Canadian Small Business Women

Connection, Synergy, Community

What Not To Do When You Need To Fire Someone

I’ve always thought of myself as an optimistic person, especially when it comes to helping people find an occupation that optimizes their professional strengths. In my experience, most people who have been fired from their jobs are not bad, lazy, or incompetent workers, although sadly those characterizations are often associated with a job termination. In reality, most workers who have been let go were just not intended for that specific role, or the organization could no longer use their unique abilities. A couple of years ago, I described some ways to redirect an employee to a different role when things had changed and/or weren’t working out.  This approach may be especially useful after a restructuring, prior to merger or acquisition, during a downsizing, or to solve an interpersonal problem like bullying or harassment. In all of these situations, it’s often smart to redirect an existing employee into another position. Most employees have talents and transferable skills that can be effective in more than one role.

Breaking up is hard to do

Sometimes, dismissing someone who just isn’t the right fit for the company is inevitable, and it’s often an unpleasant task for both the employer and employee. In some ways, being fired is similar to an awkward break-up, where someone is sitting across from you  and saying ‘goodbye.’ Worst of all, there is an unavoidable implication which suggests that “you aren’t good enough” or “I don’t want you.” There is rarely enough sugar-coating to ease the discomfort of breaking it off with someone professionally or romantically.

One person feels the uneasy guilt that comes with having to terminate the relationship. The other person who’s being fired must deal with many unsettling emotions such as rejection, disappointment, and shaken confidence. Fully understandable yet disruptive and/or embarrassing reactions can occur when someone is being fired. For example, I’ve had clients tell me that they had to rush out of the boss’ office after being fired so that they could cry. Others described feeling dizzy, nauseous, anxious, and downright mortified which is hard to conceal as your being let go. On the flipside of this exchange, I’ve also heard managers and bosses relay stories of employees becoming belligerent or vindictive towards the company after a dismissal (this can lead to certain types of insider threats). A smart way to prevent conflict, legal action, and/or retaliation is to offer some outplacement services to the affected employee to help them line up their next job/career.

So, if asked, just as I would instruct a close friend on how not to break up with someone, I’ve got some suggestions for managers and business owners about how not to fire an employee. I understand that there are important differences between professional and romantic ‘breakups’, but both circumstances require tact, sensitivity, and discretion.

6 rules to follow when you need to lay off, downsize, or fire someone

1) Don’t be mean

If you’re not a reality star looking for TV ratings, or an unhinged leader who’s drunk on power, then you probably will care about an employee’s feelings when you have to let them go. Pointing a finger at someone’s face and callously hissing “You’re fired!” is certainly a dramatic yet unprofessional way to go about it. Managers and business owners can feel frustrated and annoyed by an employee who is no longer a good fit or isn’t pulling their weight and that can invite a less than friendly dismissal. My advice in those situations is to remain calm and professional even when some form of bad behaviour is contributing to this person’s job termination.

2) Don’t tell everyone

Do not discuss firing an employee with the affected person’s peers or others in the organization unless they need to be involved regarding human resources policies, procedures, etc. Oversharing this sensitive information can lead to additional negative reactions from the person who is being fired if they find out that others who did not need to know have been discussing it. It will also cause concern and disruption within the workplace and be perceived as unconstructive, unprofessional, and just plain old mean-spirited office gossip.

3) Don’t fire through, text, email or phone call

If the employee is available within a typical commuting distance of your location, then I’d recommend a face-to-face meeting … the same courtesy that you’d probably extend to a soon-to-be former romantic partner. The person you are dismissing has the right to a proper goodbye. This is especially true if the employee has been with the company for a long period of time.

4) Don’t blindside someone

When it’s possible and appropriate, give some warning. For various reasons, this isn’t always feasible. But, if you are sensing that an employee isn’t taking the job seriously, they aren’t completing their work by the deadlines as routinely as they had before, or they’re taking significant time off work you might want to pull them aside and ask what is going on with them personally (e.g.,problems at work or personal issues) before assuming their work is just inefficient.

If you have shown a genuine interest in helping them, and also let them know you that you’ve noticed their lack of productivity then when you let them go it won’t be as shocking to them. It can also prevent you from being accused that you didn’t give the employee a chance to improve.

5) Don’t do it alone

Include assistance from human resources (HR) if your organization has someone who covers this function. This is different from telling the employee’s co-workers about your plans to fire someone. HR should understand the need to be extremely discreet and can also help provide support during the dismissal and serve as a witness to the discussion between the employer and the employee.

6) Don’t pick an unsuitable place

Make sure the place where the dismissal occurs privately so that it won’t be watched or overheard by others. It’s possible to underestimate an employee’s reaction in response to being terminated, so make sure you choose the time and place wisely.

If you’re an employee who’s trying to bounce back after being downsized or displaced, or if you’re an employer/hiring manager who wants to arrange outplacement services I invite you to connect with me privately. I offer a free confidential 15 to 20-minute initial consultation by phone. Or, if you prefer, you can contact me by email, or via direct message on Twitter, Facebook, or LinkedIn.

 

More than career coaching, it’s career psychology®.

 

I/O Advisory Services – Building Resilient Careers and Organizations.

2019 Marketing Strategy Planning Checklist

 

It’s year end. While for many that means a bit of a holiday break between Christmas and New Year’s as well as an end to the fiscal year, not enough business owners think about what it means for their marketing strategy. Year end is a great time for you to figure out what worked and what didn’t so you can set yourself up for success in 2019.

Here is a planning checklist to help you get your marketing strategy in order for 2019:

  • Market analysis: Start by identifying any trends that are driving growth in your industry. This will ensure you are keeping up with how your industry is shifting. Once you have identified how the industry is shifting, figure out what your competitors are up to with their marketing strategies and how your audience is responding to them.
  • Audit your brand: While you don’t need to go through a rebrand every year, you do need to make sure that your brand message is still relevant to your audience. It could be that you have changed your focus since the beginning of last year to follow industry trends, or perhaps you shifted your focus to cater to your audience’s changing needs.
  • Define your marketing goals: Before setting your goals for 2019, you need to identify whether you achieved your goals from last year. It’s the idea that you need to look back before looking forward. If you didn’t achieve your goals, figure out why and set more achievable goals for the upcoming year. If you did achieve your goals, make sure you are pushing yourself to go further in 2019. And remember to make your goals measurable so you can figure out when you are successful.
  • Set metrics: Once you have defined your marketing goals, you need to figure out how you will measure your success. If your goals were measurable, it’s a matter of selecting the appropriate metrics to track along the way. You also need to figure out how often you will prepare reports to measure your progress. At the very least, you should track your metrics once per month. If you are running an important tactic or trying something new, it might be good to do weekly check-ins.
  • Choose your tactics: Figure out how you will reach your target audience in 2019. It could be through things that are already in place, but perhaps you want to try something new. At this stage, think beyond your budget. You can include things on here that might be out of your budget now, but could be considered as future options.
  • Set your budget: Were you on budget in 2018? Perhaps there were things that cost more than you thought they would? Now that you can figure out the answers to those questions you can set your budget for your 2019 marketing strategy. Knowing what your goals are you should be able to pinpoint if there are areas you want to increase your spending. It’s important to be realistic about your marketing budget so you don’t spread yourself too thin, but you also want to give yourself enough of a budget to invest so you can achieve results that will allow you to grow.
  • Set your timeline: Prioritize your chosen tactics and select those that you can both afford to do and have time to do this year. Then create a timeline for the year of when you will use your chosen tactics. Basically, this is a snapshot of your overall marketing plan for the year.
  • Set milestones: Now that you have your overall plan in place and the timing of your marketing tactics, set smaller checkpoints along the way. This will help to keep you on track throughout the year. It will also indicate the steps needed to help you achieve your marketing goals.
  • Create your content strategy: Before developing a content strategy, you need to figure out how much you can handle. The idea is that you want to be consistent with the content you are putting out there. Your audience will come to expect certain things from you. Create an editorial calendar for your blogging and set up scheduling for your social media content.
  • Update your website: Year end is a great time for a content refresh on your website, especially if you have tweaked your brand messaging at all. You can also review the design of your website to make sure it is not out of date. It might just be time for a redesign!

A new year is a chance for you to start fresh for your marketing strategy, but you want to make sure you are starting off on the right foot.

Candace Huntly is Founder and Partner at SongBird Marketing Communications, an award-winning agency working to take company and expert brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

2 BABIES AND A BUSINESS

 

How do women entrepreneurs make it? How do they succeed? And more importantly, how do they have children, build a family and at the same time, build a business?

It comes down to four major components:

  1. Serious time management
  2. Passion
  3. A vision
  4. Support

Before launching SocialEyes Communications, Marly Broudie (Founder) was originally 9-5 downtown Toronto commuter. A role at a leading litigation firm required a 6am wake-up, a 25-minute drive to the subway station, a 45-minute subway ride, a 1 hour lunch break (on most days) and a hell-of-a trek home that stretched well beyond Toronto rush hour. The corporate setting taught Marly A LOT about organization, detail, planning, research, development and most of all, that a corporate setting was not her calling. She had always had known deep down that she was the type that needed to beat to her own drum. The vision of a hustle (you know, the kind that gets you up in the morning and keeps you awake at night?)…that was what drove her.

The Inception of the Business

There she was, one month following her wedding, an intense family situation that afforded her some alone time, and a 12am lightbulb switch. Marketing, communications and the online digital movement was an industry that not only intrigued her, but invigorated her. It was also a specialized area that she spent much time practicing, … and beyond that, knew that every person and every business required it (biased, but true).

And just like that, SocialEyes Communications was born.

 

The First Year of Business

  • Hustle Hustle Hustle
  • Proposal pitching
  • Branding and marketing
  • Networking
  • Strategy implementation
  • Campaign launches
  • Building a team of qualified experts

…Boom –  Pregnancy. Marly was about to embark on life as a new first-time mom, while growing and operating a business. How is it possible?

 

Motherhood in All Its Glory

January 2017, Marly welcomed her first child into the world. The time was not easy – work and hormones were both at an all-time high. She was fortunate enough that time management was a major strength and so, nap times were dedicated to client phone calls; grandmothers babysat and client meetings took place; new clients were brought onboard and new team members too. By the end of the 3rd month of motherhood, SocialEyes was now a bursting operation serving 20+ clients and receiving excellent feedback.

Fast forward – 4 months into motherhood and boom – PREGNANCY!…AGAIN!

How are we meant to do this mom thing, and also grow a successful business?

 

6 Tips to Achieve Success:

  1. Time Management – there IS enough time in the day!
  2. A method to the madness
  3. Time blocking
  4. Vision as an incentive
  5. Passion for what you are doing
  6. Support – both personally and professionally

Motherhood and mom-preneurs have a few things in common – patience, fortitude, tenacity and perseverance.

 

 

 

 

Marly Broudie is the Founder of SocialEyes Communications – a digital marketing and business development firm based in Toronto, Ontario.

Facebook – https://www.facebook.com/socialeyescommunications

Twitter – https://twitter.com/socialeyescomm

LI – https://www.linkedin.com/company/socialeyes-communications/

Insta – https://www.instagram.com/socialeyescommunications/

Entrepreneurs: Don’t Go it Alone; You Can Get Expert Help, On Demand

 

I called up a lawyer the other day for some advice. It cost me less than $20. The same week, I called up an HR consultant & career coach and had a video chat. The advice and insight she gave me cost a little over $40. When I put it into action, it will be worth a few thousand dollars in income this year.

Have you ever been it a situation that made you think, “Wow, is that even legal?” Unless you have a lawyer friend who doesn’t mind talking shop on their downtime, your best bet until now has been Google, or a maybe a self-help book.

What if you could connect with a lawyer (or a career coach or an HR expert, or a digital marketing guru), and it wouldn’t cost you hundreds of dollars?

There is a way; actually, there are two ways, and before we go much farther, I want you to know I don’t work for either one — I’m just excited to share what I’ve learned. Plus, resources and support for entrepreneurs are among my favourite subjects.  We entrepreneurs, are by nature, “go-it-alone” types or we wouldn’t be entrepreneurs. If I had one piece of advice for every new business starting up, it would be to drop that line of thinking from day one, and take advantage of all the support that exists.

 

Lawyers On Demand

One of the most exciting things I have stumbled onto this year has been Legal Shield.  It doesn’t sound very exciting does it? I first heard about it about three years ago but in truth, its dull, solid-sounding name didn’t get my attention. Honestly, if I were in charge I’d rename. It needs a name more along the lines of “Legal Hammer” or “Legal Bayonet.” It’s more like a catapult than a shield although Legal Catapult doesn’t have the right ring to it at all; nor does Legal Hand Grenade.

In any case, Legal Shield is, in my humble opinion, a beautiful, effective and affordable weapon. Legal Shield is like CAA, but instead of tow truck coming to your rescue, you get access to real, live, lawyers in your home province or state. You pay a membership fee, and in return, you have emergency, 24-hour a day access to legal advice. The basic monthly fee in Canada is $26 month. I have literally not been able to find a single drawback.

I’ve called upon Legal Shield twice now. The first time, a client owed me money. The lawyers sent the client a collections letter that got his attention. Full disclosure: he still refuses to pay. I may take him to small claims court. The lawyers from Legal Shield will help me prepare the paperwork if I go that route. For $26 a month they won’t actually come to court with me but they’ll get me ready for my appearance. But, I rest easy knowing that the demand letter, delivered on a Friday around 5 p.m. ruined his long weekend. I mean, he wrote back right away. He was actually furious that I hired a lawyer to collect from him. Sometimes just knowing you got under someone’s skin is enough.

The second time is ongoing, so, I can’t go into much detail but suffice to say, if I had to pay a lawyer by the hour to take on our case, it would cost us thousands of dollars and, frankly, we simply wouldn’t be able to pursue it. The lawyer assigned to us has read our documentation, and has confirmed that we have a good case.  That confirmation alone has been worth the cost of membership. She’s drafted the first letter to get the ball rolling. Even if we lose the case, it will have cost us less than a cup of coffee a day.

There are no penalties or extra fees for ending your membership, either. Join for a month, six months or stay long term.

This is the link through which I joined Legal Shield (https://lisajibson.wearelegalshield.com/)

 

Experts and Professionals of All Kinds, Also on Demand

For every other kind of expert, and I mean pretty much every kind, there’s Magnifi. Magnifi is a new iPhone app that was launched in the spring.

Magnifi connects you with experts, as needed – pretty much on demand.  Would you like to have a chat with a career coach, or a wellness expert, or a web designer, without feeling like you have to commit to anything? Would you like to ask even one burning question? If you have an iPhone you can do that through Magnifi. An Android version is in the works and I’m guessing it’s coming soon because the demand is real.

Magnifi lets you talk one-on-one with that expert you need – privately, and if the expert is available, you might even get him or her, right then and there.

The cost varies from as low as 50 cents a minute. Many Magnifi experts offer free initial minutes to get you started. I’ve seen several experts who charge $5.00 a minute; the most expensive I’ve seen is $17 a minute but if you can afford that you should probably be a Magnifi expert yourself (if you have expertise to share, see the “Share My Expertise” link at the top of the Magnifi site).

Magnifi experts include a an electrician, an expert gardener, a nutrition coach, a wedding planner, digital marketing experts, relationship coaches, life coaches — the list just grows every day as experts join. Click here to see the list for yourself.

If you don’t have an iPhone, bookmark this somehow or follow Magnifi on Facebook so you know when the Android version is launched. They promise it is coming soon.

To use Magnifi, go to the Apple app store and download the Magnifi app. Once it’s installed, it’s very easy to navigate.  Search by name or keyword or browse a community of subject matter experts from around the world. If the expert’s profile shows he or she is available, you can even connect then and there.

Whatever You Do, Don’t Do It Alone

I can’t say enough about not going-it-alone. Whether it’s joining a Facebook group, a networking group or your local chamber of commerce or using one of these services I described above, never think of yourself as having to face your entrepreneurial journey alone. In fact, your success depends upon it.

 

* * * *

Stephanie Regan is a professional writer. Occasionally she takes on new clients. Her website is http://www.durhamwritingservices.com. Connect with Stephanie through LinkedIn: https://www.linkedin.com/in/stephanieregancopywriting/

How To Create A Successful Blog

As featured on www.makinthebacon.com

A Successful Blog Can Create Success For Your Business

If you’ve been following my blog for the past year and a bit, you may have come across the popular blog post – Why You Need To Blog For Your Business.

So you know about the why. I’m going to share a little bit about the how (it’s not as complicated as you think)

First off, just start.

Seriously.

Your first blog post may not be pretty or polished the first time around. But just start with a simple plan and go from there.

Take a look at my first blog post back in 2012.  I like to think that I have come a long way since then.  Note that it’s hard to build credibility or a following with just one post or one video either. You need to have several blog posts. One isn’t enough. People will want to read more of your posts and may come back to your site on a regular basis to check for new posts.

There is a lot of noise out there that only focuses on how they gained 1,000 views in their first month of blogging or how they are making “X” amount of dollars from blogging. When starting out, it’s tempting to give up early on and you will be frustrated at times, may not think your blog posts are good enough.  We are our own worst critics.  The more you write, the more content you’ll have and the better you’ll get.  Remember, you’re not writing a book (yet). But keep in mind that blogging can often lead to writing ebooks and physical books.

Focus On A Different Definition of Success

If you treat your blog the same way you treat your business (i.e. you’re in it for the long haul and are focusing on growth and long-term sustainability), then that’s progress right there. You have to have grit and be willing to persist.

For the record, when talking about a successful blog, I’m not focusing on the making money part. Thanks to society and perhaps upbringing (mine), we were led to believe that money = success. More money, more success.

One of my Instagram posts, shown below here stated what my current definition of success is and I believe it can be applied to blogging.

As a matter of fact, my blog enabled me to achieve all of those things.

Keep It Simple Silly

When it comes to being productive with your blog, there are a few simple things to keep in mind.

1. Set a rough schedule for your blog. If the idea of a content calendar is too much, you can always start off simply by just making a note in your agenda to write a blog post this week or every other week, etc.

2. Remember it isn’t necessarily about the number of blog posts, it’s the quality. Business blogging does not serve its purpose if you are constantly producing sub-par content just for the sake of posting frequently.  You wouldn’t want to be known as the blog that provides useless information or poorly written posts.

You may think that you need to post every day, every week and no that isn’t always the case. At the same time, don’t be like the old me and write blog posts every other month.

3. And don’t be a perfectionist either. Yes, check for grammar and spelling but you don’t have to be the grammar police. Blog posts are meant to be more of a conversational tone than a research article. As long as you tried your best, reviewed it several times (I’ll even read my blog post out loud from time to time), just hit publish already.

The great thing about blog posts is that you can easily edit and update them. You can’t do that with video.

4.  Be willing to commit and make time for it. It’s not a matter of time, it’s a matter of priorities.

Remember that being productive isn’t about getting a lot of things done, it’s more about getting the RIGHT things done.

 

If they are the right things, the ones that will help your business and move your business forward, then that is productivity at its best.

New Blog Post, New Opportunity

Mindset is key. Know that each blog post you publish is a new opportunity to connect with your current and potential customers. Think of each blog post as an opportunity to share your knowledge/opinion/advice (recall that we are a sharing society) and promote your business.

People will come back to your blog because they know you are THE resource for the topics of x, y and z. They’ll want to share your content with their networks because they found it to be very valuable/entertaining/interesting.

You’re killing two birds with one stone in that you don’t have to come up with as much new social media content. Just pull stuff from blog posts or promote the entire blog post.

It’s a sign that your site is of good quality because it is being updated with new content on a regular basis.  According to Hubspot, Blogging helps boost SEO quality by positioning your website as a relevant answer to your customers’ questions .

 

“In addition to my love of writing, these are the reasons why I continue to blog. So keep going, keep sharing and keep putting yourself out there.”

 

Karen Swyszcz has over 6+ years of blogging experience and has written content on the blog for brands such as SupperWorks, Camp Tech and Meridian Credit Union. She is also the instructor at Sheridan College for the Blogging For Fun and Profit Course and Effective Strategies For Social Media Course.” 

Find her at makinthebacon.com

 

Time Sucker Alert: No Prioritization System

As you begin to plan for the year to come, I want you to be sure to take some time to plan out how exactly you are going to get it all done. I have spoken before about the biggest time sucker I see time and again. Now let me walk you through the biggest prioritization issue I see with my clients, working on the WRONG stuff, and what you can do about it.

 

How do I know what the right stuff is?

To answer that, I’m going to share with you the highlights of my Plan to Grow process.

  1. Have a business plan: You wouldn’t go on a road trip without a map complete with rest stops and check-ins all mapped out, and you shouldn’t do that with your business. Having a business plan allows you to layout where you want your business to go over a certain period of time (i.e five years). When you know where you are going, you can set goals and say yes or no to interrupters and shiny objects with confidence. And most importantly, you can stop spinning your wheels on things that aren’t serving you or your business.
  2. Set goals that are going to result in significant growth in your business: With a destination point all set out, you can start building backwards, setting goals and taking on the projects that are going to progressively move your business towards where to be years from now. For this, I usually use the SMART goal setting methodwith my business and my clients.
  3. Create a roadmap for your goals by breaking the goal down into small, manageable tasks: Once you’ve decided on the goals that you need to take on to move your business where you want it to go, it’s time to create a roadmap for each goal you’ve set. This involves breaking the goal down into small, manageable tasks through a process of starting at where you want to be and then work backwards, listing everything you are going to need to do to get to the end.
  4. Get real about your schedule: This means figuring out where your time is going and how much time you actually have. Why? So you’re managing your own expectations and not putting unrealistic demands on yourself. When you are deciding which goals to take on and assigning them timelines, you need to have a true understanding of all the other things vying for your time. Without that knowledge, you’re going to feel overwhelmed and overextended and nothing is really going to get done.
  5. Find someone to hold you accountable: There is nothing more powerful than having someone waiting for me to tell them about my progress to make sure I actually make some progress.

 

Why you need to put in this work:

When you don’t know where you are going to get the biggest return on your time investment, you end up spinning your wheels without even noticing it. It’s like throwing a bunch of spaghetti against the wall and seeing what sticks. While it may be the easier  route, successful businesses just aren’t built that way. So as you begin to plan for the new year, be clear about what you want, what needs to be done to get you there, and how you’re going to do it.

Samantha King is a busy mompreneur and homeschooler with two young children and a couple of businesses at home. When Samantha’s daughter was diagnosed with autism, she had to learn how to keep her priorities aligned within her family, while operating her business at the same time. She is excited to share her knowledge to empower entrepreneurs by giving them the tools they need to do something they love while building sustainable, profitable businesses.  

Contact Samantha:

Tel: 416-885-6841

Email: samantha@fempirebuilders.com

Facebook: @FempireBuilders

Twitter: @FempireBuilders

Instagram: @Fempire_Builders

The Challenge of Hiring Staff to Work in the Cannabis Industry

 

In recent blog articles, I’ve described emerging careers related to exponential technologies, including cryptocurrencies and blockchain technology. I’ve also addressed some of the difficulties associated with hiring staff to work in new fields (read this for an example). In these brand-new industries, it is hard to hire staff because it’s very difficult to determine who has adequate knowledge. For now, it’s not possible to earn a degree or diploma in the cannabis or marijuana industry. This means that people who want to hire employees to work in these positions can’t use their usual approach to recruitment and hiring. Degrees and diplomas won’t work as a proxy or symbol of an applicant’s adequate knowledge.

Evaluating job applicants’ relevant cannabis experience and knowledge

From what I’ve seen firsthand, many hiring managers and business owners focus on measuring potential employees’ experience and knowledge because these qualities are easier to measure, they’re objective. It’s fairly safe to assume an applicants’ knowledge when they have the appropriate designation, diploma, or degree. In the cannabis industry, this approach probably isn’t going to work in the short-term because you can’t earn degrees in cannabis production, management, or distribution.

 

How can an employer predict who is going to be the best performer on the job?

In my experience as an Industrial and Organizational (I/O) Psychologist, I’ve always understood that job performance is based on two factors:

1) The employees’ experience and knowledge. Stated otherwise, what candidates’ know. Often this is categorized as hard skills or technical competence.

2) How an employee applies their experience and skills is the second determinant of job performance. This includes qualities like judgment, conscientiousness, creativity, and initiative, etc. For a more detailed discussion of soft skills and their relative importance – especially when hiring staff, please read this article. In many situations, soft skills play a bigger role than hard skills/technical skills. When you have one or more people with equivalent knowledge (often represented by a specific degree diploma or designation) and similar years of work experience, the person who is better able to apply their knowledge is more successful on the job. They have the stronger, more effective soft skills.

valuable cannabis needs to be stored securelyMore complications due to the complicated nature of the cannabis industry

Typically, when hiring, the employer and/or hiring manager focuses on the job applicant’s experience and knowledge. From a practical perspective, this makes a lot of sense. It’s straightforward and objective to focus on these measurable qualities. For most people, accurately and reliably evaluating soft skills including qualities like teamwork, cooperation, judgment, flexibility, etc. is often easier said than done.

I anticipate that for the first several years of the cannabis industry in Canada it may be difficult to identify the job applicants with the right skill set, knowledge, and experience. It won’t be possible to rely on degrees, diplomas, or certificates as an indicator of knowledge. Although there are some people who have been involved in the legal medicinal cannabis industry for years, that industry is much smaller than the emerging combined recreational and medicinal markets. This means that there will be a bigger demand for staff. In addition, some of the people with experience in the underground, illegal black market might be unsuitable for the new industry. Selling cannabis isn’t the same as selling clothing or groceries or other products. Then, when one factors in the serious security implicationsof such valuable merchandise and the high-profile public relations elements, the soft skills will become even more important in these areas than they are in other industries (for a concrete example, watch thisvideo from CBC’s The National which aired on January 15, 2018; at about 4 minutes and 15 seconds, there’s a scene about the vault for drying buds securely).

The ability to reliably and accurately evaluate these human behaviours will become more and more valuable and more important. Similarly, the cursory background checks and reference checks that are often performed as a formality and an afterthought in many organizations will be completely inadequate in this context. The challenges, grey zones, and high stakes will mean that it’s not just business as usual.

Addendum – On September 23, 2018, in advance of the legalization of cannabis in Canada, the Globe and Mail published this fascinating article that addresses some of the complications associated with the black/grey cannabis market and some of the security issues. Read it here.

Planning to hire people who can function effectively in the cannabis/marijuana industry? Let’s talk! I invite you to contact me by email, phone, or via direct message on Twitter, Facebook, or LinkedIn. If something urgent comes up, I’m also available by a voice or video on Magnifi, an expertise-on-demand app.

 


I/O Advisory Services – Building Resilient Careers and Organizations

Get Creative: Who can you lean on?

I often say that as women we are pulled in a million different directions based on whatever is screaming the loudest. More times than I’d like to admit, it has left me running around like a chicken with my head cut off. Between my business, my two special needs children, my marriage and general household duties, some days there is a lot vying for my attention.

I learned a long time ago, the hard way, that I was going to need to lean on people in order to get it all done. Not someone who finds it easy to ask for help, over the years I’ve gotten pretty good about finding creative ways to manage everything I need to get done in the limited amount of time I have.

My biggest tip for those looking to do the same is: You need to outsource.

 

A creative way to manage your time and To-Do List

In order to have profitable businesses, we should be spending most of our time each day doing what we are great. The tasks and skill set that makes up our Zone of Excellence is what our clients pay us for, after all. But what about all of the other things that need to be done as part of running our business?

It can be hard to strike the right balance between working IN your business (completing the job your clients hire you for) and working ON your business (think administration, marketing and business development) – especially when it’s just you wearing all of the hats. Not yet quite ready to hire an employee, in years past, business owners had to tough it out in this land of limbo until budget caught up with work load.

However, that’s not the norm anymore. With the rise of remote working, more business owners are opting to run their business out of their homes and outsource the overflow work wherever possible; freeing up more time to work in their Zone of Excellence and saving on overhead costs.

 

If you’re just outsourcing business tasks, you’re not doing it right

When we think of outsourcing, our minds generally go straight to business tasks. During a discussion with anyone of my busy boss-mom clients, they can list off a number of business tasks they feel they should be sending to someone else to complete. I get it. As a mompreneur, who is homeschooling her children while running a business, my kitchen table often doubles as my office, and I have some remote contractors and virtual assistants helping me as I go.

But to stop at business tasks is to do yourself a disservice. In my business, I can’t outsource much; I’m the business strategist. I am the business. So I had to begin to think outside of my business tasks and start taking a closer look at the tasks in my personal life that could be handled by others.

The usual ones came up (i.e. housekeeping), but I pushed myself to dig deeper.

 

Here are a few others that I found:

  1. Shop for groceries online and utilize ‘in the parking lot’ pick-up options now

offered by stores like Zehrs.

  1. Make the local play place your office for the morning so you can work while you children are entertained
  2. List of chores that can be done by your children with some training (i.e. my daughter has been putting her own laundry away since she was three)
  3. Kid friendly meetings where mompreneurs can network and collaborate while our children play
  4. Laundry services that will take your laundry, wash it and bring it back dry and folded
  5. Because I am a night owl, I outsourced bedtime routine to Dad so that I could work uninterrupted from shortly after dinner until my bedtime.


Samantha King is a busy mompreneur and homeschooler with two young children and a couple of businesses at home. When Samantha’s daughter was diagnosed with autism, she had to learn how to keep her priorities aligned within her family, while operating her business at the same time. She is excited to share her knowledge to empower entrepreneurs by giving them the tools they need to do something they love while building sustainable, profitable businesses.  

Contact Samantha:

Tel: 416-885-6841

Email: samantha@fempirebuilders.com

Facebook: @FempireBuilders

Twitter: @FempireBuilders

Instagram: @Fempire_Builders

Q&A With Dr. Helen – What You Need To Know About Reference Checks

reference checks are now easier because of technologyQ1: In 2015 you wrote a blog article that asked if reference checks were worthwhile. The short answer was a definite yes.  Is this still true 3 years later despite the growing reliance on online job applications and electronic/social networking?

A: In many respects, I believe that a reference from a previous employer is even more important and more relevant than ever because so much of the hiring process is online and impersonal.

With screening being done by software and face-to-face job interviews being replaced by video calls to expedite hiring in large organizations, employers are relying on online information from applicants more than ever before. In my opinion, this makes it more likely that important information is overlooked. This mostly digital approach can be problematic for multiple reasons.

 

male job applicant confident that interview and reference check went wellQ2:  You don’t strike me as old-fashioned or anti-technology. Can you list a few problems associated with this modern approach?

A: Thank you! I’m often an early adopter and a big proponent of the smart use of technology. When hiring moves (mostly) online, depending on how it’s implemented, many mistakes are possible.

For starters, a job applicant can easily exaggerate their previous work roles or overstate their education or professional credentials on an online screening questionnaire. If an employer has appropriate ways to validate and confirm this information, then it’s fine. When, however, the employer has no reliable way to confirm this information, it’s a slippery slope downward.  A well-structured reference check (including a background check) is an excellent way to verify and clarify information provided by the most promising job applicants.

It is increasingly difficult to stand out when applying for a job online. This is especially true for qualified but humble applicants. So, a solid job reference from a previous employer is a great way for a candidate’s past accomplishments to shine through and help distinguish between candidates who are good self-promoters and candidates who are good workers.

Q3: It appears that most experienced managers/employers understand the benefits of doing a thorough reference check before hiring a candidate. Do you find job applicants are less enthusiastic about this process?

A: On the surface, and to outsiders, it looks as though most managers and employers understand the importance of a reference check. One problem that I see far too often is that they consider the reference check to be a mere formality. It’s a quick phone call that they make so that they can basically ‘check the box’ that they’ve done a reference check. In my opinion, this is a missed opportunity to collect and confirm some important information from two or three people who should have good familiarity with the job applicant’s work ethic, reliability, and abilities.

Employers and hiring managers aren’t the only ones who ‘go through the motions’ when it comes to reference checks. I’ve heard clients express their frustration, and even anxiety with having to provide additional information after submitting a well-crafted cover letter, a detailed resume, and participating in a preliminary and other ‘real’ interviews. In most organizations, there are good reasons to consider a potential employee’s past, to confirm their skills, experience, and knowledge – and also how they apply those skills and knowledge (i.e., their soft skills). The best reference checks prevent the company from hiring someone who is incompetent or a bad fit for the role and the work environment. Depending on the industry, the reference check can also help to protect the business from security breaches (including cybercrimes) caused by insider threats.

I can appreciate that most job applicants don’t want to jump through unnecessary hoops to land a job. But, for the better jobs, being asked for references should be taken as a sign that the employer knows what they’re doing and doesn’t hire everybody who applies and says some of the right things during an interview.

Q4: In your experience, should an applicant provide their work references upfront, (such as attach them to the resume) or should they wait to be asked. Is there any harm in either?

A: From what I’ve seen first-hand, going back almost 20 years, references are only checked for the most promising job applicants – near the end of the hiring process. A decent reference check takes time to complete so it does not make sense to invest the time that’s required to do a thorough one until you’re prepared to make an offer.

Unless you’re asked for the names and contact information for references up front, I think it’s better to provide them when you’re asked for them.

 

 

Q5: Going back to some job applicants feeling hassled or reluctant to provide a reference from a superior, isn’t it possible that they may have good reason not to? For instance, if their last place of employment was toxic? What if their boss was harassing them, or their manager just didn’t like them? Similarly, what if they don’t want their current employer to know they are planning to leave? 

A: These are such important questions and the answers aren’t black and white. Since there’s so much nuance to this question, and potentially so much at stake, I’ve included several clickable links so that you can drill down to get more information that’s most relevant to your circumstances. When you’ve been made the scapegoat or harassed orbullied at work, it really won’t feel good to ask the ‘offender’ to be a good, reliable reference. In many cases, you probably shouldn’t count on an honest (and positive) testimonial of your value as an employee.

If you’re stuck and/or have questions about who to list as a reference – or you want to make better use of reference checks when hiring new staff, I invite you to contact me by email, free 15-minute phone consultation, or via direct message on Twitter, Facebook, or LinkedIn.

More than career coaching, it’s career psychology®.

I/O Advisory Services – Building Resilient Careers and Organizations.

7 Tips for thanking your customers

One of the main things your mother taught you

The number of value-based, humanizing things your mother taught you is much more than you can quantify, and you carry them with you subconsciously always. If we cared to be still and consider the way we approach different experiences, we would also identify the skills we pass on to our own children and families. Suddenly, it becomes clear that one extremely important thing we learned as children that is essential to your business today is so simple – it is the act of saying “thank you.”

Without too much focus, we all know the power of saying thank you is undeniable, and this information is borne out in numerous studies showing that thanking your customers regularly and sincerely goes a long way towards building long-term relationships. You can make your “thanks” even more powerful with these simple tips that will make your “thanks” really count.

Be clear what you’re thanking them for!

When you thank your customer, make it count by being as specific as possible. A generic “thank you” might do just fine, but a specific message works much more effectively. Use the TWS method of thanking your customers: Tell them what you’re thanking them for; Tell them what it means to you and Show them how they’ve helped you.

Make it as personal as possible

Use the customer’s name and take the time to make the message as personal as possible. Include a few personal details that show that you know your customer and understand them. As in personal relationships, don’t use a template or automated messages. If possible, create a handwritten note that warmly acknowledges something the customer values. Remember, it’s not about you – it’s about them. You also have the chance to stand out from the crowd by taking the time to create your handwritten note instead of sending an email or private message on social media.

Integrate “Thank You” into the Sales Process

Build your culture of “Thanks.” There are certain key times when it’s best to say thank you, such as after a purchase, when a customer subscribes to your newsletter, when you get a referral, and so on. Choose the times that are most important to your business and make it a regular part of your process at that time.

Show your appreciation with a gift

For an even more impactful “thank you,” offer a simple gift. This can be a discount or another goodie that doesn’t cost you anything. The most important thing is that it offers value to your customer. Just like your “thank you” message, the best gift is one that’s personal and not generic. If you know your customer, choose something they would like.

Yes, thank angry customers too

Thank your customers equally and fairly, even the ones who are angry or give you a great deal of trouble. In fact, thanking these disgruntled customers may help to turn their attitudes around and win them back over by creating powerful “wow” experiences.

Think outside the box

Try to think of creative, outside-the-box ways to thank your customers. A few ideas include:

  • Saying “thanks” and telling them about an informational resource that can help them solve a common problem or a problem you know they’re facing
  • Sharing valuable information with them, such as statistics or a special tool that can help them
  • Inviting your customer to an industry event or other event that might be valuable to them
  • Offering a surprise service upgrade if you offer services
  • Thanking your customer publicly on social media, or in your blog or newsletter

Get feedback

Use your message thanking your customer as an opportunity to open two-way communication. Along with thanking them, ask them if everything is going alright or whether they have any questions or concerns. You can get some valuable feedback, and this gives you an excellent way to communicate directly with your customer.

The most important thing is to make your “thank you” all about the customer. Make it specific, personal and sincere. They’ll thank you for it!

 

Barbara Jemmott is the founder and business strategist at Your Entrepreneurial Spirit. Her 4-point YES to Customer Acquisition Program (C.A.P.) allows her to work her passion which is helping entrepreneurial women grow their audiences and income, online. She got here through her 20+ years of experience helping businesses understand and implement systems, strategies and procedures to increase productivity as well as implement change and streamline operations. With experience and responsibilities to design, develop and deliver training for small to large technology training initiatives for Fortune 100 companies, she brings “Big Business” expertise to the small business space. Learn more about Your Entrepreneurial Spirit and the YES to Customer Acquisition Program at www.yourentrepreneurialspirit.com

Press Release: Immigrant Women’s Small Business Expo Ottawa 2018

In light of current undertones towards immigrants and refugees in Canada, the expo promotes peace, hope and success for all business women

 

Ottawa…Now in its fifth year, the one-day, experiential Immigrant Women’s Small Business Expo (IWSM Expo) celebrates the aspirations and achievements of immigrant women, taking place in Ottawa on Sunday, September 30th, at the Ottawa City Hall. Under the theme “The Minimum Wage & The Impact on Immigrant Businesses,” IWSBE offers women an opportunity to get informed, empowered and enlightened, while providing access to business building services, networking opportunities and entrepreneur workshops.

Expos are a crucial factor in helping new businesses acquire the leads, networks, information and polish they need to succeed in the business world.

This is according to Dwania Peele, founder of Canadian Small Business Women (CSBW) and the IWSB expo who notes that women owned small and mid-sized businesses generate around $117 billion to the Canadian economy annually.

“We’ve always championed the fact that women matter, and we’ve sought to celebrate all the roles they fill in their family, career and community,” said Peele. “Immigrants, specifically, struggle in Canada’s labour market despite their many skills, and we are more than excited to be in Toronto with this rallying cry of support for immigrant women entrepreneurs across Ontario.”

Another advantage of a business-focused event is that it presents practically unlimited opportunities for information-sharing, says Peele. “We have found there is significant demand for practical advice and insights that help would-be immigrant entrepreneurs and small businesses to run their businesses effectively. Expos bring together stakeholders from across a niche spectrum and present an ideal platform for workshops, demonstrations and seminars that help participants grow their businesses.”

ISWB expo offers a rich experience with informative seminars and a panel discussion presented by notable speakers.  Our Minimum Wage Panel includes industry professionals such as Karla Briones, of Karla Briones and Invest Ottawa, Gabriela Laverty, of Los Cantores Tortilla Chips, MPP Goldie Ghamari  and Roda Muse School Board Trustee.  The seminars and workshops will be far ranging and engaging, featuring topics that impact women’s daily lives addressing such issues as health & wellness, marketing and social media tips, career advancement, business/entrepreneurship, the welfare of our children and much more. While IWSB expo targets immigrant women, there are elements for all women business owners.

IWSB expo offers a one-stop business platform to gather information, exchange ideas and network for anyone considering starting their own business, and for those already in business and looking to expand.

Admission runs for $5 / person including access to seminars, panel discussions and the handmade market.

What: Immigrant Women’s Small Business Expo

Where: Ottawa City Hall, 110 Laurier Avenue West, Ottawa, ON, K1P 1J1

When: Sunday, September 30, 9 a.m. – 5 p.m.

Cost: FREE

Website: http://ottawa.immigrantsmallbizexpo.ca

5 things to consider before pairing up with an Accountability Partner

 

I think we can all agree that accountability is a HUGE tool in our success tool bag, and, as we go into the last quarter of the year, it’s one I want you to take out and use NOW.

None of us are strangers to the idea of peer pressure. As children, we tended to think of it as something to avoid. I’m going to ask you to put that concept aside and imagine for a moment:

What could would it mean for you and your business to feel a little positive pressure from someone in the same boots as you? A woman who gets it and pushes you from a place of love, respect and a genuine desire to see you succeed?

That’s the power of an Accountability Partner.

However, I don’t want you not to pick just anyone. This should be an extremely selective process. Treat it as if you were choosing a daycare provider for your child. This is your business baby after all.

Here are some things I encourage my clients to consider:

  1. Your prospective partner must be motivated.This goes above and beyond what they are telling you in your discussions with them about a partnership. Are they someone you know to be intentional and focused in their day-to-day lives? When you check their social media accounts, are they consistently representing themselves as a business owner? These are just a few of the ways you as an outsider can tell if they are seriously working their business.
  2. Where are they in their business?I like to surround myself with people who are, for the most part, a few steps ahead of me. That way I am fortunate to have people who have already been through the stage I am currently at. If they aren’t a few steps ahead in their business, then they should at least possess a skill set that is complimentary to yours. Where do you struggle? Are they strong it that area?
  3. Are they invested in you and the Accountability Partner process?This is probably the most important question to answer because, if the answer is no, then you’re wasting your time. You partner needs to be willing to make time for you in their schedule. If they are giving you all kinds of reasons why they can’t schedule your sessions on this date or that, move on. They should be a good listener and have a genuine interest in getting to know you in a meaningful way. If they aren’t willing to put in the work to get to know you, how are they going to know when to push you and when you hold back?
  4. They need to have a concrete understanding of how your business runs and generates revenue.The truth is that there is no ‘one size fits all’ business model. Some are very intricate. Some industries are much different than others. Your partner needs to understand, and preferably have some experience in, your business model to be able to successfully help you during your time together.
  5. You must be able to trust your partner.Like Fight Club, what happens in your sessions needs to stay in your sessions. If you can’t trust your partner, you won’t be able to open up and the process will inevitably fall flat.

BONUS: You need to care about not letting them down. If you’re not worried about this, then they either aren’t the right fit for you or you’re not ready for the process. Either way, this partnership won’t end well.

 

Curious if there are personality types to avoid? There absolutely are. Check out this post.

Samantha King is a busy mompreneur and homeschooler with two young children and a couple of businesses at home. When Samantha’s daughter was diagnosed with autism, she had to learn how to keep her priorities aligned within her family, while operating her business at the same time. She is excited to share her knowledge to empower entrepreneurs by giving them the tools they need to do something they love while building sustainable, profitable businesses.  

Contact Samantha:

Tel: 416-885-6841

Email: samantha@fempirebuilders.com

Facebook: @FempireBuilders

Twitter: @FempireBuilders

Instagram: @Fempire_Builders

Hiring And HR At The Start Of The Blockchain Era

hiring people for blockchain workIn my last blog post, I described seven emerging careers that are linked to blockchain technology. Besides the fact that they’re all related to the same technology, these career options have another thing in common: it’s not easy to get a degree or diploma in anything blockchain-related. This means that people and/or organizations who want to hire staff to work in these areas probably can’t use their usual approach. Degrees and diplomas don’t work as a proxy for knowledge in this context.

Measuring Job Candidates’ Knowledge and Experience

In my experience, most hiring managers and business owners focus on evaluating potential employees’ knowledge and experience because these characteristics are measurable. Often, knowledge is assumed when a job applicant has the right degree or diploma. In these early days of the blockchain era, those degrees and diplomas don’t exist. Similarly, most employers require a certain amount of relevant work experience. Again, in this brand-new context, nobody has 5 to 10 years of work experience. This puts hiring managers and business owners in a tough position. The usually ‘measurable’ stuff is not so easy to measure.

Besides Knowledge and Experience, What Determines Job Performance?

It gets worse. In the world of Industrial and Organizational (I/O) Psychology we’ve always understood that job performance is determined by two things:

1) Employees’ knowledge and experience, or in other words, what they know. Often this is technical competence or so-called hard skills.

2) How an employee applies their skills and experience. This includes qualities like initiative, creativity, judgement, conscientiousness, etc. For a more thorough discussion of soft skills and their importance – especially when hiring, please read this previous blog article. In many cases, the soft skills play the bigger part. When you’ve got one or more people with similar experience and knowledge (often measured by a certain designation, credential, degree, or diploma), the person who is better able to apply what they know is more successful. They have better soft skills.

blockchain careers - hiring is harderI’ve always found it interesting (and troubling) that most employers and hiring managers spend much more time evaluating skills and knowledge and inadequate time and effort evaluating candidates’ soft skills. Practically speaking, I understand why this happens. It’s much easier to assess knowledge and experience. Measuring things like behavioural flexibility, sound judgement, teamwork and cooperation, etc. is often easier said than done.

In this brave new world of blockchain-related careers, many organizations will make expensive mistakes when hiring staff. For the time being, it’s almost impossible to count on degrees or diplomas as a proxy for knowledge. Hardly any candidates have multiple years of experience. Plus, the soft skills which are traditionally harder to measure may be even more elusive in this context. In addition to the usual soft skills, qualities like potential, the willingness and ability to engage in ongoing self-directed learning, and creativity/innovation are probably especially important. Lucky for my clients (and future clients), my training and experience have allowed me to develop a specialization in measuring these types of human behaviours in the workplace.

Alternative Employment Arrangements

hiring in blockchain era

Although it’s still the early days of the blockchain era, I’ve seen evidence of organizations exploring different types of employment arrangements (click here to read more). This is due, in part, to the fact that there are many more jobs than there are qualified people to fill them. This means that there’s stiff competition for employees and candidates can be very picky about the role they choose. Some of the compensation models that have been presented include various degrees of equity, cryptocurrency token distribution arrangements, plus competitive salaries. These scenarios are making the employer-employee relationships much fuzzier than usual.

 

 

 

Planning to hire people who can function effectively in the blockchain era? Let’s talk! I invite you to contact me by email, phone, or via direct message on Twitter,Facebook, or LinkedIn.


I/O Advisory Services – Building Resilient Careers and Organizations.

Immigrant Women’s Small Business Expo – Toronto 2018

In light of current undertones towards immigrants and refugees in Canada, the expo promotes peace, hope and success for all business women

 

Toronto…Now in its sixth year, the one-day, experiential Immigrant Women’s Small Business Expo (IWSM Expo) celebrates the aspirations and achievements of immigrant women, taking place in Toronto on Sunday, September 16th, at the Ontario Science Centre. Under the theme “The Minimum Wage & The Impact on Immigrant Businesses,” IWSBE offers women an opportunity to get informed, empowered and enlightened, while providing access to business building services, networking opportunities and entrepreneur workshops.

Expos are a crucial factor in helping new businesses acquire the leads, networks, information and polish they need to succeed in the business world.

This is according to Dwania Peele, founder of Canadian Small Business Women (CSBW) and the IWSB expo who notes that women owned small and mid-sized businesses generate around $117 billion to the Canadian economy annually.

“We’ve always championed the fact that women matter, and we’ve sought to celebrate all the roles they fill in their family, career and community,” said Peele. “Immigrants, specifically, struggle in Canada’s labour market despite their many skills, and we are more than excited to be in Toronto with this rallying cry of support for immigrant women entrepreneurs across Ontario.”

Another advantage of a business-focused event is that it presents practically unlimited opportunities for information-sharing, says Peele. “We have found there is significant demand for practical advice and insights that help would-be immigrant entrepreneurs and small businesses to run their businesses effectively. Expos bring together stakeholders from across a niche spectrum and present an ideal platform for workshops, demonstrations and seminars that help participants grow their businesses.”

ISWB expo offers a rich experience with informative seminars and panel discussions presented by notable speakers. The STEM Panel includes influential women from all backgrounds and is sponsored by hERVOLUTION.  Our Minimum Wage Panel includes industry professionals such as Radha Tailor, Candidate for School Board Trustee Wards 3/4, Shalini Dharna CPA and moderated by Emily Mills of How She Hustles. Throughout the day attendees can view educational exhibits and corporate displays from Canada Business Ontario and the Government of Canada. The seminars and workshops will be far ranging and engaging, featuring topics that impact women’s daily lives addressing such issues as health & wellness, marketing and social media tips, career advancement, business/entrepreneurship, the welfare of our children and much more. While IWSB expo targets immigrant women, there are elements for all women business owners.

IWSB expo offers a one-stop business platform to gather information, exchange ideas and network for anyone considering starting their own business, and for those already in business and looking to expand.

Admission runs for $5 / person including access to seminars, panel discussions and the handmade market.

What: Immigrant Women’s Small Business Expo

Where: Ontario Science Centre, 770 Don Mils Road, North York, ON M3C 1T3

When: Sunday, September 16, 9 a.m. – 5 p.m.

Cost: Admission: $5 (Under 16 years of age free)

Website: http://toronto.immigrantsmallbizexpo.ca

 

Have You Met LIAM?

I’d like to introduce you to LIAM.

Wait, what?

September is Life Insurance Awareness Month and instead of saying that mouthful, finance folks have wittingly come up with the name LIAM. Who says we’re boring, huh?

So why exactly is life insurance important enough to have a whole month dedicated to its awareness?

WHAT IS LIFE INSURANCE?

A Life Insurance policy is a contract between you (the insured) and an insurance company, for a certain amount of coverage that will be paid to your loved ones (beneficiaries) when you pass away.

You pay either monthly or annually to maintain this contract.

In Canada, when someone passes away, his/her beneficiaries receive life insurance proceeds tax-free and directly (since it bypasses the whole probate process).

WHY WOULD YOU NEED LIFE INSURANCE?

  • Pay off debts
  • Think of your current debts, if any: lines of credits, credit cards, student loans, car loans, business loans.
  • When someone passes away, unfortunately the debts don’t die too. Creditors can harass your next of kin until your debts are paid off (especially for self-employed people and small business owners like ourselves). Bank accounts and other assets can be frozen during probate, so where will the money come from?

 

  • Pay off the mortgage
  • Did you know if one spouse passes away the other will have to requalify for the mortgage on his/her own? If you own a home, think of your outstanding mortgage balance.
  • Leaving enough money to pay off the mortgage ensures your family stays in a familiar home instead of being forced to sell while grieving.

 

  • Take care of your children’s education
  • If you have young children, do you know how much it will cost for them to attend post-secondary school?
  • It’s estimated that a child born today will pay $100,000 for a 4-year degree by the time he/she is 18 years old.
  • If you pass away unexpectedly before your children are ready to attend college or university, who’ll foot their education bill? There’s no guarantee that government loans will exist or even if your family will qualify. Also, wouldn’t you like your children to have a head start in life and not pay loans?

 

  • Replace your income
  • Your family’s lifestyle is determined by the amount of income in your household. If you pass away unexpectedly, what will happen to your family’s standard of living?
  • If you are the sole breadwinner, this is especially important. If you are a stay-at-home parent, it’s equally important as well, since your ability to take care of things at home allows your significant other to work outside of the home.

 

  • Plan your estate
  • Did you know that your assets can be taxed like income when you pass away?
  • Think of your savings, investments and even cottages and rental properties. These are assessed at fair market value and your family can end up with a huge tax bill. Life insurance is a great way to pay off these taxes and ensure your family keeps the assets.

 

  • Protect your business
  • If you have a business that relies on key people running it, what happens if those people aren’t around anymore?
  • Having “key-person” life insurance, paid for by your company, ensures your business will continue operating.

 

  • Leave a legacy
  • What do you want to be remembered for?
  • Perhaps you’d like to build an orphanage in a third-world country, or leave money behind to cancer research. You may simply just want to make sure your great-great-great grandchildren remember you.
  • Life insurance proceeds allow you to make an impact long after you’re gone.

 

  • Building wealth
  • What would you do if I told you there was a way to pay for your life insurance coverage and save money in a tax-sheltered environment at the same time?
  • And that you can use these savings in retirement as another source of income?
  • Certain types of life insurance plans are structured this way and can be a great win-win option for you and your family: you get to use your money and your beneficiaries still get something when you’re gone.

There are many ways life insurance can be used, and I’ve found that it’s never a one-solution-fits-all plan. The amount of coverage that’s right for you, as well as the type of coverage depends on your current situation.

Your finances, family dynamics, business requirements and life goals usually change over time so your life insurance plan should reflect all of these stages. I would encourage you to make sure you have yearly reviews with your advisor.

—————

Kim Lowrie is an insurance agent and mutual fund representative with World Financial Group.

She and her husband have made it their lifelong mission to help families, individuals and business owners succeed financially.

To find a solution that best fits your needs and goals, connect with Kim:

647.231.9052

klowrie02unjc@wfgmail.ca

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