minding our business jan 09
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Business MagazineTRANSCRIPT
BUSINESSM I N D I N G O U R
PUBLISHED IN COOPERATION WITH THE WELLINGTON ADVERTISER
CENTRE WELLINGTON VOLUME 2 ISSUE 1
The SportsAttraction
January2009
PAGE 2 | January 09
MINDING OUR
BUSINESS is mailed to all registered businesses in Centre Wellington. Not registered as a business with Canada Post? Misplaced your copy?
Pick up a copy of Minding Our Business at: Centre Wellington Chamber of Commerce, The Wellington Advertiser, Fergus BIA, Elora BIA,Wellington-Waterloo Futures Development Corporation
MILE STONES
New BusinessPaul Martin and Malcolm Crooks are proud tointroduce Edge Realty Solutions! Now open forbusiness, located downtown Fergus in the OldLivery. 135 St David Street South, Unit #6. Pauland Malcolm invite new and old clients alike tostop in or call 519-843-SOLD (7653).
New BusinessCongratulations to Jennifer Shrive, the Owner/Operator of Salon Chique. Located at 160 St.David St. S. #205, Fergus, (behind the BrewHouse).
Jennifer welcomes former and new clients. Call (519) 787-0351.
Bronze Winner ofthe OGTA Market Expansion AwardJAY•LOR® has been selected from a record num-ber of nominees from across the province as theBronze winner of the OGTA Market ExpansionAward. The company manufactures and exportsvertical mixers for beef and dairy operationsthroughout the world.
BUSINESSM I N D I N G O U R
PUBLISHED IN COOPERATION WITH THE WELLINGTON ADVERTISER
CENTRE WELLINGTON VOLUME 1 ISSUE 11
On theRoad Again
November2008
Cogeco Cable Scoops North American Customer Service AwardsCogeco Cable is pleased to announce that its Canadian call centreshave recently won customer service awards recognizing outstandingperformance in the highly competitive North American field.The prestigious awards were presented by the Service QualityMeasurement Group Inc. (SQM), an international firm that measuresand evaluates call centers in several sectors across North America.Note: Fergus/Elora calls go through the Burlington Call Centre.
aboutMINDING OUR
BUSINESSMinding Our Business is a business magazinefocusing on items of interest to commercial,
retail, industrial and service businesses inCentre Wellington.
general policyAdvertising is accepted on the condition that, in the event oftypographical error, that portion of the advertising spaceoccupied by the erroneous item, together with a reasonableallowance for the signatures, will not be charged for, but thebalance of the advertisements will be paid for at theapplicable rate. In the event of a typographical erroradvertising goods or services at a wrong price, goods orservices may not be sold. Advertising is merely an offer to sell,and may be withdrawn at any time. Persons wishinginformation regarding circulation, rates and additional serviceare invited to contact our office for further details. Thepublisher accepts responsibility for claims and honorsagreements made by himself or by regular staff on his behalf.No responsibility is accepted for actions by person(s) not inthe employ of the paper, or otherwise over whom thePublisher has no control. All Advertising accepted is done so ingood faith. The Publisher maintains the right to approve orreject advertising and articles submitted for publication.
contactMINDING OUR
BUSINESSBox 252, Fergus, Ontario
N1M 2W8519-843-5410 telephone
519-843-7607 facsimile
January 09 | PAGE 3
THISISSUE
2 MILESTONESOpenings | Awards | Moves
4 FERGUS BIAUnity is Strength
5 ELORA BIANever Assume
6 BDCIncrease Profits By Cutting Your Energy Costs
8 The Sports AttractionDavid Meyer
THE CHAMBER PAGES10 On the Web:
Rely on Print AND the Web
Chamber Calendar
11 Meet the Members:
Smart Home Inspections
11 TRACY GROUPBENEFITS:What’s Hiding in your Disability Policy?
13 CANADIAN CHAMBER OF
COMMERCECCC Analysis of Fiscal &Economic Statement
14 EDCRecession and our Business
15 CONTACT LISTINGBUSINESS DIRECTORY
COVERIt’s not whether they win
or lose it’s how theyplay the game ...
preferably inCentre Wellington.
David Meyerinterviews
Andy GoldieDirector of
Centre Wellington’sParks and Recreation.
Photos byHelen Michel
The Wellington-Waterloo CFDCis a non-profit,
community based corporation fundedby the Federal Government through
the Community Futures Program.
Our goals are:• to help small businesses in the
Wellington-Waterloo Regions be successful thereby creating jobs
• to assist in the planning andimplementation of initiatives that will improve the economy of the Wellington-Waterloo Regions
Our doors are always open andwe are delighted to provide
the following servicesfor entrepreneurs:
• Business advice, consulting,information and referrals
• Help with business plans• Entrepreneurial training• Information on relevant federal
and provincial programs andservices
If you or someone you know is lookingfor a little guidance, support or just a
second opinion give us a callor drop in to visit.
519-846-9839www.wwcfdc.com
The Fergus BIA is indebted to manypeople and organizations and as we lookback on 2008 I would like to take thisopportunity to thank these peoplepublicly.
The Mayor of Centre Wellington, JoanneRoss-Zuj, is tireless in her support ofour community. Knowing how tight herschedule can be, she always tries tosqueeze in a bit more. Joanne - thankyou for the many times during 2008you’ve lent your support to our events,meetings, festivals and more…Congratulations on your recentappointment as Warden, Joanne!
Ken Elder, Director of Public Works – amammoth job and not an easy one. Kenwe thank you and your team for yourdiligence, attention to detail and yourtimely response to our downtownneeds. In particular, we appreciate allthat Public Works did to get our bannersup in time for the first annual art walkand your efforts in keeping the snowfrom detracting from business in thedowntown core especially during theChristmas Season, which is so importantto our retail component of the BIA.
Parks and Recreation – Andy Goldie andTrevor Ashbee - thank you for yoursupport, commitment and willingness tohelp whenever needed. For providing uswith beautiful flowers all summer andkeeping Fergus beautiful.
Thanks are due also to Doug Sherwood,Pat Flynn and the boys at CW Hydrowho help us around Christmas time withlights and Christmas cheer.
Kathy Bouma and the FergusHorticultural Society – what a benefityou are too the downtown core. TheDigging in the Dirt Group is a lovelysight to see on a Tuesday morning! All isright with the world when I see TheDigging In The Dirt Group around townkeeping our gardens in spectacularbloom. Thank you.
UNITY IS OUR STRENGTH
During these times of economicuncertainty, let’s look to what we can doto help one another. We can supportour community by making choices to‘think local first.’ We can becomeinvolved in our community to build andstrengthen relationships, thusdemonstrating the township’s motto“Unity is Strength,” which was put intoaction by The Elora Fire Fighters –cheers Matt – and Groves MemorialHospital – cheers Lori – by purchasingBIA dollars this Christmas Season!
With thanks and our best wishes for aprosperous 2009!
The Fergus BIA
PAGE 4 | January 09
UNITY IS STRENGTH
Julia Tyndale-Biscoe
Fergus BIA
January 09 | PAGE 5
In the winter of 2006, while I was servingas the operations manager for a seasonalretailer on the North Shore of LakeSuperior, I was invited to Sault Ste. Marieto attend a two-day workshop that wasbeing delivered to tourism operatorsacross Northern Ontario.
After introductions had been made onthe first day, the consultants facilitating theworkshop asked the crowd of roughly 40participants to help them build a list ofassumptions that we’d already madeabout visitors to our area and theirgeneral behaviour. Here is a list of themost widely supported assumptions:
“The best customers to our regioncome from Toronto and the GTA.”
“We know what our customers want.”
“Our customers are cheap.” (Ouch!)
“Our attractions are unique -that’s why people visit our region.”
“Visitors come for ourbeautiful location.”
“Rising gas priceswill hurt our businesses.”
“A stronger Canadian dollarwill hurt our businesses.”
Over the two days that followed, theconsultants systematically destroyedevery one of those assumptions with coldhard facts accumulated from a variety ofdependable, web-based research tools.There was no need to state the obvious:many of us had been making criticalbusiness decisions based on faultyintuition.
WHAT AN EYE-OPENER.
Ever since then I’ve gotten into the habitof regularly browsing the website forOntario’s Ministry of Tourism. Using datafrom that site, here are two “assumption-busting” questions for your consideration:
1. In 2006, 48% of Americans who spent atleast one night in Southwestern Ontarioentered Canada through which of thefollowing “ports of entry”:a) Pearson Airportb) Fort Eriec) Sarniad) Niagara Bridges (Rainbow, Whirlpool,Queenston)
ANSWER:More than twice as many overnightvisitors to Southwestern Ontario
entered Canada through Sarnia in 2006than through Pearson Airport, Fort Erie
and the Niagara Bridges combined,according to the statistics provided.Only 17% arrived through Windsor.
2. Match the number of Ontariansplanning to travel during the summer of2008 with the destination they planned tovisit:
232,000 Chicago283,000 Philadelphia322,000 Ottawa583,000 Hamilton
ANSWER:232,000 Ontarians planned to visit
Hamilton, 283,000 more were headed toOttawa, 322,000 had their eyes set onPhiladelphia, and a whopping 583,000wanted a piece of Chicago. It seems
more of us were interested in visitingChicago this past summer than Hamilton
and Ottawa combined. Obamania,perhaps?
Statistics Canada provided theinformation for my third and finalassumption-buster:
3. Of the roughly 30,000 privatehouseholds in the N0B area code in 2005,how many of them claimed more than$100,000 in household income in thesame year:
a) 10,000b) 5,000 c) 2,000d) 1,000
ANSWER:a). And 10,000 more claimed between$60,000 and $99,000. So in 2005, there
was at least $1.5 billion in after-taxpurchasing power resting in the hands of
our own friends and neighbours.
The statistics reported above may nothave direct or even indirect relevance foryour business. But the point behind theexercise has universal application,regardless of what business sector you’reoperating in:
NEVER ASSUME YOU KNOW YOURCUSTOMERS – KNOW YOU KNOW
YOUR CUSTOMERS!
Having heard that the seasonal ebb andflow of business in Centre Wellington israther predictable, and that January oftenprovides ample opportunity for quietreflection, I’d encourage you to take sometime to reacquaint yourself with thepeople who keep your cash flow flowing.Knowing the minds of our customers isthe first prerequisite for our own success.
NEVER ASSUME
Tim Horton
Elora BIA
PAGE 6 | January 09
ARE RISING ENERGY COSTSCUTTING INTO YOUR
BOTTOM LINE?
You’re not alone.
Across Canada, small companies aresearching for ways to contain fuel andelectricity costs without causingdisruptions to supply chains andcustomer service.
The situation is even worse for smallbusinesses in rural and northern Canada,and for companies in the agri-business,transportation and wholesale trades,where fuel and energy are the lifebloodof business. For example, manygreenhouse growers are reportingmassive increases in fuel costs that mayaffect the viability of some in theindustry.
The majority of small business ownersadopt energy efficient strategies for oneor two reasons: because they areencouraged to do so by an importantbusiness partner or because it will maketheir businesses more efficient and moreprofitable, says Bruce McConnell, vice-president, BDC Consulting.
“If you’re already into the supply chainof a large corporation then you are likelyto be encouraged to develop anenvironmental strategy,” he explains.And, he adds, if joining a supply chain isin your future, companies would be wiseto implement environmental initiativesnow to shore up their green credentials.
Businesses who sell directly toconsumers are also under increasingpressure to demonstrate solidenvironmental practices. “Don’tunderestimate the importance thatenvironmental friendliness will have inthe coming years for all businesses,”adds McConnell. “It will become adifferentiating factor in developing newmarkets.”
Whatever the motivation, it appearsmost Canadian businesses areresponding. Eight years ago, energyconservation didn’t even rank as a topenvironmental priority for small andmedium-sized enterprises (SMEs),according to the Canadian Federation ofIndependent Businesses. By 2007,however, CFIB members cited it as theirsecond most important environmentalissue, after recycling of materials. TheCFIB’s Achieving Eco-Prosperity surveyfound that 83 per cent of SMEs haveimplemented energy conservationchanges, and that another 8% planned ondoing so within the next year.
However, most surprising from thesurvey is what motivates smallercompanies to jump on the greenbandwagon.
INCREASE PROFITS BY CUTTING YOUR
ENERGY COSTS BDC
BUSINESSDEVELOPMENT
BANK OF CANADA
BDC(Business Development
Bank of Canada)519.571.6680Don Cubbidge
the Food Bankin delivering our service.
Visits to the Food Bank have increasedPlease donate food to help fill theneeds within the Community.
Tax receipts will be provided for financial donations
Joinwe require donations year round!
170 St. Andrew St. E. Fergus | N1M 2W8 519-787-1401 email: [email protected]
www.cwfoodbank.org
January 09 | PAGE 7
“It isn’t primarily the cost savings,”explains CFIB president Catherine Swift.“By far, the most important reason SMEowners make changes is because theypersonally believe it’s an important thing.The environment is important to themas a person, not just as a business.”
WHERE TO START
Rule number one, says Swift, aresolutions that are relatively easy andaffordable for small companies toimplement. “These business owners aretime-starved and often have limitedresources. Expecting people to digestmountains of information from multiplesources simply isn’t practical.”
As evidence, she points again to theAchieving Eco-Prosperity survey whichidentified three main reasons why one insix SME owners has yet to adopt evenminor green practices: lack ofinformation, lack of funds/too expensiveand too complicated.
As a first step, business owners shoulddevelop a solid energy savings plan. Youmay want to consider hiring anenvironmental consultant who willreview everything from the layout of theoperations to workflow processes andinfrastructure and recommendmodifications that could reduce yourenergy consumption.
You can also try developing a green planon your own. CFIB’s Going for theGreen offers small manufacturers asimple, do-it-yourself approach thatmaps eight essential areas of yourbusiness. It outlines where to look forwaste, and how to find solutions.
Another resource is the Leadership inEnergy and Environmental Design GreenBuilding Rating System (LEED). Thismarket-based rating system measuresthe energy and environmentalperformance of your building, helpingentrepreneurs to identify green designstrategies, as well as measure andmonitor progress.
If you rent space for your business, youmay want to consider entering a “green”lease. In June, the Real PropertyAssociation of Canada released the firstgreen office lease for the Canadian
commercial real estate industry. TheNational Standard Green Office Leaseenables landlords and tenants to settargets for energy, water, indoor airquality and recycling, and enableslandlords to carry out “green”renovations to existing building stock.
While most SME owners haveimplemented some changes, about onein six has not yet done so. The mainreason: cost. McConnell says BDC isgeared up to provide financing to helpsmall companies reduce their energycosts.
SherryClarkeDISPLAYAD SALES
BUSINESSM I N D I N G O U R
call to reserve your ad space!
[email protected] Gartshore St., Fergus
SIMPLE STEPSBUSINESSES CAN TAKE TO
SAVE FUEL AND ELECTRICITY
• Buy vehicles that are fuel efficient or use alternative power sources.
• Plan deliveries and pickups carefully, to minimize driving.
• Keep your vehicles and other equipment well maintained.
• Educate drivers aboutfuel- efficient driving, for example, driving at the speed limit, lessening idling time, keeping tires inflated.
• Purchase energy-efficient equipment. It can save you up to 75% in energy costs.
• Turn off equipment, computers,monitors, photocopiers and appliances when they are not inuse.
• Install occupancy sensors onlights in less-used areas.
PAGE 10 | January 09
the chamberOF COMMERCE
Chamber Calendar of EventsJanuary 21st
Business After Hours at Arthur Travel(216 St. Andrew Street West, Fergus).
RSVP to Mary at 519-787-7870 or [email protected]. There is no
cost to attend.
January 28th
The CWCC Annual Mayor’s Breakfast,sponsored by OLG, at Heritage River
Retirement Residence (formerlyWellington Terrace) 7:30 a.m. Mayor
Joanne Ross-Zuj will be giving an updateon the Township happenings. This is agreat opportunity to come out and
meet the Mayor, Councillors and seniorDepartment Heads as well enjoy a hotbuffet breakfast. Cost is still only $20
for Members and $25 for FutureMembers. RSVP to 519-843-5140 or
email [email protected]
February 25th
Networking Breakfast at JJ’s FamilyDining, with guest speaker Jamie
Couper of GHC Safety and SecuritySolutions. Breakfast starts at 7:30 AM.Cost is $15 per person for Members
and $20 for Future Members. RSVP to 519-843-5140 or email
For more information please call519-843-5140 or email
ChamberCalendar
ON THE WEB
RELY ON PRINTANDTHE WEB
Many small business owners pay toolittle attention to the web. Either theyignore the Internet altogether, or theythink that their job is done once theyhave a website up and running.
This may be your reaction too:
• “Statistics? Never look at them.”
• “My website is doing fine. I never hear any complaints.”
• “I would like to be found better in Google.” (but you don’t DO anything to make that happen)
A website is a tool, and without properuse the tool will likely never benefit itsowners.
The Internet has taken the world bystorm. A lot of businesses do try tokeep up and have a website, perhapseven an online newsletter. But the bulkof their advertising remains offline; theyonly focus on traditional promotiontools like print, radio and perhaps TV toreach their customers. But the Internethas radically changed one element in themarketing mix: the consumer.
Consumers have a lot more controlover their purchasing decision thesedays. People want to research productsand services whenever and whereverthey want, by visiting trusted websites orsearching in the search engines.
Do you want to be part of theirresearch, of their purchase decision?Then you better be found.
For starters: remember to mention yourwebsite in all of your print advertising:on your business cards, in yournewspaper ads, on your letterhead,envelopes, invoices and receipts. Sendemails from an email address such [email protected], so youremail address helps to promote yourwebsite. Add your website address toan email signature and include that in allthe messages that you send out.
But do not forget to make some changesto your advertising campaigns as well.Local ONLINE advertising is gettingmore and more important as well.Placing an ad on important localwebsites like the Chamber’s website ismaybe a shift in thinking, but if more andmore people are searching online,wouldn’t you like to be found wherepeople are searching? You can have a nicebanner created, and use it on severallocal online advertising outlets. Use astandard format like 125x125 or 468x60for this reason. The graphic can invitepeople to call you, or you can directthem to your website. A website is not aprerequisite, but it increases theresponse rate.
For more information: contact yourWebmaster, or email Nardo Kuitert [email protected].
NARDOKUITERT
January 09 | PAGE 11
the chamberOF COMMERCE
MEETTHE MEMBERS
SMART HOME INSPECTION SERVICES
Gerry Smart may only have started hishome inspection business in 2007, but hehas a wealth of knowledge and experiencethat spans a 25-year period inmanufacturing management for electric andgas appliances such as water heating andpumps and kitchen manufacturing. He alsohas been involved with new homeconstruction (for Habitat For Humanity,among others), general renovations andfinishing basement living areas. His brother-in-law had taken a home inspection course,and recommended Gerry to do the same.The more Gerry though about it, the moreit made sense to him.
But he wanted to do it right. He did notbelieve in buying into a franchise, where youcan get started after a two week course:one week about home inspections, and oneweek about franchise knowledge. That iswhy he joined the Ontario Association ofHome Inspectors (OAHI) as a studentmember in 2005 while completing theextensive Carson Dunlop Home InspectionTraining Program. “I am the only homeinspector residing in Centre Wellingtonwho is an Associate Member with OAHIhaving completed all of the requirededucation and working towards the RHIdesignation,” Gerry points out.
“Continued education is mandatory forrenewing your membership with OAHI,” hesays. In order to obtain his 20 credits ormore, Gerry participates in workshops andeducation sessions. He also frequentsAssociation meetings to listen to theexcellent speakers they invite and to keepup to date with the latest information.“People assume that all home inspectorsare well educated, but unfortunately manyare not,” Gerry Smart says. There are over3000 people in Ontario who claim to behome inspectors but only 830 are membersof the Ontario Association of HomeInspectors.
People may not realize that a Homeinspection is an educational process, anassessment, but certainly not awarranty. You get a reportdescribing the condition thatyour home is in – at the day ofthe inspection. The best wayto educate the (prospective)home owner is to havehim/her go with theinspector, rather than onlyhanding in a writtenreport. Seeing cracks inthe foundation, unsafewiring behind the electricalpanel or issues with waterpenetration with your owneyes helps you understand theseverity of the findings better.Sometimes people draw thewrong conclusions whenconfronted with his findings. “Cracksin the foundation, for instance, do nothave to be a deal breaker,” Gerry says. If thecrack has never taken on water it canprobably be sealed fairly easily. This maysalvage a sale. “You need to understandyour home.”
Besides the well known inspection beforebuying a home, Gerry also offers a differenttype of inspection: PreventativeMaintenance Planning. It is geared towardseducating the home owner - the ones thataim to stay, and want to keep their home ingood shape. After the inspection homeowners will know what maintenance can beexpected when, and how much to budgetfor future repairs. “An ounce of preventionis worth a pound of cure.” (Preventative)Maintenance will have increased the valueof your home when the time comes to putit on the market.
Gerry Smart used the services offered bythe Guelph Enterprise Centre and the SelfEmployment Benefit Program to lay a solid foundation for his business. He also joined
the Centre Wellington Chamber ofCommerce, as well as the CentreWellington Contractors Association.Building and growing a business is veryrewarding, as well as seeing so manydifferent homes and the conditions thatthey are in.
His clients are primarily from CentreWellington, Guelph and surrounding area;not surprisingly many of them are realestate agents and brokers. He knows thearea well, as he has lived here since 1986.
Contact Gerry Smart for more informationor a quote at 519-846-5050, or visit himonline at www.smarthomeinspect.ca.
PAGE 12 | January 09
Barney TracyCFP, FLMI
WHAT’S HIDINGIN YOUR
DISABILITY POLICY?When looking at disability insurancepolicies, they are not all created equal. Inprior articles we have looked at thedifference between a group benefit and apersonal policy, and we have compared thevarying definitions of disability.
Another really important factor to weighinto your decision is the list of limitationsand exclusions. From your own perspectiveyou want to make sure both lists are asshort as possible. Some policies will limithow long they’ll pay benefits in the event ofa “soft tissue injury” – a strain or sprain tous. Will the policy pay benefits if you areinjured in a car accident for which you areconvicted of impaired driving? Is there alimitation or exclusion for insurrection orwar? We don’t suggest there is imminentwar in Centre Wellington’s future, but whatif you’re driving through a protest marchand someone hurls a brick through yourwindshield?
Some limitations are put into the policybecause of pre-existing medical conditions.Does that limitation have a time limit on it,or is it on as long as you own the policy?Your broker should have had discussionswith the insurer at the time the policy wasissued to try and reduce the impact of anylimitation imposed by the insurer.
Some policies are underwritten at the timeof issue, so you have to prove your incomelevel and you have to go through whatevermedical requirements the insurer sets. Thisis preferable to a policy that willunderwrite you at the time of claim – whenyou are at your most vulnerable. In thislatter case the insurer can decline yourclaim for a reason unrelated to the illnessthat caused you to stop working. Therehave been articles in the papers and ontelevision about people caught in thisunfortunate situation when they havethought they were insured through theirbank or mortgage lender.
This concludes our series on disabilityincome protection. We would like to hearfrom you if this has been a useful exercise,or if you have any questions regarding thisimportant part of your insurance program.
Barney Tracy is a broker in the fields ofgroup insurance, disability insurance and lifeinsurance. He can be reached [email protected] or (519) 8201283.
TracyGROUP
BENEFITS
While you’re looking after business,who’s looking after you?
Barney Tracy, CFP, FLMIPh: (519) 820 1283e-mail: [email protected]
WHERE’S THE PLAN?The Government acknowledged thatslowing economic growth over the comingquarters will substantially reducegovernment revenues.
“Although the Government continues toplan on balanced budgets, given thevolatility of the economic situation,particularly the rapid decline in commodityprices, a deficit cannot be ruled out. If theGovernment does run deficits, it will ensurethat they are contained and temporary.”
At a time when most private sectorsforecasters and the Parliamentary BudgetOfficer believe Canada will be facing deficitsin the years ahead, the federal governmentis extremely hesitant to use the “D” word.
Today’s Economic and Fiscal Statement notonly appears to be optimistic, it fails toprovide concrete measures to stimulate theeconomy.
MEASURES ANNOUNCEDThe Government is taking steps to protectCanada's fiscal position:• Ensuring that departmental spending isreduced.• Ensuring that public sector compensationreflects the current economic situation.• Putting the Equalization program on agrowth path that is in line with theeconomy.
SHORT-TERM MEASURES:• The Government is providing EDC withan additional $350 million in capital tosupport up to about $1.5 billion inincreased credit capacity for those mostaffected by the credit crisis, most notablyauto-related and other manufacturingenterprises.• The Government will also provide BDCwith an additional $350 million in capital sothat it can increase its credit capacity byabout $1.5 billion for term lending activitiesand a new time limited facility providingguarantees to financial institutions for theirlines of credit for viable small and medium-sized companies.• Measures are being proposed to providetemporary relief to private pension plansaffected by the global financial turmoil. TheGovernment proposes to allow plans toextend their solvency funding paymentschedule from 5 to 10 years in respect tosolvency deficiencies as at December 31,2008, subject to conditions. A consultation
process on issues facing defined benefit andcontribution pension plans will be initiated.• Measures are being proposed to providetemporary relief to seniors with RegisteredRetirement Income Funds. TheGovernment plans to reduce the requiredminimum withdrawal amount for RRIFs by25 percent for 2008.
FORWARD AGENDA:• Accelerating infrastructure investments in2009.• A reiteration of what already has beenannounced to improve opportunities forworkers such as investing in education andtraining, implementing the CanadianExperience Class, and investing in labourmarket training..• Strengthening financial markets. TheGovernment is waiting for the Expert Panelon Securities Regulation on the best wayforward to improve securities regulation inCanada.
In preparing for Budget 2009, theGovernment will consult with Canadiansand provinces and territories to developresponses to short-term economic issues,while continuing to implement its long-term economic plan. The debt-to-GDPratio is expected to fall below 25 percent in2012-13, one year later than projected inBudget 2008.
CANADIAN CHAMBER’S REACTIONIn the short-term, the challenge is toaccelerate, strengthen and ensureeconomic recovery. Beyond the short-term,it’s how to improve productivity and raisethe standard of living of Canadians.
After the impressive Speech from theThrone, the Economic and Fiscal Statementwas especially disappointing. The CanadianChamber urges the federal government toimplement a stimulus package quickly tokick-start the economy. Time is of theessence. Given the heightened degree ofuncertainty, rapidly deteriorating consumerand business confidence and an economyon a brink of recession, we cannot afford todelay.
“The Government has acknowledged thatthe economy is in a recession. We need toget a plan to get us moving forward again. “The Government must be prepared toreact sooner if the situation demands it.
Going forward, the Government mustadopt more prudent budgeting principlesincluding keeping spending growth to nomore than nominal growth in the economy(i.e. about 4 percent per year) and allocatingfunds (i.e. an allowance for economicprudence and an annual contingencyreserves) within the budget to safeguard itfrom unforeseen economic developmentsand forecasting errors.
Beyond short-term measures, theGovernment much embrace longer-termplans that promote and enhance theflexibility of our economy so thatbusinesses of all sizes can readily adapt tocurrent and future circumstances. It is inour interest to eliminate all internal tradebarriers that impede the free flow of goods,services and people by 2010; accelerate theapproval and funding process for majorinfrastructure projects currently in theworks; harmonize provincial sales taxeswith the GST; ensure Canada’s taxenvironment remains competitive; andfocus government spending on productivityenhancing areas that have the greatestpotential in terms of maximizing economicgrowth.
Lastly, the Bank of Canada also a criticallyimportant role to play to jump-start theeconomy. Its key policy interest rate – theovernight rate – is currently 2.25 percent. Itcould cut it by 50 basis points onDecember 9, the next scheduled date forannouncing the overnight rate target.Changes in the target for the overnight rateinfluence other interest rates, such as thosefor consumer loans and mortgages and,therefore, can have a powerful andimmediate effect in stimulating consumerspending and supporting the Canadianeconomy.
Extraordinary times call for extraordinarymeasures. The well-being of every Canadianfamily depends on both short-termmeasures and wide-ranging structuralreforms that can help our businessescompete in the future. To delay would riskthe jobs of Canadian workers and theprosperity of communities across ourcountry.
January 09 | PAGE 13
CANADIAN CHAMBER OF COMMERCE
PAGE 14 | January 09
RECESSION ANDOUR BUSINESS
How can you make a difference duringthese times? Maintain a positive attitude.The current economic environment isbeing driven by the media who makeseveryone feel like they are losing their jobtomorrow. Canada is doing very well andCentre Wellington is doing just finecompared to the US economy, however wewatch CNN and act like it is happeningright here in our backyard. We have nothad layoffs in the thousands and actuallyCanadian unemployment, which is high at 6percent, is expected to grow closer to 7%in the next year or so. Let’s turn thisaround and look at it a different way, 93% ofpeople will still be working! That is a largeeconomic base for our community and weneed to remember that there is still asubstantial amount of commerce going on.
If we follow the media, we will stopspending and hoard our money away,forcing the community into the depths ofthe recession.
Shopping locally is the other way tomaintain a strong healthy environment aswell. We can simply make a decision tosupport our neighbours before we supportothers outside our community, region,province or country. By using thisphilosophy, we can remain healthy andthrive during a time when the rest of theworld is suffering. Sometimes this cancause us some short-term pain if the costis greater but the spin-off in our communityis greater. When we look at other productslike wine for instance, we can shop forOntario wines like Cox Creek with over30 varieties including many made withgrapes. The difference to our economy issomething like 80% more of the cost of abottle stays in our province. Look for thisopportunity in everything you do and morerewards will come to all business operatorsin our area.
Over the last few months, I have writtenabout all the new commercial andinstitutional growth that is taking place inthe next year. This clearly demonstratesthe confidence that many people have inCentre Wellington. We should have thesame level of confidence in ourselves andour business.
This year will be one where people takeshorter trips to save money and gas so weneed to be marketing to local day trippingmarkets that can have a positive impact onus. In December, we ran community-basedads on CHYM, KICX and 570 News as wellas some contesting on their website. Thetest will be to see if that translated intoincreased holiday sales. We would like tosee the community come together to domore collective promotion in these shorthaul markets during 2009.
We can weather an economic storm if wetry. Stay positive, shop local and promoteyour community to folks both inside andout of Centre Wellington.
economicDEVELOPMENT
Dave Rushton
January 09 | PAGE 15
CONTACT LISTING
519-843-5400Cell: 519-766-6384Toll Free: [email protected]
Debbie KurtSales Representative
162 St. Andrew St. E. Fergus, ON M1N 1P8
Ministry of Labour www.employeradviser.caWCB - 1.800.387.0774
Employment Standards 1.800.531.5551
Ontario Government www.gov.on.ca
Revenue Canada www.cra-arc.gc.ca
Service Canadawww.servicecanada.gc.ca
Township of Centre Wellington 519.846.9691
www.centrewellington.ca
WCB1.800.387.0774
www.employeradviser.ca
Waterloo-Wellington M.P.P. 519.787.5247Ted Arnott
Wellington - Halton Hills M.P. 519.843.7344
1-866-878-5556Michael Chong
The Centre WellingtonChamber of Commerce
Phone: 519.843.5140E-mail: [email protected]
BDC (Business Development Bank of Canada)519.571.6680Don Cubbidge
Elora BIA519.846.2563
Esther Farrell [email protected]
Fergus BIA519-787-1384
WW Community Futures519.846.9839
Rick Whittaker [email protected]
Centre Wellington Economic Development519.846.0974Dave Rushton
Minding Our BusinessThe Wellington AdvertiserBox 252, Fergus, Ontario
N1M 2W8519-843-5410 telephone519-843-7607 facsimile
BUSINESS CARD DIRECTORY
Your mini holiday. OLG.ca
Feel the excitementeven beforeyou get here.
7445 County Road 21, RR2, Elora, ON (519) 846-2022Mon. - Thurs. 9 a.m. to 2 a.m.Fri. - Sun. 24 hours