Bulletin Board

Bulletin Board is our weekly e-newsletter, designed to provide members with up-to-the-minute information on Board of Trade policy and advocacy activities, events, events, products, services and promotions. Bulletin Board is emailed to members every Wednesday.

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This Week's News

January 30, 2012 - Click here to view Bulletin Board from January 30th, 2012

Traits of a Champion

At Toronto Board of Trade we help you grow your business. Our speaking events connect business professionals and influencers throughout the Region, providing opportunities to engage, network and collaborate. As part of our National Speakers Bureau Series: In Conversation With, we welcomed Olympian Mark Tewksbury to our podium. This gold medalist and champion communicator shared powerful and compelling traits that enable new breakthroughs in achievements that can positively impact business.

Below are a few tips which Mark shared.

Mark Tewksbury's Great Traits of Champions

Trait One: Exemplify Excellence

By using the power of your example, you inspire excellence in others.

Great Leaders are trustworthy, respectful, positive, recognize the achievements of others, and act with integrity. It can be really easy at first glance to say to yourself, "Yes, I exemplify all of these things" - because most good leaders DO bring these qualities to life. So get specific.

Follow-up activity for excellence:
How do I show respect? How often? If someone were to hold up a mirror to me or my organization, what would be seen?

Trait Two: Have Purpose

By capturing people's imagination with clear objectives and roles, you inspire everyone to do their part in making it happen.

Behind success, usually measured by numbers and facts, stands the clear alignment of purpose and meaningful contribution all the way through an organization.

Follow-up activity for have purpose:
What is your company/organization's vision for 2012? Can you picture your part in bringing this vision to life? Does every person in your organization see how their work matters?

Trait Three: Embrace Contradictions

By being open to various possibilities in any given situation, you find what works best even if that appears to contradict what you have done before.

Life is not black or white, it is black and white and everything in between. Part of the art of leadership is to be able to tap into that to find the best way forward no matter what the circumstance. Never say never. What might not have worked before, might work now given what's going on. Or vice versa.

Follow-up activity for embrace contradictions:
Are you seeing different possibilities in challenging circumstances? Do you make decisions based on what works instead of what is right or wrong? Are your decisions consistent with your values?

Bonus Trait: Influence Wisely

Recognize the impact you have with your life by sharing your wisdom, experience, and knowledge with others.

Mark's presentation inspired the audience in the 'in conversation with' section, resulting in a great sharing of ideas around volunteering, embracing the traits, and being part of something you are passionate about.

This Week's News

January 16, 2012 - Click here to view Bulletin Board from January 16th, 2012

Fear Not! Developing a Social Media Strategy

Incorporating social media into your marketing plan has become the norm as people begin to see the value it brings to their marketing mix. However many are intimidated and unsure where to start or how to develop a plan. By using social media correctly you can engage your audience in new ways, be more personable, and develop new connections while maintaining your current ones. When developing your social media strategy there are a few steps which should be considered.

1. Watch, Listen and Learn
Get online and listen to what is being said, mine the conversation being had. What do people think about your brand? Is there a level of awareness? What are their points of views? Are there key people who influence others? What are the various topics?

Determine your audience and where they are online. Blogs are a great place to start looking. Twitter and the Twitter network is another great place to gain insight into conversations that are happening in real time. The advanced Twitter search is one of many tools that will let you isolate specific conversations and monitor them.

Listen to what people are saying. What are their issues, opinions, and needs? How does this information fit with your value proposition? Understanding this information will help you determine how to best contribute to the conversation.

Finally learn who’s driving the conversation and who has a strong influence. These people are called "influencers" because they possess authority, respect, or experience to shape people's opinions. Find people who influence your industry or niche and listen what they are talking about.

2. Identify Your Goals and Objectives

Now that you’ve done your research and listened to your audience, you should be in a better position to establish your goals. Some goals might include driving a certain amount of traffic to your website. Perhaps you want to increase the number of followers by a certain percentage over a certain number of months. Maybe you just want to extend you brand presence on the social web.

Consider not only your company goals but your audience's goals. What are their needs and wants? You will get much further with social media marketing if you offer something of value. Many people simply promote themselves all of the time, hoping they will attract new customers, but this doesn't work well with social media.

Spend about 90 percent of your time providing valuable content and 10 percent promoting yourself. You will find you can build more influence and trust with the value you provide your followers.

3. Develop Your Plan and Timeline

Map out your approach to delivering content to your audience. Will you reach out and leverage the Influencers? Will you provide free material or samples? How will it be delivered? There are many creative ways to approach your audience. Be innovative.

Develop a timeline, preferably 12 months in advance, to identify events, promotions, or product launches that you are aware of. Once done identify the content ideas you want to deliver that can supplement those events. It is like developing a media plan where you are timing your efforts so they are consistent and relevant to other events your business or customers participate in.

Finally identify the social platforms you should use to deliver your content. Is Facebook the right platform for you? Is it a combination of Facebook, Twitter, and LinkedIn? Once you’ve determined the platforms develop a mini plan for each site. Be careful not to go after too many sites too quickly. To ensure success start with one or two sites at a time and develop them so they are solid before moving on to another social media site.

4. Develop Your Content

You’ve developed a timeline now you have to develop the applicable content. This timeline will help you know what order to start building your content. This is where you really need to understand your audience and your brand. You must be highly creative and much of what you say within social media channels should sound like your brand.

Optimize your content with your targeted keywords this will ensure great, relevant ideas around your content will resonate with your audience. Here are a few ideas to get you started:

Promotions with deals to participants
Tips or how to's
Facts or factoids
Ask your community - take polls and share results
Invite guest authors
Top 10 lists
Case studies
Interviews
Relevant news
Opinions
Photos

5. Implement Your Plan

You are now ready to post your content. Engage in the conversation and express your point of view. Social media is not an "if you build it they will come" type of scenario, you have to keep at it constantly delivering engaging, relevant and valuable information that reinforces your brand proposition.

6. Identify Your Success Metrics

The ability to measure the effectiveness of marketing activities is imperative to any company's marketing strategy. Social media marketing isn't as easy to measure as other online channels but it can be done. Look at content consumption for example, who's reading your content and where are they coming from? You can also look at how much or little is being contributed and the number of visitors who are interacting with your content.

Having a sound social media strategy can help make a difference in the success of your marketing efforts. You will come off more polished, organized and viewed as being a real player in the social media space. Fear not! You are prepared to effectively develop and contribute to your social media initiatives.

This Week's News

January 9, 2012 - Click here to view Bulletin Board from January 3rd, 2012

Executives set sights on emerging markets, but Canadians remain cautious

The global trend of foreign investment represents both opportunity and risk for Canada. Nearly 40% of companies worldwide plan to shift some foreign investment from developed to emerging markets within five years, according to the latest Economist Intelligence Unit paper, Canada in a Globalized Economy: an investment perspective, sponsored by Ernst & Young.

This trend has important implications not only for Canadian firms as investors, but also for Canada as a destination for investment

The survey, which polled 195 top Canadian and non-Canadian executives, found that 40% of those already investing in developing markets anticipate a 20% or greater boost in foreign-derived earnings this year. At the same time, it shows that not everyone is leaping to follow the trend; 34% of the companies surveyed have no plans to shift their investment from developing to emerging markets in the next five years. Although Canadian executives are attracted to larger or growth markets to either outsource production or tap fresh markets, they remain more inclined to invest in developed markets, citing concerns about political and economic instability, skepticism about potential returns and workforce challenges in emerging economies.

While one third of both Canadian and non-Canadian participants felt that Canada is better than other countries at nurturing entrepreneurship, there is still more to do. Canada's strict labour regulations, expensive living costs, smaller markets, higher taxes and lack of ready venture capital financing have proven difficult obstacles to overcome for Canadian entrepreneurs.

The report explores in detail the implications of changing investment patterns for Canada and identifies the key drivers of investment. For more information visit www.ey.com

This Week's News

January 3, 2012 - Click here to view Bulletin Board from January 3rd, 2012

Effective New Year’s Resolutions

As a small business owner, the beginning of the new year is a perfect time to reflect on accomplishments, address areas where desired results were not achieved and develop an operational strategy. This review and evaluation is needed to define goals and objectives moving forward. Below are ten resolutions every small business owner needs to make now to get their 2012 off to a successful start:

1. Stop being negative about the state of the economy.
This country is still staggering through tough and turbulent economic times. The reality is this economic state could continue throughout 2012. That said, in a trillion dollar economy there are definitely more than a few new prospects that can help grow your business. While complaining doesn’t help find them, offering solutions to solve their problems does.

2. Critique the performance of your employees.
Stop holding onto the people that are poor performers, don’t fit within the culture, or don’t augment the bottom line. If that employee went on a month long vacation would it negatively affect the company? What impact would their absence have? Be objective and make those tough decisions.

3. Market to prospects that meet my product purchasing criteria.
Businesses spend a lot of time trying to market their products to an audience that simply does not possess the financial means to make a purchase. Businesses spend a lot of time on these “Maybes” (prospects that show inconsistent interest). Separate these “Maybes” from buyers by determining the customer’s income bracket, their influence on decision making, and timeframes for their purchases.

4. Do not lower prices to substitute a real marketing strategy.
Have the confidence in what your company sells and do not lower prices in an effort to win business. Focus on prospects that recognize the value your company or products delivers. Leave the price wars to your competitors.

5. Meet with customers and vendors face to face.
Stop relying on email and the phone as an exclusive way to talk with customers. Even in a social media world, deep and long lasting business relationships are still built through face to face meetings and conversations.

6. Attend at least one major industry event.
A big part of success in business is to never stop learning from others. Attend a conference, and focus on the discussions and content. Don’t spending the time working on issues that are happening back at the office.

7. Invest in yourself and learn a new skill.
“Old dogs can learn new tricks." Most companies invest in training and professional development their employees. Take this year to become proficient in a professionally weak area or an area you lack the courage to tackle. Furthering your skill set will ensure success and growth, personally and professionally.

8. Recognize when you need to take time off.
Professional and personal lives are merging. Take one vacation of seven days or longer this year and leave the computer at home. Go at least one day this year without using your work cell phone. You can do this!

9. Truly understand your businesses financial statements each month.
Many business owners are too busy to check or don’t understand their financial statements. Make a commitment to learn what the profit and loss, balance sheet and cash flow statements mean to your business and use them as a guide for future action. Do not delegate that understanding to your bookkeeper, CFO or accounting professional.

10. Be proud your’re a small business owner.
Celebrate the big achievement of creating a company, successfully establishing products and/or services, assisting your customers and empowering your employees. As a small business owner your energy and entrepreneurial spirit is the economic driver of the region and this country.

Are there New Year's resolutions that you want to add to the list? Send your resolutions to bulletinboard@bot.com.

This Week's News

December 19, 2011 - Click here to view Bulletin Board from December 12th, 2011

How to Succeed in Business and in Life

At Toronto Board of Trade we connect business professionals and influencers throughout the region, providing opportunities to engage, network and collaborate. We facilitate this by hosting more than 100 member events annually. On November 23rd as part of our National Speakers Bureau Series: In Conversation With, we welcomed Robert Herjavec, Dragons' Den Judge and Advisor to our podium. This self made millionaire shared his success story and discussed his book Driven: How to Succeed in Business and in Life.

Below are a few tips which Robert shared.

1. Know a good deal when you see it - Don't be afraid of risk. With great risk comes great reward. Try something new to achieve something more. Successful business people have an unrelenting drive to convert a vision into reality. Trust your vision when it appears to you.

2. Learn the art of a good pitch - Having an idea is one thing, but selling it, now that takes skill. It is imperative to engage your prospect quickly, maintain a pleasant demeanor all while sharing an original and appealing idea in a good presentation. Have a realistic plan of action that is backed up with figures and facts. Make it easy for someone to invest in you by doing the work for them.

3. Know the value of your venture - Your company is worth what the market says it is worth. If you have no sales, you have no value. Keep in mind that an established company can be enhanced with perceived comparables and forecasts, but no profit translates to no value.

4. Be driven - Unless you can't wait to get started on building your business each day when you wake up, reconsider your goal. People who manage to reach exceptional levels of success cannot imagine themselves doing anything else in life. Building their company is something less than work and something more than play. Remember that the odds will be against you. If that alone deters you, you are not sufficiently driven to succeed.

5. Be a budding business person - First and foremost, identify your passion. Do the research to identify and quantify the need for your product or service. Determine from the start who your competitors are and whether it is wise to challenge them for the same dollar. Set fixed goals that are measureable and attainable. Have an exit strategy that can guide the way you grow and shape your company. Map out a course for success in advance.

6. Set big goals - Don't underestimate what you have in your power to achieve. Set big goals and back them up with a realistic course of action that will enable you to achieve them. Don't let the end result intimidate you. Use each day as a stepping stone to further your progress. You'll be surprised what you can accomplish.

7. Embrace chaos - Truly driven business people don't fear chaos as much as they dislike habit. To most people, a routine is comforting, but to achieve new heights in business you have to embrace that which you cannot control. In many ways you should be prepared not only to accept chaos in your life, but to embrace it. Welcome it. Thrive in it. And even profit from it.

8. Know how to deal with stress effectively - Stress is perception. If you truly love what you do, then take the driver's seat and control the things in your power to control. Being in control does not create stress, it reduces it. Accept the inevitability of stress and deal with it. Learn to cope in a positive manner that works for you. Stay informed to avoid surprises and communicate effectively to reduce stress. Have an outlet for your stress that allows you to deal with it in a positive way.

9. Be prepared for opportunity - Be aware and act quickly. If you take too long to respond the opportunity may be gone. Before committing to anything, think it through to understand what you must do and how you can profit. Use the resources you have today, and don't forget to understand the impact of the real world. It's ok to revise the guidelines, but don't ignore the hard truths.

10. Learn from failure, profit from change - Experience may be a good teacher, but its lessons can be painful. The best way to dull the pain of a business failure is to isolate the cause, identify the lesson learned, and change your policies, strategies or processes to deliver future success.

For more information on Robert Herjavec, view his NSB Speakers Profile.

This Week's News

December 12, 2011 - Click here to view Bulletin Board from December 12th, 2011

Tax Season is Fast Approaching

As 2011 comes to a close, Canadians are wise to be mindful of looming tax deadlines and should take some available downtime during the holidays to tackle year-end tax planning. Before ringing in the New Year, there are key tax deadlines to meet before Dec. 31 as well as tax strategies to think about for 2012.

Below is a tax deadline checklist and link to a Year- End Tax Planner Guide provided by PwC. This guide provides a checklist of what individuals and owner-managed businesses need to do now to save tax.

Tax deadline checklist for Dec. 2011 to Apr. 2012:

Dec. 15: Final quarterly installment of tax due
Dec. 23: Final trading day to settle a trade for Canadian stock exchanges
Dec. 31: Last day to contribute to RRSPs for those turning 71 in 2011
Dec. 31: Final day to make charitable and political donations
Dec. 31: Last day to make final payment for 2011 tax credits or deductions (ie. Child care and child fitness/art expenses, medical expenses, moving expenses, tuition fees, etc.)
Feb. 29: Last day to make regular RRSP contributions
Apr. 30: Deadline to file personal income tax returns

For more information, read PwC’s Year-End Tax Planner 2011 at www.pwc.com/ca/yep.

Bulletin Board

Mark Tewksbury's Great Traits of Champions

Trait One: Exemplify Excellence

Trait Two: Have Purpose

Trait Three: Embrace Contradictions

Bonus Trait: Influence Wisely

Linking to the PwC Canada Web site does not imply any endorsement by PwC of the services or products being offered by Toronto Board of Trade.