Welcome to the newly redesigned Report on Small Business newsletter from The Globe and Mail. We've revamped this newsletter - formerly called Small Business Briefing - to make it more mobile-friendly and include a roundup of essential reading for entrepreneurs from around the web as well as relevant Globe and Mail stories. The idea is to give you a weekly package of news, trends and tips that will help your small business grow.
We're starting it off with a moving piece written by entrepreneur Suzanne Urpecz, co-founder of food tour business Savour Toronto, about how a sudden medical diagnosis made her rethink priorities at her company.
What do you think of the revamped newsletter? Let us know at smallbiz@globeandmail.com. –Report on Small Business Editor Sarah Efron
On Friday, May 13, 2016, I found out I had cancer. I went to the hospital after noticing that my lymph nodes were tremendously swollen and there were veins protruding from my chest.
I couldn't believe it. I was 34 years old, fit, a non-smoker, and I hardly drank. I've been through a lot in my life but nothing had ever prepared me for this.
Nearly three years before, my husband and I founded a food event company in Toronto. We worked tirelessly to make the business a success, sometimes working 70 hours a week or more and making very little profit to get things moving in the right direction.
Initially, the doctors told me it was very unlikely that I would be able to continue managing my company as I underwent treatment. I was utterly devastated. Cancer had already robbed me of so much – an undetermined future, my fertility, my physical appearance and now it was going to take away my business. Full story by Suzanne Urpecz.
Companies struggle with shortage of sales talent
Employers worldwide report a shortage of sales skills from senior executives to junior staff, says HR consulting firm Manpower, which does an annual survey of employers to find which skills are toughest to find. "Sales is in the top five hardest jobs to fill every year, not just in Canada but internationally," says Yvonne Tennenbaum, Manpower's regional director for Ontario. "In 2014, it was second worldwide and fifth in Canada. When you look at smaller startup firms, they want people who are experienced and have technical skills – and right now there's a lack of candidates in the market." Full story.
Montreal businesses on the move as low-rent neighbourhoods go upscale
On the eastern edge of Mile End, one of Montreal's trendiest neighbourhoods, is the former heart of Canada's garment industry. It's an area that was in decline for more than 30 years. But over the past decade, artists and artisan businesses have moved into the former warehouses and factories – attracted by low rents and proximity to the neighbourhood where many of them lived. Now they're being pushed out, replaced by companies such as video-game giant Ubisoft and Sun Life. Full story.
Insider tips from OMERS on getting venture capital
For many budding entrepreneurs, raising VC money can seem like a mysterious process that requires special skills or knowing something that most people don't. Fortunately, it's incredibly similar to an activity that most of us have undertaken or closely observed at some point in our lives: selling a home. Selling a property consists of four key actions and behaviours that can also serve as the main components of a successful VC fundraising strategy. Full story.
Frozen tea-pop creator has a Catch-22 to lick
Dionne Laslo-Baker knew she had a winning product when her company's organic tea Popsicles disappeared from freezer shelves within days of their market launch. She would like to see DeeBee's healthy treats in hospitals and schools, and in the cafeterias of progressive companies that want to serve healthy snacks to their employees. She has already been approached by a couple of big-name technology companies and universities. But DeeBee's is in something of a Catch-22: The purchasing departments of these potential customers will buy only through a distributor, and the distributors Ms. Laslo-Baker has spoken with say they'll represent TeaPops only if DeeBee's can show signed contracts with guaranteed order volumes. Full story.
Retailer Aritzia files for IPO
Aritzia LP, the Canadian women's fashion retailer, filed for an initial public offering on the Toronto Stock Exchange. Private equity backer Berkshire Partners LLC will sell shares in the IPO, as will Aritzia founder and Chief Executive Officer Brian Hill, the company said in a filing Wednesday. The company will not receive any proceeds from the sale of the subordinate voting shares, according to the filing, which did not say how much the IPO planned to raise. Full story.
More small business news from around the web
Small business loan platform Lendified secures $20 million credit facility
Lendified, which provides loans specifically for small businesses, has announced that Liquid Capital will provide the senior debt for a new credit facility up to $20 million, meant to go towards working capital loans underwritten by Lendified. Full story.
City of Toronto taps Miovision to improve bicycling
The City of Toronto has partnered with Miovision, a Canadian technology company, to provide an analysis of its Bloor Street bike lanes, which arrived recently after four decades of tension among activists and politicians. Full story.
Why Johnny can't innovate: Canada's tech sector
Dan Debow is an angel investor, adjunct University of Toronto law professor, and was part of the founding teams at Rypple and Workbrain. He speaks with Jesse Brown on the Canadaland podcast about how to "fix" the Canadian tech industry. Full story.
Haida Gwaii company looks to tap tides as source of island power
Yourbrook, which is spearheaded by a group of local entrepreneurs, is pitching a concept for harnessing the powerful tides in Masset Inlet to drive a separate hydroelectric system. With the approval of the province and Haida First Nation, Yourbrook launched a three-month test for a small-scale prototype of its system in the Juskatla Narrows of Masset Inlet. Full story.
The trouble with tech's titans
The Saga of Peter Thiel vs. Gawker Media is a heck of a yarn. If you haven't been following it, here's the gist: Thiel makes millions from co-founding PayPal, which he leverages into billions by investing early in Facebook. Some time after, Gawker publishes a snotty article publicly outing Thiel as gay; he is pissed. Years later, Gawker publishes a sex tape featuring 1980s wrestling star Hulk Hogan; Hogan is pissed. Full story.
Small Biz Coach
The question: "I need to hire good people, but we are too small to pay the salaries that experienced people are asking from us. How can I attract good people without paying them too much?"
The answer: Small-business owners often feel at a disadvantage because many of the larger companies can pay employees more than they can. There is more to employment than money, though. Not everyone likes working for large companies for their entire career. They provide great training and experience, but they often lack the "feel" that small companies have. That is worth something to people and that is why you can attract good people to your organization without having to pay more than you can afford. It is your secret weapon. In my experience, people don't work just for money. Often the culture, the meaningfulness of their contribution, and the ability to grow personally and professionally weigh large in their decision on where to work. Full story.
Compiled by Sarah Efron