Recently, I wrote about how legislation being proposed by federal Finance Minister Bill Morneau under the auspices of tax fairness was destined to suck the life out of small businesses.
I wasn’t alone in my thinking. Across the country, small business owners and advocates — from doctors and lawyers, to retail owners and farmers, and even Premiers and Liberal backbenchers — spoke out and pushed back. Following the short 75-day consultation period, Morneau tweaked the proposed legislation around the three most troubling areas.
To me, this is a striking example of the power small business owners when they stand up against bad legislation.
It bears repeating; if small businesses in Canada were to close shop, our economy would collapse. Small businesses contribute nearly one-third of the country’s GDP.
The future is now. We’ve been worrying about the pending labour shortage for years, but in many industries, it’s already upon us. Many of us need a hiring strategy today to deal with the dearth of talent.
Over the past year I’ve witnessed first-hand how difficult it is for our suppliers, dealers, and even the contractors we serve across Canada to find good young people willing to work within our industry. I’m not talking just about skilled trades! I’m also referring to young unskilled workers who have an opportunity to learn, grow and excel within the building/construction industry.
Fact: as millions of Canadian baby boomers retire and exit the workforce, we are witnessing a massive shortage of workers, both skilled and unskilled. Even with more boomers working into their 70s, it’s still inevitable.
In July, Finance Minister Bill Morneau introduced a draft legislation proposing to overhaul taxation for private companies, ostensibly to eliminate “unfair tax advantages” that Canadian-controlled private corporations (CCPC) are perceived to have.
The supposed goal may be tax fairness, but the proposed changes couldn’t be less so. Instead they unfairly target a group of the population taking all the risks, and claw back incentives that exist to incentify small business (and, in turn, jobs), that help owners succeed in the face of economic uncertainty.
Proposed changes: Are they counterproductive?
We’ve all heard it: there’s never enough time in the day, week, quarter or year to get everything done. Businesses run lean and time is perceived as a precious commodity.
But you can master time and make it work for you. Time, and your management of it, can become your competitive advantage. The better you manage time, the more you can achieve, and the better you feel about what you’ve achieved.
Here are a few top-line strategies to consider when making time your ally instead of your enemy.
Know what you want from your time
The best way to find yourself is to lose yourself in the service of others” ~ Mahatma Gandhi
As entrepreneurs and business leaders, we have an amazing opportunity to serve others. I’ve written in the past about the qualities and benefits of servant-leadership. The most successful leaders focus on others. This article, however, is going to focus on more – our ability as leaders to make a difference through volunteerism.
Anyone can volunteer, and I urge everyone to play their part – there are lots of worthwhile causes out there to be a part of. But as leaders, we can do something more: we can mobilize people and teams. And ultimately, that’s a rewarding experience few of us ever forget.
For entrepreneurs, business owners and leaders, hard work is in the blood. Long hours are part of the territory and the concept of work-life balance isn’t something most of us give much thought to.
For most successful entrepreneurs, work is life. The two are closely entwined. It’s not a distinction we draw with some imaginary line on the clock. You work hard and long to see your businesses grow and take joy when your efforts come to fruition. This is how many entrepreneurs thrive.
We all know there is a skills shortage, and we need to find a solution, quickly.
Our aging population and declining birth rates are expected to create a shortfall of one million construction workers by 2020. Skilled trades are already the hardest employees to find and hire.1 (See “Where have all the Tradespeople Gone.”)
This isn’t just a Canadian problem – it’s a global one. Employers are struggling to fill positions within any industry that requires engineers, management, technicians, IT staff, sales representatives, and even office support staff. Meeting the current and growing shortage in Canada will require a comprehensive strategy (involving governments at all levels, along with businesses and academia to address our future labour needs.)
When it comes to entrepreneurs, women shouldn’t be underestimated.
There are countless studies that prove this statement to be true. Women-led businesses are outperforming their male counterparts while being underrepresented in corporate leadership.
Why is this?
After the hustle and bustle of the holiday season, and we get back to business, one critical piece of work is too frequently overlooked: the business plan.
According to a study of small business owners, 80% admit they don’t give due attention to achieving goals. At the same time, 77% say they don’t achieve their dreams for the company.1
I believe a lack of business planning is the biggest challenge to face entrepreneurs and business leaders, and the primary reason they fall short of their vision. In fact, without a plan, it could be argued that you aren’t truly leading the business, but merely stumbling into any successes the business might experience.
But, you say, I know what I’m doing; my business plan is right here, locked in my head. Good, then take the time to set it down and define it. Write it out, so that you and your business team have it at the ready.
As 2016 ends, it’s natural to look back at the eventful year we’ve all had. It’s been a year of big changes across industries, major events in international politics, in sports, technology, pop culture and, as always, in our individual lives.
For me, publishing Insights has been a significant highlight of the year. In January, we looked at The Power of Thank You, and it is with this in mind that I write this final blog of 2016.
Thank you for reading and responding, whether on the blog or in person. I have enjoyed sharing my thoughts with you, and the feedback I have received from manufacturers, retailers and other readers on the articles has been invaluable. Most important, thank you for sharing your own thoughts and opinions.