Business & Personal Finance

How will you do your Christmas shopping this year?

With the Santa Claus Parade and Black Friday behind us, the real holiday retail season has begun.  Google commissioned an interesting report to give retailers a glimpse into how consumers will be doing their shopping this year.  The report entitled "Holiday Shopping Intentions Study"  provides some interesting insight into how our shopping habits have evolved. 

Some interesting facts from the study:

• 51% will research on-line and visit a bricks and mortar store to make a purchase and 44% of us will research on-line and buy our presents on-line and surprisingly, 32% if us will research on-line, visit the store to see the product and then go back on-line to buy.
• Traditional offline sources like TV, newspapers and circulars aren't as useful as they used to be.
• 4 in 5 shoppers will use multiple devices simultaneously to help with their shopping (desktop and using a smart phone or tablet)
• 54% said that they will start their holiday shopping before Black Friday (November 23 this year)
• 46% indicated that they will spend more time shopping around this year due to the economy.
• We aren't only researching on-line, we are giving technology tools as presents this year.  Hot items predicted are tablets and e-readers. 

So what is a business to take away with this information?  Obviously a strong on-line presence is a must as well as a strong mobile platform.  Many shoppers are guided in the mall by their smart phones and sale offers promoted as their proximity to store locations is detected.

Some retailers are trying the lure shoppers into their stores, integrating brick and mortar operations with the on-line experience.  Check out this recent trend reported in Canadian Business.  Some retailers are bringing shoppers in to the store, making their store a "destination".  This trend was reported recently on Sunday Morning in a clip entitled "What's In Store?"

Need to brush up on e-commerce?  Why not check out some of these titles available at the library:

         

 

Attention All Shoppers! Black Friday is almost Here!

For those who enjoy finding a good bargain in a store, Black Friday is almost here; i.e. November 23, 2012. 

Stores in the United States offer bargains to shoppers on the day after the U.S. Thanksgiving holiday.  Hopefully, brisk sales will continue throughout the winter holiday season.

Consequently, Black Friday is so named because "it's said that's when retailers go into the black and start making money for the year," according to a CBC News article entitled Black Friday bargains spread north of the border.

To quell cross border shopping, Canadian retailers have started to participate in Black Friday by offering their own deals.

To find out information on how well the Canadian retail industry is doing or on cross border shopping, you may want to consult the following free online reports and/or resources:

Industry Canada.  Canadian Industry Statistics : Retail Trade
http://www.ic.gc.ca/cis-sic/cis-sic.nsf/IDE/cis-sic44-45defe.html
Visit this web page to gain insight into the industry's performance.  On the left side, there are links to informaion on Definition, Establishments, SME Benchmarking, Retail Revenues and Expenses, GDP, Labour Productivity, Capital Investment, Other Information, and Company Directories.

Industry Canada.  Information by Industrial Category : Service Industries : Retail Trade
http://www.ic.gc.ca/eic/site/retra-comde.nsf/eng/Home
Visit this web page to find in-depth, industry-specific analysis and information.  On the left side, there are links to Environmental Topics, Industry Profile, and Related Sites.   The Industry Profile page links to the State of Retail : The Canadian Report 2010.

Statistics Canada. Retail Trade. Statistics Canada Catalogue no. 63-005-XWE. http://www5.statcan.gc.ca/bsolc/olc-cel/olc-cel?lang=eng&catno=63-005-XWE. Monthly.
This publication presents retail sales estimates for all retail locations in Canada, by trade group and by province/territory. It includes data analysis, definitions, methodology, data reliability and a bibliography.

Statistics Canada.  Annual Retail Trade.  Statistics Canada Catalogue no. 63-270-XWE.
http://www5.statcan.gc.ca/bsolc/olc-cel/olc-cel?catno=63-270-X&lang=eng. Annual.
This annual publication provides information on some characteristics such as operating revenues, operating expenses, operating profits and gross margins for retail trade.

For recent articles on the Canadian retail industry or on the topic of cross border shopping, try the following resources:  

CBCA Complete (Canadian Business and Current Affairs)
(Note: an active Toronto Public Library library card is required to access at the Toronto Public Library website)
Recommended subject searches:  Cross border transactions, Retail stores, and/or Shopping.

Monday Report on Retailers  (Periodical located at the Toronto Reference Library)
For 35+ years, the Monday Report on Retailers has been a weekly source of news on the expansion plans of retailers across Canada.  The Business, Science & Technology Department at the Toronto Reference Library has a current subscription.  Ask at the BST Information Desk on the 3rd floor for assistance.

Roy, Francine. 2007. “Cross-border Shopping and the Loonie: Not What It Used To Be.” Canadian Economic Observer.  Vol. 20, no. 12. December. Statistics Canada Catalogue no. 11-010-XIB.  http://www.statcan.gc.ca/pub/11-010-x/01207/10464-eng.htm (accessed November 21, 2012).

For current Canadian industry reports from databases at the Toronto Public Library website, the following resource is recommended :  (Note: an active Toronto Public Library library card is required to access)

Financial Post (FP) Advisor
On left side, click on Industry Reports > Retailing
Provides in-depth analysis of the Retailing Industry in which the top publicly traded Canadian companies compete.  Latest quarterly results and industry data are available.

For current U.S. industry reports from databases at the Toronto Public Library website, try the following resources:  (Note: an active Toronto Public Library library card is required to access)

Business and Company Resource Center (now Business Insights: Essentials)
http://www.torontopubliclibrary.ca/databases/
On the top menu, click on Industries and then type the following term in the search box: Stores. A list of results will appear.  For example:  Department Stores (except Discount Department Stores) : Industry Profile, Gale Business Insights Online Collection, 2012.  After clicking on a report, there are links to Market Share Reports and Rankings.

Value Line Investment Center
http://www.torontopubliclibrary.ca/databases/
On the left side under Investment Survey Plus, click on Lookup Industry.  Industry Reports consist of 1-2 pages.  In this example, select Retail Store. 

 Ask at the Business, Science & Technology Department, Toronto Reference Library or the Business Department at North York Central Library for information on additional assistance or advice on other available resources.

Great Reads For Small Business Month



Small Business Month is upon us! Here are some books that will help you through some important steps developing your small business.

 

 Taking the Leap to Entrepreneurship

101 Mission Statements From Top Companies: Plus Guidelines For Writing Your Own Mission Statement. Abrahams, Jeffrey, 2007

Building A Dream: A Canadian Guide To Starting Your Own Business. 8th Ed. Good, Walter S. 2011

The Entrepreneur Equation: Evaluating The Realities, Risks, And Rewards Of Owning Your Own Business. Roth, Carol. 2011

The Founder's Dilemmas: Anticipating And Avoiding The Pitfalls That Can Sink A Startup
Wasserman, Noam. 2012 

Full Steam Ahead: Unleash The Power Of Vision In Your Company And Your Life. 2^nd Ed. Blanchard, Kenneth H., 2011. Ebook. 

Entreleadership: 20 Years Of Practical Business Wisdom From The Trenches.  Ramsey, Dave., 2011.  Also available as an audiobook CD and an Ebook.

 

Developing A Business Plan

Business Plans Handbook: A Compilation Of Actual Business Plans Developed By Small Businesses Throughout North America. Gale Research Inc.  Multiple volumes and years. These volumes are also available as Ebooks.

Business Plans That Work: A Guide For Small Business. 2nd ed.  Zacharakis, Andrew., 2011

How To Write A Business Plan. 3rd ed. Finch, Brian, 2010

The Most Important Considerations For Starting Your Own Business: The Feasibility Study And Business Plan. Barringer, Bruce R. 2011. Ebook

Successful Business Plans In A Week. Maitland, Iain., 2012

Your First Business Plan: A Simple Question And Answer Format Designed To Help You Write Your Own Plan. 5th ed. Covello, Joseph A., 2005

 

Market Research for Your Business

FP Markets: Canadian Demographics. 2012.

The New Business Road Test: What Entrepreneurs And Executives Should Do Before Writing A Business Plan. 3rd ed.  Mullins, John W., 2010. Ebook

Pulse: The New Science Of Harnessing Internet Buzz To Track Threats And Opportunities. Hubbard, Douglas W., 2011

Questionnaire Design: How To Plan, Structure And Write Survey Material For Effective Market Research. 2nd ed. Brace, Ian, 2008

Research On Main Street: Using The Web To Find Local Business And Market Information.  Phelps, Marcy, 2011

Social Media Metrics For Dummies.  Poston, Leslie, 2012

 

Developing a Marketing Strategy

Book Yourself Solid: The Fastest, Easiest, And Most Reliable System For Getting More Clients Than You Can Handle Even If You Hate Marketing And Selling. Port, Michael,  2011.  Also available as an eAudiobook. Earlier edition available as an audiobook CD.

Marketing For Entrepreneurs: Concepts And Applications For New Ventures. Crane, Frederick G., 2010

Marketing Shortcuts For The Self-Employed: Leverage Resources, Establish Online Credibility And Crush Your Competition. Schwerdtfeger, Patrick, 2011. Also available as an Ebook.

No B.S. Grassroots Marketing: The Ultimate No-Holds-Barred Take-No-Prisoners Guide To Growing Sales And Profits Of Local Small Businesses. Kennedy, Dan S., 2012

The Successful Marketing Plan: How To Create Dynamic, Results Oriented Marketing. 4th ed. Hiebing, Roman G., 2012

 

Operations

Design For Operational Excellence: A Breakthrough Strategy For Business Growth. Duggan, Kevin J., 2012

Mcgraw-Hill 36-Hour Course: Operations Management. Brennan, Linda L., 2011

Rightsizing Inventory. Aiello, Joseph L., 2008 (at North York Central Library and Toronto Reference Library)

Service Innovation: How To Go From Customer Needs To Breakthrough Services. 1st ed.  Bettencourt, Lance, 2010

Smart Growth: Building An Enduring Business By Managing The Risks Of Growth. Hess, Edward D., 2010

Value-Based Pricing: Drive Sales And Boost Your Bottom Line By Creating, Communicating And Capturing Customer Value. Macdivitt, Harry, 2012.

 

Learning About Financial Management

The Business Owner's Guide To Reading And Understanding Financial Statements: How To Budget, Forecast, And Monitor Cash Flow For Better Decision Making. Epstein, Lita, 2012

Cash Flow For Dummies. Tracy, John A. 2011 

Finance For Non-Financial Managers And Small Business Owners. 2nd ed. Tuller, Lawrence W., 2008

Financial Management 101: Get A Grip On Your Business Numbers. 2nd ed. Mohr, Angie, 2008

How To Read A Balance Sheet: The Bottom Line On What You Need To Know About Cash Flow, Assets, Debt, Equities, And Receivables - And How It All Comes Together. Makoujy, Rick, 2010

Small Business Financial Strategies. Showmehow Videos, 2006. DVD

 

Getting Financing

Business Financing For Beginners: Where To Find Money To Grow Your Dream. Learn2succeed.com Inc., 2009

Essentials Of Venture Capital. Haislip, Alexander, 2011

Financing Your Business: Get A Grip On Finding The Money. 1st ed. Mohr, Angie, 2005

Get Your Business Funded: Creative Methods For Getting The Money You Need. Strauss, Steven D., 2011

Locavesting: The Revolution In Local Investing And How To Profit From it.  Cortese, Amy., 2011

A Rising Tide: Financing Strategies For Women-Owned Firms.  Coleman, Susan, 2012

 

Sales

Close Like A Pro: Selling Strategies For Success. Qubein, Nido R., 2011. eAudiobook

The Greatest Salesman In The World. Mandino, Og. Several editions are available.

Perfect Selling: Open The Door, Close The Deal. Richardson, Linda, 2008

Pitch Anything: An Innovative Method For Presenting, Persuading And Winning The Deal. Klaff, Oren, 2011

Small Message, Big Impact: How To Put The Power Of The Elevator Speech Effect To Work For You.  1^st ed. Sjodin, Terri L., 2011

Smarter Selling: How To Grow Sales By Building Trusted Relationships. 2nd ed. Dugdale, Keith, 2011

  

Don’t forget to check magazines for case studies and inspiring stories:

 Canadian Business

Strategy                         

Profit Magazine

Entrepreneur

Fast Company                

Harvard Business Review

 

Many other business magazines and journals, often in both print and electronic format, can be found by checking our catalogue.

Deciding on what business to start now..

For a number of years in the mid to late 1990's, every other person who came to us in the Business Department was looking to start up a business relating to pets.  Consumers, it seemed, had lots of money to spend on their pooches or cats. 

What a difference a few years makes.  An article that recently appeared entitled "Pet love on the cheap: Downturn takes bite out of pet product market, once thought recession-proof"  by Matthew Boyle (Toronto Star, March 4, 2012, p A13), indicates that owners who once lavished their pets with customized pet food and deluxe services, are now, because of the down turn in the economy, shopping at discount chains such as Wal-Mart and Target. 

So how does someone, who is considering starting their own business, decide what type of business to start?  One of my favorite sources that I refer people to is Profit Magazine's annual issue entitled "The Next Big Thing"  This issue, which usually appears in the magazines December/January issue each year offers up the best bests for start-up and expansion. North York Central and Toronto Reference Library both have previous years issues (as we all know, everything old is new again) for more ideas.

Some ideas from this issue include:

• Services to the stay at home consumer
• Development of apps for small business
• Tapping into the "buy local" movement

And once you have decided on a business to go into, try searching the catalogue for books on that particular business.  The library has a number of books in different series.  There is a "How to start a home-based" type of business, as well as "How to start and run" type of business and "How to start and operate" type of business. 

And have a look at a couple of titles from TPL:

    

And while it is important to have a business that is timely, being passionate about whatever business you go into is equally important.   Good luck pursuing your dream!

 

 

 

Business Inc.: "I Was Able To Successfully Complete A Business Plan"

 

People who have participated in the Business Inc. program have great things to say about it! Here are a few comments from recent graduates:

"Gathered very useful info on conducting market research and also building websites."

"Very good course."

"I'm so glad to have enrolled in this workshop."                

"Great discussions."

"Social media platforms were the highlights."

"I was able to successfully complete a business plan."

"The best course I have ever taken."

This nine-week business program is offered at Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre.

During the program, you will

• Learn how to prepare / update your business plan
• Access a business advisor and other valuable resources
• Network with other entrepreneurs

Upon completion, you will:

• Obtain a Business Seminar Series Certificate of Completion from the Toronto Business Development Centre
• Be eligible to apply for a small business loan ranging from $5,000 - $30,000 (Completion of the course is not an automatic loan qualification for the loan.)

 Orientation sessions for the next round of sessions will take place on the following dates:

• Date: Tuesday, March 6
• Time: 6:30 pm
• Location: Northern District Branch
• RSVP: 416-393-7610

• Date: Thursday, March 8
• Time: 6:30 pm
• Location: Maria A. Shchuka Branch
• RSVP: 416-394-1000

Read more about the program and see the application form.

Attend the orientation sessions to hear even more details and ask questions.

Don't miss out on such an incredible opportunity!

Global awareness and your business

From Egypt to Japan to Libya to the Ivory Coast, unfolding events around the world affect us now more than ever.  Political as well as natural events affect everything from the cost of gasoline at the pumps, to the cost of food, to the availability of raw materials to make computers, to automotive replacement parts, to a worldwide shortage of chocolate, businesses as well as consumers experience the ripple. 

How do you keep up on events that will affect your business?  Want business intelligence on 203 countries around the world?  Check out Economist Intelligence  Unit's database Viewswire.  This database, available through the TPL website, with your library card, offers a wealth of information on countries in the news. 

 

Each country profiled includes up to date information on key developments, plus business background information including country and business outlooks, economic structure.  For the economy - market opportunities, 10 year growth outlooks, social indicators and living standards.  The homepage includes the latest analysis of events from around the world, from a business POV.

 

Five reasons to look at an industry magazine

Recently I helped a client who had come to our desk looking for print periodicals covering specific industries in Canada.  I was happy to be able to report to him that for most of the industries he was interested in, either North York Central or Toronto Reference Library, had print subscriptions.  These two locations have the largest and longest runs of industry periodicals in the system.

Now why would you want to look at a magazine in print, when so many are available in either databases or have websites with current content?  Here are 5 reasons (in no particular order)

• Advertisements - many publications have business to business opportunities or job ads that you will not see in other sources.
• Directory issues - most of these magazines offer an annual directory that lists company specialties and contact information.  Many times the company breakdowns are more specific than in more traditional directories such as Scotts or Canadian Trade Index.  Expensive to purchase separately, they are usually included in a print subscription.
• Forecasts - want to be ahead of the game? The first or last issue of the year many times has predictions of where the industry will be going in the coming year. 
• Trends - want to track a particular wave of interest in a certain product or see what the next big thing might be?  Or what was popular 5 years ago?  Leaf through an issue.
• Charts and illustrations - unless the article appears as a PDF in a database or online on the website, you will miss out on what are vital pieces of information complementing an article. 

For the electronically minded, the i-Pad is revitalizing the magazine industry, but at what cost to the bottom line for the industry?  Check out this article entitled "The battle for the digital newstand- Tablets offer newspapers and magazines a lifeline. But publishers and tech giants are wrestling over who gets the money" by Susan Krashinsky and Simon Houpt, Globe and Mail, February 26, 2011, page B6.  For interesting blog reading related to this issue, check out the INMA (International Newsmedia Marketing Association) website.

The World Of Coca-Cola

As a teenager, I was an avid Coca-Cola fan.  I loved drinking it from those beautiful bottles, frosted and right from the fridge. I even loved their jingles: "I'd like to buy the world a Coke, and keep it company" and  "It's the real thing - in the back of your mind, what you're hoping to find is the real thing". 

My whole family was aware of this obsession of mine, to the point that one year one of my little brothers gave me a six-pack of Coke for Christmas.

Around that time, the cola wars were in full force. Coke and Pepsi were battling it out, with the Pepsi Challenge as one of the key battlegrounds. Did you ever take the Pepsi Challenge?  I never did, for fear of accidentally choosing Pepsi!

It looks like the cola wars continue to this day. According to the Wall Street Journal (quoted in Yahoo Finance), Diet Coke just passed Pepsi in terms of sales in the U.S. Coca-Cola is the highest-selling soft drink in the U.S., with Diet Coke second, and Pepsi coming in at third. 

The library has lots of material on the Coca-Cola company in all its facets, from company histories...

     

...to books about the impact of Coca-Cola on the environment and human health, and its social implications.

   

We also have information on the cola wars, including the DVD entilted Cola Wars. 

Inform yourself about this amazing and controversial company. 

 

 

 

Whom Do You Trust?

Let's imagine that three people each give you a different recommendation about a product or service: a CEO, an academic, and a person "like yourself".  Whose recommendation do you trust the most?

Interesting question, and there is actually a report that comes out every year that has a look at that question in terms of the broad population and presents some answers.  It's called The Edelman Trust Barometer, and it is fascinating.

The Barometer "gages attitudes about the state of trust in business, government, non-government organizations and media across 23 countries".

Here's a little bit about what they discovered about trust and Canadian companies:

• Canadian, German and Swedish companies share the honour of being the most trusted in the world.
• Canadian companies are seen as being transparent in their dealings.
• Canadians trust academics and industry experts the most as industry spokesmen.

How important is trust to a company? According to the report, when a company is not trusted, 57% will believe negative information about it after hearing it 1-2 times.  If a company is trusted, 51% will believe positive information about it after hearing it 1-2 times.

Have a look at the report. And also have a look at some of these books, which will help you to learn how to build trust: 

  

 

It's all about the 3 "L"s.

I am always amazed when I am walking through neighborhood business districts at the diversity of shops that one sees. So it always strikes me as equally odd, when I run into an area that has multiples of a certain type of business.  For example, in my neighborhood, there is a 2 block stretch that has 3 flower shops.  Floral businesses do many transactions by phone, and over the web, but if you have a business that relies on walk in traffic as well, you need to do your homework.

The mantra of real estate has always been the 3 Ls - location, location, location.  Well choosing a place to put your business requires the same mantra.  A little research can go a long way to ensuring that your business succeeds.  Some of the first things to consider before choosing where to locate your business are the demographics of the area, and what other businesses are located in the area you are considering. 

Statistics Canada, with census information, provides a wealth of information going down to the census tract level - a very specific geographic area.  One can get a detailed breakdown of the area by aspects of age, sex, and household income, to name a few.  Want the bigger picture for a neighborhood?  Check out the City of Toronto's Neighborhood profiles.  If you are looking at a smaller city, then you could consult FP Markets - Canadian Demographics, a publication of the Financial Post that gives big picture detailed demographics.

Checking a directory such as Scotts Business Directory, can give you an idea of what businesses are located on the street or streets surrounding the area that you are considering.  The directory is available either on-line - both at home and in the library, or in the library, in print.

Of course there are many other factors to consider, but starting with the big picture could help you put everything else in perspective.