Business News - February 2010

VOLUME 25, NUMBER 2, 0834-20X FEBRUARY 2010

Specialized industryadvice

IN THIS ISSUE:•Fraud risk and detection

•Minimizing insurance costs•Managing working capital

We see the pressures of a global economy.

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Business News is a monthly publication of the St. John’s Board of Trade.

Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade.

Articles and criticisms are invited, but opinions expressed by contributors do not necessarily represent those of the St. John’s Board of Trade. We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions.

Editor: Krista Penney

Printed by: British Group of CompaniesLayout: Roxanne Abbott ST. JOHN’S BOARD OF TRADE EXECUTIVE

Derek Sullivan ChairJo Mark Zurel Senior Vice-ChairSteve Power First Vice-ChairJanet Peddigrew Second Vice-ChairBruce Templeton Immediate Past ChairSherry Walsh Treasurer

BOARD OF DIRECTORS

Keith HealeyKim KeatingJerry KirklandJeff LeDrewDenis MahoneyMargot Bruce O’ConnellBrenda O’ReillyCelina Stoyles

STAFF

Nancy Healey ChiefExecutiveOfficerJennifer Chaytor Manager, Finance & ComplianceLori Coleman Business Affairs ManagerMargie Davis Sales ManagerCraig Ennis Vice President of Policy and CommunicationsWanda Palmer Events Marketer & Administrative CoordinatorKrista Penney Manager of Member CommunicationsSherry Ryan Member Relations Administrator

St. John’s Board of Trade34 Harvey RoadP.O. Box 5127St. John’s, NL A1C 5V5 CanadaTel: (709) 726-2961 Fax: (709) 726-2003E-mail: [email protected]: www.bot.nf.ca

IN THIS ISSUEContents

Business News

COVER STORY 2CHAIR’S MESSAGE 3FEATURES 4KEEPING CURRENT 13MEMBERSHIP 21

Febraury 2010 1

Cover Story

Business NewsFebruary 20102

advIcE yoU caN baNk oNRbc helps companies achieve their goals

Most successful businesses – both large and small – draw on the expertise of many professionals

to shape their business operations and strategies. This advisory team can include lawyers, accountants and bankers. AtRBCRoyalBank,beingfirstforbusiness means more than simply offering a range of banking products. It means specialists knowledgeable in various industries who can help businesses achieve their fullest potential by providing focused, expert advice. Mike Feaver, RBC’s Vice President of Commercial Banking in Newfoundland & Labrador likens the approach to one taken by many other professions. “Similar tohowlawyersfocusonspecificareasof practice, RBC commercial account managers are now specialized and have expertise with processes and practices relating to that industry.”AtRBCyou‘llfindaccountmanagerswith expertise in: Aboriginal banking; business and professional services; retail and consumer services/franchising; real estateandconstruction;notforprofit;medical professionals; public sector; supply chain i.e. wholesale, manufacturing and transportation.

Customized solutions for your industry With a team of 14 providing solid financialadvicetoclientsacrossNewfoundland & Labrador, RBC’s industry specialization approach has met with a positive reaction from clients. In fact, they are ranked as one of the top commercial banking teams across the country for customer loyalty. “We can always count on this team to deliver exceptional advice and service to our clients,” says Greg Grice, RBC’s Regional President for Atlantic Canada. “They consistently demonstrate why they are top ranked through their strong client loyalty numbers and exceptional performance. As well, there have been a few team members who recently received international recognition awards for their outstanding contributions.”

Integrated partner With a strong focus on acting as a business partner and advocate, the team delivers on providing the gateway to flexibleandinnovativefinancingproducts,investment services, and trade and cash management solutions. Feaver also notes the incredible commitment to teamwork, which is a hallmark of RBC’s corporate culture. “We can help clients access our partners across platforms and do it seamlessly. I’ve had clients tell me that they feel we’re part of a big team.” The team is not only focused on bringing the wealth of RBC resources to the table, but also works closely with other professionals, such as lawyers and accountants, to ensure that RBC’s capabilities are fully aligned with their client’s needs.

Community partnership Though the team is unquestionably dedicated to serving clients, they also findtimetosupporttheircommunity.In conjunction with their partners in six St. John’s branches, RBC received the Contribution to Community and Community Service Award from the St. John’s Board of Trade last year. This award was given to RBC as the company that demonstrated outstanding commitment to

the community through time, effort, and financialcontributions. RBC also provided a historic $800,000 RBC Blue Water Project grant to Memorial University of Newfoundland & Labrador this year. It is the largest philanthropic contribution RBC Foundation has ever made to an educational institution in Atlantic Canada. The donation has been directed to MUN’s innovative Leslie Harris Centre of Regional Policy and Development, and will help provide research and regional workshops on issues relating to municipal drinking water needs in rural and remote communities.

Open for business So what’s next for this team? Continuing to meet and exceed their client’s expectations, and growing the business. “The recent international economic situation might lead people to think that banks are shying away from lending,” says Feaver. “That couldn’t be further from the truth. We are absolutely ‘open for business’ and would love the opportunity to meet and learn about your company.”

Cover: Mike Feaver, RBC’s Vice-President, Commercial Financial Services, Newfoundland & Labrador

RBC’s Commercial Financial Services team (left to right): Trevor Earle, Heather Martin, Mike Feaver, Paul Anstey, Marie Hurley, Thelma Deering, Patsy Roberts, Andrew Sinnott, Danielle Antle and Paddy Phillips. Missing from the photo are Graham Milley and Tish Roche.

Chair’s MessageEcoNomIc oUTlook

Business News February 2010 3

Welcome to February’s edition of business News, taking a closer look at financial services and insurance within our membership

Welcome to February, when we have had a chance to put our new year’s resolutions to the

test and also face some of the stormiest weather for the winter.

Our outlookFor all the talk of resolutions, what the year will bring and what kind of weather we will have to bear for the next few months, looking at the economic survey you,ourmembers,filledout,Ihavetosaythat it looks like you have resolved to be upbeat and 2010 looks to be a sunny year. With more than 80 per cent of respondents saying that local economic conditions are good or excellent, and an incredible 100 per cent saying that economic conditions are either the same or better than a year ago,confidenceishigh.

Your businessIt is interesting that these results are released at a time when we are featuring financialservicesandinsurance.Ontheonehand,itseemsthatthefinancialservices sector is set for a boom and the insurance industry might be put to the back of our minds. In good times, we might be inclined to think that our bullish run will continue and so we need to talk to our investment advisors and bankers and personalfinancialcounselorsandmakesure we are taking advantage of our good fortune.Letmebethefirstpersontosaythat this is a good idea, and a prudent way to manage not only your business but your personalfinances. Not to be a pessimist, but we cannot forget the other side of the equation – the insurers. If taking advantage of prosperity while it is happening is a good thing (and I think it is) then preparing for the

unforeseen is just a smart way of making sure the good times keep happening.

Keeping a balanceThese days, balance is a key part of discussions at the Board of Trade on a variety of topics. I am looking forward, during my time as Chair, to dealing with public policy issues in a balanced and informed way. At the municipal level, regarding downtown development we need balance that respects economic, cultural and historic realities. That said, the Board wants to see development support job growth and wealth creation for the future. Provincially, we continue to tell government that we support their efforts to balance the budget and provide surpluses that can be used to pay off our massive public debt. The Board of Trade encourages continued prudent management of public funds; this includes continued balanced budgets, competitive taxes and limited growth in public sector spending. Fiscal prudence today secures a strong future and we have a responsibility to do that. To play off this month’s Business Newsthemealittle,it’safinancialservicethat we collectively take on today that provides insurance for the next generation. And federally we are telling the

Government of Canada that it needs to dosomeseriousworkonthefinancesitmanages on our behalf. The report by theParliamentaryBudgetOfficerofastructuraldeficitatthefederallevelisascary proposition because it could mean tax hikes or cutbacks, or a combination of both. As a member, you may ask why we raise a point like this publicly, and that is a valid question. The reason is simple: the Board of Trade is very concerned about the options the federal government has, and the actions that it might take. The province needs investment in Marine Atlantic, Lower Churchill and other things to grow and succeed. The impacts on the city and theprovincecouldbesignificantandwewill make sure that local voices are heard in Ottawa.

Chair, Derek Sullivan“These days, balance is a key part of discussions at the board of Trade on a variety of topics.”

Advocacy: A Board serviceConsidertheseadvocacyeffortsafinancialservice and insurance we provide because you are a member. Promoting business’ interests on a variety of issues from downtowndevelopmenttofederalfinancesensures that decision-makers know what is needed for you to succeed. The Board’s efforts can contribute to your ability to grow your business, and can ensure that other forces do not overtake the needs of our part of the community. As we get further into 2010, let’s all think aboutourfinancesandourinsuranceplans.Whether it is the banking for our business or the contribution we make to improving the private sector as a whole, cooperation is key. Whether it is protecting the building we’re in or preserving our voice with decision-makers, we are stronger together. Let’s achieve that balance and prosper from it.

Sincerely,

Derek Sullivan

Feature


SUccESS - INSIdE & oUTEngaging employees delivers great customer service

We have all heard companies say they are dedicated to customer service and to providing a

great customer experience. But, what does this involve exactly? And, where should providing great customer service start? At Johnson, we are dedicated to our people and believe that great customer service starts with and is a result of having engaged, happy employees. Employees need to be equipped to deliver a quality customer service experience. This is more than having the right policies and procedures in place and offering training programs. To move from providing good customer service to great, employees need to feel engaged and ready to provide their organization with the extra effort to go beyond their job description, relating to and personally caring about the customer.

First step – Organizations can do many things to drive engagement. This starts with attracting the right people to the organization. Most companies have mission and value statements and an external brand. However, having ‘internal’ brand beliefs and hiring people who share thesebeliefsisthefirststepingettingtheright people to deliver exceptional service. Next, set clear job expectations and jointly agree to goals with each employee. Linking these goals to the corporate vision will ensureyourpeopleunderstandhowtheyfitwithin the company and why what they do is important. Providing regular feedback on performance will encourage employees to keep doing the right things.

Empowerment – Give your employees the autonomy to make decisions which are right for the customer and the business and allow them to move forward effectively with their actions. They need to feel empowered to affect change.

Recognition and reward – Recognizing employees for their contribution involves more than an employee’s paycheque.

While pay raises and bonuses are always welcomed, other forms of recognition are also valued and people like to be recognized in different ways. One person may appreciate being publically recognized while another may prefer an email message from their leader thanking them for their contribution. At Johnson our employees can nominate co-workers for our annual recognition program who they feel have done a great job and live the brand beliefs. This popular program highlights the contributions of employees across the country, culminating in a gala dinner for 15 semi-finalistsandafabulousprizeforthetop winners.

Leader development – Leaders within organizationshaveasignificantimpactonemployee engagement. This relationship is a key driver in motivating employees and can make or break how a person feels about coming to work each day and delivering great service. Companies need to invest in developing their leaders to train, coach, and communicate effectively with their staff.Communication – And, lastly, one of the most important elements to engaging employees is ensuring effective

communication. Internal communications can utilize many tools from a company Intranet site, an all-staff email or voicemail, a video-message, or desk drop and while these are great ways to communicate with employees, communication should be two-way. Employees need to feel that they have the ability to communicate with leaders and affect change. At Johnson employees can communicate one-on-one with their leader and they also have the ability to communicate directly with our president (Ken Bennett) through a “Connect with Ken” email account. Last year staff sent our president more than 800 messages on topics ranging from suggestions on projects to notes thanking or congratulating him on a new initiative. We also conduct an annual employee survey which gives employees a voice and provides the company with a measure of the level of engagement. Following up on the survey by developing action plans is important as it ensures improvement activities take place. Overall, there are many things that organizations can do to engage employees and at the end there are two great results….happy employees and great customer service.

Article by Alex Griffiths, Interim VP Human Resources, Johnson Inc. Johnson is a NL based, national insurance provider with over 1200 employees in more than 65 locations. Johnson has been recognized by the Customer Management Assessment Tool (CMAT) as being the top company in the world in terms of customer relationship management and it has been recognized as a Top 100 Employer in Canada by Mediacorp and as one of the 10 Best Companies to Work For in Canada by the Financial Post.

Alex Griffiths

Featurebdc pERSpEcTIvE


operating smoothly. “In the daily grind, you may be more focused on making sales. But of course, it’s not because you have revenues that you have money to spend,” he says. For many entrepreneurs, for example, working capital can be tied up in delinquent client payments or overstocking inventory. So how do you become more proactive and better manage working capital?

Get external helpBDC consultant Ed Klarich believes thatmanyentrepreneurscouldbenefitfrom getting external help to assess their working capital needs. “At BDC, we can helpentrepreneursdoathoroughcash-flowassessment and look at key areas such as their sales cycle, inventory turnover, and credit terms for suppliers and customers,” hesays.“OneofthefirstthingsIdowithclients is help them see where they could

Effectively managing working capital

When it comes to managing workingcapital,thefirstpieceof advice from BDC area

manager Nick Fry is, “Don’t be reactive. Be proactive.” Entrepreneurs experiencing rapid growth are often confronted with the challenge of not having enough cash on hand to operate their businesses. “Be sure you’re ready for growth and that youdon’tfindyourselfintheredwithoutcash resources. It’s a question of planning ahead. You don’t want it to become a crisis before you go to your bank,” he emphasizes. Although working capital is seemingly a simple calculation of current assets minus current liabilities, business owners can easily lose sight of how much they need to keep their businesses

improveandfindotherwaystogeneratemore cash internally.” A good example would be to ensure that you are eliminating work processes that add no value to the product or service and simplifying those processes that do. Lean manufacturing, for example, targets a number of sources of waste, including overproduction, defects, delivery delays, unnecessary inventory and the movement of goods, people or information.“Ultimately,ifyoucanfindwaystorunyourcompanymoreefficiently,youcanalsomakemoreprofitsandincreasecashflow,”hesays.

Know your sales cycleKeeping a vigilant eye on your sales cycle is another way to help manage your working capital. “You need to know if your sales cycle is similar from year-to-year and identify its highs and lows. If you know thatyouwillbefacingfinancialdifficulties

continued on page 6...

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Feature


bdc pERSpEcTIvEduring certain periods, you may need to adjust your working capital accordingly,” suggests Fry. “You need to know your main expenditures during a low season, and then try and keep your expenses down during that period.” Fixed expenditures for most businesses include labour and equipment. “There are certain areas of your business where you’ll always need an influxofcash.”

Know the “quality of your receivables”“Getting paid is not a sure bet today even though you may have outstanding payments from clients,” emphasizes Fry. “You want to ensure that your customers have a good credit history and that they will respect your payment terms. Otherwiseyoumayfindyourselfwithoutcash when you need it,” he says. Fry recommends that entrepreneurs clearly communicate their credit policy up front. “It’s basically a set of rules to help you get paid as quickly as possible. Your clients need to know the maximum amount of credit you will grant them, payment terms (30, 45, 60 or 90 days) and deposit requirements. Ask yourself: how much can I afford to lend my customers without draining my working capital?”

Collect payments fasterCollecting payments from customers faster is an obvious route to keeping more working capital in your company. Still, Fry believes it’s important not to put your client rapport in jeopardy. “You need to keep your clients happy and attract sales, but at the same time, ensure that you’re not footing the client bill too long,” he says. To help protect yourself from late payments, he recommends billing as early as possible and making sure payment terms are clear. “You don’t have to wait until the end of the month. That’s a common fallacy. You need to generate an invoice as soon as the goods or services are delivered.” For clients making large purchases, Fry suggests progressive invoicing.

Negotiate the best supplier terms“Be sure that your suppliers are giving

you the best possible deal and don’t be afraid to negotiate,” says Fry. It’s important to shop around to get quotes from several suppliers. “Even if you’re unable to get a better price, you can at least negotiate better payment terms so you’re notdrainingyourcashflow.”Fryalsorecommends making payments to suppliers on time. “If you respect their terms, you’re more likely to get their cooperation if you need to renegotiate payments when things are tougher,” he adds.

Watch your inventory closelyIt’s also a good idea to assess your inventory turnover to determine which items are selling and which may be using up your working capital. “If you’ve got too much tied up in inventory, then you may be vulnerable. Be sure that you can liquefy your inventory for cash when you need it.” A rule of thumb is that once you see a trend or pattern in client orders, you can begin to stock inventory according to your needs. Do this just before you sell the inventory, so that the money you’ve invested comes back into the business as quickly as possible.

Business Development Bank of Canada (BDC) helps create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises (SMEs). In St. John’s they can be reached at (709)772-7320 or visit them online at www.bdc.ca.

...continued from page 5

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Gardiner Centre Connects


baSEd IN bUSINESSTraining program helps give back to veterans

For this installment of Gardiner Centre Connects, and as executive in residence for the Faculty of Business

Administration, I decided to share with you an example of one of the remarkable achievements from the Faculty of Business Administration from this past year. The program, Based in Business, saw students, faculty,outreachunitsandfinancialservices professionals pool their talents to deliveralifechangingprogramforfiveofthis country’s heroes. The Faculty of Business Administration’s award winning Students in Free Enterprise (SIFE) team, led by faculty advisor Lynn Morrissey, manages so many community-based projects each year. So, when the Department of National Defense was looking for someone to develop a program to help veterans start their own businesses, SIFE jumped at the chance to helpoursoldiers.Thefitwasimmediatelyapparent, given that Memorial University is dedicated to our fallen heroes from both world wars, and that the former Chief of Defense, General Rick Hillier, is the present University Chancellor. The project was agreed upon by SIFE, however, on one condition; this pilot project would not cost the soldiers anything. The SIFE team needed partners and volunteers to make the project a success. While the Department of Defense worried about engaging volunteers, we assured them that in Newfoundland and Labrador, volunteers are a-plenty… and a-plenty they were. This yearlong pilot project was ambitious to say the least. It involved a selection phase, a weeklong in-residence training program followed by a yearlong mentorship. In our search for help, no one said no; “It’s for our soldiers” we said – the reply – “How can we help?” What developed was a massive team effort. The university donated resources, business faculty members designed and delivered training sessions, SIFE students helped the soldiers develop their business

plans, local business persons hosted lunches and offered advice. In addition, the Gardiner Centre and its staff helped plan and facilitate sessions, while the Institute of Chartered Accountants of Newfoundland and Labrador volunteered to provide mentorship services to each soldier for a year!Thereward?Gettingtoknowthefivesoldiers who took part in the pilot project. The soldiers were from Nova Scotia and Newfoundland and Labrador. They had served in Afghanistan as well as Search

and Rescue missions. They regularly put themselves in harm’s way on our behalf. It was an honour and a privilege to work with all of these partners and to meet these soldiers. Others thought so too. The Minister of Defense, Peter MacKay and Prince Charles both met with SIFE on their recentvisitstotheprovince,specificallyto hear about the Based in Business Program. Needless to say, both were quite impressed by the program and its results. The partnership and volunteerism of the members of the Institute of Chartered Accountants of Newfoundland and Labrador shows a softer, community-involvedsideofthefinancialservicesindustry. To quote Prince Charles, “Accountants with hearts? My word!” What’s next? We are hoping to offer the program to soldiers from across Canada, with training occurring at the Gardiner Centre with the Chartered Accountants again acting as mentors across the country.

Richard Daw volunteers at the Gardiner Centre and is the Executive in Residence for the Faculty of Business Administration.

Contact the Gardiner Centre at [email protected] to explore the opportunities that exist for you and your business to connect with the Faculty of Business Administration’s faculty and students.

Richard Daw, FCA, CMCExecutive in Residence

FeatureFRaUd alERT!


Today and everyday, organizations must be on fraud alert

Directors, management and employees have a responsibility to understand fraud indicators

and develop environments which are not conducive to fraud. The ‘Tone from the Top’ will help create an environment wherefraudmayflourishorsubside.Internal controls are very important to preventing fraud. Without strong internal controls, such as segregation of duties and management oversight, fraudulent activity may occur and go undetected for years. Fraud can be committed by individuals internal or external to an organization, or some combination thereof. Fraud that benefitsanemployeeisverycommoninthe workplace. Employee fraud includes actions such as misappropriation of assets (cash,inventory,fixedassets),theft,embezzlement, expense claim fraud, etc.

Fraudster profileTheprofileofatypicalfraudstermaysurprise you – the fraud perpetrator is generally a highly trusted employee who has worked with the organization long-term. The individual avoids taking vacation and usually works longer than regular hours (this is necessary to ensure the fraudulent act is not detected). The employee is generally technologically advancedandhassufficientknowledgeofhow the processing system works. The individual is aware of weaknesses at the organization, understands the internal control system and is knowledgeable about management oversight activities. The fraud perpetrator generally has a typical‘hidden’profile,whichmaynotberecognized by co-workers. The individual is generally living beyond their means – adjusting to an excessive lifestyle that cannot be provided based upon current salary. The individual often experiences emotional instability and may have a drug, alcohol or gambling problem. The individual sees themselves as intellectually superior to co-workers, supervisors and

management and are in fact, convinced they won’t get caught in the act.

Fraud risk and detection techniques are very useful tools. There are a numberofredflagsthatmaysignalan organization that something is not right:

Override of controls by •management or supervisorsIrregular and poorly explained •management activitiesProblems or delays in getting •informationSignificantorunusual•changes in customers or suppliersTransactions that lack •documentation or normal approvalCustomer complaints about •delivery or recording of paymentsEmployees hand-delivering •chequesInadequate security protocols •surrounding data access and passwordsUnexplained anomalies •infinancialresults(i.e.narrowingprofitmargins,inventory discrepancies, decreasedcashflow)

Fraudulent activityStudies have shown that nearly 80 per cent of employees may commit fraud in their organizations. The natural distribution of the work force shows that 20 per cent will never commit fraud, 20 per cent will likely commit fraud and the remaining 60 per cent may be swayed to commit fraud based upon the environment within which they work. It is imperative that organizations focus their efforts on this 60 per cent of the work force to help minimize the occurrence of fraud.

Reducing risksBy focusing efforts to create a positive control environment, which is not conducive to fraud, the risk of fraud is minimized. It is much more effective for an organization to prevent fraud from occurring than to detect, investigate and dealwithramifications.Unfortunatelymost organizations do not implement an appropriate process to manage fraud risk – until they suffer a serious loss. When an alleged fraud has been identified,theorganizationneedstodetermine who should investigate. A forensicauditwillensureconfidentialityand privacy requirements are adhered to. The investigator must have experience in investigating fraudulent activity and be independent and objective from the incident. When addressing allegations and suspicious activity, the priority is to protect theorganizationfromsignificantloss.All complaints should be investigated, including those against senior level staff ormanagement.Initialfindingsshoulddictate the nature of further investigation.

Cheryl Whitten leads business risk services at Grant Thornton LLP in the Newfoundland and Labrador Business Unit. She deals exclusively with risk, control, fraud and governance. If you have any questions or would like further information, please contact Cheryl at (709) 778-8808 or [email protected] .

Cheryl Whitten

Feature


maNagINg RISk10 ways to minimize your company’s insurance costs

Most companies rely completely on their insurance broker for their insurance. What most don’t

know is that there are a few simple things that can be done to help your broker get you better terms. Here are a few easy tips:

1. Budget for the market cycleThe insurance market is cyclical with extreme swings from high to low. Plan for this by budgeting at the high end. So when youfindthatpricesareeasing,resistthetemptation to decrease budgets.

2. Sell yourself to your insurer at every opportunityTake the time to make sure your broker understands your business operations and that they communicate them effectively to the insurance market. You already have policies, procedures, practices and other features that make you a better risk than other similar companies. So don’t keep them to yourself, use them to your advantage.

3. Concentrate on improving your riskInsurers look very favorably upon businesses that take safety and loss prevention seriously. This can often result in yearly premium savings, not to

mention the savings achieved if losses are prevented. Make sure to communicate these initiatives effectively to insurers through your broker. You will be more successful in the insurance market.

4. Consider higher deductiblesChoose deductibles that result in the optimal cost of risk. The general principle is: the higher the deductible, the lower the premium. When shopping for insurance ask for premium quotes for different deductible options. If you would never submit a claim for less than $10,000, why carry a $1000 deductible?

5. Make sure your property values are accurateAccurate values for things like buildings, contents, equipment and stock mean you are adequately covered, but that you aren’t paying an excessive amount.

6. Make sure your policy limits are accurateLimits are the maximum a policy will pay for a stated coverage. Limits are placed on liability, crime, business interruption and other types of coverage. Strike a balance between your comfort level that the limits are high enough to cover your anticipated maximum loss and the cost to purchase those limits.

7. Periodically check your insurance coverageDon’t over or under insure! Work with your insurance broker to make sure you

have the appropriate coverage.

8. Utilize your insurance broker’s servicesMost businesses do not fully utilize the services of their broker. Ask your broker what risk management services they can provide. While some services are included in the fees you already pay, others are available for additional cost. Examples include risk management and loss control, claims advice and advocacy, risk identificationandanalysis,etc.

9. Identify and weigh your riskRiskidentificationandmeasurementiseasy to do. Brainstorm with staff from alllevelstofindoutwhatyourrisksare.List them, then consider their likelihood of happening, and if they do occur the potential impact. This will organize your risks in a way that allows you to identify the more common and serious risks so that you know the areas to which you need to commit resources.

10. Implement and follow formal written policiesFor a business to be successful it must be “doing things right”. Many of these things that you are doing right are informal risk management. By formalizing them into written policies, training staff, enforcing them, and keeping documentation you will prevent losses and you will be in a better position to defend a loss should one occur. Policiesandproceduresshouldreflectbest practices in your industry, so do your homework.

Over the long term, businesses that do a good job of managing risk will have fewer claims and achieve better results in the insurance market than those who do not manage their risk well.

Craig Rowe is CEO for ClearRisk Inc. He writes weekly on strategies for managing risk at http://blog.clearrisk.com.He can be reached by email at [email protected].

Craig Rowe

FeatureoRgaNIzINg yoUR FINaNcES


Is your retirement plan on schedule?

With the holidays behind us and everyone back into their normal routines, this is the time of year

when people reassess themselves – their lifestyle, their health, their habits. One area that people should also include inthislististheiroverallfinancialplantosee where they are, how they performed over the past year and most importantly, are they on track for their future.

Are you behind schedule?With a little prodding, chances are most peoplewouldadmitthattheirfinancescould be better organized. You should have some understanding of what investments you hold, if they are working to meet your goals and whether you have incorporated adequate insurance into your planning.

There is no time like the present to review your current situationBuildingafinancialplanisthefirststepinorganizingyourfinances.Themostsuccessful businesses have a clear plan, review this plan, adapt to changes and readjust to reach their end goal. Why should you not take this approach when dealing with your family’s situation? It is a proven fact that those with a plan are the most successful. A properly developed plan can help you set your priorities and allocate funds accordingly.

Start planning nowWhether you already contribute regularly or are just starting to save, you need to effectively plan for retirement. Where do you see yourself in the future? When do you want to retire? What do you want your lifestyle to be? What do you see yourself doing once you are no longer tied to a work schedule? What are your sources of income? What will be your expenses be? All valuable questions that need to be answered.

Where do I start?To create an effective retirement plan, it’s firstnecessarytoplanforyourretirement.

Of the retirees surveyed by a Scotiabank poll, 40 per cent claimed to have done very minimal retirement planning and felt unprepared. With the RSP season upon us, now is a good time to start thinking about your retirement strategy. Here are some helpful techniques:

1. Break it downGetaclearpictureofyourpresentfinancialsituation to determine your net worth and see if you have proper insurance coverage.

2. Develop a budgetDetermine your household income and expenses on a monthly basis and see how you can save better.

3. Rate your prioritiesSet aside a list of what’s important to you, what goals you want to reach and the time horizon for each one. Also, consider how much investment risk you are willing to take on.

4. Assess your current investmentsBased on the above steps you should be able to review your current investments and determine whether your funds are allocated properly and whether you are on track to reach your goals.

5. Retirement questionsHow much additional income do you think

you require after taking into consideration your CPP/OAS and any pension income you will receive. Also give some thought to your lifestyle expenses.

6. Learn from othersIf you are not at the retirement stage yet, look around at family and friends who have retired to see what strategies worked (or did not work) for them and how you canincorporatetheirplanningtofityoursituation.

Too young to look at retirementYou are never too young to start. The earlier you start to save the much better off you will be in the long term. Contributing to an RSP early can have asignificantimpactonthevalueofyourinvestments. For example, let’s assume that Jane Early began investing in her RSP at age 25 and contributed $12,000 once a year for 10 years (in December). Let’s also assume that Suzy Lazy began investing in her RSP at age 35, contributed $12,000 once a year (in December) for a total of 26 years. In this scenario, assuming an annual return of six per cent, the amounts each would have at age 60 would be almost identical. However, the difference is that Jane contributed a total of $120,000, while Suzy contributed $312,000 – a $192,000 difference in after-tax savings! The numbersarealsosignificantlydifferentifJane had invested regularly throughout the year instead of a yearly lump sum. Your Retirement Savings Plan (RSP) is the best place to at least start your retirement planning. And the best time to begin is now.

The 2009 RSP contribution deadline is Monday, March 1, 2010Chris Schwartz is a Wealth Advisor with ScotiaMcLeod. To find out more about the services provided by ScotiaMcLeod or for a complimentary review of your current situation, you can contact Chris at 576-1387, [email protected] or www.mywgroup.com.

Chris Schwartz

Feature


INTEREST RaTE oUTlookNow is the time for businesses to review interest rates

Afterachallenginganddifficultyear, the Canadian economy is set for a return to positive growth

in 2010. Relatively low interest rates, an improvement in labour market conditions, strengthening demand for Canadian exports and a rise in commodity prices willbenefitCanadaandNewfoundland&Labrador. In the December RBC Canadian Consumer Outlook poll, a majority of Canadians (57 per cent) thought interest rates were going up in the next six months, asignificantincreasefromtheNovemberresult (52 per cent). Four-in-ten Canadians (38 per cent) expected that interest rates will stay the same over the same period. The Bank of Canada has a conditional commitment to hold the overnight lending rate at 0.25 per cent until the end of the second quarter of 2010. Althoughinflationarypressuresarelikelyto remain around the Bank of Canada’s two per cent target over the near term, leaving interest rates too low for too long poses longer-terminflationaryrisks.Inanefforttolimitlonger-terminflationaryrisks,welook for the Bank of Canada to begin a process of normalizing interest rates in the second half of the year. Although there is some debate as to what a normal level for interest rates is, there is no debate that normalissignificantlyhigherthanthecurrent 0.25 per cent. At RBC, our economics department expectsthefirst50basispoints(bps)rateincrease to come this summer with an additional50bpshikeforecastinthefinalquarter. This will result in the overnight ratefinishing2010at1.25percent–a100 bps increase. Current projections also suggest another 225 bps increase over 2011 to end that year at 3.5 per cent. Given we are at historical lows for interest rates, it is highly likely there is only one direction for prime rates to go – up. So the real question becomes what should businesses be doing aboutfloatingratedebt?

Afixedrateloanisexcellentforthosewhowantafixedmonthlyrepaymentschedule which is easy to budget and doesn’tfluctuatewithinthechoseninterestterm.Sofixedrateloansbringasenseofcertaintyandsecurityoveradefinedperiodoftimeandthehighercostreflectsthevalue of this certainty. This is generally achievedwithafixedrateterm,oraninterestrateswapcombinedwithfloatingrate debt for larger borrowings.Afloatingrateloanmaycarryalowercost and doesn’t provide the certainty of a fixedpaymentovertime,andthismakesitmoredifficulttobudget.Also,asharprisein interest rates could cause an increase in

debt payments beyond what was expected. In selecting an interest rate business owners should, at a minimum, consider:

Theflexibilityincashflowfor- monthly paymentsThedesireorneedtofixpayments- to a contract or projectThe level of tolerance for an - increase in interest rates (how much is too much)How long will the loan be needed - – will it soon be repaid; will there be a lump sum payment; potential loanrefinance;isthereabusinesssuccession strategy to be executedPrepayment penalties- The ability to price increased costs - into products/services quickly

Itcanbeadifficultdecisionforbusinessowners to make and our advice is that now is the best time to consider how you might want or need to mitigate your risk associatedwithfloatingratedebt. Consider your own business situation, external factors, your personal preferences, andtalktoyourfinancialservicesprofessional for their advice. You’ll come away with a well informed business strategy you are comfortable with, which perhaps might help you put more distance between you and your competitors.

Mike Feaver is Vice President of Commercial Financial Services for RBC Royal Bank, Newfoundland & Labrador region.

Mike Feaver

Keeping CurrentpolIcy maTTERS


downtown developmentDowntown development has been in the news recently with a proposal coming forwardforasignificantofficebuilding.The Board has looked at what has been publicly announced, and there are things in the proposed development that we agree with.

ThecityneedsclassAofficespace.•New developments need to utilize •the most up-to-date environmental guidelines. Construction work in the city, and •considerations such as parking, transit and amenities included in the proposed development, are welcome concepts.

The Board is interested in knowing the thoughts of its members on such development. The Board won’t be surveying members with restrictive ‘yes’ or‘no’questionsorscalesofonetofive,but will be taking any and all comments (whether yes or no, or a page-long letter)

through Craig Ennis, Vice President of Policy and Communications ([email protected]). Any feedback from members will be brought into discussions of the Municipal Affairs Committee, made up of volunteers from our membership.

meeting with the premier Early in the new year, 2009 and 2010 Chairs Bruce Templeton and Derek Sullivan met with Premier Danny Williams and Innovation, Trade and Rural Development Minister Shawn Skinner to talk priorities and plans. The positive and productive meeting covered a number of areas, including provincial competitiveness in areas such as taxation, enhanced transportation links to support local and provincial businesses, and the upcoming Budget.

Working at the federal levelThe Board has meetings scheduled with electedofficialsfromallthreenationalparties. In March’s edition of Business

News, the Board will report on the outcomes of these meetings. The Board recently submitted its priorities and perspectives to the federal government through its online pre-Budget consultation forum. These issues will be raised with Members of Parliament for the Conservative, Liberal and New Democratic parties directly. Some highlights of the submission include:

Put stimulus money into a trust where •cities/provinces can borrow against it to fund multi-year projects; incent early use of the funding.St. John’s International Airport •Authority has a ‘shovel ready’ project that requires a relatively small investment: its integrated landing system. Investment could bring hundredsmoreflightstothecity.Implement a national energy plan and •develop an energy corridor to support development of sustainable Lower Churchill hydroelectric power.


Keeping Current


polIcy maTTERS

Budget 2011 should be balanced. •Exercise restraint. Don’t raise taxes. Control spending.Take action on Atlantic Gateway •strategy, funding and actions.Transportation is critical for •Newfoundland and Labrador. Recognize that it is also critical for the mainland businesses which make their money from this captive market. Investinmoremodern,efficient,effective, reliable and reasonably priced transportation options.

behind the news: air accessSome members have asked why the St. John’s Board of Trade participated in an announcementregardingadirectflightbetween St. John’s and London recently. Essentially,thisflightwillbeconduciveto business development and adequately meets the needs of the business traveler. Specifically:TheflightisdirectfromSt.John’s•to LHR; there is no connection or association with Halifax.Itisadailyflight;aflightwithmore•limited frequency is not desirable for the business traveler who requires more regularly scheduled serviceTheflightoriginatesfromhereandthe•crew will be based here.Thetimingoftheflightismore•conducive to business travelOver 65 per cent of St. John’s passengers •whoflythisroutegotodestinationsbeyond London, making connectivity to other points in Europe a critical factor; at London Heathrow travelers can connect to points throughout Europe and around the worldThe route will be served by a newly •refurbished 120-seat Airbus A319 aircraft offering a choice of executive and economy service.

The Board of Trade welcomes this flightasitwillhelpfacilitatebusinessgrowthanddiversificationandletustakeadvantage of opportunities we might be losingrightnow.Thisisafirststepand

...continued from page 13 withsufficientsupportintheformofusingtheflighttheBoardbelievesextensiontoyear-round service will be warranted in the future.

coming upLook for the Board’s pre-Budget submission to the provincial government soon; Chair Derek Sullivan will be presenting the Board’s views to the Hon.

Tom Marshall, Minister of Finance, at a public roundtable on Friday, February 5. Also, look for updates that will come from each meeting with federal Members of Parliament as we send them back to Ottawa later this year with your needs on their minds.

Keeping CurrentaRoUNd THE boaRd


MEETING TIPS

A sample of the dishes served at Myx Meeting Centre

Simple recipes for stronger sessions

It’s an indisputable fact. For most professionals, meetings are necessary

but they’re certainly no fun. It doesn’t have to be that way. This column will look at the many easy ways you can boost the productivity ofyourmeetingsandeven,fingerscrossed, make them something to look forward to. This month’s tip: Get good food. Through centuries, across cultures, for every age and race, good food has had the power to uplift and connect people. It’s a simple recipe: Give people delicious food and they will feel appreciated, celebrated and motivated. Not everyone understands this. Meeting organizers will commit large budgets for a venue, facilitator,

guest speaker, and thick binders of materials. But when it comes to snacks, the best they can do is stale muffinsforbreakfastandcarb-ladensandwiches for lunch. Or worse, no lunch at all.

What they fail to realize is that healthy, tasty food leads to better break time conversations and camaraderie. This is turn creates spirited meeting room discussions and decisions.

When planning your next session, dare to think differently. Surprise your group by spending a little extra on lunch. Afraid you might spoil them and they’ll come to expect it? Wonderful! It might just be the least expensive thing you do to motivate your team.

Next column: Building an agenda that drives results

Gina Pecore is President of Myx Meeting Centre, located in Topsail.Call 834-6370 or visitwww.myxmeetings.com.

Keeping Current


aRoUNd THE boaRd

2010 Board Chair Derek Sullivan, officially opens the Business Show

Volunteers from Junior Achievement help out with event registration

Representatives from 3Ddatacomm showcase their high-tech gear

Christine MacKenzie, Account Executive (Atlantic Region) for Porter Airlines and 2010 Board of Trade Chair, Derek Sullivan, draw the grand prize – airfare for two from Porter Airlines

Don Mills, CMRP, President and CEO, Corporate Research Asscoiates Inc.



Guests stop into the All-Star Imprint booth to take a look at their products

Paul McCloskey, VP East Coast Operation, Husky Energy addresses participants at the Outlook Conference

Hon. Ross Wiseman, Minister of Business

Show visitors drop by the Anthony Insurance booth for some information

Keeping Current


aRoUNd THE boaRd

Marc Melanson, Regional Advisor, Statistics Canada (pictured here) was joined by Rob Greenwood, Director, The Leslie Harris Centre, Memorial University and Mark Shrimpton, Senior Associate, Stantec, in a discussion about major projects and demographics in the province

Hon. Tom Marshall, Minister of Finance

Sherry Cooper, Executive VP and Global Economic Strategist, BMO Financial Group

A visitor to the Business Show speaks with a representative from CGA

TA Loeffler, Mountaineer



communication function, including media relations, where he works with the Chair to communicate the Board’s messages publicly through local media outlets. He also manages aspects of the Board’s day-to-day operations, including contracts and relationships with suppliers.

The Board also congratulates Wanda Palmer who has been appointed to the

AppointmentsThe St. John’s Board of Trade is pleased to announce that Craig Ennis has been appointed Vice President of Policy & Communications. In this role, Craig will work with volunteer committees to develop the position of the Board on issues of importance to members and advocate to all three levels of government. Craig will also be responsible for the Board’s

2009 Board Chair, Bruce Templeton (far right) and incoming Chair, Derek Sullivan (second from left), met with Premier Danny Williams and Minister Shawn Skinner recently to discuss topics of relevance to Board of Trade members, including payroll tax, minimum wage, air access and government’s plans for the up-coming provincial budget.

position of Marketing & Administrative Coordinator. Wanda will be responsible for all online advertising through the Board’s website and electronic newsletter. She will continue to market all events, reserve tickets and follow up with event details. In addition, she will also be responsible for member advertising in the Business Directory.

Craig Ennis Wanda Palmer

Ask us for directions

there from hereYou can get

At Deloitte, we’ve combined the disciplines of audit, tax, consulting and financial advisory to provide the kind of 360-degree thinking that lets us approach challenges more broadly and deeply. Together, we can make sense of your complex issues.

To learn more visit www.deloitte.ca

Keeping Current


UpcomINg EvENTS

Book your tickets now! Call Wanda at 726-2961, ext 9 or email [email protected]

LuncheonsSpeakers: JUNO representatives Melanie Berry, President & CEO, Canadian Academy of Recording Arts & Sciences (CARAS) and Ken Marshall, Chair of the 2010 JUNO Award’s Host Committee (Rukus on the Edge)

Date: Wednesday, February 10th

Time: 12:30pm – networking, 1pm – luncheonCost: $39.50 member rate, $79 non- membersLocation: The Capital Hotel Join us for a chance to win a JUNO prize package!

Speaker: Dr. Wilfred Zerbe is the new Dean for the Faculty of Business Administration of Memorial University. Please come join us as he addresses the St. John’s Board of Trade with his vision for the Business Faculty at MUN and its relationship to the business community.

Date: Wednesday, March 10th

Time: 12:30pm – networking, 1pm – luncheonCost: $39.50 member rate, $79 non- membersLocation: The Sheraton

Breathe new life into your benefits and retirement plans...

Morneau Sobeco designs plans for your employees that are flexible and reliable, usingleading-edge technology that provides on-line access to benefits and pension information.

With Morneau Sobeco’s innovative consulting and administrative solutions, youremployee benefits come to life.

To receive additional information on these programs please contact Linda Evans at:709.753.4500 / 877.967.8910 or email: [email protected]

Fresh thinking. Innovative solutions. A powerful combination.

www.morneausobeco.com

Business MixersHost: Yuk Yuks Comedy Club, 193 Kenmount RoadDate: Thursday, February 25th Time: 4pm – 6pmCost: Included with membership (members only)Discount offered to members attending mixer for 7pm show at Yuk Yuks.

Host: Murray Premises HotelDate: Wednesday, March 17th

Time: 4-6pmCost: Included with membership (members only)

Networking on IceAn exciting new event, Networking on Ice is a fun way to meet members. Lace up your skates and join us on the rink. Stay after and warm up with a social beverage. Don’t skate? Join us for networking from 5-6pm at the Caps Pub.

Date: Wednesday, March 3rd Time: 4-4:50pm – skate, 5-6pm – mixerCost: Included with membership (members only)Location: Mile One Centre and Caps Pub

Lunch ‘n’ LearnsWorkplace Health Safety and Compensation Commission (WHSCC)Speakers: Leslie Galway, CEO of WHSCC and Ralph Tucker, Chair of the Board for WHSCC

Topic: How to streamline your WHSCC processes and requirements to create a safer workplaceDate: Wednesday, February 17th Time: 12:30pm – 2pmCost: $25 member rate, $35 non- membersLocation: St. John’s Board of Trade, 34 Harvey Road

Public Works and Government Services Canada

Topic: Selling to the public sectorDate: Thursday, March 18th Time: 12:30pm – 2pmCost: $25 member rate, $35 non- membersLocation: St. John’s Board of Trade, 34 Harvey Road

MembershipmEmbER NEWS


congrats pmac graduates!The Newfoundland and Labrador Institute of PMAC (NLIPMAC) extends congratulations to the 35 successful writersofthefirstfinalexaminationunderPMAC’s enhanced accreditation program, the Strategic Supply Chain Management Leadership Program (SSCMLP). The following eight of the 35 successful writers are members of the NLIPMAC:

Robert Kieley, Product Supply Manager, Newfoundland Labrador Liquor Corporation

Rosemary Maddigan, Buyer, Exxon Mobil Canada

Joseph Watson, Stores Clerk, Memorial University of Newfoundland

William Boland, Parts/Service Administrator, Liebherr Canada Ltd

Kevin Mackinnon, Purchasing Manager, Newdock

Gregory Baker, Stockroom Clerk, City of St. John’s

Annette Power, Purchasing Agent, Suncor

Dana Baggs, Regional Manager of Purchasing, Eastern Health

Congratulations on your achievement and best wishes for a successful career.

m5 marketing communications makes international moveAtlantic-based marketing communications agency, m5, has expanded its footprint into the northeastern US with the acquisition of bGG Advertising in New Hampshire, said President Gary Wadden today. bGG is a marketing and public relations firm,operatingforthepast20yearsinManchester offering strategic planning, media, public relations, interactive and website development, social media and graphic design services. The move into the US uniquely positions m5 and its group of companies. “This was a very strategic decision on our part,” said Wadden, “to cement the inherent tie between Atlantic Canada

and the Northeastern US.” Wadden said m5 has been operating in the New England marketplace for many years in the entertainment/gaming, tourism and telecommunications industry. bGG will continue to operate under its current name with existing staff. The change will be virtually seamless for clients. Today m5, with the addition of bGG, has more than 160 people. It has built its reputation on good insight, very hard work and results for its clients. For information on the group, see www.m5.ca.

SG_JI_BOT_5x6.6_CMYK_Jan10.ai 1 25/01/10 4:18 PM

porter cEo receives accolade The CEO Award of Excellence in Public Relations was awarded today to Robert Deluce, President and CEO of Porter Airlines, by the Canadian Public Relations Society Toronto at an elegant gala luncheon at the Fairmont Royal York Hotel in front of an audience of more than 200 people.


Membership


mEmbER NEWS

The CPRS CEO Award of Excellence in Public Relations was created in 1991 tocelebratetheChiefExecutiveOfficerin the Greater Toronto Area who best demonstrates personal excellence in the understanding and implementation of public relations practices. “Since launching service in late 2006, Porter Airlines has proven to be one of the great Canadian success stories, in large part due to the communications expertise of their leader, Robert Deluce,” says CEO Award Chair Lawrence Stevenson, APR. “I am humbled to receive this award and am grateful to the public relations community for this honour and recognition,” says Robert Deluce, President and CEO, Porter Airlines. “Effective communication with all of our company’s audiences is something that our team has always valued, and is an important component in helping people understand and engage with Porter’s visionofcreatinganewdignifiedflyingexperience.”

Nl and Nb transportation companies merge Two of Atlantic Canada’s pre-eminent trucking and transportation companies are merging their general freight and equipment-repair facilities to form a newcompany,AtlanticaDiversified

Transportation Systems. Effective April 1, 2010, the general freight and equipment-repair facilities of Warren Transport, headquartered in Rexton, NB, and D.D. Transport Ltd., headquartered in Mount Pearl, NL, will mergetoformAtlanticaDiversifiedTransportation Systems (ADTS).ADTS’sheadofficewillbebasedinRexton,whilemaintainingtheirofficesandoperations in Mount Pearl and Clarenville, NL; Bathurst, NB; Debert and Liverpool, NS. Warren’s Vaughn Sturgeon will serve as Atlantica’s president, while D.D.’s Gordon Peddle will serve as vice-president andchiefoperatingofficer.Thenewentitywill have about 150 employees. “The merger of our freight businesses makes sense,” said Mr. Peddle, Atlantica’s

new vice-president and chief operating officer.”Atlanticawillbenefitfrombetter reach in a world where security restrictions are expanding every day. From an operations perspective, this merger will alsoallowustoeventuallyrenewourfleetto more environmentally friendly vehicles that have zero emissions.”AtlanticaDiversifiedTransportationSystems will operate more than 300 pieces of equipment with annual sales expected to be in the range of $25-30 million over the next year. When including companies affiliatedwithAtlantica,thegroupwillhave sales in the $45-50 million range and operate more than 500 pieces of equipment.

Gordon Peddle, VP & COO, Atlantica Diversified Transportation Systems

...continued from page 21

MembershipmEmbER pRoFIlES


Progress Media Group is Atlantic Canada’s premier magazine publishing company. Thecompany’sflagshippublication,

Progress magazine, stands for the creation of wealth and opportunity in Canada’s four Atlantic Provinces. A new mindset and a new generation of entrepreneurs

have emerged, and Progress is devoted to chronicling their stories and revealing key insights for readers. Subscribers rely on

Progress for independent intelligence and expert commentary. Progress magazine, its ancillaries, and its networking events act as a powerful nexus for those who are taking

the risks to build the Atlantic region. You can get your free subscription to

Progress by going to www.progressmedia.ca/subscribe/progress.

Creative Wellness Solutions Inc. (CWS) is the leading provider of customized

workplace wellness programs in Canada. We consult nationally and

internationallyandaretheeditorialofficeof the International Journal of Workplace HealthManagement,thefirstscientific

journal devoted solely to workplace health management. Our mission is to empower and support organizations to create a culture of health and embrace workplace wellness as a core business strategy. At CWS we know that data

driven, integrated, and comprehensive workplace wellness solutions are needed

for organizations to optimally manage their human capital. CWS offers health risk assessments, corporate workplace

health systems and other tools that enable organizations to implement and evaluate sustainable workplace wellness programs based on individual and corporate needs. Our products and services are driven by leading-edgeandcosteffectivescientific

analyses.

Avalon Laser Health is a multi-disciplinary health clinic, offering physiotherapy, massage therapy, acupuncture, athletic therapy and laser therapy. The unique characteristic of this clinic is low intensity laser therapy which is the cornerstone of many of the treatment plans developed by our health professionals. This laser is the end product of 15 years of clinical research and engineering modificationstofindadrug-freewayofrelievingpain.Although not a complete panacea, the success rate of clinics using theBioflexlaser is well in excess of 80% for chronic pain conditions with a musculo-skeletal origin. For acute injuries, including sports injuries and whip-lash injuries the technology accelerates the healing process, which enables abbreviated rehab - typically 50% faster than conventional treatment plans.

For more information, please call 753-0155 or visit us at www.avalonlaserhealth.ca

IKM Testing (Canada) is a subsidiary company of IKM Testing AS in Norway.

Established in Newfoundland in 2000 and has since become a major supplier of mechanical completion/commissioning

services both to the onshore and offshore industry. These services include calibration,

nitrogen/helium leak testing, chemical cleaning,hotoilflushing,pigging/pipeline

commissioning, video inspection, tank certification,pressuretestingandbolt

tensioning/torquing. IKM Testing AS is a company within the IKM Group. With over

700 employees, the company has grown locally in Norway and internationally. IKMTestingAShasdepartmentoffices

in Bergen, Kristiansund and Hammerfest and subsidiary companies in the UK, Asia,

Thailand, Canada, Spain, Australia and Kazakhstan.

Please visit www.ikm.no to learn more about our company and the services we

can offer. Locally, phone (709) 782-5051 or contact [email protected]

Reliable business solutions for unreliable times.

TM/® Trade-marks/registered trade-marks of Bank of Montreal.

At BMO Bank of Montreal, our experts are always here to meet your changing needs.

For a solution that works for your business contact the Newfoundland and Labrador Commercial Banking Team at 1-709-758-2050.

Membership


NEW mEmbERSThe law FoundationLawrence CollinsExecutive Director49-55 Elizabeth AvenuePO Box 5907St. John’s, NL A1C 5X4P. 754-4424F. [email protected]

Newfoundland & labrador Housing corporationLen SimmsChairman & CEO2 Canada DriveSt. John’s, NL A1C 5J2P. 724-3000F. [email protected]

Smith bussey muirSteve SmithManager17 Sagona AvenueMount Pearl, NL A1N 4P8P. 747-0178F. [email protected]

Irving Energy – Irving commercial Energy ServicesChad GrahamCommercial Account Representative26 Old Placentia RoadMount Pearl, NL A1N 4P5P. [email protected]

brain T. Scammell, ca, cbvBrain T. ScammellPartnerPO Box 29022/135 Elizabeth AvenueSt. John’s, NL A1A 5B5/1S2P. 754-7005F. [email protected]

at Home Furnishings/IHl EnterprisesBarry ImhoffPresident193 Kenmount RoadSt. John’s, NL A1B 3N9P. 576-5613F. [email protected]

mvH canada Inc.Mike SaadeBusiness Development Director10 Fort William Place, Suite 804St. John’s, NL A1C 1K4P. [email protected]

For businesses with more complex financial needs, your local TD representative will take the time to understandyour business and then work with you to customize the products and services to help meet your uniquebusiness needs. As your business needs change, we are committed to devoting the time, energy and expertiseto help you meet evolving business goals. Contact your local TD representative today.

National Brand. Regional Presence.

Local People.

Wendy HounsellAccount Manager

Commercial Banking(709) 758-5066

[email protected]

Leonard O’LearyAnalyst

Commerical Banking(709) 758-5024

leonard.o’[email protected]

Dion SimmondsAccount Manager


[email protected]

Kevin HarnumArea Manager

Business Banking(709) 745-8087

[email protected]

Tom FordSmall Business AdvisorSmall Business Banking(709) 758-5000, ext. 236

[email protected]

Terry GreeneManager


[email protected]

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Business News - February 2010

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