Recently there has been some changes introduced to legislature that will affect all business as a whole. We are looking at changes to:
Youth minimum wage: being moved to $13.00/hour on June 26th. The idea behind this to to encourage hiring of younger people to help them gain experience in the workforce.
Banked overtime: being brought back to an hour for an hour and if unused in 6 months then employer is paid out at time and a half.
Holiday Pay: an employee must work 30 days prior to being eligible to holiday pay. Also you are only entitled to holiday pay on the days you are normally scheduled to work.
These changed of course affect both businesses as well as employees and we want to know your thoughts on the changes. Do you agree or disagree? Do you think these changes will have a long lasting positive or negative impact? What changes would you like to see happen?
While I agree with the sentiment wholeheartedly, it made me think.
What does it mean to treat them well enough, so they don’t want to leave? Does that prevent having high expectations for staff? Does that mean that we as business owners cannot expect an honest day’s work for a day’s pay? I do not think so.
I believe that treating people well starts with creating a culture where people are valued and heard. People are more than just assets to be managed. I believe if staff know that you value them that is the first part of treating them well.
Second is setting clear end realistic expectations. I believe staff thrive when they know what is being expected. Constant fear of layoff does not lead to people wanting to stay. Expecting people to be available 24 hours a day 7 days a week does not make people want to stay. While one may say I never do that, with the proliferation of smart phones, we are never truly be away from work unless the leader models that behavior.
Oh, and never say to a member of your team that is struggling to get everything done “If you organized your time better…” or “if you cannot do this, I will find someone who can.” Invest a little time to understand why. It may be that the expectations are more than any one person can manage. It may be that the person needs training. Or it may mean that the person is not a good fit.
Finally, staff see inconsistencies. If the company has to cut back, do not, as an owner show up with a brand-new sports car. It sends mixed messages, that the cutbacks are being placed on the backs of employees. People want you to walk the walk, not just talk the talk.
This does not mean that you cannot have lofty goals, and high expectations for your staff. You should have them. Just make sure that the lofty goals and expectations are realistic. Nothing makes someone check out faster than being in a position that they know they cannot succeed in no matter how much they work, or how smart they are.
Maybe everyone else knew this, but it made me think about what it means to treat people well.
Author: Russ Bell
Here we are at our second last segment on banks and what they can offer for small businesses. We are going to take a look at Scotiabank and some of the areas they can take care of. As a whole they have so much pertinent information just looking online. Information anywhere from how to start your business, registering your business name, growing and increasing your business and its profits all the way to selling your business. The information seems endless which is so true when it comes to businesses. We are always learning.
They have a handful of different accounts related to business depending on what exactly you are looking for including paying per transaction if you have a lower amount of movement.
|Plan A||Monthly fee of $18.00
Fee rebate at $15,000
|25 Transactions||50 Deposit items
Cash deposit of $6000
|Plan B||Monthly fee of $35.00
Fee rebate at $30,000
|70 Transactions||60 Deposit items
Cash deposit of $8000
|Plan C||Monthly fee of $70.00
Fee rebate at $40,000
|125 Transactions||85 Deposit items
Cash deposit of $10,000
|Unlimited||Monthly fee of $120.00
Fee rebate at $65,000
|Unlimited Transactions||Unlimited deposit items
Cash deposit of $30,000
They also have some pretty great business savings account depending on your needs and the amount of money being put away. With these savings accounts your balance can fall into different tiers of interest rates anywhere from 0.8% to 1.7%. Another large area they can assist with is credit cards and business loans/lines of credit. With the options to find what is going to fit your business in the now but the ability to change as your business changes.
|Scotiabank Passport Visa Infinite Business Card||$199 annual fee. $0 for second card, $50 for additional cards||19.99% Interest rate on purchases
22.99% on cash advances
|1.5 Scotia Rewards Points for every $1 spent|
|Scotia Momentum for Business Visa Credit Card||$49 annual fee
$29 for additional cards
|19.99% interest rate on purchases
22.99% cash advances, balance transfers, and credit card cheques
|Up to 3% cash back on everyday business purchases|
|Scotialine for Business Visa Credit||No annual fee or cost for additional cards||Interest rate fluctuates|
|Visa Business Credit Card||Gold card annual fee of $105
Silver card annual fee of $75
|19.99% Interest rate on purchases
22.99% on cash advances
|1% cashback on certain purchases|
|Scotiabank GM Visa Business Card||$79 annual fee $29 for each additional card||19.99% interest rate on purchases
22.99% cash advances, balance transfers, and credit card cheques
|$1 in GM earnings equals $1 towards purchase price or lease.|
Scotiabank also has numerous types of loans including the line of credit and overdraft protection. Depending on what your business needs will depend on the types of loans you could be approved for. Going in and speaking with the branch will give you a better idea on what exactly suits your individual needs. You also have the option of applying online for a loan if you meet certain criteria set out in their guidelines. It is always important to consider speaking to someone face to face such as a financial business advisor at the branch to ensure everything is in place and fully understood.
Lastly they have a number of payments and merchant services. What really stands out is their Bulk Interac e Transfer. You are able to set up groups of e transfers that can be sent out at one time instead of individual payments. Scotia also has the portable machines to take payments wherever you need. They are partnered with Chase with competitive rates. Overall Scotiabank has so much to offer in terms of small business banking. The information they provide is very insightful along with the different accounts they hold.
Returning back to our segment on overviews of what banks have to offer for small businesses, we are going to take a look at CIBC. At first glance CIBC already catches the attention of a business with their website alone keeping up with the changing of current events. For example as you look through the options they have informative videos on the changes in corporate taxes. They also not only have information on business accounts but they have pieces on business stages from the starting point to growth, managing and securing.
CIBC has a number of different accounts catered to small business. There are four main operating accounts along with a savings account. With these accounts they also offer customized access. This is where you can allow other persons access to different areas. For example an employee can deposit cheques into a certain account. They also offer merchant services through a partnership with Global Payments. CIBC has external vendors they recommend and use so you can accept payments on the go.
|Unlimited operating business account||$50.00 per month||Unlimited transactions||Deposit package of $15,000 cash $1000 coin
|Advanced business operating account||$35.00 per month. Waived fee if balance of $35,000.||100 transactions including Interac e transfer||Deposit package of $5000 cash
|Everyday business operating account||$20.00 per month self service access.
$25.00 per month full service access
|30 transactions included.
$1.00 each additional self service.
$1.25 each additional full service
|Deposit package of $3000 cash
|Basic business operating account||$6.00 per month||Transactions $1.00 each self service.
$1.25 each full service
|Pay per month for deposit use.|
|Business Investment growth account||No monthly fee||Interest from 0.70% to 1.20% depending on balance||Access to funds at any time|
CIBC has a number of credit card choices depending on where you are at with your business. They have 3 geared towards businesses that are quite established. They run your credit based on your business finances.
- CIBC Aventura Visa Card for business plus. $120.00 annual fee first card. Additional cards at $50.00 with a max of 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash. Earn points for travel with any airline and points that don’t expire.
- CIBC Aerogold Visa Card for business plus. $120.00 annual fee first card. Additional cards at $50.00 with a max of 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash. Earn Aeroplan points.
- CIBC Corporate Classic Plus Visa card. $20.00 annual fee for each card with up to 15 cards per account. Interest rate of 19.99% purchases and 22.99% cash.
CIBC also has credit cards geared for businesses that have a limited financial history. Credit is based on personal financial information.
- CIBC Aventura Visa Card for business. There is a $120.00 annual fee with each additional card at $50.00 and up to 9 cards. Interest rate of 19.99% on purchases and 21.99% cash. If you add $60.00 more to your annual fee though you can drastically reduce your interest rate to as low as 12.99% on purchases and 14.50% cash. In order to be approved you need a minimum annual income of $35,000.
- CIBC Aerogold Visa Card for business. There is an annual fee of $180.00 with each additional card at $50.00 and up to 9 cards. Interest rates are as low as 12.99% on purchases and 14.50% cash. You must have a minimum annual household income of $35,000.
Another area that CIBC can assist you in is there borrowing options. Of course it is dependent on your credit history and the amount being requested. But they offer different loans where it can be based on your business finances, personal finances and even loans using your residential home as collateral for those larger money amounts. They also have options for fixed or variable interest rates.
It is important to note that with each bank there are many variables for approval. In order to get the best information talk to the business adviser
at their bank to find out what is best for you and your business.