VOLUME 25, NUMBER 2, 0834-20X
FEBRUARY 2010
Specialized industry advice
IN THIS ISSUE:
•Fraud risk and detection •Minimizing insurance costs •Managing working capital
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LEADERSHIP
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EFFICIENCY
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PRODUCTIVITY
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S U S TA I N A B I L I T Y
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MANAGING RISK
Contents IN THIS ISSUE Business News is a monthly publication of the St. John’s Board of Trade. Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade. Articles and criticisms are invited, but opinions expressed by contributors do not necessarily represent those of the St. John’s Board of Trade. We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions. Editor:
Krista Penney
Printed by: British Group of Companies Layout: Roxanne Abbott
ST. JOHN’S BOARD OF TRADE EXECUTIVE Derek Sullivan Jo Mark Zurel Steve Power Janet Peddigrew Bruce Templeton Sherry Walsh
COVER STORY
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CHAIR’S MESSAGE FEATURES
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4
KEEPING CURRENT MEMBERSHIP
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Chair Senior Vice-Chair First Vice-Chair Second Vice-Chair Immediate Past Chair Treasurer
BOARD OF DIRECTORS Keith Healey Kim Keating Jerry Kirkland Jeff LeDrew Denis Mahoney Margot Bruce O’Connell Brenda O’Reilly Celina Stoyles
STAFF Nancy Healey Jennifer Chaytor Lori Coleman Margie Davis Craig Ennis Wanda Palmer Krista Penney Sherry Ryan
Chief Executive Officer Manager, Finance & Compliance Business Affairs Manager Sales Manager Vice President of Policy and Communications Events Marketer & Administrative Coordinator Manager of Member Communications Member Relations Administrator
St. John’s Board of Trade 34 Harvey Road P.O. Box 5127 St. John’s, NL A1C 5V5 Canada Tel: (709) 726-2961 Fax: (709) 726-2003 E-mail: mail@bot.nf.ca Website: www.bot.nf.ca
Business News
Febraury 2010
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Cover Story advice you can bank on RBC helps companies achieve their goals
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ost successful businesses – both large and small – draw on the expertise of many professionals to shape their business operations and strategies. This advisory team can include lawyers, accountants and bankers. At RBC Royal Bank, being first for business means more than simply offering a range of banking products. It means specialists knowledgeable in various industries who can help businesses achieve their fullest potential by providing focused, expert advice. Mike Feaver, RBC’s Vice President of Commercial Banking in Newfoundland & Labrador likens the approach to one taken by many other professions. “Similar to how lawyers focus on specific areas of practice, RBC commercial account managers are now specialized and have expertise with processes and practices relating to that industry.” At RBC you‘ll find account managers with expertise in: Aboriginal banking; business and professional services; retail and consumer services/franchising; real estate and construction; not for profit; medical professionals; public sector; supply chain i.e. wholesale, manufacturing and transportation. Customized solutions for your industry With a team of 14 providing solid financial advice to clients across Newfoundland & Labrador, RBC’s industry specialization approach has met with a positive reaction from clients. In fact, they are ranked as one of the top commercial banking teams across the country for customer loyalty. “We can always count on this team to deliver exceptional advice and service to our clients,” says Greg Grice, RBC’s Regional President for Atlantic Canada. “They consistently demonstrate why they are top ranked through their strong client loyalty numbers and exceptional performance. As well, there have been a few team members who recently received international recognition awards for their outstanding contributions.” 2
RBC’s Commercial Financial Services team (left to right): Trevor Earle, Heather Martin, Mike Feaver, Paul Anstey, Marie Hurley, Thelma Deering, Patsy Roberts, Andrew Sinnott, Danielle Antle and Paddy Phillips. Missing from the photo are Graham Milley and Tish Roche. Integrated partner With a strong focus on acting as a business partner and advocate, the team delivers on providing the gateway to flexible and innovative financing products, investment services, and trade and cash management solutions. Feaver also notes the incredible commitment to teamwork, which is a hallmark of RBC’s corporate culture. “We can help clients access our partners across platforms and do it seamlessly. I’ve had clients tell me that they feel we’re part of a big team.” The team is not only focused on bringing the wealth of RBC resources to the table, but also works closely with other professionals, such as lawyers and accountants, to ensure that RBC’s capabilities are fully aligned with their client’s needs. Community partnership Though the team is unquestionably dedicated to serving clients, they also find time to support their community. In conjunction with their partners in six St. John’s branches, RBC received the Contribution to Community and Community Service Award from the St. John’s Board of Trade last year. This award was given to RBC as the company that demonstrated outstanding commitment to February 2010
the community through time, effort, and financial contributions. RBC also provided a historic $800,000 RBC Blue Water Project grant to Memorial University of Newfoundland & Labrador this year. It is the largest philanthropic contribution RBC Foundation has ever made to an educational institution in Atlantic Canada. The donation has been directed to MUN’s innovative Leslie Harris Centre of Regional Policy and Development, and will help provide research and regional workshops on issues relating to municipal drinking water needs in rural and remote communities. Open for business So what’s next for this team? Continuing to meet and exceed their client’s expectations, and growing the business. “The recent international economic situation might lead people to think that banks are shying away from lending,” says Feaver. “That couldn’t be further from the truth. We are absolutely ‘open for business’ and would love the opportunity to meet and learn about your company.”
Cover: Mike Feaver, RBC’s VicePresident, Commercial Financial Services, Newfoundland & Labrador Business News
Chair’s Message economic outlook Welcome to February’s edition of Business News, taking a closer look at financial services and insurance within our membership
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elcome to February, when we have had a chance to put our new year’s resolutions to the test and also face some of the stormiest weather for the winter. Our outlook For all the talk of resolutions, what the year will bring and what kind of weather we will have to bear for the next few months, looking at the economic survey you, our members, filled out, I have to say that it looks like you have resolved to be upbeat and 2010 looks to be a sunny year. With more than 80 per cent of respondents saying that local economic conditions are good or excellent, and an incredible 100 per cent saying that economic conditions are either the same or better than a year ago, confidence is high. Your business It is interesting that these results are released at a time when we are featuring financial services and insurance. On the one hand, it seems that the financial services sector is set for a boom and the insurance industry might be put to the back of our minds. In good times, we might be inclined to think that our bullish run will continue and so we need to talk to our investment advisors and bankers and personal financial counselors and make sure we are taking advantage of our good fortune. Let me be the first person to say that this is a good idea, and a prudent way to manage not only your business but your personal finances. Not to be a pessimist, but we cannot forget the other side of the equation – the insurers. If taking advantage of prosperity while it is happening is a good thing (and I think it is) then preparing for the Business News
Chair, Derek Sullivan unforeseen is just a smart way of making sure the good times keep happening. Keeping a balance These days, balance is a key part of discussions at the Board of Trade on a variety of topics. I am looking forward, during my time as Chair, to dealing with public policy issues in a balanced and informed way. At the municipal level, regarding downtown development we need balance that respects economic, cultural and historic realities. That said, the Board wants to see development support job growth and wealth creation for the future. Provincially, we continue to tell government that we support their efforts to balance the budget and provide surpluses that can be used to pay off our massive public debt. The Board of Trade encourages continued prudent management of public funds; this includes continued balanced budgets, competitive taxes and limited growth in public sector spending. Fiscal prudence today secures a strong future and we have a responsibility to do that. To play off this month’s Business News theme a little, it’s a financial service that we collectively take on today that provides insurance for the next generation. And federally we are telling the February 2010
Government of Canada that it needs to do some serious work on the finances it manages on our behalf. The report by the Parliamentary Budget Officer of a structural deficit at the federal level is a scary proposition because it could mean tax hikes or cutbacks, or a combination of both. As a member, you may ask why we raise a point like this publicly, and that is a valid question. The reason is simple: the Board of Trade is very concerned about the options the federal government has, and the actions that it might take. The province needs investment in Marine Atlantic, Lower Churchill and other things to grow and succeed. The impacts on the city and the province could be significant and we will make sure that local voices are heard in Ottawa.
“These days, balance is a key part of discussions at the Board of Trade on a variety of topics.” Advocacy: A Board service Consider these advocacy efforts a financial service and insurance we provide because you are a member. Promoting business’ interests on a variety of issues from downtown development to federal finances ensures that decision-makers know what is needed for you to succeed. The Board’s efforts can contribute to your ability to grow your business, and can ensure that other forces do not overtake the needs of our part of the community. As we get further into 2010, let’s all think about our finances and our insurance plans. Whether it is the banking for our business or the contribution we make to improving the private sector as a whole, cooperation is key. Whether it is protecting the building we’re in or preserving our voice with decision-makers, we are stronger together. Let’s achieve that balance and prosper from it. Sincerely, Derek Sullivan 3
Feature success - inside & out Engaging employees delivers great customer service
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e have all heard companies say they are dedicated to customer service and to providing a great customer experience. But, what does this involve exactly? And, where should providing great customer service start? At Johnson, we are dedicated to our people and believe that great customer service starts with and is a result of having engaged, happy employees. Employees need to be equipped to deliver a quality customer service experience. This is more than having the right policies and procedures in place and offering training programs. To move from providing good customer service to great, employees need to feel engaged and ready to provide their organization with the extra effort to go beyond their job description, relating to and personally caring about the customer. First step – Organizations can do many things to drive engagement. This starts with attracting the right people to the organization. Most companies have mission and value statements and an external brand. However, having ‘internal’ brand beliefs and hiring people who share these beliefs is the first step in getting the right people to deliver exceptional service. Next, set clear job expectations and jointly agree to goals with each employee. Linking these goals to the corporate vision will ensure your people understand how they fit within the company and why what they do is important. Providing regular feedback on performance will encourage employees to keep doing the right things. Empowerment – Give your employees the autonomy to make decisions which are right for the customer and the business and allow them to move forward effectively with their actions. They need to feel empowered to affect change. Recognition and reward – Recognizing employees for their contribution involves more than an employee’s paycheque. 4
Alex Griffiths While pay raises and bonuses are always welcomed, other forms of recognition are also valued and people like to be recognized in different ways. One person may appreciate being publically recognized while another may prefer an email message from their leader thanking them for their contribution. At Johnson our employees can nominate co-workers for our annual recognition program who they feel have done a great job and live the brand beliefs. This popular program highlights the contributions of employees across the country, culminating in a gala dinner for 15 semi-finalists and a fabulous prize for the top winners. Leader development – Leaders within organizations have a significant impact on employee engagement. This relationship is a key driver in motivating employees and can make or break how a person feels about coming to work each day and delivering great service. Companies need to invest in developing their leaders to train, coach, and communicate effectively with their staff. Communication – And, lastly, one of the most important elements to engaging employees is ensuring effective February 2010
communication. Internal communications can utilize many tools from a company Intranet site, an all-staff email or voicemail, a video-message, or desk drop and while these are great ways to communicate with employees, communication should be two-way. Employees need to feel that they have the ability to communicate with leaders and affect change. At Johnson employees can communicate one-on-one with their leader and they also have the ability to communicate directly with our president (Ken Bennett) through a “Connect with Ken” email account. Last year staff sent our president more than 800 messages on topics ranging from suggestions on projects to notes thanking or congratulating him on a new initiative. We also conduct an annual employee survey which gives employees a voice and provides the company with a measure of the level of engagement. Following up on the survey by developing action plans is important as it ensures improvement activities take place. Overall, there are many things that organizations can do to engage employees and at the end there are two great results….happy employees and great customer service. Article by Alex Griffiths, Interim VP Human Resources, Johnson Inc. Johnson is a NL based, national insurance provider with over 1200 employees in more than 65 locations. Johnson has been recognized by the Customer Management Assessment Tool (CMAT) as being the top company in the world in terms of customer relationship management and it has been recognized as a Top 100 Employer in Canada by Mediacorp and as one of the 10 Best Companies to Work For in Canada by the Financial Post.
Business News
Feature bdc perspective Effectively managing working capital
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hen it comes to managing working capital, the first piece of advice from BDC area manager Nick Fry is, “Don’t be reactive. Be proactive.” Entrepreneurs experiencing rapid growth are often confronted with the challenge of not having enough cash on hand to operate their businesses. “Be sure you’re ready for growth and that you don’t find yourself in the red without cash resources. It’s a question of planning ahead. You don’t want it to become a crisis before you go to your bank,” he emphasizes. Although working capital is seemingly a simple calculation of current assets minus current liabilities, business owners can easily lose sight of how much they need to keep their businesses
operating smoothly. “In the daily grind, you may be more focused on making sales. But of course, it’s not because you have revenues that you have money to spend,” he says. For many entrepreneurs, for example, working capital can be tied up in delinquent client payments or overstocking inventory. So how do you become more proactive and better manage working capital? Get external help BDC consultant Ed Klarich believes that many entrepreneurs could benefit from getting external help to assess their working capital needs. “At BDC, we can help entrepreneurs do a thorough cash-flow assessment and look at key areas such as their sales cycle, inventory turnover, and credit terms for suppliers and customers,” he says. “One of the first things I do with clients is help them see where they could
improve and find other ways to generate more cash internally.” A good example would be to ensure that you are eliminating work processes that add no value to the product or service and simplifying those processes that do. Lean manufacturing, for example, targets a number of sources of waste, including overproduction, defects, delivery delays, unnecessary inventory and the movement of goods, people or information. “Ultimately, if you can find ways to run your company more efficiently, you can also make more profits and increase cash flow,” he says. Know your sales cycle Keeping a vigilant eye on your sales cycle is another way to help manage your working capital. “You need to know if your sales cycle is similar from year-to-year and identify its highs and lows. If you know that you will be facing financial difficulties continued on page 6...
We don’t fly in a lot of top guns. They live here. When businesses in Atlantic Canada want insightful advice, they want it now; that’s why we make sure our clients have ready access to top advisers. How do we do it? Plenty of our top guns live right here. In Atlantic Canada alone, we have more than 60 partners working in over 20 offices. In fact, Grant Thornton LLP is the largest accounting firm in the region. We’re proud to offer a full range of services from our offices here and across Canada—services that can help you take your business wherever you want it to go. St. John’s 187 Kenmount Road A1B 3P9 T (709) 722-5960
St. John’s (Churchill Square) PO Box 23030, Suite 303, Terrace on the Square A1B 4J9 T (709) 754-8400
Audit r Tax r Advisory
www.GrantThornton.ca Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd
Business News
February 2010
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Feature bdc perspective ...continued from page 5 during certain periods, you may need to adjust your working capital accordingly,” suggests Fry. “You need to know your main expenditures during a low season, and then try and keep your expenses down during that period.” Fixed expenditures for most businesses include labour and equipment. “There are certain areas of your business where you’ll always need an influx of cash.” Know the “quality of your receivables” “Getting paid is not a sure bet today even though you may have outstanding payments from clients,” emphasizes Fry. “You want to ensure that your customers have a good credit history and that they will respect your payment terms. Otherwise you may find yourself without cash when you need it,” he says. Fry recommends that entrepreneurs clearly communicate their credit policy up front. “It’s basically a set of rules to help you get paid as quickly as possible. Your clients need to know the maximum amount of credit you will grant them, payment terms (30, 45, 60 or 90 days) and deposit requirements. Ask yourself: how much can I afford to lend my customers without draining my working capital?” Collect payments faster Collecting payments from customers faster is an obvious route to keeping more working capital in your company. Still, Fry believes it’s important not to put your client rapport in jeopardy. “You need to keep your clients happy and attract sales, but at the same time, ensure that you’re not footing the client bill too long,” he says. To help protect yourself from late payments, he recommends billing as early as possible and making sure payment terms are clear. “You don’t have to wait until the end of the month. That’s a common fallacy. You need to generate an invoice as soon as the goods or services are delivered.” For clients making large purchases, Fry suggests progressive invoicing.
you the best possible deal and don’t be afraid to negotiate,” says Fry. It’s important to shop around to get quotes from several suppliers. “Even if you’re unable to get a better price, you can at least negotiate better payment terms so you’re not draining your cash flow.” Fry also recommends making payments to suppliers on time. “If you respect their terms, you’re more likely to get their cooperation if you need to renegotiate payments when things are tougher,” he adds. Watch your inventory closely It’s also a good idea to assess your inventory turnover to determine which items are selling and which may be using up your working capital. “If you’ve got too much tied up in inventory, then you may be vulnerable. Be sure that you can liquefy your inventory for cash when you need it.” A rule of thumb is that once you see a trend or pattern in client orders, you can begin to stock inventory according to your needs. Do this just before you sell the inventory, so that the money you’ve invested comes back into the business as quickly as possible. Business Development Bank of Canada (BDC) helps create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises (SMEs). In St. John’s they can be reached at (709)772-7320 or visit them online at www.bdc.ca.
www.scotiabank. com 42 locations to serve you province wide 1-800-4-Scotia 1-800-472-6842 ® Registered trademarks of The Bank of Nova Scotia. The Scotiabank Group includes The Bank of Nova Scotia, Scotia Capital Inc., The Bank of Nova Scotia Trust Company, and Scotia Securities Inc. Scotia Capital Inc. is a member CIPF.
Negotiate the best supplier terms “Be sure that your suppliers are giving 6
February 2010
Business News
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Gardiner Centre Connects based in business Training program helps give back to Veterans
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or this installment of Gardiner Centre Connects, and as executive in residence for the Faculty of Business Administration, I decided to share with you an example of one of the remarkable achievements from the Faculty of Business Administration from this past year. The program, Based in Business, saw students, faculty, outreach units and financial services professionals pool their talents to deliver a life changing program for five of this country’s heroes. The Faculty of Business Administration’s award winning Students in Free Enterprise (SIFE) team, led by faculty advisor Lynn Morrissey, manages so many communitybased projects each year. So, when the Department of National Defense was looking for someone to develop a program to help veterans start their own businesses, SIFE jumped at the chance to help our soldiers. The fit was immediately apparent, given that Memorial University is dedicated to our fallen heroes from both world wars, and that the former Chief of Defense, General Rick Hillier, is the present University Chancellor. The project was agreed upon by SIFE, however, on one condition; this pilot project would not cost the soldiers anything. The SIFE team needed partners and volunteers to make the project a success. While the Department of Defense worried about engaging volunteers, we assured them that in Newfoundland and Labrador, volunteers are a-plenty… and a-plenty they were. This yearlong pilot project was ambitious to say the least. It involved a selection phase, a weeklong in-residence training program followed by a yearlong mentorship. In our search for help, no one said no; “It’s for our soldiers” we said – the reply – “How can we help?” What developed was a massive team effort. The university donated resources, business faculty members designed and delivered training sessions, SIFE students helped the soldiers develop their business 8
Richard Daw, FCA, CMC Executive in Residence plans, local business persons hosted lunches and offered advice. In addition, the Gardiner Centre and its staff helped plan and facilitate sessions, while the Institute of Chartered Accountants of Newfoundland and Labrador volunteered to provide mentorship services to each soldier for a year! The reward? Getting to know the five soldiers who took part in the pilot project. The soldiers were from Nova Scotia and Newfoundland and Labrador. They had served in Afghanistan as well as Search
February 2010
and Rescue missions. They regularly put themselves in harm’s way on our behalf. It was an honour and a privilege to work with all of these partners and to meet these soldiers. Others thought so too. The Minister of Defense, Peter MacKay and Prince Charles both met with SIFE on their recent visits to the province, specifically to hear about the Based in Business Program. Needless to say, both were quite impressed by the program and its results. The partnership and volunteerism of the members of the Institute of Chartered Accountants of Newfoundland and Labrador shows a softer, communityinvolved side of the financial services industry. To quote Prince Charles, “Accountants with hearts? My word!” What’s next? We are hoping to offer the program to soldiers from across Canada, with training occurring at the Gardiner Centre with the Chartered Accountants again acting as mentors across the country. Richard Daw volunteers at the Gardiner Centre and is the Executive in Residence for the Faculty of Business Administration. Contact the Gardiner Centre at gardinercentre@mun.ca to explore the opportunities that exist for you and your business to connect with the Faculty of Business Administration’s faculty and students.
Business News
Feature fraud alert! Today and everyday, organizations must be on fraud alert
Fraudulent activity Studies have shown that nearly 80 per cent of employees may commit fraud in their organizations. The natural distribution of the work force shows that 20 per cent will never commit fraud, 20 per cent will likely commit fraud and the remaining 60 per cent may be swayed to commit fraud based upon the environment within which they work. It is imperative that organizations focus their efforts on this 60 per cent of the work force to help minimize the occurrence of fraud.
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irectors, management and employees have a responsibility to understand fraud indicators and develop environments which are not conducive to fraud. The ‘Tone from the Top’ will help create an environment where fraud may flourish or subside. Internal controls are very important to preventing fraud. Without strong internal controls, such as segregation of duties and management oversight, fraudulent activity may occur and go undetected for years. Fraud can be committed by individuals internal or external to an organization, or some combination thereof. Fraud that benefits an employee is very common in the workplace. Employee fraud includes actions such as misappropriation of assets (cash, inventory, fixed assets), theft, embezzlement, expense claim fraud, etc. Fraudster profile The profile of a typical fraudster may surprise you – the fraud perpetrator is generally a highly trusted employee who has worked with the organization long-term. The individual avoids taking vacation and usually works longer than regular hours (this is necessary to ensure the fraudulent act is not detected). The employee is generally technologically advanced and has sufficient knowledge of how the processing system works. The individual is aware of weaknesses at the organization, understands the internal control system and is knowledgeable about management oversight activities. The fraud perpetrator generally has a typical ‘hidden’ profile, which may not be recognized by co-workers. The individual is generally living beyond their means – adjusting to an excessive lifestyle that cannot be provided based upon current salary. The individual often experiences emotional instability and may have a drug, alcohol or gambling problem. The individual sees themselves as intellectually superior to co-workers, supervisors and
Business News
Reducing risks Cheryl Whitten management and are in fact, convinced they won’t get caught in the act. Fraud risk and detection techniques are very useful tools. There are a number of red flags that may signal an organization that something is not right: • Override of controls by management or supervisors •
Irregular and poorly explained management activities
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Problems or delays in getting information
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Significant or unusual changes in customers or suppliers
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Transactions that lack documentation or normal approval
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Customer complaints about delivery or recording of payments
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Employees hand-delivering cheques
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Inadequate security protocols surrounding data access and passwords
•
Unexplained anomalies in financial results (i.e. narrowing profit margins, inventory discrepancies, decreased cash flow)
February 2010
By focusing efforts to create a positive control environment, which is not conducive to fraud, the risk of fraud is minimized. It is much more effective for an organization to prevent fraud from occurring than to detect, investigate and deal with ramifications. Unfortunately most organizations do not implement an appropriate process to manage fraud risk – until they suffer a serious loss. When an alleged fraud has been identified, the organization needs to determine who should investigate. A forensic audit will ensure confidentiality and privacy requirements are adhered to. The investigator must have experience in investigating fraudulent activity and be independent and objective from the incident. When addressing allegations and suspicious activity, the priority is to protect the organization from significant loss. All complaints should be investigated, including those against senior level staff or management. Initial findings should dictate the nature of further investigation. Cheryl Whitten leads business risk services at Grant Thornton LLP in the Newfoundland and Labrador Business Unit. She deals exclusively with risk, control, fraud and governance. If you have any questions or would like further information, please contact Cheryl at (709) 778-8808 or cwhitten@GrantThornton.ca .
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Feature managing risk 10 ways to minimize your company’s insurance costs
have the appropriate coverage.
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Most businesses do not fully utilize the services of their broker. Ask your broker what risk management services they can provide. While some services are included in the fees you already pay, others are available for additional cost. Examples include risk management and loss control, claims advice and advocacy, risk identification and analysis, etc.
8. Utilize your insurance broker’s services
ost companies rely completely on their insurance broker for their insurance. What most don’t know is that there are a few simple things that can be done to help your broker get you better terms. Here are a few easy tips: 1. Budget for the market cycle The insurance market is cyclical with extreme swings from high to low. Plan for this by budgeting at the high end. So when you find that prices are easing, resist the temptation to decrease budgets. 2. Sell yourself to your insurer at every opportunity Take the time to make sure your broker understands your business operations and that they communicate them effectively to the insurance market. You already have policies, procedures, practices and other features that make you a better risk than other similar companies. So don’t keep them to yourself, use them to your advantage. 3. Concentrate on improving your risk Insurers look very favorably upon businesses that take safety and loss prevention seriously. This can often result in yearly premium savings, not to
9. Identify and weigh your risk Craig Rowe mention the savings achieved if losses are prevented. Make sure to communicate these initiatives effectively to insurers through your broker. You will be more successful in the insurance market. 4. Consider higher deductibles Choose deductibles that result in the optimal cost of risk. The general principle is: the higher the deductible, the lower the premium. When shopping for insurance ask for premium quotes for different deductible options. If you would never submit a claim for less than $10,000, why carry a $1000 deductible? 5. Make sure your property values are accurate Accurate values for things like buildings, contents, equipment and stock mean you are adequately covered, but that you aren’t paying an excessive amount. 6. Make sure your policy limits are accurate Limits are the maximum a policy will pay for a stated coverage. Limits are placed on liability, crime, business interruption and other types of coverage. Strike a balance between your comfort level that the limits are high enough to cover your anticipated maximum loss and the cost to purchase those limits. 7. Periodically check your insurance coverage
Risk identification and measurement is easy to do. Brainstorm with staff from all levels to find out what your risks are. List them, then consider their likelihood of happening, and if they do occur the potential impact. This will organize your risks in a way that allows you to identify the more common and serious risks so that you know the areas to which you need to commit resources. 10. Implement and follow formal written policies For a business to be successful it must be “doing things right”. Many of these things that you are doing right are informal risk management. By formalizing them into written policies, training staff, enforcing them, and keeping documentation you will prevent losses and you will be in a better position to defend a loss should one occur. Policies and procedures should reflect best practices in your industry, so do your homework. Over the long term, businesses that do a good job of managing risk will have fewer claims and achieve better results in the insurance market than those who do not manage their risk well. Craig Rowe is CEO for ClearRisk Inc. He writes weekly on strategies for managing risk at http://blog.clearrisk.com. He can be reached by email at craig@ clearrisk.com.
Don’t over or under insure! Work with your insurance broker to make sure you 10
February 2010
Business News
Feature organizing your finances Is your retirement plan on schedule?
you require after taking into consideration your CPP/OAS and any pension income you will receive. Also give some thought to your lifestyle expenses.
W
ith the holidays behind us and everyone back into their normal routines, this is the time of year when people reassess themselves – their lifestyle, their health, their habits. One area that people should also include in this list is their overall financial plan to see where they are, how they performed over the past year and most importantly, are they on track for their future.
6. Learn from others If you are not at the retirement stage yet, look around at family and friends who have retired to see what strategies worked (or did not work) for them and how you can incorporate their planning to fit your situation. Too young to look at retirement
Are you behind schedule? With a little prodding, chances are most people would admit that their finances could be better organized. You should have some understanding of what investments you hold, if they are working to meet your goals and whether you have incorporated adequate insurance into your planning. There is no time like the present to review your current situation Building a financial plan is the first step in organizing your finances. The most successful businesses have a clear plan, review this plan, adapt to changes and readjust to reach their end goal. Why should you not take this approach when dealing with your family’s situation? It is a proven fact that those with a plan are the most successful. A properly developed plan can help you set your priorities and allocate funds accordingly.
Chris Schwartz Of the retirees surveyed by a Scotiabank poll, 40 per cent claimed to have done very minimal retirement planning and felt unprepared. With the RSP season upon us, now is a good time to start thinking about your retirement strategy. Here are some helpful techniques: 1. Break it down Get a clear picture of your present financial situation to determine your net worth and see if you have proper insurance coverage. 2. Develop a budget Determine your household income and expenses on a monthly basis and see how you can save better.
Start planning now
3. Rate your priorities
Whether you already contribute regularly or are just starting to save, you need to effectively plan for retirement. Where do you see yourself in the future? When do you want to retire? What do you want your lifestyle to be? What do you see yourself doing once you are no longer tied to a work schedule? What are your sources of income? What will be your expenses be? All valuable questions that need to be answered.
Set aside a list of what’s important to you, what goals you want to reach and the time horizon for each one. Also, consider how much investment risk you are willing to take on.
Where do I start? To create an effective retirement plan, it’s first necessary to plan for your retirement. Business News
4. Assess your current investments Based on the above steps you should be able to review your current investments and determine whether your funds are allocated properly and whether you are on track to reach your goals.
You are never too young to start. The earlier you start to save the much better off you will be in the long term. Contributing to an RSP early can have a significant impact on the value of your investments. For example, let’s assume that Jane Early began investing in her RSP at age 25 and contributed $12,000 once a year for 10 years (in December). Let’s also assume that Suzy Lazy began investing in her RSP at age 35, contributed $12,000 once a year (in December) for a total of 26 years. In this scenario, assuming an annual return of six per cent, the amounts each would have at age 60 would be almost identical. However, the difference is that Jane contributed a total of $120,000, while Suzy contributed $312,000 – a $192,000 difference in after-tax savings! The numbers are also significantly different if Jane had invested regularly throughout the year instead of a yearly lump sum. Your Retirement Savings Plan (RSP) is the best place to at least start your retirement planning. And the best time to begin is now. The 2009 RSP contribution deadline is Monday, March 1, 2010 Chris Schwartz is a Wealth Advisor with ScotiaMcLeod. To find out more about the services provided by ScotiaMcLeod or for a complimentary review of your current situation, you can contact Chris at 576-1387, chris_schwartz@scotiamcleod. com or www.mywgroup.com.
5. Retirement questions How much additional income do you think February 2010
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Feature interest rate outlook Now is the time for businesses to review interest rates fter a challenging and difficult year, the Canadian economy is set for a return to positive growth in 2010. Relatively low interest rates, an improvement in labour market conditions, strengthening demand for Canadian exports and a rise in commodity prices will benefit Canada and Newfoundland & Labrador. In the December RBC Canadian Consumer Outlook poll, a majority of Canadians (57 per cent) thought interest rates were going up in the next six months, a significant increase from the November result (52 per cent). Four-in-ten Canadians (38 per cent) expected that interest rates will stay the same over the same period. The Bank of Canada has a conditional commitment to hold the overnight lending rate at 0.25 per cent until the end of the second quarter of 2010. Although inflationary pressures are likely to remain around the Bank of Canada’s two per cent target over the near term, leaving interest rates too low for too long poses longer-term inflationary risks. In an effort to limit longer-term inflationary risks, we look for the Bank of Canada to begin a process of normalizing interest rates in the second half of the year. Although there is some debate as to what a normal level for interest rates is, there is no debate that normal is significantly higher than the current 0.25 per cent. At RBC, our economics department expects the first 50 basis points (bps) rate increase to come this summer with an additional 50 bps hike forecast in the final quarter. This will result in the overnight rate finishing 2010 at 1.25 per cent – a 100 bps increase. Current projections also suggest another 225 bps increase over 2011 to end that year at 3.5 per cent. Given we are at historical lows for interest rates, it is highly likely there is only one direction for prime rates to go – up. So the real question becomes what should businesses be doing about floating rate debt?
A
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Mike Feaver A fixed rate loan is excellent for those who want a fixed monthly repayment schedule which is easy to budget and doesn’t fluctuate within the chosen interest term. So fixed rate loans bring a sense of certainty and security over a defined period of time and the higher cost reflects the value of this certainty. This is generally achieved with a fixed rate term, or an interest rate swap combined with floating rate debt for larger borrowings. A floating rate loan may carry a lower cost and doesn’t provide the certainty of a fixed payment over time, and this makes it more difficult to budget. Also, a sharp rise in interest rates could cause an increase in
February 2010
debt payments beyond what was expected. In selecting an interest rate business owners should, at a minimum, consider: - The flexibility in cash flow for monthly payments - The desire or need to fix payments to a contract or project - The level of tolerance for an increase in interest rates (how much is too much) - How long will the loan be needed – will it soon be repaid; will there be a lump sum payment; potential loan refinance; is there a business succession strategy to be executed - Prepayment penalties - The ability to price increased costs into products/services quickly It can be a difficult decision for business owners to make and our advice is that now is the best time to consider how you might want or need to mitigate your risk associated with floating rate debt. Consider your own business situation, external factors, your personal preferences, and talk to your financial services professional for their advice. You’ll come away with a well informed business strategy you are comfortable with, which perhaps might help you put more distance between you and your competitors. Mike Feaver is Vice President of Commercial Financial Services for RBC Royal Bank, Newfoundland & Labrador region.
Business News
Keeping Current policy matters Downtown development Downtown development has been in the news recently with a proposal coming forward for a significant office building. The Board has looked at what has been publicly announced, and there are things in the proposed development that we agree with. •
The city needs class A office space.
•
New developments need to utilize the most up-to-date environmental guidelines.
•
Construction work in the city, and considerations such as parking, transit and amenities included in the proposed development, are welcome concepts.
The Board is interested in knowing the thoughts of its members on such development. The Board won’t be surveying members with restrictive ‘yes’ or ‘no’ questions or scales of one to five, but will be taking any and all comments (whether yes or no, or a page-long letter)
Business News
through Craig Ennis, Vice President of Policy and Communications (cennis@bot. nf.ca). Any feedback from members will be brought into discussions of the Municipal Affairs Committee, made up of volunteers from our membership.
Meeting with the Premier Early in the new year, 2009 and 2010 Chairs Bruce Templeton and Derek Sullivan met with Premier Danny Williams and Innovation, Trade and Rural Development Minister Shawn Skinner to talk priorities and plans. The positive and productive meeting covered a number of areas, including provincial competitiveness in areas such as taxation, enhanced transportation links to support local and provincial businesses, and the upcoming Budget.
Working at the federal level The Board has meetings scheduled with elected officials from all three national parties. In March’s edition of Business
February 2010
News, the Board will report on the outcomes of these meetings. The Board recently submitted its priorities and perspectives to the federal government through its online pre-Budget consultation forum. These issues will be raised with Members of Parliament for the Conservative, Liberal and New Democratic parties directly. Some highlights of the submission include:
• Put stimulus money into a trust where
•
•
cities/provinces can borrow against it to fund multi-year projects; incent early use of the funding. St. John’s International Airport Authority has a ‘shovel ready’ project that requires a relatively small investment: its integrated landing system. Investment could bring hundreds more flights to the city. Implement a national energy plan and develop an energy corridor to support development of sustainable Lower Churchill hydroelectric power. continued on page 14...
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Keeping Current policy matters ...continued from page 13
• Budget 2011 should be balanced. • •
Exercise restraint. Don’t raise taxes. Control spending. Take action on Atlantic Gateway strategy, funding and actions. Transportation is critical for Newfoundland and Labrador. Recognize that it is also critical for the mainland businesses which make their money from this captive market. Invest in more modern, efficient, effective, reliable and reasonably priced transportation options.
with sufficient support in the form of using the flight the Board believes extension to year-round service will be warranted in the future.
Coming up Look for the Board’s pre-Budget submission to the provincial government soon; Chair Derek Sullivan will be presenting the Board’s views to the Hon.
Tom Marshall, Minister of Finance, at a public roundtable on Friday, February 5. Also, look for updates that will come from each meeting with federal Members of Parliament as we send them back to Ottawa later this year with your needs on their minds.
Behind the news: Air access Some members have asked why the St. John’s Board of Trade participated in an announcement regarding a direct flight between St. John’s and London recently. Essentially, this flight will be conducive to business development and adequately meets the needs of the business traveler. Specifically: • The flight is direct from St. John’s to LHR; there is no connection or association with Halifax. • It is a daily flight; a flight with more limited frequency is not desirable for the business traveler who requires more regularly scheduled service • The flight originates from here and the crew will be based here. • The timing of the flight is more conducive to business travel • Over 65 per cent of St. John’s passengers who fly this route go to destinations beyond London, making connectivity to other points in Europe a critical factor; at London Heathrow travelers can connect to points throughout Europe and around the world • The route will be served by a newly refurbished 120-seat Airbus A319 aircraft offering a choice of executive and economy service. The Board of Trade welcomes this flight as it will help facilitate business growth and diversification and let us take advantage of opportunities we might be losing right now. This is a first step and 14
February 2010
Business News
Keeping Current around the board MEETING TIPS Simple recipes for stronger sessions
I
t’s an indisputable fact. For most professionals, meetings are necessary but they’re certainly no fun. It doesn’t have to be that way. This column will look at the many easy ways you can boost the productivity of your meetings and even, fingers crossed, make them something to look forward to. This month’s tip: Get good food. Through centuries, across cultures, for every age and race, good food has had the power to uplift and connect people. It’s a simple recipe: Give people delicious food and they will feel appreciated, celebrated and motivated. Not everyone understands this. Meeting organizers will commit large budgets for a venue, facilitator,
Business News
guest speaker, and thick binders of materials. But when it comes to snacks, the best they can do is stale muffins for breakfast and carb-laden sandwiches for lunch. Or worse, no lunch at all. What they fail to realize is that healthy, tasty food leads to better break time conversations and camaraderie. This is turn creates spirited meeting room discussions and decisions. When planning your next session, dare to think differently. Surprise your group by spending a little extra on lunch. Afraid you might spoil them and they’ll come to expect it? Wonderful! It might just be the least expensive thing you do to motivate your team.
February 2010
A sample of the dishes served at Myx Meeting Centre
Next column: Building an agenda that drives results Gina Pecore is President of Myx Meeting Centre, located in Topsail. Call 834-6370 or visit www.myxmeetings.com.
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Keeping Current around the board
2010 Board Chair Derek Sullivan, officially opens the Business Show
Volunteers from Junior Achievement help out with event registration
Christine MacKenzie, Account Executive (Atlantic Region) for Porter Airlines and 2010 Board of Trade Chair, Derek Sullivan, draw the grand prize â&#x20AC;&#x201C; airfare for two from Porter Airlines
Don Mills, CMRP, President and CEO, Corporate Research Asscoiates Inc. Representatives from 3Ddatacomm showcase their high-tech gear 16
February 2010
Business News
Keeping Current around the board
Paul McCloskey, VP East Coast Operation, Husky Energy addresses participants at the Outlook Conference Show visitors drop by the Anthony Insurance booth for some information
Guests stop into the All-Star Imprint booth to take a look at their products Hon. Ross Wiseman, Minister of Business
Business News
February 2010
17
Keeping Current around the board
A visitor to the Business Show speaks with a representative from CGA
Hon. Tom Marshall, Minister of Finance 18
TA Loeffler, Mountaineer February 2010
Marc Melanson, Regional Advisor, Statistics Canada (pictured here) was joined by Rob Greenwood, Director, The Leslie Harris Centre, Memorial University and Mark Shrimpton, Senior Associate, Stantec, in a discussion about major projects and demographics in the province
Sherry Cooper, Executive VP and Global Economic Strategist, BMO Financial Group
Business News
Keeping Current around the board You can get there from here Ask us for directions At Deloitte, we’ve combined the disciplines of audit, tax, consulting and financial advisory to provide the kind of 360-degree thinking that lets us approach challenges more broadly and deeply. Together, we can make sense of your complex issues. To learn more visit www.deloitte.ca
2009 Board Chair, Bruce Templeton (far right) and incoming Chair, Derek Sullivan (second from left), met with Premier Danny Williams and Minister Shawn Skinner recently to discuss topics of relevance to Board of Trade members, including payroll tax, minimum wage, air access and government’s plans for the up-coming provincial budget.
Craig Ennis
Wanda Palmer
Appointments
communication function, including media relations, where he works with the Chair to communicate the Board’s messages publicly through local media outlets. He also manages aspects of the Board’s dayto-day operations, including contracts and relationships with suppliers.
The St. John’s Board of Trade is pleased to announce that Craig Ennis has been appointed Vice President of Policy & Communications. In this role, Craig will work with volunteer committees to develop the position of the Board on issues of importance to members and advocate to all three levels of government. Craig will also be responsible for the Board’s Business News
The Board also congratulates Wanda Palmer who has been appointed to the February 2010
position of Marketing & Administrative Coordinator. Wanda will be responsible for all online advertising through the Board’s website and electronic newsletter. She will continue to market all events, reserve tickets and follow up with event details. In addition, she will also be responsible for member advertising in the Business Directory.
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Keeping Current upcoming events Luncheons
Lunch ‘n’ Learns
Speakers: JUNO representatives Melanie Berry, President & CEO, Canadian Academy of Recording Arts & Sciences (CARAS) and Ken Marshall, Chair of the 2010 JUNO Award’s Host Committee (Rukus on the Edge)
Workplace Health Safety and Compensation Commission (WHSCC) Speakers: Leslie Galway, CEO of WHSCC and Ralph Tucker, Chair of the Board for WHSCC
Date: Wednesday, February 10th Time: 12:30pm – networking, 1pm – luncheon Cost: $39.50 member rate, $79 non- members Location: The Capital Hotel
Host: Yuk Yuks Comedy Club, 193 Kenmount Road Date: Thursday, February 25th Time: 4pm – 6pm Cost: Included with membership (members only) Topic: How to streamline your WHSCC Discount offered to members attending processes and requirements to mixer for 7pm show at Yuk Yuks. create a safer workplace
Date: Wednesday, February 17th Time: 12:30pm – 2pm Cost: $25 member rate, $35 non- members Join us for a chance to win a JUNO prize Location: St. John’s Board of Trade, 34 package! Harvey Road Speaker: Dr. Wilfred Zerbe is the new Dean for the Faculty of Business Administration of Memorial University. Please come join us as he addresses the St. John’s Board of Trade with his vision for the Business Faculty at MUN and its relationship to the business community. Date: Wednesday, March 10th Time: 12:30pm – networking, 1pm – luncheon Cost: $39.50 member rate, $79 non- members Location: The Sheraton
Business Mixers
Public Works and Government Services Canada Topic: Selling to the public sector Date: Thursday, March 18th Time: 12:30pm – 2pm Cost: $25 member rate, $35 non- members Location: St. John’s Board of Trade, 34 Harvey Road
Host: Murray Premises Hotel Date: Wednesday, March 17th Time: 4-6pm Cost: Included with membership (members only)
Networking on Ice An exciting new event, Networking on Ice is a fun way to meet members. Lace up your skates and join us on the rink. Stay after and warm up with a social beverage. Don’t skate? Join us for networking from 5-6pm at the Caps Pub. Date: Wednesday, March 3rd Time: 4-4:50pm – skate, 5-6pm – mixer Cost: Included with membership (members only) Location: Mile One Centre and Caps Pub
Book your tickets now! Call Wanda at 726-2961, ext 9 or email events@bot.nf.ca Breathe new life into your benefits and retirement plans... Morneau Sobeco designs plans for your employees that are flexible and reliable, using leading-edge technology that provides on-line access to benefits and pension information. With Morneau Sobeco’s innovative consulting and administrative solutions, your employee benefits come to life. To receive additional information on these programs please contact Linda Evans at: 709.753.4500 / 877.967.8910 or email: levans@morneausobeco.com Fresh thinking. Innovative solutions. A powerful combination. www.morneausobeco.com
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February 2010
Business News
Membership member news Congrats PMAC graduates! The Newfoundland and Labrador Institute of PMAC (NLIPMAC) extends congratulations to the 35 successful writers of the first final examination under PMAC’s enhanced accreditation program, the Strategic Supply Chain Management Leadership Program (SSCMLP). The following eight of the 35 successful writers are members of the NLIPMAC: Robert Kieley, Product Supply Manager, Newfoundland Labrador Liquor Corporation
and the Northeastern US.” Wadden Porter CEO receives said m5 has been operating in the New accolade England marketplace for many years in the entertainment/gaming, tourism and The CEO Award of Excellence in telecommunications industry. Public Relations was awarded today to bGG will continue to operate under its Robert Deluce, President and CEO of current name with existing staff. The Porter Airlines, by the Canadian Public change will be virtually seamless for Relations Society Toronto at an elegant clients. gala luncheon at the Fairmont Royal York Today m5, with the addition of bGG, Hotel in front of an audience of more than has more than 160 people. It has built its 200 people. reputation on good insight, very hard work SG_JI_BOT_5x6.6_CMYK_Jan10.ai 1 25/01/10 4:18 PM continued on page 22... and results for its clients. For information on the group, see www.m5.ca.
Rosemary Maddigan, Buyer, Exxon Mobil Canada Joseph Watson, Stores Clerk, Memorial University of Newfoundland William Boland, Parts/Service Administrator, Liebherr Canada Ltd Kevin Mackinnon, Purchasing Manager, Newdock Gregory Baker, Stockroom Clerk, City of St. John’s Annette Power, Purchasing Agent, Suncor Dana Baggs, Regional Manager of Purchasing, Eastern Health Congratulations on your achievement and best wishes for a successful career.
m5 marketing communications makes international move Atlantic-based marketing communications agency, m5, has expanded its footprint into the northeastern US with the acquisition of bGG Advertising in New Hampshire, said President Gary Wadden today. bGG is a marketing and public relations firm, operating for the past 20 years in Manchester offering strategic planning, media, public relations, interactive and website development, social media and graphic design services. The move into the US uniquely positions m5 and its group of companies. “This was a very strategic decision on our part,” said Wadden, “to cement the inherent tie between Atlantic Canada Business News
February 2010
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Membership member news ...continued from page 21 The CPRS CEO Award of Excellence in Public Relations was created in 1991 to celebrate the Chief Executive Officer in the Greater Toronto Area who best demonstrates personal excellence in the understanding and implementation of public relations practices. “Since launching service in late 2006, Porter Airlines has proven to be one of the great Canadian success stories, in large part due to the communications expertise of their leader, Robert Deluce,” says CEO Award Chair Lawrence Stevenson, APR. “I am humbled to receive this award and am grateful to the public relations community for this honour and recognition,” says Robert Deluce, President and CEO, Porter Airlines. “Effective communication with all of our company’s audiences is something that our team has always valued, and is an important component in helping people understand and engage with Porter’s vision of creating a new dignified flying experience.”
NL and NB transportation companies merge Two of Atlantic Canada’s pre-eminent trucking and transportation companies are merging their general freight and equipment-repair facilities to form a new company, Atlantica Diversified
22
Gordon Peddle, VP & COO, Atlantica Diversified Transportation Systems Transportation Systems. Effective April 1, 2010, the general freight and equipment-repair facilities of Warren Transport, headquartered in Rexton, NB, and D.D. Transport Ltd., headquartered in Mount Pearl, NL, will merge to form Atlantica Diversified Transportation Systems (ADTS). ADTS’s head office will be based in Rexton, while maintaining their offices and operations in Mount Pearl and Clarenville, NL; Bathurst, NB; Debert and Liverpool, NS. Warren’s Vaughn Sturgeon will serve as Atlantica’s president, while D.D.’s Gordon Peddle will serve as vice-president and chief operating officer. The new entity will have about 150 employees. “The merger of our freight businesses makes sense,” said Mr. Peddle, Atlantica’s
February 2010
new vice-president and chief operating officer.” Atlantica will benefit from better reach in a world where security restrictions are expanding every day. From an operations perspective, this merger will also allow us to eventually renew our fleet to more environmentally friendly vehicles that have zero emissions.” Atlantica Diversified Transportation Systems will operate more than 300 pieces of equipment with annual sales expected to be in the range of $25-30 million over the next year. When including companies affiliated with Atlantica, the group will have sales in the $45-50 million range and operate more than 500 pieces of equipment.
Business News
Membership member profiles
Progress Media Group is Atlantic Canada’s premier magazine publishing company. The company’s flagship publication, Progress magazine, stands for the creation of wealth and opportunity in Canada’s four Atlantic Provinces. A new mindset and a new generation of entrepreneurs have emerged, and Progress is devoted to chronicling their stories and revealing key insights for readers. Subscribers rely on Progress for independent intelligence and expert commentary. Progress magazine, its ancillaries, and its networking events act as a powerful nexus for those who are taking the risks to build the Atlantic region. You can get your free subscription to Progress by going to www.progressmedia. ca/subscribe/progress.
IKM Testing (Canada) is a subsidiary company of IKM Testing AS in Norway. Established in Newfoundland in 2000 and has since become a major supplier of mechanical completion/commissioning services both to the onshore and offshore industry. These services include calibration, nitrogen/helium leak testing, chemical cleaning, hot oil flushing, pigging/pipeline commissioning, video inspection, tank certification, pressure testing and bolt tensioning/torquing. IKM Testing AS is a company within the IKM Group. With over 700 employees, the company has grown locally in Norway and internationally. IKM Testing AS has department offices in Bergen, Kristiansund and Hammerfest and subsidiary companies in the UK, Asia, Thailand, Canada, Spain, Australia and Kazakhstan. Please visit www.ikm.no to learn more about our company and the services we can offer. Locally, phone (709) 782-5051 or contact dlane@ikmtesting.com Business News
Creative Wellness Solutions Inc. (CWS) is the leading provider of customized workplace wellness programs in Canada. We consult nationally and internationally and are the editorial office of the International Journal of Workplace Health Management, the first scientific journal devoted solely to workplace health management. Our mission is to empower and support organizations to create a culture of health and embrace workplace wellness as a core business strategy. At CWS we know that data driven, integrated, and comprehensive workplace wellness solutions are needed for organizations to optimally manage their human capital. CWS offers health risk assessments, corporate workplace health systems and other tools that enable organizations to implement and evaluate sustainable workplace wellness programs based on individual and corporate needs. Our products and services are driven by leading-edge and cost effective scientific analyses.
Avalon Laser Health is a multi-disciplinary health clinic, offering physiotherapy, massage therapy, acupuncture, athletic therapy and laser therapy. The unique characteristic of this clinic is low intensity laser therapy which is the cornerstone of many of the treatment plans developed by our health professionals. This laser is the end product of 15 years of clinical research and engineering modifications to find a drug-free way of relieving pain. Although not a complete panacea, the success rate of clinics using the Bioflex laser is well in excess of 80% for chronic pain conditions with a musculo-skeletal origin. For acute injuries, including sports injuries and whip-lash injuries the technology accelerates the healing process, which enables abbreviated rehab - typically 50% faster than conventional treatment plans. For more information, please call 753-0155 or visit us at www.avalonlaserhealth.ca
Reliable business solutions for unreliable times. At BMO Bank of Montreal, our experts are always here to meet your changing needs. For a solution that works for your business contact the Newfoundland and Labrador Commercial Banking Team at 1-709-758-2050.
TM/®
Trade-marks/registered trade-marks of Bank of Montreal.
February 2010
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Membership new members The Law Foundation
Newfoundland & Labrador Housing Corporation
Lawrence Collins Executive Director 49-55 Elizabeth Avenue PO Box 5907 St. John’s, NL A1C 5X4 P. 754-4424 F. 754-4320 lawfoundationnl@nf.aibn.com
Len Simms Chairman & CEO 2 Canada Drive St. John’s, NL A1C 5J2 P. 724-3000 F. 724-3240 lensimms@nlhc.nl.ca
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National Brand. Regional Presence. Local People. For businesses with more complex financial needs, your local TD representative will take the time to understand your business and then work with you to customize the products and services to help meet your unique business needs. As your business needs change, we are committed to devoting the time, energy and expertise to help you meet evolving business goals. Contact your local TD representative today.
Terry Greene
Leonard O’Leary
Wendy Hounsell
Manager Commercial Banking (709) 758-5018 terry.greene@td.com
Analyst Commerical Banking (709) 758-5024 leonard.o’leary@td.com
Account Manager Commercial Banking (709) 758-5066 wendy.hounsell@td.com
Dion Simmonds
Kevin Harnum
Tom Ford
Account Manager Commercial Banking (709) 758-5565 dion.simmonds@td.com
Area Manager Business Banking (709) 745-8087 kevin.harnum@td.com
Small Business Advisor Small Business Banking (709) 758-5000, ext. 236 thomas.ford@td.com
Smith Bussey Muir Steve Smith Manager 17 Sagona Avenue Mount Pearl, NL A1N 4P8 P. 747-0178 F. 747-0438 steve.smith@nfld.net
Irving Energy – Irving Commercial Energy Services Chad Graham Commercial Account Representative 26 Old Placentia Road Mount Pearl, NL A1N 4P5 P. 758-3090 chad.graham@irvingoil.com
Brain T. Scammell, CA, CBV Brain T. Scammell Partner PO Box 29022/135 Elizabeth Avenue St. John’s, NL A1A 5B5/1S2 P. 754-7005 F. 754-5314 brian@briantscammell.ca
At Home Furnishings/IHL Enterprises Barry Imhoff President 193 Kenmount Road St. John’s, NL A1B 3N9 P. 576-5613 F. 576-2990 barry@athomefurnishings.ca
MVH Canada Inc.
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February 2010
Mike Saade Business Development Director 10 Fort William Place, Suite 804 St. John’s, NL A1C 1K4 P. 722-3757 michael.saade@mwhglobal.com
Business News