Up Cash Creek Without a Paddle.

Even when business is good there’s still a change of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

·       Always send invoices on time and adjust your records for potential audits.

·       Learn how the client processes payments on their side and find out precisely where to send invoices.

·       Find out who’s in charge of processing orders and payment, so you know who to contact if needed.

·       Have a follow-up procedure in place, just in case.

·       As a last resort, call your contact to ask questions.

·       Always make sure your invoices are correct before sending them out.

You also need to make sure your cash flow is protected. You can do this by:

·       Always know which accounts need paid and when.

·       Negotiate with your suppliers for the lowest cost possible.

·       Have a bank contingency plan in place.

·       Build your own inventor network.

These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.  If you need more help in these areas, just contact me and we will help you with business and the transformation of your business.

PR Equals Free Publicity

There are three key areas of public relations you can use to boost your advertising results ten-fold over your paid advertising.
The key to public relations lie in:
• Public relation or publicity
• Merchandising
• Promotions

With a solid plan in place that encompasses all these areas, you’ll have a great approach to use public relations in the best way possible.
Public relations include all that is the media. Don’t limit yourself. The attention of newspapers, television, radio, magazines, bloggers, ezines and more are all equally powerful. Online marketing is just as, if not more, important as conventional media.

Here are the steps to get noticed by the media:
1. Put together a press release for your company. The press release should be relevant to your target market and address consumer interest, not just announce your business.

2. Compact your press release to include one hook and one angle. Choose the most attention-getting to make sure the media person you are sending it to is interested in reading it.

3. Put your press release in professional formatting. With press releases you need a dateline, the most important information at the top, facts, figures and wrap it up with contact details including who and how. Print the press release on your letterhead.

4. Send your press release to all television and radio stations, local and metro newspapers, national newspapers, industry magazines, and any other form of media that reaches your target market. Don’t forgot to include relevant blogs, ezines, press release submission sites and to industry professionals.
More importantly than a perfect press release is to make sure you have addressed the needs of your target market in the products/services you offer and made that clear in the press release. If you are provided people a solution to a problem, a way to avoid a problem and an opportunity to enhance their life the media and public will be interested.

If you have a connection (or the ability to get a connection) with a celebrity, this can practically guarantee you’ll get attention. Make sure you are offered newsworthy information, and then follow up with media outlets to make sure they are publicizing that information.

“One of the most powerful techniques every business should use is free publicity. As the name implies, there is no cost, just the time and effort required to attract attention to your business.” Jay Abraham

Our FREE test drive can show you how to put together press releases that work! Check out how the pro’s do it and craft the perfect press releases for your business.
Contact me or go to www.marketingandsalesuniversity.com for a free 30 day trial. Download as much information as you can to help you grow your business.

Canada is A Great Place to Open and Own a Business

This week’s article I thought I would talk about Canada and why it’s a great place to invest or to open up a business. With all the blood on the tracks in the great U.S. of A I thought I would brag a little about your neighbour to the north and discuss why Canada is doing well in spite of issues facing other countries throughout the world.
Here are the top 8 reasons why it makes sense to invest in Canada.
1. First of all Canada has a people advantage. Canada is a nation of intelligent, educated workers, ranking #2 in the OECD in higher education achievement.
2. The next is the business environment advantage: The Economic Intelligence Unit has rated Canada the #1 place to do business in the G7 for the next five years.
3. The economic advantage puts Canada as better placed than many countries to weather the global financial turbulence and worldwide recession
4. This one could be debatable since there are some better tax advantages in other countries. Canada however offers businesses low tax rates, boasting the lowest payroll taxes among the G7 countries.
5. The NAFTA Advantage advantage gives investors access to more than 450 million consumers and a combined GDP of US$ 17.1 trillion (PPP basis).
6. If you are considering doing business in Asia the Asia-Pacific Gateway and Corridor Initiative (APGCI): takes advantage of Canada’s strategic location as the crossroads between the North American marketplace and the booming economies of Asia.
7. The transportation advantage gives Canada a sophisticated infrastructure and a highly developed transportation network.
8. Last of all the main reason we are all here in the first place is the life style advantage which gives Canada world-class universities, a universally acclaimed health care system, clean, friendly cities and spectacular scenery make Canada a great place to invest, work, live and raise a family.
There you have it, a simple and effective reason to invest in Canada. If you are thinking of opening a business, looking for good investment or want to move to stable democracy Canada for my money is the place to start hands down. Hope this helps you think about great places to live and invest.

Kensel Tracy is The Marketing Coach with the Corporate Coachworkz Inc. a business coaching company located in Chelsea Quebec, and Ottawa Ontario. He is also the President of Business Over Breakfast Clubs opening up in every city throughout North America.

Canada Is Rebounding While the U.S. Falters

It’s the dog days of summer and I was reviewing the difference in attitudes in between Canada and the U.S. in business. The Canadian market is holding its own. I recently tried to do a joint-venture partnership with a company in the U.S.

I was surprised that the people I was trying to work with were negative and down on the economy in the U.S. and I was also surprised how fragile they were in taking risks. As a business person who has consistently worked throughout North America for the past 30 years I was surprised that Americans were sounding like Canadians in the 70’s and Canadians were sounding like Americans in the 80’s. Canada is on the rebound and there are a number of reasons.

Canada's economy has consistently outperformed that of the United States since the beginning of the financial crisis. And while it's showing signs of slowing down, Canada's pending decline will be far shallower than that of the United States, and its rebound more dynamic.

Canada's gross domestic product (GDP) expanded by 6.1% in the first quarter of the year - the highest rate of growth among developed nations - and the country is expected to lead Group Seven (G7) nations in economic growth for at least the next two years; why ? Well there are many reasons.

Canada’s banking system is sound, banks stayed out of the mortgage business and while granting credit made it flexible for Canadians to get into the mortgage business but did not get that involved in the sub-prime game. Canadians look at the word market and not just at their own market. This has allowed them to make huge gains in Far East, North and South America and Europe. The country has bountiful resources including: lumber, oil, raw materials, water and land, much of it undeveloped.

Canada’s economy is moving into a service-based economy more that it’s been in the past. Health Care, education, knowledge and a highly educated work force also have an impact. Compared to the U.S. corporate interests have less influence over government policy and we have far less government debt.

The Canadian economy grew at a 2.0% annualized pace in the second quarter of 2010, shy of the 2.5% gain expected by forecasters. The increase was slower than in the previous two quarters in large part due to a 3.0 percentage point (ppt) net export drag. Inventory rebuilding and increasing domestic demand offset the weight from trade. The first-quarter growth rate was revised to show a 5.8% annualized gain from 6.1% previously.

Both consumer spending and business fixed investment rose in the second quarter although consumption slowed to a 2.6% annualized pace from the strong 4.3% rise recorded in the first quarter. Investment spending posted a healthy 9.1% annualized gain with spending on machinery and equipment rising by a solid 29.7% annualized pace. Residential investment slowed in the quarter, rising 1.2% although this followed two quarters of very strong increases. Spending on non-residential structures eked out a mild 1.0% increase, contrary to expectations for another decline.

Gains in these areas contributed to decent growth in the final domestic demand of 3.5% building on three quarters of very strong gains. The contribution from inventories was smaller than expected in the second quarter, adding 1.8 ppt and matching the first-quarter's revised contribution. The rise in domestic demand in recent quarters suggests that this inventory rebuilding in large part was desired.

The strength in domestic spending also contributed to imports rising at a rapid 16.4%annualized pace. Export growth was milder at 6.0% resulting in net exports subtracting 3.0 ppt in the quarter. Our expectation was that this component would cut 3.8 ppt off the quarterly growth rate.
While the overall growth rate disappointed forecasters, this report confirms that domestic conditions in the economy remained strong.
Let’s hope our friends to the south will start spending money, investing in real assets and remember that they are still one of strongest countries and economies in the world.

You just need to get Americans to start thinking like Canadians – for years we had to do it the hard way and with 1/10th of the population of the U.S. it should be easier for the U.S. to rebound. As good neighbours I hope things will improve for our southern cousins soon. We are beside you in Afghanistan, terrorism and we will be behind you as well in helping your economy rebound.
Kensel Tracy is a business coach and Senior Partner with the Corporate Coachworkz in Chelsea, Quebec Canada.

Is Traditional Media In Canada Dead?

My topic this month is something that is being hotly debated by almost every media outlet in the country and all across North America. Its a question that is on everyone's mind. Is traditional media dying an untimely death?

I personally don’t think so. Just like the telegraph and the morning newspaper media is always in a state of change and the impact of new media on traditional advertising and communications is no different. Let’s just say the amount of attention that new media is getting is making us feel as if traditional media can no longer compete. So in some ways there may be a collective thinking that traditional media is dead. Lets look a some of the facts.

In Canada is safe to say that ad revenues from traditional media are down across the board and online media is definitely on the increase. Newspapers are having the biggest problem securing advertisers since their daily news is reported well in advance on any of the major websites like Canada.com, Sympatico.ca. MSN Canada, Yahoo Canada and Google. For instance as a dedicated newspaper reader, I now only buy the weekend papers and no long subscribe at the office.

The key area that seems to really be taking a hit is the classified ad sections of most newspapers. With free ad sites like Craig’s List, Kijji and any number of local online and employment sites offering free ads and amazing search options, traditional classified and employment ads are also generating the lowest revenues in years.

National television is also suffering not only from the loss of local ad revenues but from the ever changing role played by cable and satellite in Canada. The two national commercial networks are fighting it out with the cable companies promoting the value of local television as cable and satellite companies now want to charge subscribers extra for the right to watch local news in their areas on their local cable or satellite station. The local news represents the largest number of concentrated local viewers and the most revenues since these local stations retain the rights to sell local advertisers into a well watched local program with a highly consistent and dedicated audience.

The main media that seems to remain stable through all of this is radio. With the advent of television in the 1950’s there was much discussion that the radio was dead or would over time die out. As we can see this did not happen. Every local radio station has a bevy of local listeners who continue to support them regardless of the role new media plays. Everyone has a local favourite radio station for local news and sports and local activities. Satellite radio continues to gain popularity; however local news and weather can only be garnered from stations in the local market. So radio's demise is not going to happen anytime soon. However the Ipod is having a major impact on what individuals listen too and when so the jury is still out.

So what does this mean for the individual or the business organization that has a mission to promote an event, sell a product, promote a new service and meet new customers? In my last column I felt that new media such as Facebook, Tweeting, My Space and blogging all help to build profile and help to create new contacts and some new business opportunities as well.

For me personally however, being active in your local community be it online or offline is still one of most important things a person or a company can do. An online community is great to make contacts if you have product that is national in scope and can be sold over great distances. A local community made up of local businesses, events and organizations are still valuable if you get personal service referrals, provide a local service or need to deal with individuals that in your own back yard.

The key point is traditional media is just changing and as they say on Monty Python it’s not time to "bring out yer dead yet".

The local media revolution is no different than any other media revolution that came along throughout history. These included the printing press changing town hall meetings, the telegraph was replaced by the telephone, couriers were replaced by fax machines and typewriters were replaced by computers and radio was changed immensely by the advent of television. So media and communications is always evolving

The key ingredient for change however is that information will always be required and requested by human beings and will be required in selective ways that still include a great deal of personal activity.

People still buy from people and personal relationships are still the most important thing. Regardless of what happens with traditional ways of communicating there will always be something that is just around the corner that will make it easier and more efficient to get the information you require. So traditional media my be dying as we know it, however most organizations are scrambling to reinvent themselves just like my grand father did when upon graduating from telegraph school he found that the telegraph was about to not exist anymore. Just like him, media and advertising will also make shifts that will include reinventing and becoming more resiliant to change.

Nortel and the Canadian Government

There was an interesting debate happening this morning on CFRA the Talk Radio station in Ottawa on whether or not that governments at all levels should have bailed out Nortel. A Canadian icon and Canada's sympbol of technology to the world was left to the wolves of big business in the telecommunications industry. Like the auto industry they were seeking bail out money to keep the company from going into bankruptcy.

The debate focused on whether the various levels of government, city,provincial,federal should have helped Nortel with loans and funding to keep the company in Ottawa and keep it Canadian.

Its an interesting debate. First of all, Ottawa City Council does not have the intelligence to consider this a debate. They are all too worried about their own personal egos and really have little or no understanding about business or the business community in Ottawa. Nortel was a significant employer and the city should have been lobbying the province and the feds to keep a major employer alive in this city. Instead we waisted valuable time at the council table debating Shannon Tweed day. Graeat move City of Ottawa! This is the level of intelligence that comes from the City of Ottawa and its elected officials. Employment or Shannon Tweed Day? What would you choose?

Second, Premier McGinty is also focused on the other things in Ontario like creating more tax dollars and the HST. He managed to take a postion on the auto industry because its important for votes but Ottawa. A major employer a high technology firm in Ottawa is not high on the priority list even though he is from the region. The feds, well, my friends after watching our government at work for the past 8 years I have decided that they have no plan ( even though I am a conservative) and would not show any leadership anyway unless " Stevie Boy" calls in the troops. " Stevie Boy" seems to have no interest in this at the moment. In fact no one really knows what " Stevie Boy" is interested in since he is floundering around like a fish out of water. This guy our leader is more interested in travel ( afterall it is summer, the government jet still has money left in the budget, better get it spent) than in keeping jobs in Canada. I guess a reformist can never really be called a true conservative. A true conservative has a focus for big business, employement and helping to build business inside a true democracy. "Stevie Boy" is a dictator with limited vision and well big business just does not go with the territory. What's 50,000 high tech jobs anyway and how many votes will I get from that and besides Ottawa is not even in that red part of the map central Ontario.

So the debate continues, was Nortel a good candidate for a bailout or should it's years of missmangement be seen as a reason for letting it go.

It should be mentioned here that at one time our Federal government had a agreement to support Nortel's research and development for reciporal taxes. So our government has already invested millions already in the technology and Nortel so why let it go.

The debate continues and now we are without a current employer and we have lost another Canadian icon. Short sighted governments and busiess people with limited management skills mean this country has a long way to go before it will be a major player on the world stage. So, so long Nortel, its been good to know ya. Its only too bad that we did not do something about this company earlier.

Mike Hughes “Canada’s Networking Guru” – Gives His Personal Opinion on Networking

As a blog writer, you always have your eyes and ears open for interesting networking stories that you can share. One such story comes from the Ottawa Networking Group on LinkedIn where Mike Hughes “Canada’s Official Networking Guru” hangs his hat. I first saw Mike’s networking handle when going through the members of the network to see if I could find a few friends of mine. I contacted Mike to see if he would be interested in giving me a story on who he was and how he became “Canada’s Networking Guru”. The rest was left up to Mike.

After a few emails back and forth about getting together for the story I got bogged down in making a living and then December rolled around, and Mike and I still had not been in contact. Then out of the blue, an email arrives with an important comment on an area that I should consider in regards to a new business concept I was launching in Ottawa and whose name was signed to that email; Mike Hughes “Canada’s Networking Guru”

Mike’s been in the networking game for the past 15 years. He got his impressive title from a newspaper article that ran a story on him and a writer that was so impressed with Mike, his programs and his approach to networking that he called him “Canada’s Networking Guru” and it stuck. He now uses this name to identify everything he does in the area of networking. It only takes a few minutes in conversation with Mike and you know you are talking with a special individual. His rapid delivery of who he is and why he got involved in networking convinces you early in the discussion that he is the real deal. He tells you about his impressive background as Past Chairman of the Ottawa Chamber of Commerce, his life as a professional speaker at international conferences and his view that “networking is a skill you develop” and “not something you do’ and you are engaged immediately. His social capital is worth receiving and it’s sprinkled with valuable information from the get-go.

“Networking” says Mike “is a business skill that most of us should learn and don’t”. Without catching a breath, he continues “networking should be a corporate required competency that everyone should learn whether they are in management, sales or owning a business” Now Mike’s on a roll. “Networking is about building a relationship on steroids, it’s not about selling yourself or your business but focusing in on building a solid relationship with others and you have about three minutes of conversation to build a meaningful relationship with others so you need to get it right from the start.”

He then goes on to tell me more about his “Networking for Results System” which includes some 40 hours of audio and written work and his ½ day and full day training sessions. Mike says that networking is all about context, communicating effectively and contributing to others. Mike is also a man in demand. He has been training businesses people, associations, government departments, and members of Chambers of Commerce across Canada and has spoken to groups all over North America on his “Networking for Results System’. Mike has me all fired up and I want to learn more. I hope you do too. This column is just the start. To get more information and valuable networking tips from Mike Hughes “Canada’s Networking Guru” check out his website at www.networkingforresults.com.


Kensel Tracy is the Marketing Coach and is a Senior Partner with the Corporate Coachworkz Inc. (www.corporatecoachworkz.com) in Chelsea, Quebec. He is also launching Business over Breakfast Clubs (BoB Clubs) business and breakfast referral networking clubs in all cities across North America.