make it business, august 2008

8/6/2019 Make It Business, August 2008

1/9 A U G U S T & S E P T E M B E R 2 0 0 8

E RBCs OF LENDING

I

ts 8:45 am and the photoshoot for this story is just wthe Hastings and Granville branch of RBC. Judy Brooowner of Blo Blow Dry Bar, is tapping furiously in

ry. Her business partner and general manager, Val, isprops and furniture used in the shoot. Others are puttinequipment, wrapping cords and rearranging furniture beopens at nine.

Judys day is packed: a series of business meetings, hotors, then off to London, England later that evening on a to her daughters graduation from university, a one-weekweek with Europeans who have shown and interest in Bl

Before the bank is even open, Heidi Stewart senior acbusiness and personal reappears and in her hands is 2counts out to Judy. Judy speaks to her about a few bankindisappears into the din of Hastings.

This vignette illustrates how banks are developing ne

order to support businesses and help them succeed. In thon the front lines of RBCs efforts to win customers by plevel of service where responsibilities for personal and buare combined under a single account manager.

Need cash in your pocket when you land in London? Nthis case, its in your hands before the bank opens. Need deposits for your growing business? Easy. How about figto leverage you personal assets to start a new business? D

Two years ago Blo was just a twinkle in the eye of Juidea came to her when she was on her way to a networkiother of her businesses (ProActive ReSolutions) and at 6:3have time to book an appointment at a hair salon nor d$75 it would have cost to have her hair blown and styled for the service. Eureka! A problem looking for a business

When women walk into an event, their confidence is

GROWTH: In

the past two

years, RBCs Aly

Karmali BC re-

gional manager

of small busi-

ness markets

has overseen

a dramatic in-

crease in the

services offeredto help nurture

business in BC

TEAMWORK:

RBCs Heidi

Stewart (right)

has been in-

strumental in

facilitating the

rapid growth

of Judy Brooks

Blo Blow Dry

Bars

how their hair looks, Judy says. As women, were alway

hair looks great first, then we make comments on clotheMy daughter Devon was going to school in London a

of the Arts and I mentioned the idea to her. She thoughgreat project for a business plan that was part of a secoWell, we basically took her business plan and executed it

That was a mere 13 months ago and already Blo is up tand three locations: Yaletown, South Granville, and the nFour Seasons Hotel. According to Judy, she has already hher door with franchise proposals.

The genius of the concept is in the creation of a new cness. Not a salon (you wont find a pair of scissors in Blo),Bar. Walk in, get blown in one of eight styles, pay $31, go

18 months, RBC has increased the number of senior small business-account manag0 to 130 just one step in the banks efforts to appeal this growing market

Photos:DeanSanderson.com

FINANCIAL INSTITUTIONS ARE RECOGNIZING T

OF THE SMALL BUSINESS MARKET AND HAVE D

HOST OF NEW PRODUCTS TO WIN YOUR BUSIN

BUSINESS INVESTIGATES SOME OF THESE OFFER


2/9

I N S P I R I N G S M A L L B U S I N E S S T O T H I N K B I G

ss has been booming.e cash-positive in the first Judy says. We haveo come to the bars threees a week and never wash

home.w did RBC help with the

success?s been my preferred bank15-years old, Judy says.

en the financial partnersusinesses Ive owned. Fore been extremely helpfulanswers to the challengesp.not my world and Heidiely helpful in getting me. Instead of me setting ups for a new location, shealso educated me about

sits and other details. Hei-e it easy for me to focus ons.eidi has done in con-th Judys personal bank-e Corriea is help inte-nal and business finances.n RBC team, Heidi andelped Judy organize hernances, allowing her toart-up capital (with twohareholders) to success-

h Blo.manage Judys entire fam-ship, Heidi says. From

nance like investing andto loans, RRSPs, to RRE-ss lending and investing.

egree, holistic approach tod our clients value it.e first met to discuss Blo,lot about what her goals

e company and how weher save time and moneyher aware of some of the

e offer. Things like nightnline banking, payroll ser-e tax filing and other elec-

ces.mple, when Judy was

setting up a Moneris Visaccount, she simply cameI quarterbacked it, savingd effort on a service thatctly benefit her business,in her area of expertise.g to Aly Karmali region-and adviser, small busi-

ts BC account managersre the cornerstones of an

approach to small-business bankingthat delivers more value to RBC cli-ents. In fact, Heidi is one of 130 suchsenior account managers across BC(up from 60 only 18 months ago).

What we want to do is to make banking as easy as possible for ourclients, says Aly, who also sits onthe board of directors of Small Busi-ness BC.

Our goal is to make banking aseasy as possible, but also to helpour clients compete by sharing ourresources and expertise with them,he says. In fact, we have a series ofextremely helpful Definitive Guides

for Small Business available free atmost branches that have great adviceon topics like marketing, financing,customer loyalty, building alliancesand partnerships, improving produc-tivity.

We also provide a number of greatseminars that small-business ownershave found extremely useful. ManyRBC clients have attended our 10Deadly Sins of Marketing for SmallBusiness series and we are very ex-cited about the new A-Series programwe are co-sponsoring in Septemberwith the Forum for Women Entrepre-neurs, which will focus on escalatingbusiness growth.

RBC is also positioning itself as asmall-business resource with a robust

website (www.rbc.com/tips) whereyou can find an abundance of in-formation on starting, growing, andexpanding your business. Theyvealso recognized that 49 percent of allnew businesses in BC are started bywomen and have a link on their siteto a section with advice specificallytailored to female entrepreneurs.

Lest you think its all about altru-ism, its not. According to an IpsosReid survey commissioned by RBC in2007, 560,000 residents of BC plan to

start their own business, with 160,000of those doing so within the nextyear. And financial institutions are allfighting for a piece of that pie.

But good deeds and good businessare not necessarily mutually exclu-sive. If you have any doubts, stopin at Blo the next time your hairs inneed of fixing and not only will youget a great style, but youll bear wit-ness to one bank helping one entre-preneur reach her dreams.

Coast Capital winning conin small business market

Four years ago Coast Capital

Savings small-business of-ferings were minor at best. Ina short span they have made

great strides in developing a numberof unique product offerings intended togive the small-business owner a help-ing hand on the road to success.

Piloting that growth has been CoastCapitals director of small business,Lisa Bolton. Hired away from TDCanada Trust four years ago, Boltonhas taken Coast Capitals community-based values and injected them into

the business side of their operations,leading a growing number of MetroVancouver companies to choose Can-adas second largest credit union.

My area of focus is really the mirco-business operator, Bolton says. Ourposition is that we are really there forthe little guy or gal typically fewerthan 10 employees and not a lot ofseparation between management andthe owner.

Not every business wants to getbigger, but everyone wants to get bet-

ter. If our small-business specialistscan help you shave a few points offyour expense line or help you withrecruitment, then thats a success tothe owner and to us. I would suggestthat the charter banks are generallyinterested in helping businesses getto the next size up.

Four years ago Coast Capital hadno account managers dedicated tosmall business today there are 18who service the 50 branches from

Nanaimo to Chilliwac

The average enskilled at the craft o but not necessarily running the business. ness specialists can hein cash flow, payrollany number of areasside of the business.

We want owners time on their businspend more time in it

One area in whichexcels is in the arena

preneurship, where thfor Big Ideas programhit.

Not everyone is the standard lendingyou have a great ideaas well, well lend onthe business plan, Boexample, if someone a ranch for troubled yhave an excellent busdont meet the stricthave funds set aside f

for-profit social businThough its defin

risk portfolio for the thorough interviewingmitigate the dangers which loans up to $35

We have a commient areas within the crexamines the viabilityand the decision to

NEW KIDS ON THE BLO

years, Lisa Bolton dire

business has helped C

Savings carve a niche a

small businesses

See O



s no shortage of star-studded soires and charity-related events tosummer.ebrities and more than 200 prominent business and communityed a glass at the Literacy & Beyond Event held at Vancouversspot, beyond restaurant and lounge. Guests munched on mouthwa-mer-inspired West Coast cuisine, listened to live jazz, and sampledoveted wines.tterfly Francis Hui celebrated the one year anniversary of her FHS

he zodiac-inspired Space Lounge. Comedian Roman Danylo andr schmoozed with the well-dressed crowd.

s young and fabulous donned their best all-white outfits and head-

ught-after JetSets Hamptons Polo Party at the Gabriola Mansion.sipped swanky cocktails and mingled on the overcrowded patio.stel Hotel, Allan Knights Secrets of an Entrepreneur seminar in-s to take their business to another level of success.this running around the city, who has time for a sit-down meal?ef Angela Tunner shared her secrets to whip up fast gourmet mealslittle or no-cook cooking at Cookworks.

by is the owner of Juicy Communications & Promotions, a boutique-stylens company in Vancouver and Toronto. Juicy Communications representslifestyle, wellness, entertainment, and not-for-profit industries. For upcom-R, and to hire promotional staff visit www.juicycommunications.com.

Krystal Cahill, Alexandra Ross and Kaylee Bodenham ham it up for the cHamptons Polo Party at the Gabriola Mansion.

Local Celebrities

support Literacy

& Beyond Event

Television personality Vicki Gabereau savoursspectacular West Coast cuisine at the star-studded Literacy & Beyond Event.

Annick Press associate publisher ColleenMacMillan and Ballet Kelownas event coor-dinator Debbie MacMillan enjoy local wineand live jazz at the Literacy & Beyond Eventheld at beyond restaurant + lounge.

At the Network Hub EnUp, from left: Absolute CSuzanne Fetting, Primerier Ray Anderson, and Seowner Laska.

CTVs Comedy Inc. Romamayoral candidate Peter with Francis Hui at her FHAnniversary Party at the S

t speaker, and personal chefer signs copies of her award-

kbook at Cookworks.

Members of the Vancouver Executive As-sociation presenting a $10,972 donation tothe Make-A-Wish foundation.

g benefits to your business

Rachel von Sturmer, GBA, CFPEmployee Benefits Specialistwww.truebenefits.caP 604 872 2866

us do the work foryou.e are: The sharpest benefits specialists in Western Canada.got: Years of experience working with large and small companies.e: Taking care of the details so you dont have to.


4/9


Robertson of Vision Vancouver (left) and Peter Ladner of the Non Partisan Association wilor the mayoralty of Vancouver in November. Both founded and grew successful businessebetter for your business? Read the interview and decide for yourself.

Robertson:stepped down from your position as an MLA, it caused a media

osition Leader Carole James only found out through the media.used any problems?

d been talking about it for some time, obviously, Carole and I. Its inter-

e world of politics, that as soon as you make a decision, the world finds

or another, within hours, it seems. Carole and I had been talking about

ile, anticipating outcomes. It was just unfortunate timing with us that

t we didnt get a chance to talk, to check in on it, and the media made

aloo about it.

h from a successful provincial political career to running for the

en job of mayor?

s a sense that Vancouvers at such a critical moment in our history, and

iling us, and theres no clear leadership right now. When I made the de-

ayor, Mayoon thewall,

whos

going

to win

the

election

this fall?

Peter Ladner:What was your motivation for challenging sitting mayor Sa

the nomination of the Non-Partisan Association (NPA)?The simplest answer is that I thought I had a better chance of win

ed to be sure that the NPA won.

Most of the NPA councillors supported Sam Sullivan. Is the

NPA at all?

No, everyone is united and we are moving forward to the electio

nomination battle that people take sides. The natural place to go is

leader and be loyal to the team captain. I was taking a risk, obvious

had a better chance than he did in the nomination.

Why do you think you had the better chance at winning tha

The polls show that Sams popularity is low and that the voters w

See CAND

Photo: DeanSanderson.com



By Basil Nainan

months ago web designerscolm Ellis and Brett Duzitaed forces to found Magnumative (magnumcreative.ca).ntrepreneurs their dreamsthan their budget and re-m when they approached

or financing.nks asked us for our in-

come statements, our credit historyand our business plan, Duzita says.

But at the end they said our needsdo not fit into their product mix. Theywished us well and ... that was it!

Fortunately Duzitas partner, El-lis plays soccer. At practice one day,he had a word with Paul Craig. Andtheir business has taken off.

Craig is founder and CEO of LionRampant Business Finance Solutions

(businessfinancesolutions.ca) and aninteresting person to be friends with.Where others see red, he sees green.

You see, Craig says, banks andcredit unions are risk averse. Theytend to want established business-es as clients. And unless youre anexception with an impressive credithistory and such, they cant, by thevery nature of their business mandate,fund you the way youd wish.

Paul Craig of Lion Rampant (right) fills a niche in the lending market where banks wont go. Malcolm Ellis of web-

pany Magnum Creative is one client whose business is growing nicely because of Craigs financial wherewithal

hen you cant bank on the banPaul,

Im having problemsgetting a loan.

Hmm ...how about asset-based loans,

purchase-order loans, accounts-receivables financing,

or factoring?

Graphic:LuziaWietschorke

Lion Rampants necial sources can fundnesses with income lems, including startwith a limited credit h

Banks, Craig expfer one or two prograple of versions of eacreally have a broad pr

bank about six or Another bank perhor two. Nothing more

Fortunately for smabusinesses like MagnuLion Rampant netwothat it boasts speciali

can assist in specific lment leasing, commeasset-based loans, stalines of credit, francand cash flow financin

I asked Paul howcial sources he has conDuzita says. He askeguess. I thought perha

Craig says, We over 200 lenders. We funders to fund diffloans. We dont need

clients needs to ouplate. Instead, we scuaround the clients ne

Thats the big diffethe lenders in the Liowork can approve loahours. And loans can

just about every indusculture, energy and foto limo services, manwholesale distributors

Paul personally viadds, developed a s

us through the applguided us through theput our fears to rest. Wwere in business, anLion Rampant didncent.

Lion Rampant wasa $20,000 line of credwhich allowed themcal computer equipmwhich then allowedthree employees, wh


6/9


rred the growth of the full-phics shop that specializesarketing.nally, were all pro-rom an early age to thinkhave all the right answersmes to money and loansinvestments.think when a bank de-cial support, its the end

rld, Craig says. Its arrier. Weve always beenve that banks are the tradi-ers of money. Im looking

to break that mindset. Im workingon enlightening more and more peo-ple that there are alternative invest-ment-sources, that there are lenderswith investment programs which thebanks can work in conjunction with.Anything is possible. Everything ispossible. We can make it happen.

The personal touch made a hugedifference for us, Duzita says. Paul

projected our minds and our thinkingto beyond the set-up stage. He madeus see financial solutions to issues wehadnt even thought of.

In just 15 months of existence,Craig has helped finance more than50 small and medium businesses withhis expertise and network of alterna-tive business finance sources. Amongthe financial solutions Lion Rampantprovides are asset-based loans, ac-counts-receivables financing, equip-ment leasing, factoring, purchase-or-der loans and long-term loans.

People ask me if banks are mycompetition, Craig says. Of coursenot. We dont intend to be a threat tothem nor any others. On the contrary,

were trying to buildwith banks and credlaborate and work toenlighten the banks satisfy a client throug

Craig, 32, and of certainly knows his stuwith IBM as a finanfollowed by a three-Telus corporate fina

and acquisitions busment have accordedto conjure up investsolutions in a snap.

Every time Tanny Marks green-lights a project, yet another disabled British Co-

lumbian with entrepreneurial dreams is on the path to business success.

Marks program manager of the ABLED (the Advice and Business Loans for En-

trepreneurs with Disabilities) Loan Program is enthused by the upswing in entre-preneurial aspirations in the overall small business segment of the economy, but

wishes more disabled people would come forward to benefit from advantages that

her program offers.

The ABLED Loan Program is a joint initiative between Western Economic Diversi-

fication Canada and Vancity, Canadas largest Credit Union. Its first and foremost a

loan program like any other and every applicant must meet the necessary criteria as

laid down by Vancity. Aspiring entrepreneurs with disabilities, however, can enjoy

access to special funds to support the business before or after it starts.

We practice what we term as character-based lending, Marks says. Which

means, over and above the stipulated criteria of a healthy credit history, industry

experience and skills which any loan program would demand, we also look at the

individual. We look at the individuals standing in the social and economic strata

through a resum check, business-related character references as well as their level

of self-preparation for business. We make it more personal by recognizing the indi-

vidual within the entrepreneur.

Of course, the higher the level of self-preparation, the more passionate about

success the individual is, the better the chances of the loan being productive.

Once were confident about the character aspect of the individual we investi-

gate business acumen, Marks says. If we find that the individual is self-reliant and

doesnt have to rely on others and scores about 75 (on a scale of one to 100) in busi-

ness acumen, we can take the individual to the 100 mark with our funds, advice and

counseling.

Virtually anything is

the internet, borrowing

a recent Rice University

online peer-to-peer lendbe more attractive than

cial institutions.

Online lending sites e

to lend and borrow mon

one another, without t

red tape and high inte

ated with financial inst

The trend began jus

ago. The first and larg

loan auction site in the

per.com with 480,000 m

date already facilitated

in personal loans.

When requesting a lo

rower must choose the a

specify the interest rate

to pay and choose the

auction which can last f

days. The loans are unsec

based on a credit grad

oped by the Prosper sta

to all members.

visionary named Carol New-

change the profit-only world

any called Renewal, with a

tegy and a 500-year vision,support and facilitate a shift

hilosophy.

o the business community, es-

tish Columbia, was loud and

the myopic, self-indulgent

maximum financial return

etary cost and in its place

e where the ecosystem is in-

o economic activities.

a social entrepreneur and

st and the principal of the

up. She has to date placed

lion in organizations work-

sustainability in BC.

a Chaloult the dynamic, en-

operating officer at Renew-

dont give loans, we invest.

partners to those firms that

he enterprises that Renewal

d with are Happy Planet and

es Urban Delivery.

Enabling the disabledPeers pusonline len

wal for ahy planet



Hidden costs can kill your web businE-commerce novices overlook expenses and time that drain accou

ew weeks ago, a clientasked me to give her aballpark estimate of whatshe should expect to pay-commerce website. Sheanything fancy, just

reliable, secure, appealingnal, with which she couldbands custom-made fish-She and her husband saw

nity to expand his hobbye-based business, leverag-wer, reach, and potential ofwide web.ny entrepreneurs whoe-based business, hertight, and so my esti-

mate of five or six thousand dollarsor more for a custom ecommercewould consume most of it. (Yes, dearreader, I do know of alternatives,such as eBays ProStores - www.pro-stores.com or StoresOnline www.storesonline.com neither of whichrequire design or development coststo implement. However, as frequentreaders know, a custom-developed

website can be an asset especiallyif you license it properly). The re-mainder, she explained, would haveto suffice until the business began tomake money.

She saw no need to create a busi-ness plan, assuming that the only

costs incurred would be the upfrontdesign and development of the web-site, the domain registration, and themonthly hosting. She had failed to

budget for any other expenses theclassic trap of viewing e-business assomething other than a real busi-ness with real recurring expenses.Perhaps it is because of the imperson-al nature of e-business transactions

happen autonomously which cre-ates the illusion that once launched,the website can be ignored, and theonly reminder of its continued func-tioning is the trip to the bank to de-posit the sales receipts. This mental-ity is most evident in the increase in

queries regarding cropJust like any busine

there are costs to be inless if they are paid in time and effort. Consisecurity. Remaining vcasionally testing youkeeping your computedefinitions up-to-dateing informed as to the

frauds, phishing and oall take time. Another the time consumed in tomer service. Coordinprocessing refunds, antions, and arranging spare an important part


8/9


ustomer service can trans-eat business. Consideringatory nature of Web 2.0, itt to remain active by par-nd moderating the activ-website. Interactivity, inproduct reviews, forums,rds, and social network-place demands on yourare often not directly rev-

ating, but important none-

ty is that your e-businessfound by your customers,competing on a globalimportant first page on

d getting found takes timeWhat was once a positivell online sell to a globale also means you arewith businesses aroundArguably, the largest ex-

me and money, after thedevelopment of the web-marketing to the searchtivities such as keywordntent updates, blogging, submitting your site tongines, pay-per-click ad-nk building, and routine-g traffic stats and activitynalytics, necessitate time,ommitment in order to site will be found by

mers.

hy proper business plan-mportant. Keeping an eye

providing excellent cus-ce, participating in the staying current withtechnology, and market-

e to the search enginesime and money. While ito absorb these expens-ily, proper financing willr business until it gen-ve cash flow. Failing toning to fail.

is an eBusiness adviser withnnections, a business resourceng e-business information andlp BC business remain com-online market. Andy has over

xperience in website develop-ogramming and is a provin-d instructor who has taught

web applications and web pro-nce 1998. He can be [email protected]



W

hen you walk into a TDCanada Trust branch, itsmore than likely youll bepersonally greeted be-

fore you reach the teller. This, accord-ing to Norm Attridge, is by design, asthe financial institution positions it-self as the leader in customer serviceamongst banks.

Typically at a good retail shopsomeone will greet you right away,says Attridge, TD Canada Trusts BCregional sales manager for small busi-ness. When you walk into a TDyoull often have someone come outfrom behind the desk to greet you.

Its one thing to talk about serviceand its another to live it. We dontreally see ourselves as a bank, but asa retailer.

With service as the cornerstone ofits strategy, TD Canada Trust has putthe small-business customer experi-ence at the heart of all of its offerings.

Its customer-centric drive has ledto a number of awards, including theSynovate Award from 2005 2007 forBest Customer Service, the 2007 J.D.Powers & Associates Highest Satis-

faction rating among Canadian Banks,and the Synovate Award for BestOnLine Banking.

By and large at every bank theproducts are more or less the same,but with slightly different marketingspins, Attridge says. Thats whywe put such an emphasis on buildingrelationships.

When you give the small-business

owner the opportunthat builds rapport anhonest responses fromers. We get to hear f

is working and whathelps us improve.

According to Attridof TD and Canada played a big role inof the service offerinmost apparent manifeCanada Trust DNA isada Trust 8 to Latein which many of theopen until 8 pm, no

bankers hours.Weve been recogn

the best web-based prcombined with our locommitment to servsmall business custosays Attridge.

Time is our customcious commodity andcan do to make bankand easy, the more timowners can devote to

business and living thTD Canada Trust

ers also work the full to Late hours, makinvice for small busineeasier.

Weve tripled the nadvisers in the past thr10 to 32, Attridge saywork in the branch anthe business commun

e committee, Bolton says.opportunity Coast Capitaled in the marketplace is

nking fees to a minimum,retail and business clients.onducted focus groups ofess owners and found thatxity of business fees washemes that just kept com-lton says. Owners were

m depositing my moneynd the fees are ridiculous.

business owner is paying0 and $80 a month on feesve banks.ame up with a novel idea:this, we wont charge young your money. And thatnesis for our One-Small-

e-Rest-is-Free campaign.siness owner, for $20 youimited deposits and with-

Continued from page 13

Industry awards recognizeTD Canada Trusts customer serv

GREETINGS: Later hours and better cus-

tomer service are how TD Canada Trust

sets itself apart, according to regional small

business manager Norm Attridge

See V

ners want

er fees

make it business, august 2008

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