Wednesday, October 25, 2006
Why Some Businesses Win Awards
Posted by: Doreen Cunneen
The North York Chamber of Commerce has presented its annual Business Excellence Awards, and the winners provide some good examples of how to earn this kind of recognition.
So, what does it take for a business to win an award?
Well, Irving Tissue took home the Corporate Excellence Award not only for its success in its core business (they own the Royale, Majesta and Scotties brands, as well as supplying tissues for many store brands), but for its dedication to giving back to the community. The company is a generous supporter of many local groups and charitable organizations and has a good reputation as an employer.
Simple, isn't it? Just do a great job as a business and don't forget to do a great job as an employer and as a corporate citizen along the way. Obviously, it's simple, but not easy.
I think it starts when a business is formed. The founders set priorities and form the culture of a company. Very often, their mission statements include ideas like achieving excellence and good corporate citizenship. The difference with the future award winners is that the truly successful companies actually dedicate the time and resources to living up to those standards and living out their brands.
Anyone can talk a good game about providing the best customer service or being an employer of choice, but words don't win awards. Those organizations that actually walk the walk are the kind that end up earning both recognition and success.
That includes the other winners of the NYCC Business Excellence Awards -
* Chaitons LLP - Excellence in Business Services
* The Safehaven Project For Community Living - Excellence in Community Services
* Centerpoint Mall - Excellence in Retail
* Conros Corporation - Excellence in Manufacturing
Look for a review of the Awards luncheon and more about the winners in an upcoming feature in Toronto Community News.
Doreen Cunneen is Vice President of Local Chambers for the Toronto Board of Trade.
The North York Chamber of Commerce has presented its annual Business Excellence Awards, and the winners provide some good examples of how to earn this kind of recognition.
So, what does it take for a business to win an award?
Well, Irving Tissue took home the Corporate Excellence Award not only for its success in its core business (they own the Royale, Majesta and Scotties brands, as well as supplying tissues for many store brands), but for its dedication to giving back to the community. The company is a generous supporter of many local groups and charitable organizations and has a good reputation as an employer.
Simple, isn't it? Just do a great job as a business and don't forget to do a great job as an employer and as a corporate citizen along the way. Obviously, it's simple, but not easy.
I think it starts when a business is formed. The founders set priorities and form the culture of a company. Very often, their mission statements include ideas like achieving excellence and good corporate citizenship. The difference with the future award winners is that the truly successful companies actually dedicate the time and resources to living up to those standards and living out their brands.
Anyone can talk a good game about providing the best customer service or being an employer of choice, but words don't win awards. Those organizations that actually walk the walk are the kind that end up earning both recognition and success.
That includes the other winners of the NYCC Business Excellence Awards -
* Chaitons LLP - Excellence in Business Services
* The Safehaven Project For Community Living - Excellence in Community Services
* Centerpoint Mall - Excellence in Retail
* Conros Corporation - Excellence in Manufacturing
Look for a review of the Awards luncheon and more about the winners in an upcoming feature in Toronto Community News.
Doreen Cunneen is Vice President of Local Chambers for the Toronto Board of Trade.
Monday, October 23, 2006
Not Selling, Just Giving Away
Posted by: Alon Marcovici
As promised, we're not going to try to use this blog to sell you anything. However, if you're a member of the Toronto Board of Trade, the National Post would like to give you something -- a free, one-year subscription!
Just click HERE and enter your Board membership number and the delivery address for your no obligation subscription.
As part of the offer, you can also place a free ad in the Post, just not for commercial services or products. The link above has all the details.
Happy reading!
Alon Marcovici is Chief Marketing Officer for the Toronto Board of Trade.
As promised, we're not going to try to use this blog to sell you anything. However, if you're a member of the Toronto Board of Trade, the National Post would like to give you something -- a free, one-year subscription!
Just click HERE and enter your Board membership number and the delivery address for your no obligation subscription.
As part of the offer, you can also place a free ad in the Post, just not for commercial services or products. The link above has all the details.
Happy reading!
Alon Marcovici is Chief Marketing Officer for the Toronto Board of Trade.
Friday, October 20, 2006
Bankruptcy, Observation & Entrepreneurs
Posted by: Glen Stone
Why does Canada have a disproportionate number of entrepreneurs? According to Diane Francis (Editor-at-large for Financial Post), one reason may be this country's "enlightened" bankruptcy laws.
Francis put that idea and other insights forward this morning at a breakfast event at the Toronto Board of Trade, answering the question - "What makes an entrepreneur?"
She identified three key attributes: a risk-taking attitude that provides the courage to try something new, an open and observational mind that can identify opportunities, and an ability to deal well with failure - learning from mistakes and not allowing them to undermine one's confidence.
That's where Francis says Canada's bankruptcy laws come into play; they are better than those of most nations in allowing someone who has failed to re-build their finances. She argues that by reducing the stigma and damage of business failure, these laws encourage the risk-taking that lies at the heart of entrepreneurship.
According to Francis, her theory explains why immigrants tend to be very successful entrepreneurs. They tend to be willing to take risks, are highly observational (as newcomers, they bring a fresh eye to possibilities that long-time residents may overlook), and they are highly motivated to succeed.
One example of 'observation' as a key skill for entrepreneurs given by Francis was that of the man who invented the concept of Velcro. He came up with the idea, she says, after walking through a field and having burrs stick to his pants. Examining them under a microscope revealed the hooked barbs that attach to the loops of material or animal hair - the same hook and loop principle that underlies the now-famous fastener.
Francis concluded her presentation with encouraging words for the audience, stating that entrepreneurship is a skill set that anyone can learn. We can all open our minds, charge up our enthusiasms and go after our dreams.
Glen Stone is Public Affairs Manager for the Toronto Board of Trade.
Why does Canada have a disproportionate number of entrepreneurs? According to Diane Francis (Editor-at-large for Financial Post), one reason may be this country's "enlightened" bankruptcy laws.
Francis put that idea and other insights forward this morning at a breakfast event at the Toronto Board of Trade, answering the question - "What makes an entrepreneur?"
She identified three key attributes: a risk-taking attitude that provides the courage to try something new, an open and observational mind that can identify opportunities, and an ability to deal well with failure - learning from mistakes and not allowing them to undermine one's confidence.
That's where Francis says Canada's bankruptcy laws come into play; they are better than those of most nations in allowing someone who has failed to re-build their finances. She argues that by reducing the stigma and damage of business failure, these laws encourage the risk-taking that lies at the heart of entrepreneurship.
According to Francis, her theory explains why immigrants tend to be very successful entrepreneurs. They tend to be willing to take risks, are highly observational (as newcomers, they bring a fresh eye to possibilities that long-time residents may overlook), and they are highly motivated to succeed.
One example of 'observation' as a key skill for entrepreneurs given by Francis was that of the man who invented the concept of Velcro. He came up with the idea, she says, after walking through a field and having burrs stick to his pants. Examining them under a microscope revealed the hooked barbs that attach to the loops of material or animal hair - the same hook and loop principle that underlies the now-famous fastener.
Francis concluded her presentation with encouraging words for the audience, stating that entrepreneurship is a skill set that anyone can learn. We can all open our minds, charge up our enthusiasms and go after our dreams.
Glen Stone is Public Affairs Manager for the Toronto Board of Trade.
Thursday, October 19, 2006
Got Your 5% Raise Yet?
Posted by: Mary de Reus
Our annual Executive Compensation Survey is out and it shows that Toronto executives are getting an average annual pay raise of 4.8% these days.
The survey also found that 60% of business leaders and managers in Toronto received performance bonuses for their work in the last fiscal year.
You can read the basic story in our media release, now up on our website at www.bot.com/media.
For background, our survey covers 1,400 executives in dozens of industries and results in a massive, six-volume set of results. It helps companies in every industry in Toronto determine if they are offering competitive compensation.
Anyway, the first reaction a lot of people may have to this story is to wonder why their bosses are getting pay hikes that are more than twice the rate of inflation, not to mention the fact that the majority receive bonuses.
Bear in mind, those who are getting the big bucks and the big raises are also at the biggest risk of losing their jobs if their businesses get into trouble. The glory of the spotlight also puts them and their plans and budgets under the microscope from Boards of Directors and shareholders.
More and more, their bonuses are based on the concept of performance-based compensation. Two-thirds of Toronto companies are using this method of encouraging their executives to help lead the organization to success. Compensation bonuses are usually based on hard figures, and executives must to do something concrete to earn them.
This system also has advantages for employees. You don’t want to be stuck with a substandard leader because your company's executive compensation package fails to keep pace with everyone else in your line of business. Is a good leader important to you as an employee? You bet -- the number one reason people leave a job is because they don't like their boss!
So, if everyone else in the world of widget making is giving 5% wage hikes to their managers, your leaders at ABC Widget Inc. had better be in the same ballpark. Successful businesses have to stay competitive on every front – not just the price of their products or the quality of their service, but the compensation they offer to their executives.
Mary de Reus is a Vice-President of the Toronto Board of Trade and oversees the Board’s HR Surveys & Programs Department
Our annual Executive Compensation Survey is out and it shows that Toronto executives are getting an average annual pay raise of 4.8% these days.
The survey also found that 60% of business leaders and managers in Toronto received performance bonuses for their work in the last fiscal year.
You can read the basic story in our media release, now up on our website at www.bot.com/media.
For background, our survey covers 1,400 executives in dozens of industries and results in a massive, six-volume set of results. It helps companies in every industry in Toronto determine if they are offering competitive compensation.
Anyway, the first reaction a lot of people may have to this story is to wonder why their bosses are getting pay hikes that are more than twice the rate of inflation, not to mention the fact that the majority receive bonuses.
Bear in mind, those who are getting the big bucks and the big raises are also at the biggest risk of losing their jobs if their businesses get into trouble. The glory of the spotlight also puts them and their plans and budgets under the microscope from Boards of Directors and shareholders.
More and more, their bonuses are based on the concept of performance-based compensation. Two-thirds of Toronto companies are using this method of encouraging their executives to help lead the organization to success. Compensation bonuses are usually based on hard figures, and executives must to do something concrete to earn them.
This system also has advantages for employees. You don’t want to be stuck with a substandard leader because your company's executive compensation package fails to keep pace with everyone else in your line of business. Is a good leader important to you as an employee? You bet -- the number one reason people leave a job is because they don't like their boss!
So, if everyone else in the world of widget making is giving 5% wage hikes to their managers, your leaders at ABC Widget Inc. had better be in the same ballpark. Successful businesses have to stay competitive on every front – not just the price of their products or the quality of their service, but the compensation they offer to their executives.
Mary de Reus is a Vice-President of the Toronto Board of Trade and oversees the Board’s HR Surveys & Programs Department
Friday, October 13, 2006
Well, that was fast!
Posted by: Cecil Bradley
Just two days ago, we put out our Agenda for Action, calling on the next city government to tackle major Toronto challenges such as traffic congestion and unfair business property taxes.
On the traffic and transit side, one thing we're calling for is better integration between all of the regional transit operators, including the TTC, such as a 'smart card' that would allow commuters to use ALL of the systems without having to buy separate tickets. That would be both good customer service and an effective ridership growth strategy.
Another point is harnessing the power of the private sector to fund and deliver some of the better system we need (because governments just don't have the billions of dollars needed).
Lo and behold, one day later, the province announces a contract with a private sector company (Accenture) to develop and implement a GTA-wide smart card!
However, the TTC has serious qualms about the smart card concept. Making it easier for people to come on to their system from neighbouring transit operations would increase ridership on already crowded buses and trains without necessarily providing enough additional revenue for the Commission to expand their services to meet this extra demand. It comes down to a question of how smart card revenue would be shared.
You can read TTC Chair Howard Moscoe's reaction in a story today in the National Post, wherein he says top priority for him is getting enough extra capacity to meet existing riders' needs, not funnelling more people in from the suburbs.
The bottom line is that commuters (and the businesses who employ them) want a system like this to make it more convenient and affordable to use transit to get to work. That simply has to happen, because more transit use is one of the keys to reducing the traffic congestion that is choking our city - damaging our economy and quality of life.
All of the 905 transit operators will have to find a way of cooperating on a smart card system that not only meets commuter needs but addresses the legitimate money concerns of the TTC. For its part, Toronto's government has to realize no city in the GTA is an island, entire unto itself, but must be connected to its neighbours.
Federal and provincial tax dollars have helped to build municipal transit systems. If we want more of those dollars to flow (and we need a river, not a trickle), shouldn't we bend over backwards demonstrating our willingness to work cooperatively? Holding riders hostages won't build public or political support for increased transit investment.
In other words, smart cards are a great thing -- but smart cards require wise operators.
Cecil Bradley is Vice-President of Policy at the Toronto Board of Trade
Just two days ago, we put out our Agenda for Action, calling on the next city government to tackle major Toronto challenges such as traffic congestion and unfair business property taxes.
On the traffic and transit side, one thing we're calling for is better integration between all of the regional transit operators, including the TTC, such as a 'smart card' that would allow commuters to use ALL of the systems without having to buy separate tickets. That would be both good customer service and an effective ridership growth strategy.
Another point is harnessing the power of the private sector to fund and deliver some of the better system we need (because governments just don't have the billions of dollars needed).
Lo and behold, one day later, the province announces a contract with a private sector company (Accenture) to develop and implement a GTA-wide smart card!
However, the TTC has serious qualms about the smart card concept. Making it easier for people to come on to their system from neighbouring transit operations would increase ridership on already crowded buses and trains without necessarily providing enough additional revenue for the Commission to expand their services to meet this extra demand. It comes down to a question of how smart card revenue would be shared.
You can read TTC Chair Howard Moscoe's reaction in a story today in the National Post, wherein he says top priority for him is getting enough extra capacity to meet existing riders' needs, not funnelling more people in from the suburbs.
The bottom line is that commuters (and the businesses who employ them) want a system like this to make it more convenient and affordable to use transit to get to work. That simply has to happen, because more transit use is one of the keys to reducing the traffic congestion that is choking our city - damaging our economy and quality of life.
All of the 905 transit operators will have to find a way of cooperating on a smart card system that not only meets commuter needs but addresses the legitimate money concerns of the TTC. For its part, Toronto's government has to realize no city in the GTA is an island, entire unto itself, but must be connected to its neighbours.
Federal and provincial tax dollars have helped to build municipal transit systems. If we want more of those dollars to flow (and we need a river, not a trickle), shouldn't we bend over backwards demonstrating our willingness to work cooperatively? Holding riders hostages won't build public or political support for increased transit investment.
In other words, smart cards are a great thing -- but smart cards require wise operators.
Cecil Bradley is Vice-President of Policy at the Toronto Board of Trade
Thursday, October 12, 2006
What This Is (And Isn't)
Hello to all of you coming here from Glen Grunwald's old blog, and those discovering our blog for the first time!
I'm Alon Marcovici, Chief Marketing Officer for the Toronto Board of Trade. Don't worry, I'm not going to try to sell you anything - I just want to explain what we're trying to do here ...
At last count, there were 50 million+ blogs in the world, and 175,000 being added every day (according to the lastest Technorati study back in July).
So, why bother with this one? Well, here's what we're offering and what we promise to avoid --
This blog will:
I'm Alon Marcovici, Chief Marketing Officer for the Toronto Board of Trade. Don't worry, I'm not going to try to sell you anything - I just want to explain what we're trying to do here ...
At last count, there were 50 million+ blogs in the world, and 175,000 being added every day (according to the lastest Technorati study back in July).
So, why bother with this one? Well, here's what we're offering and what we promise to avoid --
This blog will:
- Offer insight into some of the political and business events in Toronto
- Provide thoughtful opinion what what's going right and wrong in our city
- Share tips and ideas from business leaders in Toronto and elsewhere
- Give you inside information about the Board and what it's up to
- Present fresh content at least once a week
- Welcome comments and opinions about all of the above
This blog will NOT:
- Spin, market or preach at you
What you'll be seeing here will come from a variety of people -- volunteers, business leaders and Board of Trade staff. For example, you'll hear from me when I think I've got useful ideas for you from the marketing world.
Our aim is to be interesting and relevant to anyone who cares about the city and its business community. Our promise is to always do our best to make it worthwhile for you to drop by and to come back.
Welcome!
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