Star Wars poster in Joe Collins’s office featuring him as, I presume, Luke Skywalker. Next to that is a guitar, which suggests you’re in the office of an accountant your parents would probably not have hired. Indeed, Avalon Accounting is not the sort of enterprise that even existed when you were a kid. The nine-year-old Victoria firm is one of a new breed — a virtual, online, fullservice operation, geared specifically to help small business owners. The founder is a 43-year-old family man, a kidsʼ soccer coach, a guy who’s taking singing lessons. Avalon’s website casually mentions there’s a little buffoonery allowed with that precise attention to financial details. I bring up the old Monty Python sketch about the nebbish accountant who really wants to be a lion tamer. Collins explains Avalon is likely more approachable for a new generation. “My parents’ generation probably wouldn’t have gone for it. They want their accountant as dull as dull can be because that means stability for them. But I think now people want accessibility. They want to know that the people they’re dealing with care about the human side of what they’re trying to accomplish.” Avalon, which started out with two clients and now boasts 287, works only with small businesses. Its modest office (home to just six of its 26 employees across Canada) is at the co-working space KWENCH, of which Collins was an original member. D O U G L AS

I N C O N V E R S AT I O N Why do small businesses need Avalon?

The disconnect for a lot of small business owners is they have their accountant and their bookkeeper and they don’t understand, really, what either does; both are billing them by the hour and then they get into arguments about who’s responsible for what and the business owner is caught in the middle.

So what’s your solution for them?

My idea was to bring everyone together in one place, use the latest cloud accounting technology and make it a seamless customer experience for the small business owner. They don’t have to worry about who’s doing what, just that it’s all getting done and here’s your reports and you have somebody with whom the buck stops.

How did the idea for virtual accounting come about?

I did a short stint with another accounting firm here in town and I converted their whole accounting system to [cloud-based accounting software] Xero. I realized the power of having live information that your clients can see and you can see. It felt very collaborative. And if they say, “It doesn’t look quite right,” I can make a few changes on the fly. It removed our need to have an office and paper and all that stuff as well.

Do you run the risk of it eliminating the “human touch”?

My thing with technology is: Does it enhance the human experience? This cloud technology allows for that. Rather than paying your accountant to do a bunch of data entry, scan a bunch of documents, we can now pay our accountants to analyze our information, help us understand more about our business. The ultimate advantage is levelling up the information that we have so we can have a greater impact in the world and more human connection, not less.

Are small businesses where the money is? [Laughing.] It’s definitely not where the money is. I feel like it’s an underserved area. The bigger accounting firms are always looking for the big whale. We want to serve that client base and that client base only and get to know it really well.

What is it about small businesses that’s so vital?

What we see in our communities is who employs people. Who’s a buffer to our whole economy. Those business owners know their employees, every one of them. They’re not going to just lay off those people willy-nilly. They’re going to make it work with those employees. It becomes a shock 20

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absorber for the economy as a whole. If we can support that group it just makes our community stronger, our economy stronger and I see a lot of value in that.

an intimacy there that not a lot of other professionals get to see.

For small business owners, is there a most vital thing to have an accountant for?

I would say we’re more tech integrators or tech curators than a tech company itself. I get probably seven or eight emails a week touting new software that people are trying to push, but they’re not all worth anything. We keep the gates on that and try things out if it sounds compelling for our clients.

It’s general hygiene. It’s like brushing your teeth. For business owners, the core of taking care of their business is having financial support. The ones that struggle are the ones that kind of think of it as an afterthought.

“My thing with technology is: Does it enhance the human experience?” — Joe Collins, Avalon Accounting

What advice do you have for small businesses in working with an accountant? What’s the laundry list of compliance work and all that stuff that needs to be done? And then whose responsibility is it? I think it becomes a little nebulous. There’s no checklist here for a lot of business owners for all the things that need to happen on the financial side. And then understand what are you off-loading to your accountant, or bookkeeper, or payroll specialist, or financial planner. This is your business. It is your responsibility. You’re hiring these people to help you and they should tell you exactly what needs to be done and whose responsibility it’s going to be.

That’s the compliance side, but there’s another side, isn’t there? What’s the ultimate goal for the business? You see so many business owners just spinning their wheels and not working towards something that is a better life for themselves. They’re like Atlas, holding the world on their shoulders, and it just gets heavier and heavier. You add more employees, you add more clients and you just get squeezed.

Give us an idea of Avalon’s range of services. It varies everywhere from foundational compliance work, which is doing the stuff the government makes you do, to personal counselling sometimes because we get to see behind the curtain, so there’s

Are you a tech company more than an accounting firm?

Tell me about the online courses Avalon provides.

That’s our next big thing. We know a lot of small business owners can’t afford our services. We want to make our resources more accessible. We do make a lot of our resources free. I used to feel guilty that I couldn’t help all the business owners that would reach out. I don’t feel guilty any more because we have produced so much content over the last six years that if there’s been a question asked we have an article on it or a YouTube video.

Did you have the three partners you have now when you started Avalon? No, it was all me to start and that was a dangerous thing. I’m good at certain things and I can get by at other things, but definitely there was a lot to be done. Accounting, bookkeeping, keeping clients on track, following up, doing all the things that need to be done is a tall order.

Is there a preferred part of this for you personally?

My favourite, favourite, favourite part of this position that I’m in is being able to sort of life-design help clients because I see these things in my own life and how I’ve developed my business. So having a business that supports them, rather than the other way around, which is the trap we all seem to fall into as business owners. Financial security, whatever that means for people. Time, freedom, so you can do the things you want to do.

Avalon won a Douglas magazine 10 To Watch award in 2018.

It was nice to be recognized. It connected us with the business community in Victoria in a way that we hadn’t had before. It adds credibility. In this Internet age I think the more credibility you can get, the better.

What’s next for Avalon?

We want to be THE small business accounting firm in Canada. We want to be synonymous with that. But we’re also risk averse so we want to do it in a measured, appropriate way. •

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A Young Professional’s Guide to MONEY MANAGEMENT From juggling student loans to building a nest egg, here’s how to stay on top of your finances. BY LIAM RAZZELL

tudent loans, credit cards, bills, budgets, housing, investments, retirement — as a young professional, you have a lot to think about. Throw inflation, a high cost of living and exorbitant rental costs into the mix, and money management can seem overwhelming. Despite these challenges, there’s a lot you can do to set yourself up for the future. We turned to two financial planners — both of whom are young professionals — for their advice for managing your loans and credit cards, figuring out if your rent’s too high, saving for retirement, budgeting, thinking about your finances holistically and long-term life planning.

Student Loans

According to data from Employment and Social Development Canada, post-secondary students graduated in 2019 with an average federal student loan balance of $13,367, and that’s not including the amount they owed to provincial and/or private sources. Paying off that much can be a daunting task. As of February 19, 2019, B.C. eliminated interest charges on government-issued student loans. And as of April 1, 2023, the federal government permanently removed the accumulation of interest on Canada Student Loans. Interest on loans from private institutions varies. If you have a federal or B.C. student loan, you have to make minimum monthly payments until you’ve paid it off. And that also applies to most private loans. But should you stick to your payment schedule or pay off your loan as quickly as possible? That depends. If you anticipate needing to apply for a loan for, say, a first home, you may want to prioritize paying back your student debt as quickly as possible. When lending, banks can look at your cash flow as a measure of whether you

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can pay them back. If your student loan is a significant drain on that, banks may not lend you as much as you would like, says Mark Lotocky, the owner of financial planning company The Dixon Davis Group. It’s also important to factor your emotions into your decision, says Josue Dubon, a partner and wealth mentor at financial planning company DesignWealth. If your student loan is a source of stress, it may be in your best interest to just pay it all off. However, if paying off your loan quickly means sacrificing your standard of living, you may want to stick to your payment schedule, says Lotocky. For example, doubling monthly payments may mean you can’t go on vacation or out for an evening with friends. Also, by sticking to your minimum payment, you can invest any extra money you would have used to pay your loan back quickly, say Lotocky and Dubon. That only applies if your loan is interest-free or if investment interest rates are higher than those attached to your loan. For example, if you have a private loan with an interest rate that exceeds that of possible investments, it doesn’t make sense to invest because you’ll be losing money, says Dubon. Instead, it may be best to pay off your debt quickly to prevent it from ballooning. It’s important to note that your situation may be more complex, so contact your bank or speak to a financial adviser to find out if investing is right for you.

Credit Cards

According to credit reporting agency TransUnion, in the second quarter of 2023 Canadian consumers held on average $4,185 in credit-card debt. “When you’re young and you’re getting used to money,” says Lotocky, “it’s really easy to overspend,” a problem compounded by high interest rates.

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Money manager Josue Dubon of DesignWealth advises young professionals that debt isn’t good or bad; what matters is how it’s managed.

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For example, if you owe $250, at a 20 per cent interest rate, you’ll owe $275 in six months and $304 in a year. That doesn’t seem like a lot, but think about it on a bigger scale. If you owe $5,000, at a 20 per cent interest rate, you’ll owe $5,518 in six months and $6,089 in a year. One of the best ways to avoid that is to pick a credit card with a limit that you can afford to pay off every month, says Lotocky. He recommends that after paying your bills, buying groceries, investing and saving some money for the future, whatever’s left that you’re willing to part with, use that as your limit. Lotocky also advises that if you find you’re always overspending with your credit cards, you may want to get rid of all but one of them. For example, if you can only afford to pay back $500 every month, it doesn’t make sense to have four cards with a $500 limit — if you max them out, the money you’ve put aside to pay off your debt won’t cover the $2,000 you’ve spent.

Rent

Dubon and Lotocky agree that spending approximately 30 per cent of your income on rent is a good rule of thumb. But 12 years housing is getting increasingly expensive in Greater Victoria. In 2022, you needed in business to earn at least $34.85 per hour to afford 250.466.9909 • canadaoutdoorkitchens.com a two-bedroom apartment in Victoria,

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Here’s an easy-to-remember rule of thumb for budgeting. Start by taking a look at your paycheque. If taxes are withheld, subtract that amount from your total earnings. Don’t subtract other amounts that may be withheld or automatically deducted, like health insurance or retirement contributions. Those will become part of your budget. The 50-30-20 rule recommends putting 50 per cent of your money toward needs, 30 per cent toward wants and 20 per cent toward savings. The savings category also includes money you will need to realize your future goals.

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without spending more than 30 per cent future. But there are benefits to saving for of your income, according to the Victoria retirement early in life. Foundation’s 2023 “Vital Signs” report. For example, if, at 25 years old, you start If you spend more than the investing $100 every month in a Registered recommended limit, that doesn’t necessarily Retirement Savings Plan (RRSP) or a mean you have to move cities or apartments Tax-Free Savings Account (TFSA), at a five— you may just have to cut back in other per-cent interest rate, you’ll have $15,528 areas of your life. Buy bulk foods instead by the time you’re 35. If you continue to of shopping at boutique save $100 every month grocers, go on fewer until you’re 65, you’ll weekend getaways, have $152,602. That’s take the bus instead of the power of compound driving — it’s all about interest. However, if you balance. “As long as start saving $100 every you’re working towards month at 35, you’ll long-term goals and have saved $83,225 by can still manage to put the time you reach something away towards retirement age. that … and your dayOne hundred dollars to-day life is decent,” might be all you can says Lotocky, “then your save right now, and rent isn’t too high.” On that’s fine. You can — Mark Lotocky, owner of The Dixon the other hand, Dubon always increase your Davis Group says that if, after cutting monthly investment back, you’re losing later as your income money or don’t have rises. But if you have enough to live on, you the means, by investing may need to find a cheaper apartment. $1,000 a month at 25, at a five-per-cent interest rate, you’ll have $1,526,020 by the Retirement time you’re 65. If you’re strapped for cash, it’s hard to But how much do you need to retire? think about putting money away for the That’s a hard question to answer, says

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“When you’re young and you’re getting used to money, it’s really easy to overspend.”

Financial planner Mark Lotocky, owner of The Dixon Davis Group, advocates both budgeting and “anti–budgeting.”

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Dubon, because it depends on the lifestyle you want. A modest life will require fewer savings than if you want to spend your winters in Spain and summers on cruise ships. What you want to do in retirement is something only you can answer. RRSPs and TFSAs are common ways to save for retirement, and every Canadian is guaranteed a pension (amounts vary depending on your contributions) thanks to the Canada Pension Plan.

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According to a 2021 Bank of Canada study, on average Canadians have eight bills to pay every month. On top of expenses like groceries, coffee, gas and travel, it’s easy to lose track of your money. Lotocky says active budgeting and anti-budgeting are two ways to avoid that. Active budgeting involves regularly monitoring how much you spend. You can do this using an Excel spreadsheet, with one column for your income and another for your expenses. Work out a monthly budget (how much you expect to spend on groceries, rent, credit-card payments, student loans, savings, investments, etc.) and regularly compare that number with what you actually spend. This can help you understand your spending habits and where you should pull back. Anti-budgeting requires that you have three bank accounts. Make sure your paycheques go into an account for static outflows, which you’ll only use to pay

for fixed expenses like rent, student loan payments, phone bills and TFSA contributions. With every paycheque, move an allotted amount to a second account for controlled funds, designed to house your long-term savings for everything from travel or emergency funds to money for a new car or house. What’s left, move to the final account, reserved for dynamic spending (day-to-day cash payments that aren’t static). This could include everything from groceries to movies to a night at the pub with friends. Organizing your finances this way can help you keep track of your money, stay on top of your financial obligations and save.

Holistic Thinking The above advice can help you manage your finances, but equally important is how you think about money. Dubon says that if you look at your finances as silos, you won’t see how the financial decisions you make are connected. For example, saving lots for retirement now is good in theory, but doing so may mean you won’t have enough money to start your dream business. Or moving to a cheaper apartment may help you save money to pay off your credit bill, but if you have to commute an hour every day to work, you may lose out on gas expenses.

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There are benefits to saving for retirement sooner than later. For example, by investing a portion of your income every month at 25, you stand to retire with hundreds of thousands of dollars more than if you start investing at 35. That’s due in part to compound interest.

“Thereʼs a lot of change still going on with younger individuals that isn't as prevalent in older ones.” — Josue Dubon, DesignWealth

your finances to achieve them. Led by Thomas Gilovich, a professor of psychology at Cornell University, a 2018 survey about peoples’ enduring regrets revealed that 76 per cent of respondents said their biggest regret was not becoming who they wanted to be. Gilovich found much of that had to do with inaction (not pursuing aspirations and goals). What does that have to do with money? Starting a family, seeing the world, opening a restaurant, pursuing a career you’re passionate about, living free and easy, getting a PhD — whatever it is you want to do, however you picture yourself in the future, a rock-solid financial plan can go a long way in helping you get there, says Dubon. But first, you need to know what you want. What excites you? What gets you out of bed in the morning? What goals do you have? What do you value? What do you want to contribute to the world? What do you want to leave behind after you’re gone? These are tough questions, but they’re worth giving some serious thought. After all, you have one life — why not spend it doing something you love?

Next Steps

If you’re ready to take control of your finances, a great next step is to check out a few of the many free financial literacy courses available online. For example, the Financial Consumer Agency of Canada offers a 12-part online course called Your Financial Toolkit that covers everything from debt management to fraud protection. After starting out on your own, if you find you need it, hiring a financial adviser may help you make sense of your finances. Whether or not you seek professional help, this process can cause some stress. Talking to a trusted family member or friend may help you approach your situation with clarity and calm. Also, know that you don’t need to have it all figured out. But starting to think about ways to manage your finances can help set you up for a happy, prosperous future — one that’s uniquely yours. •

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Passion Into PROFIT From gift baskets to disc golf, side hustles allow us to express ourselves and make money, too. BY ANDREW FINDLAY | PHOTOGRAPHY BY JEFFREY BOSDET

nn Chisholm liked going to work. A business graduate from Halifax’s Mount Saint Vincent University, she started her advertising and marketing career in 2012 in Saint John, New Brunswick. Then she headed west. Her first stop was the mountain adventure paradise of Jasper. Eventually Chisholm landed in Victoria working full time at Hot House Marketing. “I enjoyed what I was doing and the people I was working with. But it felt like there were two Anns, the working Ann and the non-working Ann,” explains Chisholm. By the “non-working Ann” she means the athletic former varsity basketball player with a passionate interest in fitness and health. “I asked myself, would I be fulfilled in my 30s and 40s if I kept doing what I was doing?” she says. The answer was, probably not. So began Chisholm’s unintentional entrepreneurial journey. In 2017, she made a 180-degree life shift and joined Innovation Fitness Victoria (now Tropos Fitness Club) as a sales manager and personal trainer. Not long into her tenure, the proverbial lightbulb flashed on for Chisholm. She noticed a lot of her clients working hard in the gym but falling short of fitness goals. The big missing piece, Chisholm concluded, was nutrition. This realization crystalized her career shift. While working full time, she studied online courses in nutrition to upgrade her skills. Then Chisholm started offering nutrition consulting off the side of her

“I asked myself, would I be fulfilled in my 30s and 40s if I kept doing what I was doing?” — Ann Chisholm, Fettle + Food

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desk at the fitness club. Demand was strong; she was busy. So busy that her boss and Tropos Fitness Club owner Jeff Dallin saw it as a great business opportunity for Chisholm. “Jeff asked me if I thought nutrition could be a standalone business for me,” Chisholm says, referring to Dallin’s timely nudge. “To be honest, I didn’t start out thinking about business ownership.” Dallin’s challenge prompted Chisholm to launch Fettle + Food, a nutrition coaching company. The consultancy is now a small but going concern, more than full time for Chisholm and two other contract nutrition consultants. The hours are long, and with a toddler now in the mix, life is busy for Chisholm. But she’s exactly where she wants to be. “For me it was really about aligning the two Anns,” Chisholm says. What started as a side hustle proved to be a life changer for this entrepreneur and others. There’s a big buzz about the side hustle these days. Several recent surveys and reports indicate a growing number of British Columbians and Canadians are turning bright ideas into money-making ventures. A survey by H&R Block found a whopping 28 per cent, or around 8,746,000 Canadian adults, have taken on a side job in the gig economy, up from 13 per cent in 2022. In another survey, Interac Corp. canvassed 500 Canadian entrepreneurs, among them what the Canadian interbank network refers to as 362 side hustlers, 82 small business owners and 56 freelancers. According to the results, two in 10 were planning “to go all in” and turn their passion into a full-time career. The most popular side hustle? Freelancing. It’s a triedand-true way to earn extra money and the work can be scheduled during spare time or on weekends. But the motivations are many. For some, like

Ann Chisholm was a personal trainer; her “unintentional” entrepreneurial journey blossomed into Fettle + Food, a nutritional coaching company.

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An avid disc golfer, Eve Bennett saw errant discs as a problem waiting to be solved. She founded MeepMeep, whose flagship product is a stick-on tracker that links to a user’s phone.

THINKING OF A SIDE HUSTLE? THEN DIVE IN WITH EYES WIDE OPEN

Time - If 40 hours a week at your day job feels like a grind, then imagine tacking on another 40 hours. If you want to want to turn a side hustle into a startup and full-time business, it takes next-level energy and time commitment to get there. Skills - It’s one thing having a bright idea, it’s another to turn that bright idea into a business. Running a business means juggling tasks like managing people, dealing with finance and accounting, understanding patent law and many other details. Know what skills you have and what skills you need to acquire or access. Transparency - Some employers will support your entrepreneurial endeavours, others will want your undivided attention. Either way, being upfront and transparent with your boss about your side-hustle ambitions will go a long way in avoiding uncomfortable conversations down the road. Taxes - As a recent H&R Block survey revealed, many Canadians with a sidehustle are pondering not declaring their side hustle income, but few understand the tax implications of doing so. Take the time to consult a tax accountant so you know how to maximize tax writeoffs while keeping everything above board. 30

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Goals - Do you want to keep your side hustle on the side of your desk or turn it into a full-time gig? Establishing goals will help you allocate time and resources. If your side hustle takes on unexpected life, you can always adjust your goals.

Chisholm at Fettle + Food, personal fulfillment Up until this fall, she was juggling her startup was the main goal at the start. Others want to while working as a marketing consultant, a pad their incomes in this time of high inflation talent development manager at VIATEC and most and soaring cost of living. For people like recently as a Salesforce business analyst. Now MeepMeep co-founder Eve Bennett, an intrinsic she is all-in on MeepMeep, with a team of three entrepreneurial drive and a wish to be in charge full-timers and five part-timers, as the company of her own financial destiny are what get her out seeks angel investment to finance growth and of bed early every morning. explores new opportunities for its wireless tech, Growing a business was part of Bennett’s particularly in the snow-sports sector. life plan. She studied entrepreneurship at the “I needed a creative outlet. If you have an idea, University of Victoria and after graduation in even if it’s a dumb idea, then just start,” Bennett 2017 was already searching for a prize. As an says , with can-do spirit. “And if you fail, oh well, avid disc golf player, she had watched many you still have a day job.” errant discs getting lost in the underbrush. Creating More Side Hustlers It was a problem looking for a solution and For such a young entrepreneur, Bennett comes proved to be the genesis in 2020 of Bennett’s across as business-wise beyond her years. She first venture, MeepMeep, a startup that made told Douglas that she gets almost Douglas magazine’s 10 To Watch as much satisfaction from turning list in 2022 and was a finalist in her side hustle into a promising VIATEC’s 2022 Startup of the Year startup as she does from award. encouraging and inspiring others MeepMeep’s flagship product to monetize their own passions. is dead simple: a stick-on tracker The fact that four current or that allows users to use an app former MeepMeep staffers have on their phone to quickly locate started their own side hustles is a lost discs. Since incorporating point of pride for Bennett. in 2020, Bennett has been on a One of these side hustlers fast-moving escalator of financial is Masami Teramachi, now bootstrapping and 80-hour work a full-time account manager weeks. To help get to product with Victoria public relations launch, she leveraged in-kind company tartanbond. Teramachi support from UVic’s Innovation is founder of a unique one-person Centre in the form of office space — Eve Bennett, MeepMeep side hustle called Walk With at KWENCH, R&D funding from Masami. During the depths of the the National Research Council and a $20,000 line of credit through Vancity’s pandemic lockdown, Teramachi took to taking Unity Women Entrepreneurs Program. long walks through Victoria’s many colourful Presales in 2021 enabled Bennett to finance and character-filled neighbourhoods. It was a MeepMeep’s first production run, which shipped personal form of pandemic therapy that sparked to retailers and direct to consumers the following an idea. Leaning into her creative talents, year. Teramachi started creating maps rendered with “I think there’s a lot of potential in the snowpencil and watercolour paint to serve as custom sports sector, and in Europe.” guides to Victoria’s neighbourhoods. Whimsical

“I needed a creative outlet. If you have an idea, even if it’s a dumb idea, then just start.”

and intimate, her maps are the antithesis of utilitarian Google Maps, meant to uncover the oddities and curiosities of a neighbourhood, like a striking mural on the side of an old heritage building, a funky local business, an ancient sequoia tree with sweeping branches or a tiny sidewalk library with an quirky collection. “I worked for a tour agency back in Japan and I always wanted to show people the authentic side of a place. I’m addicted to paper and these maps show people how Masami sees a neighborhood,” Teramachi says. In a fast-paced digital world, it seems like an anachronistic endeavour, but Walk With Masami is gaining a small but loyal following. She calls it “a low-key project” that she’s content to keep as a side hustle that adds anywhere from two to 10 hours to her week depending on whether she has any custom mapping projects on the go.

hold down a 9-to-5 job and on an ICBC disability income. But she still wanted to work and make her own money. She had customer service experience from her days working at Three Point Motors in Victoria with her husband, who has since switched into mortgage brokering. Cavaghan also had a creative flare and an affection for small-scale, local businesses. She saw an opportunity in the gift-basket market to do something beyond the generic gifts that real-estate agents traditionally give their clients as a token thanks for the commission. So, in 2017, she started Modern Baskets, a business based in a home garage that her husband renovated into a workshop. It’s a side hustle that dovetails well with her husband’s career in the mortgage business. It also meshes well with her limitations as a brain injury survivor still suffering from migraines and fatigue. “I had never run my own business but I wanted to be able to set my own hours and work from home,” Cavaghan says, adding that she typically puts in 20 hours a week arranging baskets and delivering them to clients. However, in the run-up to Christmas, she sometimes logs 80 hours a week while managing two contract delivery drivers. But what fills Cavaghan’s cup is showcasing products from local like

For the Love of Local Modern Baskets is another Victoria small business with no ambitions to take over the world. However, owner and founder Shannon Cavaghan has carved out a tidy niche in the gift-basket market. The business also gave her a new purpose and focus following a serious car accident in 2010 that left her injured, unable to

“I love local and I'm always collecting things that catch my eye.” — Shannon Cavahagn, Modern Baskets

Martha’s Delectables Bakery, Pickle and Ponder, Treat Yourself Chocolates and Moonset Candles. “I love local and I’m always collecting things that catch my eye,” Cavaghan says. In many ways, the side hustle is about the eye catch. For Chisholm, it was about personal fulfilment and the opportunity to pair nutrition with fitness training to maximize the benefits that caught her eye. For Bennett, it was a keen entrepreneurial eye and the frustration of losing one too many golf discs to the bushes. For Teramachi, it was the soul-satisfying walks through Victoriaʼs endearing and unique neighbourhoods that she wanted to share with others. And for Cavaghan, it was the love of local and the desire to fill a gap left by a devastating car accident that sparked her entrepreneurial spirit. They say small business is the backbone of the economy. If so, then side hustles are the nerves that crackle and spark with creativity through this backbone. •

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WESTCOM BUSINESS SOLUTIONS The Perfect Choice for Managing Your IT Infrastructure

estcom Business Solutions is a people-first company. “We provide a concierge level of service that is similar to having your own internal IT department, complete with strategic planning, budgeting and long-term roadmaps,” explains founder and CEO David Webb. “Our goal is to provide a complete network management solution. We use top-tier equipment so you never have to worry about reliability, and we simplify your IT system, making it easier to use and manage.” Westcom offers an all-inclusive program that covers your company’s IT service costs at one affordable, monthly rate. “Making our clients happy is deeply engrained in our company culture, “ says David. “We take the extra time to get it right.”

David Webb, CEO

612 Boleskine Road | westcom.it | 778-401-6160

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STERLING FINANCIAL ACCOUNTING SERVICES Thriving Amidst Change: Expert Financial Guidance

arly in the new year is always a great time to clarify your overall financial picture, but regardless of whether you are looking at your personal finances, business finances or disentangling financial affairs, it can be an overwhelming task. Reaching out to the right professional for advice can be daunting — from not knowing what or how much information you need to have at your fingertips in your initial call to worrying whether you are ultimately going to get sound advice that matches your specific needs. As the driving force behind Sterling Financial Accounting Services, Tanya Sterling understands these concerns and aims to empower individuals and businesses, providing guidance and mentorship to help clients overcome financial roadblocks and gain a comprehensive understanding of their finances. As a Chartered Professional Accountant CA, BComm with Honors (concentration in Accounting) and Financial Divorce Specialist and Mediator, Tanya leans in on over 25 years of experience in tax accounting, financial reporting and strategic financial planning. This wealth of experience allows her to offer unique, customized services designed to help clients maintain their lifestyle and

independence, overcome fears around money, understand their options and create a path forward to permanent, positive change. At every step, her goals are clear: offer impartial advice that allows you to maximize your savings, minimize potential liabilities, and attain the level of clarity you need in order to make informed decisions that simplify your situation so you can move forward with confidence. Tanya is not just a financial specialist; she is your key resource for expert advice, education, and importantly, coaching when needed. Finding a clear path to financial stability includes developing a road map which might include budgets and projections. Tanya’s financial coaching extends to helping with these pieces — and more — to help set you on the path to success. Sterling Financial Accounting Services also offers personalized strategies to address taxes, estate planning and divorce services. For separating couples looking to understand their options surrounding disentangling their assets in a tax-effective manner or entrepreneurs seeking guidance on business setups and remuneration planning, Tanya’s insights are invaluable. Ready to unlock your financial success?

Multi-award-winning Sterling Financial Accounting Services can help provide expertise for personalized guidance and coaching, as well as develop a road map to clarify the past, present and future of your financial journey.

Tanya Sterling, CPA, CA, CFDS-AA, CPC

101-860 View Street, Victoria 250-857-1857 | info@sterlingfinancial.ca sterlingfinancial.ca D O U G L AS

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COOPER PACIFIC Grow and Safeguard Your Investment

t Cooper Pacific Mortgage Investment Corporation, change signifies an exciting transition into a new era. Morley Cooper, the visionary leader who founded the company in 1994, along with several prominent local business leaders, has gracefully retired, paving the way for a dynamic shift in leadership. Morley’s son, Cam Cooper, who steps into the role of CEO will continue that 30-year legacy. Cam’s sister, Carolyn Cooper takes on the role of Vice President of Administration and Jordan Fairlie, long-time employee of the company, joins as Chief Investment Officer. The three partners embody the company’s founding values while embracing modern strategies. “We’re evolving while staying true to our roots” — a family-oriented business thriving on integrity, innovation, transparency and commitment to its investors. “We focus on short-term commercial financing within Western Canada, but primarily in Victoria,” Cam explains. “From single-family homes to multi-family developments, our focus is to build trusted relationships with established developers and borrowers and finance construction projects, land acquisitions and subdivisions.” “The essence of our company remains unaltered,” adds Jordan. “It’s a family business at its core, with established lending practices, but with a fresh perspective on the real estate landscape. We aim to impart innovative approaches to real estate investing while preserving the values that have defined us.” Cooper Pacific’s hallmark has always been to engage directly with developers and borrowers with the ability to be flexible with its decision making process — traits borrowers and developers find invaluable. “Dealing directly with local decision-makers sets us apart,” Cam emphasizes. “Our size enables agility in decisionmaking, creating a streamlined process for our clients.” The heart of their offering lies in the Mortgage Investment Corporation (MIC), providing investment opportunities with stable and consistent risk-adjusted returns for clients, while growing and safeguarding investments. The MICs provide opportunities for both income and growth options for clients, with investments in both the local Victoria and Western Canadian commercial real estate sector.

L to R: Jordan Fairlie, Carolyn Cooper, Cam Cooper

“Investors trust us for more than just returns,” Jordan highlights. “Our consistent dedication to transparency, customer service and the absence of investment fees that can dimmish investor returns, along with the potential for diversification within our mortgage funds sets us apart.” “When it comes down to it, Victoria is a relatively small city and if you’re good, you establish a positive reputation. We benefit from a lot of referrals as a result. Dad taught us a lot and built a solid foundation here,” says Cam. Visit cooperpacific.ca and discover a legacy of integrity, expertise and a commitment to excellence that continues to define Cooper Pacific Mortgage Investment Corporation.

821 Broughton Street, Victoria | 250-475-2669 | cooperpacific.ca

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L to R: Alice Brum, Ian Clark, Grant Atwood

OCEAN WEALTH Revolutionizing Wealth Management

ounded 8 years ago in Victoria, Ocean Wealth emerged as a trailblazer in wealth management. Pioneered by Ian Clark and Grant Atwood, distinguished by their CIM, CFP, and CLU credentials, the firm is dedicated to reshaping the investment experience, placing client interests at the forefront. Our Philosophy — A Client-Centric Approach: We integrate comprehensive financial planning with effective portfolio management, underpinning our belief that these components are vital for financial success. Our primary aim is to customize investment strategies to align with our clients’ goals, ensuring their financial wellbeing is our utmost priority. Inspired by Visionaries: We are inspired by the teachings of Robert Kiyosaki, particularly the idea of evolving for financial freedom. This philosophy is deeply embedded in our approach, guiding our clients towards achieving their financial aspirations.

The Ocean Wealth Blueprint: A Purposeful Approach: Our investment process begins with the Ocean Wealth Blueprint, a clear and uncomplicated plan designed to demystify personal finance. We advocate for long-term gains, believing in market efficiency and the importance of managing costs. Our belief is that risks are rewarded over time. Our risk management strategy is crafted to mitigate market volatility, ensuring consistency with long-term investment goals. Active Portfolio Management allows us to adapt to economic shifts, thus reducing risks and enhancing returns. Customized Strategies for Diverse Clients: With a collective experience of over 40 years in finance, we excel in assisting a wide range of clients, including business owners, professionals and retirees. We take time to understand each client’s unique risk profile, time horizon and

objectives before crafting a personalized portfolio that meets their specific needs. Building Strong, Long-term Client Relationships: At Ocean Wealth, we are committed to fostering strong, enduring relationships with our clients. We recognize that each client’s financial journey is unique, and our goal is to be a steadfast partner in that journey. We believe in the power of trust and transparency, ensuring that our clients feel confident and secure in their financial decisions. Empowering Financial Success: Ocean Wealth is more than a wealth management firm; it’s a partner in your journey to financial freedom. We’re here to help you navigate the complexities of the financial world, providing guidance, support and expertise every step of the way. Discover how Ocean Wealth can guide you towards financial prosperity at oceanwealth.ca.

230-4396 West Saanich Road | 250-463-3056 | oceanwealth.ca D O U G L AS

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WESTERN DESIGN+BUILD Your Construction Soulmate

estern Design+Build, a fully integrated one-stop shop for commercial design+build projects, leads with a strong spine, soft front and wild heart. And as a female-owned and female-led company of professional interior designers, project managers and construction managers, Western is not afraid to challenge the status quo. Most importantly, says Ann Squires Ferguson, CEO & Senior Interior Designer, “What makes us different is that we are engaged in the relationship with the human being.” Western puts their clients at the heart of the project, and then works with them to bring their vision to life. “Our expectation is that when we finish a project, clients understand the process and the value, and are deeply invested in every decision because they made them with us.” Construction can be an uncomfortable process. That’s why Western’s unique design+build model presents a transformative new way of proceeding through each phase while offering clients a robust support structure.

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“Most companies assign a single designer or construction manager who is solely responsible for their own projects. If a client calls and they are not available, then they could be left waiting. Within our business, everything works in pods. We have three pods lead by a senior interior designer/ project manager who is well supported by intermediates and juniors, as well as several speciality skilled people who float, adding value to all projects. That means someone is always available and a client is never left unsupported.” Because they are able to maintain the same points of contact from concept to completion, the client can make much more informed decisions. “Our interior designers are also our project managers and construction managers so there is no disconnect between the dream the designers create and the space the construction team builds. We ensure the project is buildable and stays within budget.” Thus, nothing slips through the cracks or is lost in translation. “We smooth over those rough edges. We work at your pace. We create a safe space to ask questions. We

are committed to transforming the public perception of the construction industry, one client at a time.” Western’s credo of ‘Connect. Create. Construct.’ is truly a transformational way to build. “We’re bringing the emotional quotient to the construction industry by sharing our services with great empathy and understanding,” shares Ann. “Transparency, trust and vulnerability aren’t qualities construction companies are always known for, and it’s simply how we do business.” We don’t just build spaces. We build relationships.

westerndesignbuild.com 577 Pembroke Street, Victoria 250-590-8598

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ALL-ISLAND EQUITY Grow and Safeguard Your Investment

Margaret O’Connor, COO and Brad Rembold, CEO

ecent shifts in the credit market, coupled with the surge in interest rates and evolving government policies, are presenting challenges for individuals seeking mortgage approvals. All Island Equity MIC (Mortgage Investment Corporation), is emerging as a vital player in addressing this changing landscape, notes CEO Brad Rembold. “In response to the tightening lending policies by traditional banks, we’ve observed an increase in high-quality mortgage applications,” Rembold states. “The rise in interest rates and more stringent underwriting practices across the industry have made our mortgage products more appealing to potential borrowers. “While there is a common misconception that MICs primarily cater to highly leveraged clients in difficult situations, the reality is that our typical borrower is generally considered ‘bankable.’ However, their unique circumstances or timelines often require a customized mortgage solution that

traditional banks or credit unions may not be able to provide.” Rembold highlights that a significant portion of All Island Equity MIC’s applications are sourced through their network of mortgage brokers. These brokers handle complete credit applications and supporting documents for potential borrowers, with documentation requirements generally being less cumbersome compared to institutional lenders. Established in 1997 in Nanaimo with a small group of investors focused on the local real estate market, All Island Equity Mortgage Investment Corporation has experienced substantial growth since 2017 under the leadership of both Rembold and COO Margaret O’Connor who joined in 2020. The fund, currently managing nearly $70 million, has become one of the largest mortgage investment corporations on Vancouver Island. This remarkable growth is attributed to the escalating demand for alternative mortgage financing and the consistent

returns that mortgage investment corporations can offer investors. “We invest locally, and our investors share the same optimism about Vancouver Island and the Okanagan as we do,” states O’Connor. “We believe in the areas where we lend, focusing on local real estate markets because we understand these communities.” O’Connor adds, “Our mortgage referral broker partners know we specialize in these regions. We are dedicated to these markets, and our commitment reflects in our lending approach.” Rembold concludes, “We are continually seeking like-minded investors to join our company. Since our inception in 1997, we’ve consistently delivered positive returns, and the demand for our lending products is only growing.” For a copy of All Island Equity MIC financial statements or Offering Memorandum email info@allislandequitymic.com or contact Andre Sullivan or Daniel Martinez at Integral Wealth Securities in Nanaimo.

450A Wentworth Street, Nanaimo | 250-244-9700 | allislandequitymic.com

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How to RECESSIONPROOF Your Business A recession is defined as two consecutive quarters where gross domestic product is lower than the previous quarter. The problem is, you can be in a recession and not know it. BY KEN WINCHESTER

early all of the jobs lost during the pandemic have been recovered, and B.C.’s unemployment rate remains at a low 5.3 per cent. But despite the buoyant labour market, the overall economic mood feels pessimistic. No business owner wants to hear the “R” word. But inflation remains stubborn, consumer confidence is low and, depending on whom you ask, the country could be talking itself into a recession. “It’s a self-fulfilling prophecy that can ultimately affect the economy,” says Steve Wellburn, partner, private enterprise at MNP.

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“Some businesses are more recession-proof than others, like tech and health care.” “Recession-proof” refers to companies that are insulated from an economic downturn. With inflation hitting almost 40-year highs in Canada, many observers worry a recession is increasingly probable. While the future is not set in stone, businesses need to start planning to ensure they can navigate an economic slowdown from a competitive position. Here’s what your business can do to address challenges and seize opportunities.

 Focus on major priorities

Make time to revisit your business model and any assumptions you have made about the economy. Set aside time with your top decision makers to plan how a recession could negatively impact your business. Study your gross margins, net margins, sales, supply chains and the markets you operate in — as well as any risk within your customer base. A six- to seven-per-cent inflation rate will erode earnings regardless of your performance over last year. Take a healthy company that generates 10 per cent earnings before interest, taxes, depreciation and amortization. And say an average of $1 million profit on $10 million of revenue. With inflation at present levels, its entire profitability will be wiped out within 18 to 24 months. With that in mind, the first step is to determine what’s driving your costs and margins. Inflation affects everyone and everything — influenced by soaring fuel prices, surging demand and geopolitical uncertainty. As China reopens from COVID lockdowns, rising demand will likely put even more pressure on supply and prices. Think about how you might incorporate higher transportation and raw material costs into your pricing, especially given the dramatic shift for petroleum-based products. Are your models still relevant? Keep in mind that there’s a straight line between your predicted costs and your predicted profits. Another factor to be mindful of is that there will be a delay between any change you make today and its eventual impact. The longer your cycle, the faster you need to react. Finally, consider the growing labour shortage in Canada, particularly in the building trades. The country’s aging population and accelerated retirements through the pandemic have caught many organizations off guard for staffing challenges. How could this impact your business? There isn’t a simple solution. It will require different strategies than you’ve used in the past, including leveraging AI and automation for roles that were typically held by humans. Strategic pivots to technology can help an organization improve its productivity and reduce its dependence on labour.

 Prioritize high-margin products and services

Look for efficiencies in your business. That likely means climbing above the low-hanging fruit you might have harvested during the pandemic. Focus on products and services that provide the best margins and be willing to compromise on those with high overhead and low returns. It may be time to rethink how to go to market with these products and services, if at all. Start with products and services that contribute less than 20 per cent of your overall revenue. Is it worth placing big orders or sitting on a large inventory when consumer spending drops? The pandemic has moved businesses from a “just-in-time” model to a “just-in-case” model. In a market slowdown, consider the notion of cost conversion: How long does it take to turn your inventory into cash? You might consider shelving items that take longer to sell and focus on those that bring

cash in quicker. A supply-chain evaluation can help identify opportunities to shorten lead and “procure to sale” times, which will improve your ability to convert cash quickly, carry less inventory, maximize margins and ultimately minimize risk. Cash-flow planning is critical. Businesses with cash can pay off more debt as interest rates climb. Consider paying off your highest-interest loans now before rates increase again.

 Yes, there is light at the end of the tunnel

And it’s not an oncoming train! The good news, says Wellburn, is that there are opportunities to be found even during times of economic downturn. A prepared business may find itself in a position to capture market share and grow through consolidation. It can also enjoy competitive advantages if it can predict what products and services will take off, focus on higher margins and improve cash conversion. As businesses emerge from uncertainty, there are often opportunities both for those seeking to grow and those looking to exit. Businesses that are struggling because they couldn’t make changes, cut costs and manage cash flow may provide strategic merger opportunities at a discounted price. Similarly, by knowing firms that may be looking to acquire, this is a good time for those considering an exit to conduct a readiness study. This assessment will identify and inform a plan to eliminate any potential red flags prior to putting the business on the market. You’ve worked hard to build your business; it may be time to reap the reward. The assessment will help you “stage it for sale,” much like a real-estate deal, and maximize the return on your investment.

 Be self-aware

Many businesses — tech and health care to name two — have enjoyed great returns over the past several years and are managing their entire business based on their current financials. Theyʼre not looking ahead and considering scenarios — they’re not asking “What if … ?” What if input costs soar? What if sales drop? What if key employees retire or quit? You need to be proactive as concerns of a recession grow. Engage in an organization-wide review with an independent performance team. It can provide unbiased insights into which products and services provide the best returns, where your prices should be and where opportunities lie. Remember, if inflation is expected to be six to seven per cent over the next two years, you’ll need to find the same per cent in cost or price improvements just to preserve the status quo. So always look ahead. Many businesses have had their best financial years recently, but the economy is still volatile. A business that anticipates challenges is more likely to overcome them — and outperform competitors. Perhaps the single most important thing you can do is to stay resilient during harsh economic conditions. Staying resilient means keeping a close eye on finances, being willing to make changes to your business model and staying flexible when it comes to your products or services. •

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Adventure, Culture, History – and Reconciliation The rise of Indigenous tourism has been a long time coming. British Columbia is leading the way. BY DIANE SELKIRK

hen Tyson Atleo (?ikaatius) was a teenager living in Ahousaht, B.C., he felt excluded as tourism in nearby Tofino began to take off. Not only did surfing culture feel foreign to the Ahousaht hereditary representative, but it was frustrating to watch his traditional territories generate wealth for foreign and out-of-town investors. “Our people have stewarded [this territory] for a very long time and not only were we marginalized from the exponential growth of Tofino’s tourism sector,” but as development increased, he says the Ahousaht people fell further behind. While one solution was to enter the tourism market, a complication arose because, like many Indigenous governments, Ahousaht officials were stretched thin managing public services and the well-being of reserve members. “There was very little room to think about economic development and stewardship in a creative way,” says Atleo. So a group of hereditary chiefs, including Atleo, formed the Maaqutusiis Hahoutlhee Stewardship Society, a nonprofit society focused on sustainable economic development. 40

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Its first step was investing in the Wildside Trail, an internationally renowned 11-kilometre hiking trail on Flores Island that starts and ends in Ahousaht communities. “This gave us insight into what visitors want,” says Atleo. Over the next few years, MHSS continued its slow build, then, when the Tofino-based tour company Ocean Outfitters shut down in October 2022, the society was ready for the next step. After buying the assets, including boats, mechanic shop, staff accommodations and the Main Street store, the business reopened in May 2023 as Ahous Adventures. While wildlife tours are still a major part of the business plan, Atleo says its vision goes beyond this: “We’re reimagining tourism as a way to steward our natural resources in a way that benefits our people and territory.” For Paula Amos, chief marketing and development officer at Indigenous Tourism BC, the most exciting new development in Canadaʼs tourism landscape — one that’s been a long time coming — is the rise of Indigenous businesses like Ahous Adventures. She explains that even two decades ago, when she joined the Aboriginal

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What started as bear-watching trips in 2016 became the Indigenous-owned Klahoose Wilderness Resort in 2021.

Tourism Association of BC, now ITBC, Indigenous tourism barely existed. Limited national and international experiences were rarely Indigenous-led and often exploited or Disney-fied the cultures. “So itʼs taken awhile for Indigenous communities to see the benefits of tourism as an economic driver,” she says. The shift began when visionary Indigenous leaders recognized that tourism can offer something traditional resource jobs canʼt: a path to strengthening cultures and reconnecting people with their territories. Trailblazers, including the Nations running Tin Wis Resort in Tofino and St. Eugene Golf Resort & Casino in Cranbrook, then set a collaborative tone by joining forces and helping form ITBC. “They believed Indigenous tourism could benefit local communities while giving the province a competitive edge as a tourism leader,” says Amos. From there, the industry made slow gains. Amos worked to educate Nations, destinations and tourists about Indigenous tourism. But because most communities are located well outside the golden tourism triangle of Whistler, Vancouver and Victoria,

“We’re reimagining tourism as a way to steward our natural resources in a way that benefits our people and territory.” — Tyson Atleo, Maaqutusiis Hahoutlhee Stewardship Society (MHSS)

“very few would-be business owners had seen successful tourism operations in action,” says Amos. For Alert Bay sisters Andrea and Donna Cranmer, along with their late sister Barb, this lack of exposure was both a positive and a negative. Forced to be trailblazers, Andrea says the sisters, who had no prior entrepreneurial experience, were able to create a unique business that reflected their cultural strengths. The result was Culture Shock, a gallery, coffee shop and cultural space that opened in 2004. D O U G L AS

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Robyn Wildman Sales Associate 250.818.8522 rwildman@ sothebysrealty.ca

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“I saw the younger generation and they’re just so bloody proud of their culture. I realized I wanted to be part of that.”

Mike Bellis wants to share his Haida heritage as well as the beauty of the Salish Sea. His boat charter company is based in Nanoose Bay.

— Mike Bellis, owner of Haida Gold Ocean

Unconstrained by preconceived ideas of how the gallery should look, Andrea says they got creative. “Because Barb loved coffee, she wanted a coffee shop included in the space. So we had someone come to Alert Bay and show us how to make fancy coffees.” She says they also wanted to educate people about their distinct culture, so decided to only feature Kwakwakaʼwakw artists. As time went on, the sisters, who won a BC Achievement Indigenous Business Award in 2022, expanded Culture Shock to include cultural tours, youth training programs and even a pop-up shop. While the Cranmer sisters did receive practical and cultural help from their extended Namgis family, Andrea says they didn’t get business training. Resources including ITBC and the Nuu-chah-nulth Economic Development Corporation (NEDC) business development services provided some of the missing framework. And, Andrea says, hard work and ancestral

teachings did the rest. But for many individuals and communities, ongoing education and support is out of reach. “It’s such a young industry, there just aren’t enough points of reference for someone trying to start an Indigenous tourism business,” explains Deneen Allen, the founder and CEO of the Firecircle, an online tourism entrepreneur accelerator. During decades of tourism consulting in remote communities, Allen says she kept encountering individuals and Nations “that weren’t succeeding because they lacked key pieces of knowledge.” Often the result of the way the federal government offers programming, Allen says courses and funding are often short term, so people start working on a business plan and then the resources and support disappear. Despite this lack of consistent support, Indigenous tourism and confidence began to surge. “Itʼs as though Indigenous people feel like they are finally being

Canada’s Fastest-Growing Tourism Sector

This surge of growing pride, a kind of reconciliation in action, is what Keith Henry, president and CEO for ITAC, says makes Indigenous tourism so valuable. As Canada’s fastest growing tourism sector, it made a $1.9-billion contribution to Canada’s GDP in 2019, before being stalled by the pandemic. Henry says that beyond the numbers, Indigenous tourism is about people connecting with each other. Unfortunately, though, numbers are important, and as someone who has spent decades advocating for struggling Indigenous businesses, Henry says it comes down to stable and sustainable funding. To understand the problem, you need to understand how destination marketing organizations work. As tourist boards, they receive a hotel tax that is invested back into local tourism development. In Canada this comes to about $350 million — and it’s controlled by the people who use it. A fraction of this money might be passed on to Indigenous tourism — but Henry says it’s not reliable or consistent. This leaves ITAC dependent on others for funding, something Henry says has held up a number of projects, including small

business grants. “Some $20 million was announced for Indigenous tourism in [the federal] budget of 2022. It took us two years to negotiate the first half of that money and the second half is still sitting in limbo in the federal system.” Needing to innovate, Henry says ITAC recently established the Indigenous Tourism Destination Fund as a way for Canadian businesses to support Indigenous tourism and make progress towards the Truth and Reconciliation Commission’s Call to Action #92 — building respectful relationships and ensuring that Indigenous communities gain long-term economic benefits from activities taking place on their lands or using their resources. The goal — to stabilize the funding and support business and destination development in every province and territory — can be met by participating businesses that are encouraged to offer customers the opportunity to make a voluntary contribution (as little as 25 cents per transaction). “Indigenous people know what we need to succeed,” says Henry. “We’re worth the investment.” Over 20 businesses signed up in the fund’s first month, including WestJet, Airbnb, Rocky Mountaineer and Expedia. Henry says the big surprise came when small Indigenous businesses, including Klahoose

Wilderness Resort, also joined the effort. Chris Tait, tourism manager for the eco and culture resort, explains that while tourism is relatively new to the Klahoose First Nation — they started bear-watching tours in 2016 and opened the resort in 2021 — it’s already having a positive impact. “It’s not just that it’s a good job that pays well. People are reclaiming their culture,” he explains, “I’ll see them doing a song, so proud of who they are. Guests feel it. I see them with tears in their eyes and I know those visitors are going to go tell their friends and their family about the Klahoose First Nation.” This is part of the reason the Klahoose wanted to participate in the ITDF. “We’re small, our contribution is small, we only have seven rooms — but the fund gives us a way to shine a light on Indigenous tourism across the country,” Tait says. “Maybe guests will want to learn more after the experience they have with us, and thanks to the fund they’ll find Indigenous businesses in Newfoundland and Quebec or the Northwest Territories and Alberta.” For Henry, this is the goal: When people visit their first Indigenous tourism destination they’ll discover not only worldclass adventure, culture and history, but also a business that connects people and uplifts communities. •

“It’s not just that it’s a good job that pays well. People are reclaiming their culture.” — Chris Tait, tourism manager, Klahoose Wilderness Resort

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heard,“ she says. Wanting to support this new upwelling of potential entrepreneurs, Allen realized that an online program could be a solution. Partnering with the Indigenous Tourism Association of Canada, Firecircle began offering a five-part program that takes participants from idea to business plan, complete with pricing, marketing and cash-flow projections. For Mike Bellis, who became part of the new wave of Indigenous entrepreneurs in 2018 when he started Haida Gold Ocean Adventures, a boat charter company out of Nanoose Bay, a program like Firecircle would have helped. “I wouldn’t have tried to run a year-round business,” he says, describing how storms forced the cancellation of his entire second winter season. While he learned through trial and error, Bellis, whose family left Haida Gwaii when he was a boy, says before starting Haida Adventures he’d not really seen Indigenous-owned businesses besides his uncle’s carving shed. Bellis, who decided to focus on his passion for the sea after an injury ended his career as a golf pro, says while NEDC provided a “big blank book with lots of questions” for him to create a business plan, the process took months. By summer, he was out on the water with his guests, showing them the beauty of the Salish Sea and, to his surprise, sharing his Haida culture. “I saw the younger generation and theyʼre just so bloody proud of their culture,” he explains. “I realized I wanted to be part of that.”

Klahoose Wilderness Resort tourism manager Chris Tait wants guests to experience both outdoor adventure and Indigenous history and culture. D O U G L AS

Lifelong Learning Outside the Classroom Education shouldn’t end with school. By creating a culture of continuous learning, companies can thrive and build a team of loyal, high performers. BY DOUGLAS STAFF

n the movie Good Will Hunting, Matt Damon plays a self-taught genius working as a janitor who famously slams a smarmy Ivy Leaguer with these memorable words: “You dropped 150 grand on an education you could have gotten for $1.50 in late charges at the public library.” The wisdom he offers is profound, because what your business needs to get ahead may be at your fingertips. Formal education is vitally important, but there is plenty of knowledge to be gained outside the classroom. 44

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The phrase “hire for attitude, train for skills” has been attributed to former Southwest Airlines CEO Herb Kelleher, but it’s a widely held belief that soft skills (i.e. work ethic or humour) are often more important to success than hard skills (i.e. accounting or computer programming). Studies by Harvard University, the Carnegie Foundation and Stanford University have all concluded that 85 per cent of success comes from having well-developed soft skills, while only 15 per cent comes from hard skills. Hiring on this notion and maintaining an always-learning culture will help

businesses position themselves well among their competitors and attain long-term success. Moreover, lifelong learners are intrinsically more loyal (as long as they are given ample opportunities for professional development). They’re also more engaged at work and have higher levels of fulfillment and enjoyment. Lastly, a learning mindset promotes creativity and problem solving, both vital to innovation. Workers need to keep learning and gaining skills at every level, especially in technology and related fields. Encouraging lifelong learning ensures agile and adaptable talent with relevant skills and the flexibility to pivot when the next change rolls through.

Recruiting and retaining learners The Harvard Business Review suggests asking candidates the simple question: “How do you learn?” Their response will indicate if an individual has a personal system for updating, improving and sharing their knowledge and skills. As noted above, these candidates are more likely to be high performers and contribute to the long-term success and productivity of an organization. According to a Deloitte survey, the “ability to learn and progress” is a principal driver of a company’s employment brand with 42 per cent saying they are likely to leave because they are not learning fast enough. In our 24/7 digital world, employees are demanding learning experiences that allow them to build skills quickly and on their own terms. Management must acknowledge this fact and embody a continuous learning mindset themselves. Leadership must be part of establishing a culture that promotes learning at every stage of an employee’s life cycle. In other words, learning should be seen as a foundational way of operating. In addition, businesses should clearly define opportunities for employees to acquire new skills, training and education that supports their personal and professional goals. Companies must be willing to set aside the time and resources to support these claims. Some businesses might introduce more curated content, like MasterClass, TED Talks or podcasts; others might opt for learning-management software, lunch and learns, and in-person conferences. They are all valuable investments. As humans, we all strive to learn. For some of us, that thirst for knowledge is never satisfied. Many employees today want to be part of an organization that embraces continuous learning; they want to develop their skills beyond the work they’re doing every day. The question is, why isn’t that same appetite for knowledge cultivated, embraced and enabled by every business? If they knew how a learning culture could lead to long-term, high-performing teams and greater business success, would organizations approach workplace curiosity differently?

RESOURCES FOR LIFELONG LEARNING:  Video Pre-recorded video resources like webinars, business-focused YouTube channels and TED Talks are great options for the audiovisual learner. While taught in a traditional teacherto-student manner, the format of pre-recorded video instruction allows the flexibility to establish your own schedule and learn in short bursts from anywhere.  Books Some learners are still partial to the tactical benefits of a paperback and nostalgic trips to the library, but ebooks have benefits beyond portability — they can be updated more easily and come with extras like study guides, search and linked resources. Audiobooks are great for the auditory learning set and pair well with multi-taskers. Try an audio-book app like Blinkist that condenses the top lessons from many bestselling books into 15 minutes.  Podcasts Like audiobooks, business podcasts are portable and user friendly. At around 20 minutes to an hour in length, they generally offer a lighter commitment than a book. The episodic format can also establish a routine of regular learning, based on a podcast’s release schedule.  Online Courses Online courses can be consumed in two ways: self-paced from prerecorded material, or as a fixed course length with a live/self-directed mix and access to an instructor. If you struggle with self-discipline, the latter may work best for you, as accountability is an excellent motivator. Guided learning also gives you access to feedback from an expert and support from your cohort of fellow learners.  Hands-on Learning The “kinesthetic” learner should take a hands-on approach to skill building. Volunteer or intern in your desired industry to learn by doing under the guidance of pros. If you choose to just jump into entrepreneurship, seek mentorship to help guide you. Mentorship opportunities can be found in social circles, at work and through entrepreneur communities like VIATEC and the South Island Prosperity Partnership. Also look for conferences and networking events that include hands-on workshops, like the annual VIEA State of the Island Summit.

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D O U G L AS

MECHANICAL ENGINEER THE 15 MOST SOUGHT-AFTER JOBS IN B.C.

The job: Mechanical engineers design machines that solve human problems. They also automate manufacturing systems and design solutions for environmental problems.

While B.C.’s economy may remain flat in 2024, there are plenty of businesses facing a talent scarcity. Their loss could be your gain.

Education and skills: Mechanical engineering typically requires a bachelor’s degree in the subject. Aside from a keen grasp of mathematics, the field requires a sense of design and bigpicture thinking in completing complex projects. Average salary: $76,646 / 2,300 positions open.

BUILDING TRADES

According to Statistics Canada, WorkBC and recruitment company Randstad Canada, technology, health care and professional services are among the top fields looking for workers right now. There are also opportunities in construction and skilled trades. “Since the 1970s, high schools have not encouraged the trades as a career path, resulting in decades of shortages of skilled young people — especially women — in the sector. It’s interesting to see that a degree isn’t the only path to steady employment and a secure income,” says Nick Montesano, executive vice president at Randstad Canada.

The job: Thanks to a decreasing workforce, the construction industry is in dire need of skilled tradespeople, particularly welders and plumbers.

Here are the top 15 in-demand jobs in B.C. in 2024, the education and skills they require, the average salary and the number of positions open in the province, according to WorkBC.

BOOKKEEPER

WEB DEVELOPER The job: Developers design and code programs for everything from smartphone apps to complex business accounting programs to operation of the final product. Education and skills: Mathematical aptitude, attention to detail and a knowledge of programming languages like HTML, SQL and Java are required. You don’t necessarily need a specific degree to become a software engineer, but most developers have at least a bachelor’s degree in computer science or an associate degree from a technical college. Average salary: $59,022 / 4,650 positions open.

HR MANAGER The job: Human resources managers oversee the recruiting and hiring of new staff, consult with top executives on strategic planning, and serve as a bridge between management and employees. Education and skills: A bachelor’s degree in commerce, business administration, arts or social science with a major in human resources is required. Also consider a post-secondary certificate specializing in HR or labour relations. By far the most important skill for an HR director is communication. Average salary: $108,013 / 3,020 positions open. 46

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Education and skills: Aspiring tradespeople only need a secondary school degree. Most employers prefer to hire applicants who have completed a four-year apprenticeship program (usually paid) and have been certified through SkilledTradesBC. Average salary: $64,654 (plumbing) / 2,490 positions open; $62,568 (welders) / 2,800 positions open.

Job description: Bookkeepers and accounting technicians help businesses manage their financial records and liaise with management, CPAs and financial advisers. Education and skills: Bookkeepers require a secondary school diploma, along with one of the following: completion of a college program in accounting or bookkeeping, or completion of two years (first level) in a recognized Chartered Professional Accounting program. Average salary: $52,140 / 9,250 openings.

REGISTERED NURSE The job: Nurses provide direct care to patients in a variety of settings, including doctors’ offices, hospitals and clinics. They can also provide health-care consulting and education to the community and have the opportunity to specialize in different types of care, from emergency to maternity. Education and skills: Nursing requires either a bachelor’s or an associate degree in nursing and a licence to practise. Registered nurses usually have more responsibilities than licensed practical nurses.

Education and skills: Shipping and receiving requires only a secondary school education. Basic literacy and math skills are very important when working in a warehouse. Accurate counting, recording and paperwork are keys to the job. Average salary: $41,712 / 4,330 openings.

CUSTOMER SERVICE REPRESENTATIVE The job: Customer service reps are the first line of contact for their employers and ensure that customers are happy with their products or service. They answer incoming calls, take orders, interact with customers on live chat or emails and deal with arising complaints. Education and skills: Some employers only require completion of secondary school, others a certificate or even a bachelor’s degree in business administration. You can gain experience through on-the-job training and entry-level opportunities like working at a call centre, where listening skills, patience and problem-solving will help you get ahead. Average salary: $45,841 / 7,290 openings

DELIVERY DRIVER The job: Being a delivery driver requires minimal job experience and is a good entry-level position or option for part-time work. Whether working for a courier service, fooddelivery or transportation company, delivery drivers have become much more in demand since the pandemic. Education and skills: Drivers need a high-school diploma or GED and a valid driverʼs licence issued by the province where they work and, of course, a clean driving record. Average salary: $37,437 / 4,370 openings.

RETAIL SALES ASSOCIATE The job: A sales associate engages customers person-to-person in the retail space and helps them find the products they need. Associates should have extensive knowledge of their company’s products and hands-on experience selling directly to consumers. Education and skills: You require only a highschool diploma to work as a sales associate since most employers provide on-the-job training. Completing a certification in sales or marketing can improve your career prospects. Average salary: $33,370 / 25,860 openings.

Estimated salary: $87,595 / 22,100 openings.

SYSTEMS ANALYST

WAREHOUSE WORKER

The job: Information technology professionals are in high demand, and the career outlook for systems analysts continues to grow post-pandemic. Systems analysts play a key role in the development, maintenance and troubleshooting of a company’s digital infrastructure.

The job: Warehouse workers are tasked with ordering stock, receiving orders and monitoring incoming and outgoing shipments. E-commerce giants like Amazon are always looking for reliable warehouse workers.

Education and skills: A bachelor’s degree in computer science or mathematics is a basic requirement. The CompTIA A+ certification provides a foundational understanding of modern IT principles. Some employers may also require an MBA with a concentration in information systems. Average salary: $85,238 / 13,660 openings.

ADMINISTRATIVE ASSISTANT The job: Administrative assistants are responsible for clerical tasks, organizing meetings and generally being the glue that keeps a business running smoothly. Education and skills: Many employers will hire applicants with a degree in any field, including business, communication or liberal arts. Others require a degree or certificate in a field related to the company. Average salary: $51,827 / 10,480 openings.

PRODUCTION FLOOR SUPERVISOR The job: Production supervisors oversee the equipment, personnel and procedures on a factory floor. They are in charge of scheduling and safety, and serve as the main troubleshooters when issues arise. Education and skills: The best advice from WorkBC is to pursue a degree related to the company’s product, whether it’s boats, heavy equipment or computer chips. Average salary: $87,585 / 940 openings.

DIGITAL MARKETING COORDINATOR The job: Digital marketing co-ordinators take a hands-on role with advertising and marketing campaigns, including juggling the wide array of social media platforms and ensuring consistent branding across all channels. Education and skills: Employers looking to hire digital marketing co-ordinators seek candidates with at least a bachelor’s degree in marketing, public relations, sales or business administration. These subjects can equip you with both the hard and soft skills you’ll need in the role. Average salary: $57,291 / 5,380 openings.

CONSTRUCTION PROJECT MANAGER The job: Whether building a house or a hospital, a project manager leads a construction team while working alongside architects, engineers and skilled tradespeople to allocate resources and ensure timely completion. Education and skills: Beyond a degree from a post-secondary school in construction or project management, companies look for construction managers with up-to-date technology skills. Average salary: $79,253 / 8,150 openings. •

+1-250-721-6429

eisted@uvic.ca

execprograms.uvic.ca/prodev

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LIFE + STYLE

MODERN BUSINESS CASUAL Decoding today’s office dress code: Style still matters. Fashion pundits say the new office look is “power casual.” Back in the day, business casual meant a navy blazer, crisp white shirt and creased trousers. Thanks to remote working, that look morphed into sweatpants, T-shirt and Crocs. Now that most of us are back in the office, at least part time, there is a new casual look. Modern business casual should strike a balance between comfort, style and professionalism. Itʼs often about avoiding a list of “donʼts”: no jeans, no shorts, no ties and, for women, no short dresses or excessively high heels. Casual clothing should allow you to move freely, but still be structured, stylish and sustainable. For women, comfortable dresses and tailored pants replace loungewear. Men will ditch ties and suit jackets for more laid-back button-ups and chinos. The rise of athleisure has given clean, simple sneakers a place in the office. But the pursuit of comfort wonʼt encroach on the desire to make a fashion statement. Whether techie, artist or exec, your look tells people who you are.

Tips for women:

 Don’ts: Low-cut blouses, short skirts, stilettos, flashy jewelry.

Button-down shirt, or a polo in warmer weather. Tailored blazer or cardigan.

Tailored dress pants, dress or skirt just above the knee.

Flats or low heels.

Tips for men:  Dos: Belt colour should match your shoes.  Don’ts: Stretched or graphic T-shirts, sweats, flip-flops and athletic sneakers.

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 Dos: Keep overall palette neutral, but accessorize with brighter colours and textures.

Simple but personal jewelry.

A smartwatch tells the world that you’re, well, smart. Tailored sport jacket or cardigan. Dress pants, khakis, chinos or even dressy jeans.

Dress shoes or clean white sneakers.

LIFE + STYLE

TOMBO EATS

A beloved Victoria chef returns to conquer downtown lunch. “We want to under-promise and over-deliver” is chef Thomas Moore’s mantra for his new restaurant, Tombo Eats, in the former and much-missed Fol Epi and Agrius space on Yates Street. Most recently, Moore was a founder of Crust Bakery, now a thriving business with some 40 employees. Before that, he started a number of restaurants and a cooking school in Australia. Tombo Eats will be more personal. Moore plans to open initially for lunch and takeout, catering to the downtown crowd of businesspeople and government workers. The menu will be local, sustainable and reasonably priced, but also creative and even surprising. Moore plans a rotating menu of soups, salads and mains, including a smashburger, falafel with beef hummus and orecchiette with broccoli and picholines. For now he is teasing diners with a pop-up in Trounce Alley; the full restaurant will open in early 2024.

WARM UP TO SNOWSHOEING Mountains are for more than skiing. Simple and affordable, snowshoeing is like biking for winter. with breathtaking views. Trail passes, rentals and maps are available at Raven Lodge. Not to mention fondue and hot chocolate beside a roaring fire afterward. Closer to home, the San Juan Ridge is home to the worst-kept winter secret, the Kludahk

Trail. This is a 40-kilometre track that runs parallel to the Juan de Fuca Marine Trail. And in winter, it’s a wonderland. Its semi-alpine geography includes snow-covered meadows, bogs, lakes and forests. Unlike Mount Washington, no one maintains the roads. No one patrols the

trails. And you have to make your own hot chocolate. Access is via Gordon River. Snowshoe rentals run about $15, plus trail passes. If you’re serious, a pair of basic snowshoes at MEC will set you back about $150. • MOUNT WASHINGTON ALPINE RESORT/SLIPSTREAM IMAGES

THE QUIET SERENITY of Strathcona Provincial Parkʼs old-growth forests will do more for your well-being than a day at the spa. Snowshoeing at Mount Washington will transport you to a winter wonderland featuring 22 kilometres of meandering trails

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ENTREPRENEURSHIP

INTEL

BUSINESS INTELLIGENCE

FIVE THINGS I WISH I KNEW Jill Van Gyn-Carr is based in Victoria’s Blenkinsop Valley where she is raising her young family. She is the recently exited founder of Fatso Peanut Butter and has just joined the Ecologyst team as its new GM.

Some hard-won lessons from the rise of Fatso Peanut Butter. When I started my business, Fatso Peanut Butter, back in 2016, I came to entrepreneurship with a fresh face, zero experience and plenty of expectations. It was a riotous, exciting and thrilling ride, but by the end of it I was ready for a speedy dismount. In reflecting back over the past seven years, I have been afforded some clarity on what I did right and, boy oh boy, what I did wrong. What started as a bit of a side hustle took off extremely fast. By year three we had topped $3 million in revenue, landed at number 18 on Macleanʼs Canada’s Fastest Growing Startups and had started an aggressive expansion into the U.S. Then COVID hit, followed by supply-chain issues, gas hikes, packaging and ingredient cost increases, plus war in Ukraine, and before I knew it was well past time to sell. The benefit of hindsight never really benefits the beholder, does it? So with that, I hope the following will impart a few hard-earned lessons to you, the reader, and perhaps some closure for me, the beholder. 1. THE STARTUP PHASE IS THE FUN PART. If you have kids, you’ll be familiar with the trope “enjoy it while you can, they grow up so fast.” Well, the same is true of business. In the beginning I thrived on brand building, watching our marketing strategies work, pitching to retailers and seeing people from all over North America get on board with our product. However, as managing growth became the most pressing focus, the day-to-day became decidedly

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unsexy. Growth requires logistics, supply-chain management, tricky financials and hiring and firing. There is still excitement and big wins to be found, but the thrills don’t come as quickly or as easily as they do in the early days. Soak. It. Up. 2. HIRE YOUR EXPERTS. CEOs and entrepreneurs are fantastic generalists. They usually succeed initially because they can do almost anything pretty well — to a point. My expertise was centred on the brand of Fatso and building that brand through creative marketing strategies. Here’s what I wasn’t an expert in: virtually anything else. To be fair, I understood almost all aspects of my business relatively well, having run the venture solo for two years, but I was no expert. Knowing when you are out of your depth and hiring an expert in the discipline you don’t excel at can be a key to breaking through some of the rougher patches of growth. 3. GET SOMEONE TO MANAGE YOUR MONEY. Do it early, make sure they are top-tier talent if you can afford it and, for the love of God, LISTEN TO THEM. In the early days, money management was pretty easy because we were profitable and had basic financial relationships. As the business grew, the money got much more complex. We were lucky to have very smart and well-equipped financial personnel on our team through the years and one thing I had going for me was that I usually listened to them. Growth can foster a sense of invincibility. Your financial team is there to pull you back down to earth. 4. TAKE MONEY WHEN YOU CAN (WITHIN REASON). OK, this one hurts a little because this was told to me by someone who wanted to give me money and I passed. By the time I came back with my hand out it was too late. You are never going to know when it is the perfect time to take money into your business. If the business is doing well, but you could use some room to breathe as you take your

next leap, take the money. I considered the money when offered and certainly saw the value, but was so caught up in the reverence of bootstrapping and keeping a majority that I chased after the risk of going it alone and, in the end, perhaps paid a price. 5. EXPANSION DOESN’T ALWAYS MEAN GROWTH. One of the most critical mistakes I made with my business was my pursuit of new markets. I started the business in B.C. and had an extremely loyal customer base here. When the growth started to slow, I looked to expand and chase after the hyper-growth I had enjoyed in my own backyard. It was the easy choice, but not the right choice. Going after the Ontario market and the U.S. market spread us so thin that we all but turned our back on our most loyal and viable market — B.C. It would have been much less work and vastly less expensive to refocus our effort on the market that knew and loved us and to tend to the garden we had originally sowed.

HUMAN RESSOURCES

INTEL

“FIT” OVER FACTS

Hiring Part 2 : Job interviews are broken; here’s how to fix them.

Ingrid Vaughan, principal of My Smart HR and founder of the Smart Leadership Academy, provides HR support and leadership coaching to small business owners and managers.

From an HR perspective, recruitment has changed dramatically in the last three years and businesses that understand what job seekers are looking for will be ahead of the curve when competing for limited talent in the labour pool. In the last issue of Douglas, we looked at the labour climate through the eyes of job seekers and what they need to know to be successful in finding jobs that engage their skills and capture their hearts. This issue, we’re looking at that same new landscape through the employer’s eyes. When those two things align, it can be a magnificent match. According to the results from various employment researchers — O.C. Tanner, Workhuman and Gartner, to name a few — here are some of the hiring trends that you as a manager need to know.

This list isn’t a how-to, nor is it a one-size-fits-all. Every business comes with its own set of flaws and unknowables. It will almost always be impossible to truly anticipate how a business will unfold; what will make it fly or what will cause its downfall. The truth is I could do it all again and still get it wrong, but maybe this reflection in hindsight would make the landing a little softer next time. •

Employee-driven

It’s a buyer’s market and job seekers are in the driver’s seat. They know what they want in terms

We invite you to attend...

A NIGHT OF HOPE Celebrating CureMPS Saturday, April 27 • 7-11pm The Atrium, 800 Yates Street, Victoria Casual chic attire

Fundraiser & Silent Auction Join us for an evening of celebration, fundraising and dancing. This magical night will bring together the CureMPS community and raise funds to find a cure for mucopolysaccharidosis (MPS).

Tickets $150 each (includes a partial charitable tax receipt). For more information and to purchase tickets, visit curemps.ca

• Appetizers by Beaumont Catering • Cocktails by Twist of Fate Cocktail Co. • Live music by Adam Kittredge and his band Cities

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Your new everyday essential Backpacks and bags from Gaston Luga

of compensation, they care about culture and will drive towards companies that are aligned with their values and ideals. They want opportunities for meaningful contribution, and opportunities for growth and development are primary motivators in choosing an employer.

Culture

Employees are looking for work cultures where they feel cared about, it’s OK for personal and work to intersect, they feel valued and appreciated for their contribution and they can have fun at work. They’re also seeking out employers that support wellness (physical, emotional and mental) in the workplace.

Flexibility

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This will be a key recruitment factor for the foreseeable future. People’s attitudes and priorities have changed since COVID and family is emerging as a rediscovered priority. People want jobs where they can adjust work schedules to tend to family issues at both ends (young children and aging parents). Fully hybrid options may not always be available, but employers that allow for life events to be part of the work schedule will be in higher demand.

Feedback

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Gone are the days when feedback delivered via the old, traditional annual review with a bucket full of improvement items as a parting gift is considered motivational. Employees want consistent, regular, realtime feedback about how they’re doing. They want to be acknowledged for good work and to be coached on where they can improve — more than once a year.

Strategies

For most employers, adjusting to these new trends can feel overwhelming. Not every business is positioned to make big changes to attract the talent it needs. While you can’t do everything, ask yourself if there are areas you CAN make changes to be competitive in the marketplace, even if they’re small. At the same time, don’t pretend you’re someone you are not. Stay true to your culture to find candidates who will be a great fit for your company. Here are some recruitment and retention strategies:

vreb.org

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 Create clarity around who you are and who you’re trying to attract. Employee turnover is costly, so this is key to ensuring you’re attracting candidates who will want to stay with you. Your job posting should be 70 per cent “who we are and what we offer” and 30 per cent job tasks and qualifications. If you want people who

INTEL will be a fit, ignite their hearts. Talk about your culture, your values, your ethos — what makes your company unique. What type of attributes will make a candidate successful in your business, and what you offer as an employer (flexible work schedules, benefits, cross-training, development opportunities, wellness initiatives, hybrid or work from home). This clarity skips so many costly “trial and error” steps as the candidate knows more clearly whether they want to work for you. The clearer you are, the fewer unsuitable applications you’re likely to receive.  Consider a non-traditional approach to selecting candidates. Most trends are showing that employers may need to change their expectations around job qualifications. Unless you are in a regulated industry where certifications are a mandatory part of the job, many companies are finding strong candidates by relaxing their expectations around formal education in favour of job experience. Does your next team member really need to have a bachelorʼs or a masters? What benefit does this provide over proven job experience? Another shift in the hiring paradigm is to look at resumés through the lens of transferable skills and capabilities, rather than only direct industry experience. Could someone who has managed a busy, successful restaurant also be considered as a candidate for managing a sales team in an insurance company? Are the skills they used in their previous management role just as relevant to the one you’re hiring for? Selection isn’t what it used to be and looking at resumés with a less linear measure may help you find a wonderful new team member you may have passed over a few years ago.  Invest in leadership training for your managers. According to the Peer Learning Institute, in a survey of 500 managers only 33 per cent had received nine or more hours of managerial training, and a startling 44 per cent had received less than two hours. In fact, most managers do not receive training until they have been in a leadership role for almost 10 years! Due to their lack of training, as many as 60 per cent of new managers underperform within their first two years on the job. The more confident and competent your leadership team is to hire, inspire and engage your team, the more likely you are to retain and attract strong talent, one of your most important investments. The competition for great-fitting team members is fierce but building on emerging trends and using strategies that may not be obvious can put you ahead of your competitors. •

TRAIN THE TRAINER In recent studies, the Society for Human Resource Management said that six out of 10 employees leave their jobs because of their manager. An IBM study shows that 83 per cent of employees have positive work experiences when they trust their manager. And the Execu/ Search Group indicated that employees rated managerial support as the most important aspect of company culture. Given these statistics, why do so many

companies promote people into hiring positions without supporting their skill development? Fundamentally, this involves ensuring that your company’s managers and mentors have the talent and confidence to deliver training to others. They can’t just “tell” people something. They need to demonstrate things confidently, measure reactions and inspire others to develop their own abilities.

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D I D YO U K N O W

YOUR MONEY BY THE NUMBERS Canada’s inflation rate has cooled to 3.1 per cent, but the cost of living keeps rising. Gasoline prices are the biggest reason for the deceleration. Housing prices — both mortgages and rentals — are mainly why the cost of living remains stubbornly high. Food prices increased at a 5.4-per-cent pace over the past year. While that’s still higher than the overall inflation rate, it’s down from the 5.8-per-cent annual pace seen last fall. It’s all about balance, that tightrope that both the Bank of Canada and ordinary Canadians walk between spending and belt-tightening. Here’s a snapshot of the economy today.

THE BANK OF CANADA VS. INFLATION Updated in late 2023, inflation declined to 3.1 per cent from 4 per cent in August. This is welcome news for Canadian households (and the Bank of Canada). The good news? Food inflation was the lowest since the end of 2021. The bad news? Rent and mortgages are responsible for more than half of Canadaʼs inflation.

Annual inflation rate Bank of Canada rate Source: Bank of Canada, Statistics Canda (Graeme Bruce/CBC)

8% 7% 6% 5% 4% 3% 2% 1% 0% January 2019

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January 2021

January 2022

January 2023

SO YOU WANT TO BUY A HOME

20%

15.3% 16.1%

15%

16.6%

11.2% 11.5%

10.1%

10%

Greater Victoria is neither a buyer’s nor seller’s market at the moment, and rates and offers change daily. As of press time, here are the top 5 best fiveyear fixed mortgage offers in B.C. Insured

Insurable

Uninsurable

Butler Mortgage

4.79%

4.79%- 4.99%

4.99%

Pine

4.94%

4.94%- 5.14%

5.89%

MortgagePal

4.94%

5.04%- 5.34%

5.59%

Mortgage Alliance

5.14%

Dominion Landing

5.14%

nc Po

er el

pb m Ca

y te ur

e ill Co

0% rk

The living wage on Vancouver Island ranges from $20.26 to $23.53, a significant increase from 2021, when wages ranged from $16.33 to $24.29. Income levels grew by about 16 per cent across Vancouver Island, which still lagged behind the Province as a whole (with 24-per-cent growth). The good news is that low-income families faced a downward trend due to economic relief measures to mitigate the pandemic.

January 2020

WHAT IS A LIVING WAGE?

Percentage of Low Income Household

January 2018

Source: VIEA

Source: wowa.ca

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3.6 seconds

Vehicle image for illustration purposes only. The price listed is inclusive of the base price of the vehicle plus applicable fees including transport costs and fees, air conditioning charge, tire tax and administration fees. The price does not include sales tax (HST). For vehicles leased or financed, the price of the vehicle will additionally include Registrar of Personal and Movable Real Rights and lease service fees.

2 The figures are preliminary and derived from estimates and calculations performed by Volvo Cars for the EX30, and these outcomes are not guaranteed. The real-life energy consumption achieved under real conditions varies depending on driving behaviour and other external factors. Vehicle certification pending. 3 Single Motor Extended Range (0-100km/h): 5.3s, Twin Motor Performance (0-100km/h): 3.6s. Vehicles are subject to Volvo Cars Canada’s One Price Promise. Retailers are free to set and charge administration fees, which may change the APR or the price of the vehicle. See Volvo Cars Victoria for full details. Offers subject to change or cancellation without notice. Features, specifications and equipment may vary in Canada. Visit volvocars.ca for more information on Canadian models and features. ©2024 Volvo Car Canada Ltd. Always remember to wear your seat belt. DL4891 #41497