Business
Matters Vol. 6 Issue 3
www.victoriachamber.ca #100-852 Fort Street, Victoria BC V8W 1H8
May/June 2010
Success in Local Retail Publications Mail Poste-Publications
40005319
ABOUT BUSINESS MATTERS Business Matters is the news magazine of the Greater Victoria Chamber of Commerce. It is published six times per year and distributed free-of-charge to members of the GVCC.
contents
May/June 2010 I vol. 6 issue 3
cover 6
Content Editor: Shannon Renault Layout Editor: Tessa Cogman Business Matters’ content is copyrighted: Greater Victoria Chamber of Commerce, Victoria, B.C., Canada.
Success in Local Retail
feature article 21
The Importance of Property Rights
The Chamber accepts no responsibility for unsolicited submissions. The business profiles, and the views and opinions expressed by advertisers in this publication are not necessarily those of the Chamber.
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also inside 14
Greater Victoria Business Awards Finalists and Winners
in every issue 4
Messages from the Chair and CEO
5
Member News
16
Events Calendar
18
Prodigy Group
19
Greater Victoria Development Agency
20
UVic Co-op Success Story
24
New Members
26
Policy Moves
27
Ask an Expert
21 14
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messages
George Fuller Chair
Our celebration
at the Greater Victoria Business Awards last month of accomplished local businesses, entrepreneurs and staff was a fantastic recognition of leadership in our community. We believe it is imperative to take the time to pass out our accolades. Small business is the backbone of our regional community – in fact of the whole province’s community. Though being in business is rewarding, it is not always easy. The job of the Chamber is to address the issues that are important to business and to advocate for improvement in situations that need focussed attention. One thing that is important to the health of a community is surety in property rights. The Chamber is keenly aware of the value of property rights and how important community planning and zoning is to business surety. We have addressed that issue in this edition of Business Matters magazine. The issue of property rights needs to be elevated in our public discussion. There is also growing public discourse on re-introducing the business vote in municipal elections. This is a position the Chamber has been advocating for some years. A principle upon which this is based is that of no taxation without representation. We understand that re-introducing the business vote is a complicated challenge. However, governance is complicated in most instances. Complication is no reason to shrink away from advocating for the same rights as other groups of tax payers. Having a say in public discourse, while certainly valuable, is by no means the same as having a vote. The Chamber at times takes controversial positions in support of business concerns. While challenging, that’s our role and we take it seriously. We will continue to bring our members concerns to the public discussion throughout the year on a number of issues.
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Bruce Carter CEO
A highlight of spring
at the Greater Victoria Chamber is our evening of celebrating the business successes in our community at the Greater Victoria Business Awards. It may sound boastful, but I must say, these awards are one of the best business galas of the year, and once again it was hosted to a sold out crowd of friends and colleagues. We encourage you to take a look at our website for photos of the evening and send your individual congratulations to the finalists and winners of the evening. Spring is also bringing some re-growth to our economy as we start to see a building in customer confidence coming out of the recession of last year. We still have some ways to go, but optimism is on the upswing. The Chamber’s work schedule over the next few months will include bringing policy resolutions to the BC Chamber annual general meeting. Our focus this year is largely on getting support for challenges faced by the tourism industry and working towards revisions in the way that municipal property taxes are structured in the province. The Greater Victoria Chamber is very active on the policy front, and we will continue to advocate on these issues, and we optimistically look forward to the support of the BC Chamber on some of these issues should our resolutions be supported by chamber members across the province. We invite all of our members to join us for our annual general meeting on May 12th. Following our recently established yearly tradition, we will be hearing from a regional mayor. This year Mayor Chris Causton of Oak Bay will share his perspectives on business, the region and where the future is taking us. And of course, just to take a break from the serious business of running a business, we invite you to join us for our Annual Fun Golf Tournament on the 3rd of June. Again, it is always a sell out event so if you’d like a day of no pressure golf fun, sign up early!
Business Matters
member news
The Harbour House Restaurant is celebrating its 30th anniversary. Owned by Chris Rounis, who bought the restaurant from founder Harry Loucas three years ago, the restaurant has defined the industry odds and become somewhat of an icon for local diners. And though it is sticking by its traditional evening fare and hallmark service, it will be offering a new service this year – opening for lunch for the first time in thirteen years.
employers. Certification is fast becoming a requirement in hiring midlevel and senior HR managers and consultants.
Eclipse Creative Inc. is moving its offices to the greener side – relocating to a commercial building at Dockside Green after eleven years in business in their Chinatown location. The new address will be suite 220-338 Harbour Road.
Colliers International Victoria has announced the appointment of David Ganong as the new managing director. Ganong will be succeeding Andrew Turner, who will be leaving the firm to pursue personal endeavours after nine years.
Eclipse offers a full-service advertising and communications agency, Eclipse Creative has been providing strategic marketing solutions for clients locally, provincially, and nationally. With a long-standing track record of producing award winning, resultsoriented communications, Eclipse has developed everything from national media campaigns, direct mail pieces, external signage projects to the design of presentation centres and everything in between.
Ganong has over three decades experience in commercial banking and financial institutions. He has been the principal of CanaDa ICI Mortgage Services/Canada ICI Capital (Victoria) Corp. for the last fourteen years.
The Vancouver Island Region of BC Human Resources Management Association (BC HRMA) delivered 50 newly graduated Certified Human Resource Professionals (CHRP) to the business community. CHRP represents the ethical standards, body of knowledge and level of expertise sought by today’s
Business Matters
Established in 1942 and with membership of over 58 HR professionals, BC HRMA is the province’s largest HR association and is dedicated to advancing professional people practices through professional development opportunities.
Kenmore Air has announced a new frequent-flier and ticketing partnership between Alaska Airlines and Kenmore Air. The agreement will allow customers to earn and redeem Alaska Airlines Mileage Plan miles and book tickets easily and seamlessly to any of 28 island and peninsula destinations in Washington and British Columbia that Kenmore Air serves from Seattle. More information on the Mileage Plan can be found at alaskaair.com. Kenmore Air has provided scheduled and charter seaplane service throughout the Northwest since 1946. It is the largest seaplane operator in
the United States, providing daily year-round service from two Seattlearea terminals to Washington’s San Juan Islands and Victoria, as well as seasonal service to destinations along British Columbia’s Inside Passage. Chemistry Consulting has released the February Tourism Bulletin with a study showing that 78% of leisure travellers and 76% of business travellers intend to travel the same or more in Canada in 2010 while 22% or travellers indicate they expect to take more trips to the US in 2010 than in 2009. Only 12% intend to travel less. Camosun College’s business students placed first overall in the InvestYoung Western Canada Online Stock Market Competition, and then went on to place second overall in the InvestYoung Nationals. The University of Western Ontario took first place in the national competition. The stock market competition is organized by the non-profit Investors of Tomorrow. The InvestYoung Western Canada Online Stock Market Competition is a province-wide contest open to British Columbia universities and colleges with commerce and business programs. Teams put their finance and accounting skills to the test while managing one million dollars in hypothetical capital over six months. To win, the teams must outperform the S&P 500 index during the challenge period. Camosun not only beat the index, they went on to make a profit proving the business acumen of the college students.
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Success in Local Retail
O
pening up one’s own store is a business dream of many people. And as with any business, best to know something about the environment and to get some insight from others that have walked the path you are thinking of treading.
Where are Consumers Spending? Certainly consumer spending in light of the recent recession has been a concern for retailers, who are at the front lines of any changes in the economy. Spending in BC took a dip in the fall of 2008 and a much deeper downturn in the first quarter of 2009. However, Canadian consumer statistics show that consumer confidence is returning steadily in most segments of retails trade. It is this longer term look at trends in consumer spending that are perhaps more important a consideration for one with a goal of being in business long-term. While spending habits could change, the old adage of location, location, location seems to hold true for retailers. For some, downtown is the place to be and for others, finding the right neighbourhood niche or spot in a suburban setting is the right choice. It’s all about where your customer is, though the cost of being there is also a consideration.
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Fairone Hillard, the owner of Bliss boutique on Johnson Street saw her dream location one New Year’s eve on a visit to Victoria from Vancouver and said “I want to open a store there”. And, amazingly, the doors to Bliss opened just one month later. Now considered an established retailer after seven years in business, Fairone’s courage to jump at the opportunity is just one of the keys to her success. She grew up in a business family, with a mother who owned retail shops and a father in construction and she worked for some time for Phil Nyren, owner of Phil Nyren’s Menswear and Womenswear. That, plus the time she spent on the wholesale side of the industry, gave her contacts and the professional reputation needed to secure inventory to open her store quickly. And, thanks to years of good money management, she had one third of her own funds to put towards start up costs, which she added to a one third investment from her parents and a line of credit to secure the final third of funding.
dedicated staff in place, some for five years, she is able to think more about the future than the day to day. Yet while she can see expanding into new locations, she notes that in some ways it is more difficult to open now than seven years ago. “All the expenses have gone up. Rent is double now what it was when I opened and the cost of running the business has gone up.” Fairone’s advise for someone starting out in retail? “You have to have passion and instinct for the business.” Clearly passion and instinct run in the Hillard family. Rhonda Hillard, Fairone’s mother, owns a sister shop
that she came to an organic arrival into retail, though having grown from the same roots. Having completed a Bachelor of Arts degree in Visual Arts, her intention was to be a visual therapist. She did some teaching in the field and then re-evaluated where she felt she wanted to be professionally. The independence of running her own business drew her, and of course, she was good at it having been around retail, visual arts and fashion for a lifetime. However, Willow emphasizes that the independence of being your own boss does not imply working less. But being able to direct the schedule is important to Willow, with three children (one only seven months old) and a new store, organization is important. And it is important to be able to balance working on your business and in your business at the same time. “You have to focus on business growth, but at the same time, know your customers and know how the business feels from the inside.”
Their vision is to transform what was a 1960s strip mall into a modern sustainable, mixed-use neighbourhood with sophisticated retail shopping.
After seven years in business, Fairone is comfortable with how the store is doing and can envision opening other shops in the city or other parts of the province. But it took some time to get there. “It took three years before I was making a living” says Fairone, who is grateful for the hands on assistance of her parents when first opening for helping develop good business systems. Now, with the same
to Bliss, called Miss Bliss in Sidney. And her sister, Willow Hillard has just opened a boutique of her own called Lark and Sparrow, but for Willow, the perfect location was the Cook Street Village. Opening Lark and Sparrow in March 2010, Willow knew exactly the type of shop she wanted to open and looked for a location with the right demographics to support the concept. Looking around her on Cook Street, she is confident she found it. “It’s paradise down here,” says Willow. “The store is already drawing repeat customers and I feel as though I am contributing to the formation of the character of Cook Street.” Having previously owned a vintage men, women’s and children’s shop in East Vancouver for two and a half years, Willow was clear on the concept for her next venture. “I knew I wanted to move away from actual vintage to vintage inspired clothing with a full range of sizes,” says Willow. “So Lark and Sparrow carries Indy fashions (independent designs) and caters to people who want to wear fashion as a part of their personality.”
Fairone Hillard, Owner of Bliss boutique
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Unlike Fairone’s direct jump into retail ownership, Willow feels
Location has been a prime consideration for Charlene Walker, owner of Sweet Nancy’s Timelessly You Boutique. Though looking for the right demographics, Charlene also believes her choice of location will lend to the overall customer experience she wanted to design for her stores. Living in Edmonton, moving to Victoria was a longer-term goal for Charlene and her husband. So from Edmonton, Charlene conducted the research to open a boutique in Victoria. “It was my goal to provide a high end shopping experience for customers, with great fashion, but without the high end pricing,” recalls Charlene. She believes that she has accomplished that with her first store, with pricing right in the middle of the market, in a boutique environment. Sweet Nancy’s opened in the fall of 2007, and though still young, was able to weather the recession of the following year. However, just as the recession looked its worst, Charlene was following through with her plans to open a second boutique. The new store, Lil’ Sweet Nancy’s opened at
Business Matters
rate of growth is aggressive. Charlene admits she has accomplished more in the first two years than she originally thought, but she is driven by the vision to be a leading retailer in the city. A woman of action, Charlene proclaims that “there is a difference between daydreaming and making your dream come true.”
Willow Hillard, Owner of Lark & Sparrow 650 View Street on March 15, 2009. While the stores are unique, with Lil’ Sweet Nancy’s selling children’s clothing and more casual adult wear, the two locations provide greater exposure and marketing opportunities, as staff are able to refer customers back and forth between shops for their various shopping needs. The focus of all three of these retailers on a defined market niche in clothing seems to be right in line with shopping trends in Canada. Since the late
The Uptown opportunity fit with the vision Charlene holds for Sweet Nancy’s, noting that she would not have entered Uptown if it was a mall, but the development has the village feel that she looks for and that it will fit well with the character of her business. Not one to let an opportunity go unturned, Sweet Nancy’s is moving in! The perspective on Uptown of being a new village core is music to the ears of Roberta Ferguson, Uptown’s General Manager. Their vision is to transform what was a 1960s strip mall into a modern, sustainable, mixed-use neighbourhood with sophisticated retail shopping, Class A office space, restaurants and amenities, all in a sustainably designed, pedestrian friendly, open air environment. Built around the central thoroughfare of Uptown Boulevard, Uptown will feature a
property management, the mood in retail has taken an interesting shift in the last couple of years. Initially the recession led to some of the US market taking a step back from growth, although that interest is now returning. Additionally there has been lots of interest in the Uptown development from the local regional market. New retailers (including Sweet Nancy’s) are targeting a phase one opening this fall, preceded by the anchor retailer, Walmart, in July of 2010, and leasing is underway for space in Phase 2. Uptown will reshape the shopping landscape of the region, allowing retailers a new place to extend their market. The complete build out of Uptown will be 1.3 million square feet, including 880,000 square feet of retail and office space with the potential for 500 new homes. The development will provide a steady population as well as a new shopping
Market share in % Sector General merchandise stores Clothing and accessories stores All other sectors
1998 30.7 63 6.3
2006 24.9 66.5 8.6
2007 23.9 67.3 8.8
Market share distribution of clothing, footwear, and acessories across Canada (Statistics Canada)
1990’s, specialized retail clothing, accessories, and shoes have been gaining market share over general merchandise or department stores. In 1998, general retailers held 30.7% of the market in this category, but had slipped to only 23.9% by 2007. Conversely specialized retailers moved in the opposite direction, from 63% to 67.3%. And within that specialized category, women’s clothing and accessories takes in over 50 cents of every dollar spent.
town plaza – complete with guest services, active water features, spa, lush landscaping and rooftop restaurants – that will host community events, concerts and exhibitions. It is different from downtown, and also very different from the mall or suburban option.
Expansion to a third location is now on the fall 2010 agenda for Charlene’s Sweet Nancy family, with the opening of a third location in Uptown. The
Roberta notes that, from her perspective in
Business Matters
Roberta Ferguson, GM of Uptown
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product categories such as specialty food, rare cars and antiques, books and instructions, and vacation spots. And with the observation that 97% of 16 to 17 year old Canadians were online in 2007, the likelihood that as that cohort starts to earn income in the next few years, online shopping will only expand.
Uptown renderings and service destination for expanding and new retailers to enjoy.
Internet Shopping and Other Competition
began hitting the scene in 2001 when 13.4 million online orders were made by over 2.2 million households. By 2007, the Internet was used to make almost 70 million orders by about 8.4
Russell Books, while a substantial bricks and mortar bookseller, has embraced the trend of online shopping. They list their books on seven different bookselling sites to attain international name recognition, as well as their own and see between 5-10% of sales from their on-line collection. “We expect to see that part of our business continue to grow,” says Andrea Minter, store manager and third generation bookseller. Differentiating their marketing, their 50,000 - 60,000 on-line titles are different than the titles held in the store. For the most part, and in line with the shopping trends reported by Statistics Canada, Russell’s puts their hard-to-find items and collectables online.
By 2007, the Internet was used to make almost 70 million orders in Canada
Where to locate the business and identifying the correct product mix is an important issue, but keeping on top of the shopping trends in an everevolving business atmosphere is quite another. One of the most important shifts in consumer spending has been the introduction of on-line shopping to the mix. In Canada, online shopping really
million Canadian individuals aged 16 years and older. Despite substantial growth in online sales from 2001 to 2007, Internet shopping continued to be concentrated along particular
Yet, regardless of the online market and growth potential, Andrea notes that “people still like to pick up a book in the store” and the growth of Russell’s attests to the demand in our local market. Russell Books began
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as a used book store in Montreal in 1962 opened by Andrea’s grandfather as a small 300 square foot one aisle book store. The business eventually moved to Victoria, and was later taken over by Andrea’s parents. Now fully managed by Andrea and her husband Jordon, the work of these third generation booksellers seems to be working, with a second Russell Books location on the 700 block of View Street, another expansion on Fort Street in the works. In total Russell’s has grown to 14,000 square feet of retail space and more than a million dollars worth of books, with year over year business growth.
industry is also important. “Lot of retailers depend on the Christmas season to make their year,” says Jim. “For us the tourist season of July through to September is also really good. We do a lot of marketing directly to the tourist market.” However for Jim Munro, owning his own building has been the ace in the hole for his business success in the ever-changing bookselling business – with competition from online sources, big box retailers, and now electronic books such as Kindle. “It is difficult as an independent bookseller to make it on the main streets of major downtown centres these days,”
Andrea notes that the increase in downtown residential population has been great for business as has the positive work being done by the City of Victoria and the DVBA with their Clean and Safe -Mike Black, VP of Capital Iron team. “We see lots of people wandering around on weekends, says Jim, noting that it was the high coffees in hand, and they live rents in Vancouver that were the downtown, or close enough to walk final straw for Duthie’s – Vancouver’s and enjoy the day shopping. Locals independent bookselling fixture for really like to shop at locally owned 53 years. “But new booksellers can stores, we definitely have a following do well in a neighbourhood village of regular customers.” location as long as they work in the business.” Bookselling icon Jim Munro agrees that the downtown location, especially Local vs Big Box the Government Street store has been As an established retailer, Mike a key to his success. He notes that Black, vice-president of Capital Iron while he has a steady and dedicated (pictured on the cover), has seen a local customer base, the tourism number of changes over the years
“There is no way that a local retailer will compete with the price point of a big box store.”
Charlene Walker, Owner, Sweet Nancy’s and Lil’ Sweet Nancy’s to the region’s retail offerings and to the complexities of running a successful business over time. He notes that the increase in competition from big box stores and the internet have meant that retailers have to get smarter and more focussed on their core services and local customers to survive. With shoppers who are much more educated on product knowledge before going out to shop than they used to be, being an expert in your product and a master of customer service is a must. “There is no way that a local retailer will compete with the price point of a big box store,” says Mike. “Their ordering and pricing systems are so highly sophisticated, that you cannot keep up. The key is to tap into the local market and their personality.” And in that, local retailers are fortunate that Victorians are loyal to local businesses. Mike started in his own business with some experience working in retail at the Canex warehouse store. Eventually, he ventured into the Capital Iron business, then owned fully by his father-in-law. And while he enjoys the work, he advises that opening your own store is something to think about long and hard before jumping in. Though you are your own boss, the hours are arduous, especially in the beginning. And as well as being your own boss, you may also need to be your own janitorial and bookkeeping service for the first while.
Andrea & Jordan Minter, third generation booksellers, Russell Books
Business Matters
Jim Munro, Owner of Munro’s Books of Victoria
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“Financing seems to be more difficult these days than when I first started,” says Mike. “There are more restrictions and a lot more reporting on operating lines of credit than before. Banks look at retail as a risk so money can certainly be tight. The whole business environment has stepped up a notch and is now really far more professional than when I first started,” he notes, making reference to his daughter who is doing a degree program in retail management at Ryerson.
Retail Experience? While both Fairone and Willow Hillard benefitted from being brought up in a family environment where they learned general business and retail in particular, Willow is quick to point out
that she would never say someone has to work in retail before owning a store. “It’s okay to make mistakes. It’s not the mistakes that are important, it’s what you do about them that matters,” advises Willow. Jumping into the business world without background in it was exactly the course of action for Sweet Nancy’s Charlene Walker. Her whole professional career was as a nurse, however Charlene knew she wanted to change to something where she had more passion and where she knew she could excel. Though nursing was something she was good at, with family commitments she felt she could not commit to working the hours required to become “the best.” Going into business cold did provide opportunity for those mistakes that
Retail Fast Facts •
62% of retail businesses in the CRD have 1-5 employees
•
18% of all CRD businesses are in retail trade
•
2009 retail sales in the CRD were 4.2 billion dollars
•
General merchandise retailers in Canada are losing market share in clothing and accessories and gaining it in food and beverages
• •
•
Canadians spent $12,752 per person in retail stores in 2008 Retail sales have increased on average 5.3% year over year since 2000 The fourth quarter of 2008 was the first year-over-year decline in retails sales in 15 years
•
On-line purchases in Canada have increased from 13.4 million in 2001 to 70 million in 2007
•
Over half of retail spending on clothing in Canada is on women’s wear
•
Of all the retail categories, clothing has the highest gross profit margin at 51.8%
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Willow referred to. In her first months, Charlene learned a lot about the wholesale side of the business, such as seasonal cycles and what you had to do to establish a relationship with major companies in order to carry their line. She learned what lines of clothing worked well in her store for her customers. And like others, she learned that start up can be very difficult. Charlene went to several different sources for start up financing, but in the end, she financed her business out of her own retirement savings to get the doors open. It wasn’t until she had been operating for a full year that she was able to secure a business loan. Experience is clearly one of the considerations given by financers in making their decision to lend,
Annual growth of retail commodity groups, 2007 and 2008.
Retail Sector
Annual growth rates (%) 2007 2008
Automotive fuels, oils and addivtives
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16.1
Clothing, footwear and accessories
4
2.4
5.2
5.5
10.5
3.5
Hardware, lawn and garden products
5.9
3
Health and personal care products
8.3
4.2
Housewares
0.8
0.4
Motor vehicls, parts and services
3.9
-3.2
Sporting and leisure goods
5.9
2.5
All other goods and services
4.2
2.5
Food and beverages Furniture, home furnishings and elctronics
Growth rate for retail commodity groups year over year. A weak 4th quarter in 2008 led to smaller growth in most sectors. On average retail sales increased an average annual rate of over 5.3% from 2000-2007. (Stastistics Canada)
Business Matters
but as Mary-Ellen Echle, GM – Business Banking from Island Savings Credit Union noted, it is an important consideration, but not the only one. “We also look at the strength of the business plan and the ability of the person to carry out that plan”
Business Passing Hands While opening and managing a profitable retail business is itself a feat, perhaps one of the best marks of good business management is a successful transition from one owner to the next. Says Mike Black, who is also Chair of the Victoria chapter of CAFÉ (Canadian Association of Family Enterprises), “you should be thinking of your exit strategy when you start your business.” After working for years to build a solid business, most don’t want to see it fail when they are ready to retire. “Poor planning for business succession is like not having a will. It can break up a whole family,” says Mike. Lack of succession planning can also lead to a lack of confidence on the part of suppliers if the business owner/manager should become incapacitated. Family business owners need to think of a number of things when creating a business succession plan. What happens if one owner wants out of the business at some point in the future, or how will interests be distributed if an owner dies? How could a divorce impact on the business or what happens if one child and/or step children is interested in carrying on the business and others are not? What options or mechanisms will allow the purchase of a deceased member’s interest without bankrupting the entire business in the process?
For some, succession could be passing the reigns over to a long-time staff person or selling on the open market. How will the fair market value of an owner’s interest be calculated in that event? Regardless of the route, planning should start early and be done with the guidance of legal help to ensure the business remains stable as retirement approaches. Like any business type, retail is one with many unique opportunities and unique challenges. It is the first to be buffeted by economic downturns, but it is also one that is guaranteed to be around in one form or another. So is retail in Victoria a good bet? Local retailers who have made it through the early challenging years certainly see the benefits. Our region offers a great business environment for local retailers, with the support of local shoppers who like to see local succeed. There is room for more smart local retailers – as long as they are ready to work hard.
greater victoria business awards 2010
2010 Greater Victoria Business Awards Winners
Special Thanks to Event Sponsors:
Governors’ Lifetime Achievement Award Gordon Denford, Founder Berwick Retirement Communities
GORDON DENFORD
Gordon Denford opened his first business in Sidney in 1953 and has been a constant on the business stage ever since. Beginning with a small electric heating equipment company, he branched out to property management and development in the 1960s, with the construction of his first apartment building.
Business Person of the Year Tim Cormode, Power To Be Adventure Therapy
TIM CORMODE
(250) 213-6265 • www.powertobe.ca
RUNNER UP: Al Kemp, Rental Owners & Managers Society of BC (ROMS BC)
Business Leadership
In 1988, Gordon created the first of a chain of seniors’ retirement and care residences, Berwick House in Victoria. This was followed by four more developments on Vancouver Island and in Kamloops. Berwick Retirement Communities Ltd., has earned a reputation as being among the premier and best managed retirement and care residences in the country. Matching his stellar business career, Gordon has also received recognition for his community contributions including the Chamber’s Business Leadership award in 2007 and the CFAX Community Leader of the Year award in 2009.
Employee of the Year Lisa Brideson, Inn at Laurel Point
Georgina Camilleri & Lise Gyorkos, Page One Publising Inc.
GEORGINA & LISE
(250) 595-7243 • www.pageonepublishing.ca
RUNNER UP: Ambrosia Conference & Event Centre
Business of the Year (1-10 Employees)
LISA BRIDESON
Business of the Year (11-25 Employees) Debra Ruffell & Nigel Brown, Ruffell & Brown Interiors
Karen & Dai Davies, Cedarwood Productions Inc.
KAREN & DAI DAVIES
(250) 544-1313 • www.cedarwoodvideo.com
RUNNER UP: Admiralty Leasing Inc.
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(250) 414-6726 • www.laurelpoint.com
RUNNER UP: Carinna Kenigsberg, Power To Be Adventure Therapy
DEBRA RUFFELL & NIGEL BROWN
(250) 384-1230 • www.ruffell-brown.com
RUNNER UP: Black Ball Ferry Line
Business Matters
www.victoriachamber.ca Business of the Year (26-75 Employees)
Business of the Year (76+ Employees)
City Green Solutions Society
Scott Plastics Ltd.
Image Reproduction Protocol: Please... Keep proportions the same Leave a min 1/4 in of white space around a 5in wide logo, or similar ratio for smaller images. Use Pantone 363 CVU Use gray scale or all black or all white, for black and white print pieces.
S o l u t i o n s
STAFF AT CITY GREEN SOLUTIONS SOCIETY
(250) 381-9995 • www.citygreen.ca
RUNNER UP: National Car & Truck Rental
Outstanding Customer Service
ROBIN RICHARDSON
Employer of the Year Chemistry Consulting Group Inc.
Rental Owners & Managers Society of BC (ROMS BC)
STAFF AT (ROMS BC)
(250) 382-6324 • www.romsbc.com
RUNNER UP: Victoria Marriott Inner Harbour
Innovation
(250) 656-8102 • www.scotty.com
RUNNER UP: Commissionaires Victoria, the Islands & Yukon
FRANK BOURREE
(250) 382-3303 • www.chemistryconsulting.ca
RUNNER UP: Tourism Victoria
New Business Sterling Financial
City Green Solutions Society Image Reproduction Protocol:
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Please... Keep proportions the same Leave a min 1/4 in of white space around a 5in wide logo, or similar ratio for smaller images. Use Pantone 363 CVU
FINANCIAL
Use gray scale or all black or all white, for black and white print pieces.
S o l u t i o n s
PETER, TORSTEN & PAULA
(250) 381-9995 • www.citygreen.ca
RUNNER UP: Aquamist Carpet Care Ltd.
Special Thanks to Award Sponsors:
TANYA STERLING
ACCOUNTING SERVICES
(250) 857-1857 • www.sterlingfinancial.ca
RUNNER UP: Maximum Furniture Home & Office
Young Entrepreneur of the Year Jeremy Wilson, Adrena Line Zipline Adventure Tours
JEREMY WILSON
(250) 642-1933 • www.adrenalinezip.com
RUNNER UP: Amanda Schofield, Clean Conscience Ltd.
Business Matters
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events calendar
May 2010 Monday 3
Tuesday 4
CEO Coffee Hour
A one hour policy discussion with Chamber CEO Bruce Carter Investor’s Group 101-4400 Chatterton Way 8:30-9:30 am Members only please
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Wednesday 5
Thursday
Business Education Series
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AGM & Mayoral Address
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PEAK Retail Training Series: Part 1
Keeping the Customer Satisfied 1:00 pm-4:30 pm Travelodge Victoria 229 Gorge Road East
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PEAK Retail Training 25 Series: Part 2
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Business Education Series
Sponsored by Sector Learning Solutions Inc. Tips on Networking for Success 11:45 am-1:00 pm Chamber office
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Dealing With Difficult People 1:00 pm-4:30 pm Travelodge Victoria 229 Gorge Road East
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Sponsored by Sector Learning Solutions Inc. Make the Most of Interpersonal Differences 11:45 am-1:00 pm Chamber office
11:30 am-1:30 pm Victoria Marriott Inner Harbour 728 Humboldt St. (Main Ballroom)
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Friday
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Prodigy Group May Mingle
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5:30 pm-7:30 pm Maximum Furniture/ Maximum Express #3-576 Hillside Ave.
GVDA Economic
20 Forecast Luncheon 21 11:30 am-2:00 pm Union Club 805 Gordon St. (Reading Room) s! Plu
Business Mixer
Hosted by Camosun College 27 5:00-7:00pm Members & their guests only please 4461 Interurban Rd.
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Notes:
For more information or to register, visit www.victoriachamber.ca
Business Education Series • May 5 Tammy Dewar and Dave Whittington Calliope Learning
Make the Most of Interpersonal Differences How much of your day do you spend managing interpersonal differences and/ or conflict? Join Tammy Dewar and Dave Whittington, Owners of Calliope Learning for this interactive and humorous look at the highs and lows of individual differences.
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Business Education Series • May 19 Bruce Carter
CEO, Greater Victoria Chamber of Commerce
Tips on Networking for Success If you want to introduce yourself or your business to the Victoria Business Community this event is for you. Join Bruce Carter, Chief Executive Officer from the Greater Victoria Chamber of Commerce as he provides tips on networking for success.
Business Matters
June 2010 Monday Notes:
7
Tuesday CEO Coffee Hour
1 A one hour policy discussion 2 with Chamber CEO Bruce Carter Placement Group 1124 Fort St. 8:30-9:30 am Members only please
Thursday
Business Education Series
3
Annual Fun Golf Tournament
Sponsored by Sector Learning 3:00 pm-9:00 pm Solutions Inc. Prospect Lake Golf Course Why Most Websites Don’t 4633 Prospect Lake Rd. Do Much... And What You Can Do About it 11:45 am-1:00 pm s! PEAK Retail Training Chamber office u l P Prodigy Group
Series: Part 3
Cultivating a Team Environment 1:00 pm-4:30 pm Travelodge Victoria 229 Gorge Road East
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Wednesday
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Business Leaders 10 June Mingle Series: Astronaut Julie Payette 5:30 pm-7:30 pm
11:35 am-1:30 pm Delta Ocean Pointe Resort & Spa 45 Songhees Rd.
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The Foam Zone 3453 Saanich Rd.
Business Education Series
Sponsored by Sector Learning Solutions Inc. “People Are Our Most Valuable Asset”: Living Up To These Words 11:45 am-1:00 pm Chamber office
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30
Friday
Business Education Series
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Business Mixer
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Hosted by NAI Commercial (Victoria) Inc. 5:00-7:00pm Members & their guests only please 200-569 Johnson St.
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Notes:
Sponsored by Sector Learning Solutions Inc. Referral and Repeat Business Marketing Strategies Workshop 11:45 am-1:00 pm Chamber office
For more information or to register, visit www.victoriachamber.ca
Business Education Series • June 2
Business Education Series • June 30
Michael Linehan
Debbie Hartz
Marketing Alchemy
CEO & Founder, DataGirl
Why Most Websites Don’t Do Much... And What You Can Do About it
Referral and Repeat Business Marketing Strategies Workshop
Merely having a website is no longer enough. And just doing more of what you have already done (design and programming) will not bring the results you want. For substantially different results, you need to do something substantially different.
Business Matters
Referral and repeat business strategies are considered one of the highest payback marketing programs a small business can undertake. Learn from Debbie Hartz, CEO and founder of DataGirl on how to dramatically increase your revenue through these proven marketing strategies.
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www.prodigygroup.ca
May is Mentorship Month!
Regan McGrath Chair
Join us to celebrate mentorship and the amazing people in our lives who have helped us become the business and community leaders we are today! In addition, we look forward to welcoming all the participants of the 2010 Prodigy Group Mentorship Program, Community Micro Lending, Leadership Victoria Alumni and Team Micro Solutions! Everyone is welcome and we invite new faces of all ages!
The Amazing Race: More than 50 participants and volunteers came together on Saturday April 10th for the second annual Prodigy Group Amazing Race—and amazing it was! Participants raced 12 kilometres on foot, by boat, by kayak all around Victoria’s beautiful downtown in the hopes of being the first team to complete the race. The effort and spirit of all teams was incredible, making the event our best yet. We would like to thank all of the sponsors for donating their time and space for the event, and all participants who made the race such a success. Congratulations to our winning team from Sloan Valley Dairies and KPMG. Community Connections: We have incredible volunteer opportunities for emerging professionals in Victoria through our community connections program. Highlights of current offerings include: Children’s Museum Board Member, Victoria Foundation Community Advisor, Our Place Society Promotion and Marketing Committee Chair, Our Place Society Sponsorship Committee Chair. Please view our website for more great opportunities. Mingles — Can I come? Yes you can! While the Prodigy Group represents emerging professionals, we invite all professionals, emerging and established alike, to attend our monthly mingles. We look forward to seeing you there!
Date: Thursday, May 13th | 5:30-7:30 pm Location: Maximum Furniture, 3-576 Hillside Ave
Special Events
Prodigy Group Volleyball Tournament Thursday, July 8, 2010 | 5 - 8 pm Location: Sticky Wicket in the Strathcona Hotel, 919 Douglas St. Registration online @ www.prodigygroup.ca or email SpecialEvents@prodigygroup.ca
2010 Amazing Race
The 2010 Prodigy Group would like to extend our sincere gratitude to all the sponsors of the 2010 Amazing Race. Without the generous support of our sponsors, we could not have put on such a fun and challenging event to actively engage our members while supporting an important cause. With our sponsors vital contributions, we were able to donate $1,692 to Community Micro Lending, the 2010 Prodigy Group charity of choice. Gold Sponsors:
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Regan McGrath, Chair rmcgrath@kpmg.ca
Silver Sponsors:
May Mingle
June Mingle
May 13th, 2010 | 5:30 to 7:30 pm Maximum Furniture, 3 - 576 Hillside Ave
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June 10th, 2010 | 5:30 to 7:30 pm The Foam Zone, 3453 Saanich Road
Business Matters
Roger Skillings Chair
Over the past couple of months, the Greater Victoria Development Agency has played a key role in two reports that will help to continue building our local economy, including an international business competitiveness report prepared by KPMG and a recent report from the Conference Board of Canada. The KPMG Competitive Alternatives report, which investors use to inform their business location decisions, verified precisely what the Greater Victoria Development Agency has been telling the world. Greater Victoria is a natural place to do business. We can hold our own in competitiveness against any other significant jurisdiction in the province and Pacific Northwest market place. The study compares business competitiveness for more than 130 cities in ten countries. The study measures the combined impact of 27 significant cost components that are most likely to vary by location, such as labour, facilities, land, construction, transportation, utilities, and income taxes. The baseline number used for comparison is that of the US average with other countries and cities measured with costs either above or below that baseline. Victoria’s competitive scale came in at 95.7 while Vancouver was 94.9. Victoria beat other locations like Seattle, Spokane, Portland and San Francisco.
The GVDA presents its new publication Business In Greater Victoria
economy going forward. The region’s economic challenges over the past year highlight the ongoing need to invest in diversifying our economy and marketing our advantages to the rest of the world to maintain household-sustaining jobs for our citizens. Contact the Greater Victoria Development Agency for all your business growth needs. www.gvda.ca
The Conference Board of Canada also released its spring 2010 forecast, outlining their expectations for Greater Victoria and 26 other Canadian municipalities. The report forecasts that our regional economy performed much better than most of the country, and is predicting growth of 3.2% in 2010, putting Greater Victoria in the top 4 cities in Canada. Led by stronger wholesale and retail trade and a rebound in the “FIRE” (Financial, Insurance and Real Estate) sector the conference board is anticipating an average growth rate of 2.8% over the next three years. This bodes well for our
Business Matters
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Frontrunners Store Races Towards Success With Help From Co-op Student
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s a locally owned business geared towards promoting active lifestyles and running, it’s no surprise that Langford’s Frontrunners Westshore store is always busy with activity. In addition to providing customers with a wide range of athletic products and services, the store offers running clinics for all levels. The staff at Frontrunners Westshore also operate Race Day Timing Services, which provides timing and results services to running and triathlon events in BC; and Race Online Registrations Ltd., which coordinates online registration services for sports events across Canada. So when co-owners Mark Nelson and Nick Walker decided to take on a few new projects, they turned UVic’s Co-operative Education Program and Career Services to hire a co-op student who understood the business of athletics. They found the ideal candidate in UVic recreation and health education student, Matt Turnbull, who was already working in the store in a retail capacity. “We hired Matt to help plan the after-party for the Bear Mountain Resort’s 10K race, and he did a great job,” says Nelson. “The after-party attracted almost double the number of people from the previous year.”
Matt Turnbull, Nick Walker & Mark Nelson at the Langford Frontrunners store.
In fact, Turnbull did such a good job that he has stayed with Frontrunners for a second work term, this time building a plan for the Juan de Fuca Duathlon. He is currently developing a GANTT chart to identify and describe all jobs pertaining to the duathlon, and is putting together a special events application to be submitted to the Colwood City Hall. “As an employer, I know that hiring can be stressful,” says Nelson. “By hiring a co-op student, we were able to find someone who is learning a skill set that is suitable for our particular business. This saved weeks of training and meant that Matt could contribute to our business a lot faster. We would definitely be interested in hiring another co-op student.” UVic’s Co-operative Education Program and Career Services connects employers to students and alumni seeking co-op positions as well as casual, summer, parttime, full-time and volunteer jobs. For more information about our program, or to hire a student, email employers@uvic.ca or visit www.uvic.ca/coop and www.careerservices.uvic.ca.
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Business Matters
The Importance of Property Rights
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rivate property rights are important. So important in fact that some see them as a hallmark of democracy. The Supreme Court of Canada has commented on property rights saying “Ango-Canadian jurisprudence has traditionally recognized, as a fundamental freedom, the right of the individual to the enjoyment of property and the right not to be deprived thereof, of any interest therein, save by due process of law.� How is the fundamental freedom of property rights exercised? And how is the right to enjoyment of personal property balanced against the desires of a community to maintain control over community development? Private Property Rights and Community Development Municipalities and their various
Business Matters
neighbourhoods invest a lot of time and effort into developing area plans and the Official Community Plan (OCP). These plans are a broad statement on the general direction that future community development will take in terms of housing, land use, transportation routes, and etcetera. They may even specifically designate areas for certain types of development. For example, within the OCP, a Development Permit Area can establish objective for the form and character of residential or commercial development to establish or maintain an area characteristic. The Official Community Plan will be supported by appropriate zoning (either at its development or following its development) so that residents, businesses, and investors have a degree of certainty as to what the allowed usages of a certain area are. In addition, neighbourhood plans,
which evolve more frequently, can give the reader an indication of how the neighbourhood itself wishes to develop in the future. There should be no surprise as to the direction an area is allowed to move as the OCP, neighbourhood plans and zoning in any particular area are publically available information. The intrinsic value of zoning is that it will be respected and relied upon by neighbourhoods and by commercial investors. Residents and business alike know what to expect of the area in which they are investing and have a certainty as to the future possibilities and characteristic of the neighbourhood. Once a council has committed to zoning, it is a strong indication of their commitment and it relates directly to the value of the private property of many investors. In fact,
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zoning is so important that property will often change hands based upon the zoning alone and its potential rather than on the actual structure and appearance of the property at the time of sale. The theory of community planning and the exercise of private property rights seem pretty straight forward. But in actuality, there are often skirmishes, and our region has seen a number of them. Some that come to mind are the development of Bear Mountain in the West Shore and at Colwood Corners. Closer to the core, the issue of Rogers’ Chocolates wishing to expand their interior and the proposal of Abstract Developments to develop a condominium on a lot where a small apartment building resided are notable recent occurrences. Each of these incidences regarding the use of private property has brought a significant amount of public concern and participation. The desire for public participation to address concerns about the use of private property is critical. The development process has the appropriate place to address those concerns as a part of public consultation. However, there are parts of the planning and development process where public consultation
is valued and parts where it is simply not appropriate. For example, the development of the Official Community Plan and changes made to zoning are important aspects where public consultation is vital to creating a plan that will be broadly supported in the community. Development applications that come forward to build out the plan are also appropriate for community input as far as the details of the plan are concerned. Requests for variances go to the community affected, council and to public hearing. However the technical aspects of a project are not open for discussion – those being things like building code requirements, environmental geo-technical surveys and the like. Those items that are technical in nature are reviewed by professionals in their respective fields. In short, consultation should be (and generally is) held on details of a development, not on the permitted use of the zoning. The problem arises when the concerns of the public are in conflict with the established zoning of the property and their efforts are focused on trying to stop the use of private property in a way for which it is zoned to be used. For example, if a lot in a residential area were zoned for a duplex, though
occupied by a single family dwelling, and it was purchased in part for that zoning advantage, it would be wrong to deny the demolition of the single family home and the building of a duplex based on the notion that the neighbours didn’t want a duplex next door or across the street. In this example, the zoning was in place, and the proposed use would be in line with the zoning. There may be more detailed questions related to variances to the zoning, such as set-backs and other bylaw requirements that could be addressed, but nothing that relates to the actual type of property use allowed by the pre-existing zoning. If the lot is zoned for a duplex there is no questioning that a duplex should be allowed. The same is the case when addressing the issues of the use of private commercial property. A commercial development should be supported by council if it is appropriately zoned for the proposed usage and is in line with the OCP. The appropriate public consultation process should take place regarding the specifics of design and any variances, but beyond that, there should be no discussion as to the essential value of the development.
How Does Re-Zoning Occur? As a community develops and OCPs are updated, revised visions for the future could require a change in zoning to bring the vision to fruition. At one time the Inner Harbour was zoned to host such industrial businesses as a paint plant and garbage dump. However, as the community progressed, those usages were no longer deemed appropriate and zoning changed to accommodate the types of usages you see now – residential and commercial. In such a case, the rezoning initiatives would have to occur to realize the plan. Rezoning can be initiated in one of two ways. Either the municipality initiates it or, as is more standard, it is initiated by a property owner and/or developer. The process involves determining whether the usage has a support in policy from the municipality, which would then be a basis to continue with the process. An owner initiated rezoning needs neighbourhood consultation early in the process with formal invitations and meeting timelines as determined by the municipality. Preliminary plans are brought to the neighbourhood and developers have the opportunity to make amendments to meet the concerns of the community. After the community concerns have been addressed, plans will go to the appropriate municipal advisory committees where there may be further requests for revision. Finally plans will go to council for a first and second reading, final amendments and legal agreements. A final public hearing will be held before a council decision. While the rezoning processes may differ in detail across municipalities concerning the amount of community consultation, and the requirements for public notice, they are all based upon the same provincial legislation. Though the City of Victoria is unique in the region in requiring community consultation before the developer submits its application, consulting is required along the way in all municipalities. In short, the final decision to amend or change existing zoning is a council decision, with information and
Business Matters
support from staff and with regard for community concerns. Council has the latitude to rezone a property from anything to anything; however it is unadvisable to strip a property of its economically viable uses through down zoning as it leaves the municipality open to financial compensation to the property owner. Though damages are not automatic, there have been a number of cases where that has happened, both in Victoria and other areas of the province. Arguably, the highest profile case involving disagreements over the use of private property at this point, are the debates that have occurred over the years and have been renewed in fervor, regarding the proposed marina on the north shore of the Inner Harbour. Community Marine Concepts Ltd., the proponent for the marina, owns the two fee simple water lots for the marina commercial buildings. Plans for the marina’s development have been in place, appropriately zoned and within the Official Community Plans, since 1988. Based upon approval of the marine plan with the council of the day, Community Marine Concepts contributed millions of dollars in community amendments including double wide streets with parking, an underground parkade at Royal Quays, sidewalks and sewage systems. The City attained 65% of the 16 acres owned by the company, fully serviced and finished. Yet, years later and under a new council, the City of Victoria downzoned the lots to diminish the size of building development against the advice of staff. The company took the City to court over the loss of value. Though they were not compensated for full value, the Supreme Court of Canada ruling awarded the company $1.6 million for legal costs.
basis of economic development and community stability. The rights of private property owners to develop their properties, either residential or commercial, to their greatest value within the allotted zoning are a basic element of our democracy. Community input is important to ensure that the zoned use is built out in a way that can best accommodate neighbourhood concerns, while at the same time not impeding private property rights. It is vital that our local governments guide the citizenry in the correct process and do so in a timely manner so as not to cost our economy the benefit of economic development or our taxpayer should the legal process be frustrated.
North shore of the Inner Harbour Character home, Fort St.
This development proposal had been on hold for some time and has recently been brought back to the table and is again facing public opposition. The final decision on this project has not yet been made. Where Does that Leave Us? Zoning reliability and Official Community Plans are a fundamental
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new members Achieve Fitness Registered BCRPA Personal Trainer & Weight Trainer, Canfit-pro certified, nutrition and wellness specialist. p: (250) 217-6771 e: shannonvanember@hotmail.com Advantcomp Internet Application Development Inc. Need technology partners for a new or existing project? Contact us for a free quote. Experts specializing in web development and iPhone/iPad applications. p: (778) 426-0057 e: nwalker@advantcom.com w: http://www.advantcomp.com Big Baby Video Design Video Production & Direction. p: (250) 589-2251 e: aa@bigbabyvideodesign.com w: http://www.bigbabyvideodesign.com Burr Properties Ltd. Serving Victoria real estate needs since 1948. Specialize in commercial property management sale and purchase of residential, investment, or holding properties. p: (250) 382-8838 e: info@burrproperties.com w: http://www.burrproperties.com Business Makeover Canada Business courses delivered by Director Ian Brown, an accomplished entrepreneur, teacher and manager. Specializing in practical and positive behaviour shaping tools for your business. p: (250) 588-8545 e: ian@businessmakeovercanada.ca w: http://www.businessmakeovercanada.ca C. Justin Stephenson Consulting Inc. C. Justin Stephenson Consulting Inc. is a specialty management advisory firm focused on recruitment and executive coaching for clients in the non-profit, healthcare, financial services, technology and government sectors. e: justeph@telus.net w: http://www.advantcomp.com Collins & Co. Certified General Accountant Accounting firm offering bookkeeping, payroll, financial statement preparation, personal & corporate tax preparation. p: (250) 383-0337 e: nancycollinsco@shaw.ca w: http://www.collinsco.ca Corporate Crew Contractors Squad Ltd. Provides contractors and trades people with professional ‘back office’ services. Our goal is to enable these talented folks to do ONLY what they do BEST! p: (250) 472-CREW e: info@thecorporatecrew.com w: http://www.thecorporatecrew.com Deloitte Inc. Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,700 people in 58 offices. The firm is dedicated to helping its clients and its people excel. p: (250) 978-4403 e: omatters@deloitte.ca w: http://www.deloitte.ca
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Diane Pancel – Entertainer Diane is a seasoned artist with an eclectic range and style. The perfect choice for corporate, live venues, and private functions. p: (250) 920-5923 e: dpancel@hotmail.com w: http://www.dianepancelmusic.com Dine In Victoria Dine In Victoria has been bringing dinner to Victorian’s doors for over 15 years. Delivering from some of the best restaurants in Victoria, they provide a wide menu selection to choose from. p: (250) 361-3463 e: dineinvictoria@shaw.ca w: http://www.dineinvictoria.com
w: http://www.advantcomp.com Duncan Cameron Project Management Ltd. Think outside the box! Duncan’s 40 years of marketing, promotions and management expertise will help develop your business and global markets to increase sales and productivity. p: (250) 516-0263 e: duncan.cameron@telus.net DWC Outsourced IT Solutions Outsourcedit.ca is a computer services company providing onsite IT support to businesses between 25 and 100 employees in the Greater Victoria area of British Columbia. p: (250) 744-8618 e: info@outsourcedit.ca w: http://www.outsourcedit.ca EuroScape Spa Lipo Laser holds the potential to revolutionize body sculpting and aesthetic body contouring. p: (250) 590-5673 e: terry@euroscapespa.com w: http://www.euroscapespa.ca Fairway Divorce Solutions Changing the way divorce happens. p: (778) 433-3627 e: greg.longhee@fairwaydivorce.com w: http://www.fairwaydivorce.com
Global Health Source Canada “CREATORS OF NASOBIH,” the only anti-aging system designed with multiple antioxidant ingredients taken orally and applied topically to have a maximum effect on your health and skin. p: (250) 881-8126 e: info@nasobih.com w: http://www.nasobih.com Grandview Consulting Inc. Since 1997, the award-winning team at Grandview has been helping organizations discover, develop and communicate their strengths. We plan, write and coordinate your communications. p: (250) 389-6139 e: lorne@grandviewconsulting.com w: http://www.grandviewconsulting.com Home Front Ideas Total one-stop design centre and showroom. Transform your home to your personal lifestyle. p: (250) 656-2691 e: homefrontideas@shaw.ca w: http://www.homefrontideas.com
www.victoriachamber.ca Hone People Development Consulting Hone is proud to partner with all types of businesses, providing training courses and consulting services in professional, leadership and team development that improves performance and achieves results. p: (250) 413-3170 e: info@honeconsulting.com w: http://www.honeconsulting.com Island Cove Tanning Ltd. Provides premium tanning service to clients, as well as an assortment of swimwear. p: (250) 592-8266 e: neiltrem@hotmail.com Kiva Design Custom interior design elements. Beautify your space with finely custom crafted draperies and blinds, couture bedding, furniture and rugs. Design inspiration that is uniquely you. p: (250) 380-2011 e: kivadesign@telus.net w: http://www.kivadesign.ca Lark and Sparrow Boutique Vintage inspired ladies boutique. p: (250) 590-7296 e: larkandsparrowboutique@yahoo.com Ocean River Sports Outdoor specialty store operating a complete paddle sports & outdoor centre, encompassing an outstanding retail store, kayak school, touring centre, museum, shop, dock facilities, boat storage and paddling club. p: (250) 381-4233 e: mail@oceanriver.com w: http://www.oceanriver.com Ooh la la Cupcakes – Sidney Baking of cupcakes & cakes. p: (250) 656-0706 e: oohlalacupcakes@telus.net w: http://www.oohlalacupcakes.ca Pacific Carbon Trust Pacific Carbon Trust delivers high-quality carbon offsets to help clients meet their carbon reduction goals and to support the growth of BC’s low-carbon economy. p: (250) 952-6793 e: info@pacificcarbontrust.com w: http://www.pacificcarbontrust.com Pro Works Painting Our crews are professional painters experienced in the painting of residential and commercial projects. We provide clients with superior service and quality at a reasonable price. p: (250) 896-1485 e: juliane@proworkspainting.com w; http://www.proworkspainting.com
Richardson GMP Ltd. Wealth management firm. p: (250) 419-4261 e: jay.fray@richardsongmp.com w: http://www.richardsongmp.com
RumTels Solutions Direct contact marketing tool for your company to increase its awareness in Victoria, and Canada. Electronic flyers, 100% company’s message reception by customers/ members/public at any time and date. p: (250) 891-7860 e: info@rumtels.com w: http://www.rumtels.com Sharon Wagner Realty For the past 14 years, Realtor® has been my profession. Let my service, knowledge and experience guide your purchase or sale of Real Estate. p: (250) 480-8160 e: sharon@sharonwagner.com w: http://www.sharonwagner.com Silver Cleaning Ltd. Building maintenance and janitorial services, specializing in floors, windows and carpets. p: (250) 893-4726 e: silver_cleaning@hotmail.com
Status Clip & Cut Fun and funky. A high-end one stop shop to transform your look. p: (250) 590-7828 e: statusbarbershop@gmail.com w: http://www.statusclipandcut.com Story Arc Communications A simple means to professional writing. Copywriting - web content - promotional script. p: (250) 216-9047 e: jrharbour@gmail.com w: http://www.storyarccommunications.com Strategic Edge Marketing Grow your business 20% without increasing your advertising costs, guaranteed. Call today and your business can receive a $5,000 employee leadership program at no cost. p: (250) 590-6899 e: growtoday@strategicedge.ca w: http://www.strategicedge.ca Thomson + Page Limited We are a mid to high-end furniture store that specializes in custom orders, upholstery and furniture. p: (250) 590-7416 e: info@thomsonandpage.com w: http://www.thomsonandpage.com Urban Web Design Inc. Custom web designing to match your company’s logo, sales brochures and other advertising materials. p: (250) 380-1296 e: ian@urbanweb.net w: http://www.urbanweb.net Wagner Management Advisory Services Certified QuickBooks ProAdvisor. p: (250) 415-0773 e: bill.wagner@wmas.ca w: http://www.wmas.ca
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policy moves
The BC Chamber Annual General Meeting takes place in May. The Greater Victoria Chamber of Commerce is very active with policy submissions on issues important to our members. The BC Chamber AGM and policy process is the way that all chambers across the province can bring identified issues to the chamber provincial table for consideration as a priority issue on the provincial level. If policies are approved by provincial delegates, the BC Chamber will add their voice to the advocacy efforts that we engage in locally.
communities. Finally, we will be bringing the need for the expansion of the runway at the Victoria International Airport to our provincial partners for their approval and subsequent advocacy assistance. We look forward to reporting back to our members on how we fared in policy debates at the BC Chamber AGM and if we will have an added voice to address issues of concern to our regional business community.
This year, the Greater Victoria Chamber is focussing on working towards revisions in provincial involvement in municipal taxes. The crisis in industrial communities in the province has brought sharp focus to the flaws in our municipal taxing system. The provincial government has committed to addressing the issue – especially as it pertains to industrial properties. However any changes made to address industrial properties will be bound to have an impact on other classes. Our goal is to ensure that shifts from industrial taxation do not adversely affect business taxpayers. It is likely that there will be continued focus on municipal taxation over the coming years. Municipalities are stretched with limited funding sources which makes their budgeting difficult. However municipalities have also not been in the habit of budget cutbacks, which exacerbates the problem and further burdens taxpayers. There will be more conversations and policy development on how to address both of these problems. Some of these conversations will almost certainly focus on re-instating the business vote in the province. The topic has been on the minds of many lately and at this juncture, is a part of the mix of advocacy conversations. A second area of focus for the Greater Victoria Chamber at the provincial AGM is a number of policies advocating for the tourism industry. The Chamber will be introducing policies to support long-term stable marketing funding to tourism and to re-introduce a less complicated visitor tax rebate program that will apply to both individuals and group travellers. We will also be advocating for specific HST mitigation measures for our large tourism businesses as they are huge revenue generators for their respective
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Business Matters
ask an expert Working Capital - The Essential Ingrediant
Choosing the Right Mortgage
>> Troy Fimrite, President Viking Pacific Inc.
>> Lynda Smith: Mortgage Broker/ Morgage Specialist, Select Mortgage
There are many resources that a business needs and one of the most critical is working capital. In a growing business, the cash flow requirements of establishing infrastructure, building inventory and marketing typically precede the cash provided from sales. Without the needed working capital, even the most promising business may struggle to remain viable. But with tighter credit these days, it is not easy to raise working capital. Further, those with resources to lend or invest are looking for businesses to provide them with a compelling case before parting with their money. Our experience at Viking Pacific Inc. suggests that there are a number of steps a business can undertake to enhance their chances of obtaining funding. We approach this from the point of view of the smaller to medium sized business, one that is seeking funding other than through the issue of a formal Offering Memorandum. Of prime importance is for you to look at your situation through the eyes of the investor. We recommend that you: 1) 2) 3) 4) 5) 6) 7)
Prepare a detailed business plan. Define how much working capital you need. Decide on the type of financing: debt or equity. For debt financing: outline interest rate, payment schedule for interest and principal, security, etc. For equity financing: outline type(s) of shares, dividend rates, hold periods, etc. Offer competitive returns and an exit strategy to the investor. Clearly explain how the funding will be used in the business.
With all this information properly prepared, you are ready to approach the “market”. Once family, friends and financial institutions are exhausted as sources, you will need to market your opportunity to a broader spectrum of investors. Companies such as Viking Pacific Inc. can help to connect accredited investors with your investment opportunity.
Troy can be reached at Troy.Fimrite@vikingpacific.ca
Business Matters
I’d like to bring to your attention the importance of the terms of a mortgage. I’m saddened by the serious hardship that can be caused by mortgage terms that mortgagors (borrowers) aren’t aware of. I can’t stress enough how important it is to make sure that you fully understand all of the terms of your mortgage long before you sign the documents. This is often the course of our emotions when buying a home: ...excitement making an offer ...more excitement when the seller accepts the offer ...even more excitement when we get a call from our broker or lender that we have been approved for the mortgage ... You likely gave thought to the: rate, property inspection, payments, and amortization. Did you give thought to the terms of the mortgage? Did you go over them in a hurry in one day, or perhaps even a few hours, before you had to remove the conditions on your offer? Did you understand every clause very clearly and go over every clause with your broker or lender? Judging by many clients that I work with, you may not have. Mortgages contain conditions such as a requirement to have fire insurance and keep your property in good condition; however some mortgages have very restrictive terms. Some mortgage terms state that the mortgage cannot be paid back for a certain period of time unless the property is sold (in other words, you cannot refinance your mortgage). In some cases, these terms even specify that you must sell the property through a realtor! Even if the unexpected happens such as illness or job loss, some mortgage terms prevent a mortgage from being paid back unless there has been a bona fide sale of the property. I urge you to ask about the terms of your mortgage well in advance of removing the conditions on your purchase contract.
Lynda can be reached at Lynda.smith@vericoselect.com
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