Business Sector
There are approximately 100 seasonal and year round businesses operating in the region. The majority of businesses are retail; the fishing sector employs the greatest number of people. As communities change and people leave the region to secure work elsewhere, an increasing number of businesses are feeling the financial crunch. In fact, the SADC board of directors is aware of the tremendous burden and stress these businesses are experiencing and have organized several forums to network and plan. Business and local entrepreneurs are extremely important to the socio-economic well-being of the region. As such, the efforts of the board have centred on support and empowerment. The board and staff on every occasion emphases the importance of small business, and attempt to engage business leaders in decisions and seek their advise.
Over the past several months we have partnered with Newfoundland and Labrador Organization of Women's Entrepreneurs to engage women in discussions that address challenges facing their business. A large percentage (approximately 55%) of businesses in the Zone is owned/operated by women or where women play an integral role in the business. These women are exemplary people, and who for the most part juggle family, community and business responsibilities with grace and poise. Nevertheless, they are feeling exhausted and just do not have the time to respond to all the day to day demands, leaving zero time to plan and become pro-active to the changes that are rapidly occurring.
The change in attitude towards job and level of pay has placed an added burden on many businesses, especially the retail and service sector. As more people commute to western Canada for work and discuss locally the types of jobs and pay levels, the expectation from employees is growing. This, coupled with the increase in minimum hourly wage and the competition from other businesses to keep prices low, has impacted heavily on the bottom line. The growing expectations and demands of unemployed workers and the fact that a large percentage of people in the region continue to choose seasonal jobs with higher pay over full time work is becoming a serious problem especially in the hospitality sector.
The challenges outlined above and many others concerning 'Business Retention and Expansion' were discussed at a one day business sector forum. An action plan was also drafted to begin dealing with the challenges discussed, and the zonal board was asked to take the lead role in many of the solutions identified. The department of Innovation, Trade and Rural development was a very strong partner in facilitating this forum. To help businesses make the best use of valuable time, training was also provided by Canadian Manufactures and Exporters (CME).
In business, the time and energy required to evaluate the total operation is imperative to the future viability of the enterprise. The Moulder of Dreams Inc. (MOD Inc.) conducted a critical analysis of every facet of operation and determined that restructuring was needed. The project consequently ceased activities and concentrated on establishing a logical, clear business plan. The business plan process provided a unique opportunity for committee members to refocus, and put in place best practices to achieve success. The committee recognized that they needed outside assistance and requested help from ACE Memorial. With the help of ACE Memorial and other partners including SADC, MOD Inc. has secured funds to operate a commercial pottery enterprise. The business opened in November, hiring three workers with the plans of hiring two additional workers. The re-opening event took place on April 24th, 2008. The MOD Inc. has a new vision for the future and a clear mandate to become self-sufficient within two years. The SADC board and staff will continue to provide support to the MOD Inc., and will explore each opportunity outlined in the business plan to help the business grow and prosper.
Over the past several months we have partnered with Newfoundland and Labrador Organization of Women's Entrepreneurs to engage women in discussions that address challenges facing their business. A large percentage (approximately 55%) of businesses in the Zone is owned/operated by women or where women play an integral role in the business. These women are exemplary people, and who for the most part juggle family, community and business responsibilities with grace and poise. Nevertheless, they are feeling exhausted and just do not have the time to respond to all the day to day demands, leaving zero time to plan and become pro-active to the changes that are rapidly occurring.
The change in attitude towards job and level of pay has placed an added burden on many businesses, especially the retail and service sector. As more people commute to western Canada for work and discuss locally the types of jobs and pay levels, the expectation from employees is growing. This, coupled with the increase in minimum hourly wage and the competition from other businesses to keep prices low, has impacted heavily on the bottom line. The growing expectations and demands of unemployed workers and the fact that a large percentage of people in the region continue to choose seasonal jobs with higher pay over full time work is becoming a serious problem especially in the hospitality sector.
The challenges outlined above and many others concerning 'Business Retention and Expansion' were discussed at a one day business sector forum. An action plan was also drafted to begin dealing with the challenges discussed, and the zonal board was asked to take the lead role in many of the solutions identified. The department of Innovation, Trade and Rural development was a very strong partner in facilitating this forum. To help businesses make the best use of valuable time, training was also provided by Canadian Manufactures and Exporters (CME).
In business, the time and energy required to evaluate the total operation is imperative to the future viability of the enterprise. The Moulder of Dreams Inc. (MOD Inc.) conducted a critical analysis of every facet of operation and determined that restructuring was needed. The project consequently ceased activities and concentrated on establishing a logical, clear business plan. The business plan process provided a unique opportunity for committee members to refocus, and put in place best practices to achieve success. The committee recognized that they needed outside assistance and requested help from ACE Memorial. With the help of ACE Memorial and other partners including SADC, MOD Inc. has secured funds to operate a commercial pottery enterprise. The business opened in November, hiring three workers with the plans of hiring two additional workers. The re-opening event took place on April 24th, 2008. The MOD Inc. has a new vision for the future and a clear mandate to become self-sufficient within two years. The SADC board and staff will continue to provide support to the MOD Inc., and will explore each opportunity outlined in the business plan to help the business grow and prosper.
