Minister of State Bernier Applauds Entrepreneurs at Small Business Week Event in Edmonton - The Government of Canada has declared 2011 the Year of the Entrepreneur to increase public awareness of the important role small businesses play in the Canadian economy. Click here for more.

Report shows small business the backbone of provincial economy - A report from the provincial government released on October 17 shows just how important small businesses are to the provincial economy. While this article focuses on BC in particular, the statistics are likely similar across Canada. Click here to read more.

Canada's Largest Payment Processer to Partner With the Nation's Only Trade Show for the Digital Industry - Dx3 Canada today announced a partnership with Moneris Solutions, Canada's largest payment processor, which will see the introduction of the Moneris Small Business Zone at Dx3 Canada. Moneris, through Dx3 Canada, is providing a valuable forum for Canadian small businesses. Click here to read more.

BDC sets up $200-million loan program - The Business Development Bank of Canada (BDC) on Monday said it is setting aside $200 million worth of loans to help entrepreneurs in the field of information and communications technology (ICT). The money can be used for hardware, software and consulting services designed to boost online sales. BDC client and non-client companies, including individual or home offices, can apply, and BDC said in a press release that it will speed up and simplify processing of the applications. Click here for some guidance.

Survey finds Canadian small businesses overlooking social media - A new BMO Bank of Montreal survey says social media tools such as podcasts and social networking sites present significant, cost-effective opportunities for businesses to engage customers, but only 29 per cent of Canadian small business owners are taking advantage of it. Click here to read more.

If you were asked to tell your favourite story, what would it be? Would you recall a favourite fairy tale from your childhood? A book you have loved since you were young? A movie that inspired you? A true-life story that was told to you by your grandfather, or your father and that you now tell to your children? Everyone loves a great story. Stories are timeless, ageless, and compelling. They draw us in, make us feel something, connect us and inspire us. So what does this have to do with your business? A lot!

As long as people have populated the earth, they have been telling stories. While storytelling, even business storytelling is not necessarily new, there is a growing trend in the corporate sector that recognizes the power of telling stories to promote business. Most successful companies like Nike, 3M, Costco, Mary Kay, and FedEx use corporate storytelling extensively, and would tell you their success is in large part, due to their ability to use their corporate story to motivate, inspire, and yes - sell.

Corporate storytelling is about getting to the core of a company's value proposition, and developing narratives that simply and compellingly relate "the story" to customers, prospects, investors, media, employees and others in a way that motivates them to think, or act, favourably. In her book, "Around the Corporate Campfire", Evelyn Clark says this: "Business leaders need to clearly and passionately communicate their organization's values and vision so they can draw everyone into the fold: prospective recruits, employees, customers, suppliers, and other stakeholders." Clark has built a successful career on helping companies identify, craft, and communicate their corporate stories as part of their business strategies.

Stories are being told about your company all the time. Unless you have never had a customer, someone somewhere is talking about your company. When they do so, they are speaking with passion either for or against your business. When a customer experiences your company, they leave with an impression. If they were offended, hurt or feel they did not get good value, they will passionately talk about (create the story of) their perceptions of your business. Likewise, if you exceeded their expectations, they will also talk about that story. When a person hears one of these customer stories about your business, do you have your own equally passionate company stories with which to counter or confirm what they have heard?

Storytelling, in corporate communications, gives sense and meaning to your company and its staff. It inspires and gets people moving in the same direction and is an opportunity to recount the values of your company. Think about all the great things that happen in your business - the way you meet customer needs, create exceptional products, or live out your values. Are you telling those stories to show people what kind of company you are? A simple story can go further than any advertising or marketing campaign. In fact, if you're smart you'll be using stories IN those campaigns, because stories sell, stories connect, and stories motivate. Here are some thoughts on telling YOUR business story.

1. Tell your story with passion. Passion is powerful, and no one is as passionate about your business as you are, so tell your story with all the enthusiasm you can muster. "Don't tell me that you're "passionate about the perfect cup of coffee at your coffee shop." says corporate storyteller and coach, K. Sean Buvala (www.storyteller.net). "Rather, through business storytelling, show me your passion by telling me the story of how you spent a year travelling the country to find the best and most unique roasting machine. I want to see that look in your eyes as you tell me about the best/worst coffee you ever had that led you to start your own business. Let me laugh with you about your obsessive interviewing and auditioning in order to find the perfect baristas. Help me to feel your focus as you tell me about going through a dozen suppliers (and their unique personalities) looking for the perfect coffee beans."
2. Train your employees to tell your story. Your employees are the second best people to tell your story (after you of course). Gather them together regularly to share their stories. What meaningful encounter did they have with a customer? What choice did they make, even though it was hard, because it aligned with your values? Where have they seen success? How has your business made a difference in the lives of your customers? The more you can get them to tell stories to each other, the more likely they will be to share them with others.
3. Start small. Don't force people to participate, but lead by example. Get people excited about one story. Then tell it over and over. Companies who are most successful in using storytelling often tell the story about how the company began, they talk about the founder, the founding principles, the company's values. It doesn't have to be complicated to be a great story.
4. Make your story flexible. "The elevator speech is dead," says Buvala. "For any size company, learn to tell each of your stories in a variety of time formats such as two minutes, six minutes or fifteen minutes. Always be ready to tell potential customers about your work. Your preparedness will help convey your passion."
5. Make a personal connection with your story. Take every opportunity to be in front of customers or employees to tell your stories. Digital storytelling, print advertisements and social media are all fine tools, but they can never replace the benefits of experiencing your story passionately told live and in person.

"Story is more powerful than brand," says management guru, Tom Peters. "because the best story wins." Storytelling evokes emotion and involvement. Your corporate story is the engine behind your internal and external communications. Successful stories help people see, taste, feel, and touch your company. It makes tangible what is sometimes intangible, and creates a connection far greater than any brochure, print ad, or other form of advertising can. So tell your story! It's good for business.

Have you ever lost sleep over the "what if's" that could happen to your business? What if you were in a car accident and had to be away from your business for six months? What if your biggest client decided to go across the street to your competitor? What if there was a large-scale natural disaster that affected your digital systems and information? What if your most valuable sales person who's bringing in $250,000 a year in business suddenly quit? What if the bottom dropped out of the market for your product or service? Or what if you suddenly got a huge order that could double your revenue, but you weren't equipped to take it on?

Business risk management focuses on risks to your business operations, systems, and processes. Those kinds of questions are at the core of risk management, and a risk management strategy is about asking those questions, and creating plans to deal with your worst case scenarios. Unfortunately, not a lot of small business owners go into business thinking about worst case scenarios, and strategic risk management often gets lost in the shuffle of doing business every day.

Here are some of the typical risk areas a small business faces:

• Financial - reliable suppliers, quality products, large business loans, economic stability, cash flow, business growth
• Relationships with clients - too many, too few, too many large clients that control business viability, loyalty
• Employee (HR) - turnover, theft or fraud by employees, specific skill sets that are valuable and difficult to replace, human error, quality control
• Economic fluctuations - local, regional, national and world
• Technology - new technologies, social media, equipment

The goal of business risk management is to know exactly what kinds of risks exist in your specific business and figure out how to prevent them, or minimize their impact on your business. Risk management is often done using the following five-step approach.

1. Identify the risks involved in all aspects of the business - ask yourself the hard "what if" questions using the areas listed above as a starting point. The answers that scare you the most, the ones that have the largest potentially negative impact on your business, are the ones you need to pay most attention to.
2. Review the probability of negative events occurring - now that you've identified the risks, try to determine the probability of those risks occurring. For example; an earthquake that destroys your business systems might be possible, depending on where you are located, but how probable is it? How much time, money and energy should you put into mitigating that risk based on that probability? Or, your business is strongly linked to the American economy. With all the upheaval going on financially across the border, how likely is it to affect your business? Create risk priorities based on the issues that are most probable.
3. Come up with a plan to decrease the risk - once you've prioritized your risks and know which are most likely to occur, create a plan to minimize those risks, should they happen. Think strategically, and don't be afraid to visit your worst case scenario. Make your actions as specific possible. "If A happens, we will do this. If B happens, we will do that." Having those strategies in place will not only give you peace of mind for now, but will also give you a place to start if the worst case scenarios are realized.
4. Put the plan into action - some of your risk management strategies will only need to be implemented when the "what if" occurs. Others might require plans that are put into place now to mitigate those "what if" scenarios. Look at your highly probable risks - are there things you can be doing right now to begin minimizing those risks? Think about that sales person bringing in $250,000. Losing them would be a worst case scenario, but could you mitigate that risk by training up other sales reps to become senior revenue generators? In addition, could you begin connecting with some of those clients yourself? Then if they lost their rep, they still have a strong relationship with your company.
5. Monitor the situation to see if the plan is effective, or if it needs to be altered - your risk management strategy isn't a one-time only document that you put on a shelf and hope you never have to use it. It's a living, breathing workplan that needs to be monitored regularly. As things change in your industry, in the world or local economy, or in technology, continue reviewing your risks. You may find that something that was a low probability last year, is suddenly a high probability this year. Some of the risks may drop right off the list, and you may need to add new ones. As you continue being aware of the potential risks your business faces, you'll be so much better prepared to deal with them if they occur.

Having a risk management plan in place not only helps in the event of your worst case scenarios, it can also help to organize the allocation of resources and capital by helping to standardize the way that priorities are set. This will help with decision-making and planning, as well. Make sure that your business has a plan for dealing with all of its risks!

Have you ever used all your best sales techniques with a prospect, convinced they were going to bite - only to have them walk away without purchasing anything? It may have had nothing to do with your pitch, your process, your product knowledge, or your strategy. It may have been your timing. If you communicate the wrong message at the wrong time, you could risk losing the sale. As you begin to engage your prospect in the sales process, it is important to understand some of the stages customers go through when making decisions and tailor your communication to support their focus during each of these stages.

Stage 1: Ouch - it hurts!

All sales don't begin with pain. Sometimes you have to convince people that your product or service fills a need they don't know they have yet. Take the iPad for example. Before it hit the market, who thought they needed such a device? Now that it's here, many people believe they need it, and some already wonder how they lived without it. However, if your prospects have identified a problem or challenge, you're in a position to meet that need. "I hate washing my dishes by hand." "I've run out of cupboard space in my kitchen." "I can't keep putting money into this old car." "My cell phone is unreliable and keeps dropping out on calls." "My daughter really needs help with her math grades if she wants to get into college." Initially, prospects look for businesses who could potentially help them to find a solution. If you are engaged in this stage, they will want to know that you understand their problem and have a real, potential solution. Customer's concerns are focused on their need. Cost isn't as an important a factor since the customer is primarily looking for a solution. The biggest mistake you can make in this phase is to try to convince them to purchase on the basis of price or value, and not acknowledge their pain or convince them you understand their problem.

For success in this stage: Ask lots of questions. Let them tell you about their problem. Relate your own similar experiences, indicating you understand where they're coming from. Listen for clues as to how you can meet their needs most specifically. After you've heard and acknowledged them, let them know you have a solution that WILL meet their needs. If you've been successful at understanding, you'll have earned the credibility to move into the next phase.

Phase 2: Can you heal my pain?

If you have earned the prospect's trust and they feel you have a possible solution, they will move to the next phase - determining whether you actually have a solution for them. They will be evaluating whether you can deliver the solution on time and on budget. They'll be interested in whether you have the right resources, processes, and people. They are wondering if it is worth moving forward with you. For the prospect, there is an investment of time, risk and money in each phase, and they will be asking whether it's worth it to move forward, and whether you are the one they want to move forward with. Phase 2 is about finding alternatives and solutions. At this stage risk enters into the process as the customer evaluates the risk around making this decision. The biggest mistake you can make in this phase is to jump into pushing your product or service without establishing yourself as a credible contender.

For success in this stage: Present your solution, but be conscious that they are still not fully into "purchase" mode. They still need convincing that you are the right person/company to deliver the solution. Establish your credibility. Tell customer satisfaction stories. Listen to the risks your customer feels they are facing, and find ways to minimize those risks. This is also the stage where you must deal effectively with objections. You must skillfully navigate customer objections without being pushy. You can do this by anticipating the questions or concerns they might have, and addressing them in your conversations before they even express them.

Phase 3: Is what you're offering worth it to me?

In the final stage, the customer is convinced they have a "pain" that needs fixing, that you are a credible contender to meet their need, and now focuses his/her attention on the risk/reward tradeoffs on what you're offering. They also want to be convinced that what you're offering provides them with the greatest value for their investment. This is where price and value enter into the picture. Your prospect is interested in all the tangible and intangible benefits of implementing your solution. They may also be considering other competitors and trying to determine who is offering the best value for their money. The biggest mistake you can make in this stage is to come on too strong and to put down or disparage your competitors. While you may have convinced them to consider you as a contender, you haven't yet won them over and any efforts you make to put down a competitor will be seen as unethical and unprofessional.

For success in this stage: Know your product and have a convincing presentation. Be prepared to answer questions and deal with further objections in a professional manner. Focus on mitigating any risk that comes with your solution and demonstrating why your offering has the best value over the next best alternative. Focus also on what makes you uniquely qualified to meet their needs. Convince them that meeting their needs is your highest priority, and that your commitment to them doesn't end with the purchase - that you're interested in developing long-term relationships with them and in serving them well for the long term.

As in any relationship, timing can be everything. What you say is only half the equation in effective communication. When you say it is equally important. Focus on where your prospects are in the purchasing process and provide them with the information they need at that time. You'll increase your credibility with your prospect, as well as your capacity to close on the sale.