As part of continuing efforts to provide resources and tools for the local business community, Choose Wood Bufallo is hosting two events this week for anyone interested in expanding their knowledge or who is involved in the local business community.
These information sessions are not the first of their kind. They’re a continuation of the work Choose Wood Buffalo is doing to increase the knowledge base for the local business community and come as an answer to the specific needs of this community.
“As things slowed down for a lot of businesses, they were in such a go-mode before that when things slowed down they were realizing that maybe they weren’t doing things accurately,” said Leigh Ann Smith with Choose Wood Buffalo, which is the economic development wing of the RMWB.
She said that prompted the idea for Wednesday night’s information session which will focus on financial fluency and understanding financial statements. It will feature a presentation from Heather Kutanzi who is a Chartered Accountant with MNP. She’ll speak to business owners or prospective entrepreneurs about the practical ways to use the information on their financial statements and review information about key ratios that indicate the financial strength of their business and more.
“This learning event will allow them to kind of have a step-by-step, line-by-line understanding of the common balances on a financial statement,” said Smith. “Practical ways to use the information, working through your financial statements, how are you benefitting your business, where are there losses, where are there gains, where are there opportunities to cost save, and where are there opportunities to grow.”
Smith said the sessions are designed with the current economic climate in mind and with the understanding gained from previous sessions of what exactly businesses are needing to learn.
“We’ve been doing learning events for over a year now and through the learning events we do a lot of surveys and we’re constantly asking business owners what they need, what kinds of resources and tools are they looking for. Marketing has always been a really big one, social media, but also on the financial side a lot of business owners will take it upon themselves to do their balance sheet, working with an accountant and as much as you can have an accountant it’s still really important as a business owner to understand the books,” she said.
Smith explained a lot of business owners have expressed interest in being more involved with that part of their work and ensuring they have a role in understanding the books and using that information to strategize.
Anyone interested in learning more can attend the session which costs $25. Registration is available online.
The second event next week, “It Takes a Community,” takes place Thursday evening and is both an appreciation event and a learning opportunity. It will celebrate the success of the Shop Local tree which was donated to the Festival of Trees thanks to the contributions of 85 local business owners.
The tree was valued at $21,000 and auctioned for $18,000.
The RMWB and Choose Wood Buffalo want to thank the business community for their support with Thursday’s free event that will also feature a presentation from Jeph Maystruck from Strategy Lab Marketing who will speak about the Shop Local movement and offer businesses a take-home strategy.
It’s open to all members of the business community and general public interested in learning about the movement, regardless of whether they took part in the Festival of Trees this year.
This is the second time Maystruck has visited the community to talk about Shop Local. He also gave a presentation in the fall.
“We had a great response from his presentation and that’s why we wanted to bring him back again. He brings ideas and he brings innovation, but he also brings a lot of excitement and energy which we feel, right now, people sometimes need. It can be pretty disheartening when sales are slower and there’s not as much happening,” Smith said.
She said he’s planning to present five things businesses can do the following day to improve their strategies and attract local customers to their businesses.
“So, businesses are going to be able to come in to this event and take away and literally start applying the following day when they go into business, which I think is important,” she said.
Smith said marketing strategies can sometimes be overwhelming or so long-term it’s difficult to see the benefit but she said these five things will be immediately applicable and beneficial.
She said the Shop Local movement is gaining ground in Fort McMurray but it’s often difficult for businesses to bring in customers outside of the holiday shopping season and to attract new business when they are not well-known.
“I know I’ve lived in the community now for almost three and a half years and when I went out and we did the Shop Local Initiative, I was amazed at what I found,” she said. “The passion and the dedication that a lot of these businesses have and they want more people to come in their doors, you really don’t need to go anywhere to find what you’re looking for, you just have to know where to look for it.”
Registration for “It Takes a Community” is also available online.
For more details about the resources available through Choose Wood Buffalo visit their website.
