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Women entrepreneurs are making great strides in a very competitive business world by bringing innovation and creativity to the forefront. Although there are many difficulties and opportunities surrounding women in business, one of the most important areas that needs focus is cash flow management. For the purpose of this blog, I’d like to discuss special issues and tools of empowerment for women in small businesses.

Empowering Women in Small Business: Navigating Cash Flow
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The Power of Support Networks: Fostering Mental ...

Nurturing personal relationships, leveraging professional connections, and embracing online communities can provide you with the invaluable support and guidance you need to navigate the challenges and thrive in the competitive world of entrepreneurship.

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Alberta's Tech Scene: Opportunities and ...

Alberta's technology industry is on the rise, with Calgary and Edmonton emerging as key tech hubs in the province. As an entrepreneur, you can tap into a large and diverse talent pool, benefit from a supportive startup ecosystem, and enjoy government support for innovation. However, like any growing tech scene, there are also challenges to be aware of, including competition for talent and access to capital. In this blog, we explore the opportunities and challenges facing entrepreneurs in Alberta's tech scene, and how you can navigate them to build a successful business. Click to read more and discover the potential of Alberta's tech sector for entrepreneurs.

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2020 AWE Awards: Nominees Announced

At AWE, we believe that women entrepreneurs deserve to be recognized for their entrepreneurial spirit, hard work, and contributions to our province. Each year, AWE celebrates and honors exceptional women entrepreneurs at the AWE Awards. Nominated by their peers, these inspirational women are achieving growth and success in business, and making an impact on the economy and their community.

This year, we had a record-breaking 242 women nominated, with over 140 of these entrepreneurs submitting a nomination package to be considered for the 2020 AWE Awards.

"The Alberta Women Entrepreneurs Awards showcases the diverse talents and accomplishments of Alberta’s women entrepreneurs,” says Shannon Pestun, Director, Women's Entrepreneurship at ATB Financial. “ATB Financial is proud to support AWE and extend our congratulations to all of the nominees."

Join us on April 23, 2020 as we announce the recipients of the following awards:

  • The Celebration of Achievement Award

  • The Upsurge Entrepreneur Award

  • The Indigenous Entrepreneur Award

  • The Emerging Entrepreneur Award 

Finalists will be announced in March.

2020 AWE Awards Nominees

Special thanks to our presenting sponsor, ATB!

 
Atb
 

Support is Key

Last year, I had a favourite mug (sadly broken in a dishwasher incident) that said “Fill Your Cup”, which inspired gratitude for two reasons. It held my beloved morning coffee and it reminded me to stay connected with what, and more importantly who, brings me energy and joy.

Starting a new year offers a valuable opportunity to evaluate how the influences in our lives (ourselves included) may have helped or hindered us. What filled my cup and what emptied it? When we set our intentions and goals, how do we understand who we need around us in each area of our lives to help us thrive? Sometimes, we need to look outside of our usual circles and familiar connections to gain new energy and broader perspectives.

Exploring new connections, resources and markets to reach growth goals is an excellent way to expand knowledge, build ideas and move forward. It is a key reason we continue to offer programs and services like PeerSpark, in which entrepreneurs who are experiencing similar growth opportunities and challenges can explore growth with the support of a peer group, personalized advice and learning to make informed decisions.

As the world changes quickly around us, AWE continues to evolve to support and recognize women-owned businesses in Alberta. We could not do this without an incredible support system including our Board, funders, sponsors, community partners and champions, family and friends. Working together, we will do our best to build more pathways to success and better connections for entrepreneurs.

Looking forward, who will “fill your cup”, energize your ideas, support you through difficult times, celebrate your successes and help you to achieve your goals? If AWE is not yet on your support team, I hope we can connect to help you reach your dreams.

Always with gratitude,

Marcela

Client Feature: Diana Frost

Diana Frost’s story is far from conventional. As a child, Diana was raised in two very different worlds: Scotland, and Gabon in Western Africa. It was not until Diana moved back to Canada for university that she began to learn more about her mother’s Indigenous heritage. After working in a variety of engineering roles, Diana decided to pursue her love of literature.

Diana Frost

“While I was looking into publishing an e-book, I got into the adult colouring book craze. I had a dream to create one using Indigenous art to help people reconnect with their heritage, and to connect the average Canadian to Indigenous culture.”

In 2016, she founded Colouring It Forward, a social enterprise that has both not-for-profit and for-profit components.

“I decided I wanted to form a social enterprise, to not only support artists and elders but to also make donations to Indigenous community projects, give people a way to support reconciliation, and be involved with a grassroots project.”

Colouring It Forward now has books in major museums across the country and in 51 Staples stores across Western Canada.

Recently, Diana was given a Blackfoot name, natoyinhsin, meaning ‘Holy Song’. For Diana, the name reflects her identity, rebirth, and the work she does to help the community. When asked what she is proud of, Diana says supporting the growth of artists has been very rewarding.

“I have seen some of the artists in my book go from selling their artwork on the street to making large murals for schools, developing close relationships with mayors, and being called on by CBC for comments.”

In her journey, Diana has reached out to entrepreneur service providers for support.

“I recently completed the NextStep to Success program with AWE. In the program, I was able to develop ties with other Indigenous women entrepreneurs and learn about business plans. Both AWE and Business Link have helped me quite a bit.”

When asked what advice she would give to someone who wants to start their own business, Diana’s answer is that you simply need to get started.

“When I was going to publish my first book, I wrote down a list of five actions to get started—and then I just started. My advice would be don’t spend so much time thinking. Just start doing and before you know it, you’ll have your business.”

We're hiring a Program Assistant!

Are you interested in joining a dynamic team passionate about helping growing businesses that are shaping Alberta? Alberta Women Entrepreneurs (AWE), an organization dedicated to enabling women to build successful businesses, is searching for a part-time Program Assistant to join our team.  AWE provides programs and services to women in business through mentoring, advising, financing, and skills and network development.

New Year, New Ambitions: Setting Your Business up for Success in 2020

For entrepreneurs, 2020 might feel like a vast realm of opportunities and uncertainties, which is nothing short of daunting. The new year is simultaneously terrifying and filled with excitement. There might be thousands of ideas circulating in your mind, and formulating that into an action plan to materialize those ideas is no small feat. Our first piece of advice? Just start. You’ll gain more traction as you go. Where do you start? Read on!

The Year in Review

To begin, ask yourself three simple questions about your past year of business:

  • What worked well?

  • What was just okay?

  • What didn’t work?

The answers can be regarding anything relevant to your business, from operational processes to marketing campaigns to team bonding events. If something went well, what contributed to that? Next, what activities worked okay, but could be improved upon? For example, processes that are satisfactory, but have room for continued development that could make your customer experience even better or synergize your operations. Finally, what simply did not work for your business? Maybe you struggled with consistent posting on social media, or maybe there were quality issues with your supplier. Outline it all - the hits, misses, and everything in between to get a bigger picture of how your business performed in 2019.

Your Numbers

Business growth is equally evaluated by qualitative measures and quantitative key performance indicators, such as financial, marketing, and operational metrics that will differ depending on your industry. These measures will further demonstrate the objectives you met or exceeded within the past year. This might not correspond with your business’ year end, but it’s always a good idea to take a closer look at your numbers in order to effectively plan for the future. If your idea of KPIs is a little bit fuzzy, our friends over at Business Link have a great blog to help you sharpen those definitions!

Creating Your 2020 Vision 

Looking forward to the new year, while keeping the past year’s performance in mind, start with an expansive, judgement-free brainstorm. Give yourself the freedom to think of everything you want the new year to encompass, including future projects, current projects carried forward, processes to refine, skills you wish to hone, financial goals - anything and everything you envision in 2020. Don’t worry about mapping anything out initially, just compile your ideas to get a more concrete sense of the year ahead. Next, maybe after a quick snack break with some holiday goodies, begin organizing a plan based on your brainstorm session. Start with the bigger projects you wish to tackle, then create a list of tasks associated with each one, as well as a rough timeline that you’ll work with. Breaking up projects into smaller tasks will make them feel more attainable. Of course, nothing is set in stone and things will definitely adapt from how you first pictured them. That’s okay! Right now, your mission is to set out your priorities and break them into manageable tasks, starting 2020 on the right foot.

Setting Intentions

For some, the strategy of 2020 might already be set in stone, or maybe you’re dedicating your holiday season to friends and family and taking a break from the stresses of business ownership. In that case, here is a list of more general resolutions to inspire your new year:

  1. Finally write a business plan

  2. Attend more networking events

  3. Improve your digital presence

  4. Understand your numbers

  5. Uplift other women entrepreneurs

  6. Join a peer group

  7. Expand beyond borders

  8. Give back to your community

  9. Grow your team

  10. Make your own needs a priority

Maybe 2019 was your best year yet. Maybe it was lined with pitfalls and you’re celebrating its conclusion. Or maybe January is just another month for you. Regardless, business ownership is filled with new beginnings that you can utilize to propel you forward. Take some time to contemplate your business ambitions and make them actionable. Our mission is to enable your success as a business owner, connecting your present situation to a future vision. 


Celebrating Women Entrepreneurs

By Marcela Mandeville, CEO

The Women’s Entrepreneurship Day Summit on November 14th was the first of its kind in Canada. As the Edmonton Ambassador for Women’s Entrepreneurship Day, I had an incredible experience of participating in the summit’s celebration of women entrepreneurs in Alberta and listening to thought-provoking discussions.

Women’s Entrepreneurship Day is a global movement, and the Summit held in Calgary brought together many members from our entrepreneurship ecosystem, including women entrepreneurs, service providers, and dedicated volunteers. As a community we had the chance to foster deeper connections all while championing women’s entrepreneurship.

WEDO Volunteers.jpg

The Summit welcomed leaders from a multitude of backgrounds sharing their insights on topics ranging from how to build a personal brand to the importance of diversity and inclusion in entrepreneurship. We heard from inspiring speakers like Kelly Falardeau and Rachel Mielke, who both shared their personal journeys. Listening to them share their stories, I was reminded of the power of vulnerability and resilience, as well as the importance of having a strong support system.

Another highlight was the Honourable Leela Aheer, Alberta’s Minister of Culture, Multiculturalism and Status of Women, proclaiming November 19th as Women’s Entrepreneurship Day in Alberta. There are many women entrepreneurs in this province who are fueling growth in the Albertan economy, and it was great to see Women’s Entrepreneurship Day officially recognized.

There is tremendous momentum right now for women who are starting or growing businesses in Alberta. It’s essential that there is access to the knowledge, skills, and capital needed to be successful on that journey. Here at Alberta Women Entrepreneurs, we provide support to women at all stages of business through advising and various programs to build skills and connections. Our loans can also provide the capital you need to start or grow your business, and we have a community to support you along the way.

Entrepreneurship is complex, exciting, and challenging and you don’t have to do it alone. The community here in Alberta is one of a kind – there is so much expertise and guidance to help you as you build your business. Events like the Women’s Entrepreneurship Day Summit and many others give you the opportunity to not only meet like-minded individuals, but also provide the space to connect with resources to help you succeed.

We are excited to build off the amazing momentum from the Summit, and to continue to support women entrepreneurs in our work every day.

Always with gratitude,

Marcela Mandeville

How to conduct a competitor analysis

Who is your competition?

This is a fundamental question you must ask yourself before you dive into creating a business. Without knowing who your competitors are and what the market is for your product and service, you won’t have all the information you need to make informed business decisions. Additionally, when you are looking to get financing, some lending institutions will ask you for a business plan. A thorough competitor analysis is indicative of a well-thought out business plan and can demonstrate a good understanding of the market. So, what exactly is a competitor analysis and how should you go about conducting one?

As defined by www.entrepreneur.com, a competitive analysis is “identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product service”. In layman’s terms, it’s looking at other companies in the market that offer something similar to that of your business. There are two broad categories for competitors that are typically considered: indirect and direct competitors. Your indirect competition is those businesses that satisfy similar needs to yours but with a different market offering. For example, if you are trying to satisfy people’s need for sugar and you are an ice cream parlour, your indirect competition could be a cupcake store. On the other hand, direct competition would be another ice cream parlour as it is offering the same type of good that you are.

What’s the best way to go about doing a competitor analysis? There are a number of different models and methods that you can use, but a common one is Porter’s Five Forces. This method was introduced by Michael Porter back in 1980 and helps new businesses examine their industry and look at the various forces that affect a company’s profitability, market position and power. The five forces are as follows:

  1. Competition in the industry: This involves the number of competitors in the industry and their ability to undercut your business.

  2. Potential of new entrants into the industry: This identifies whether your industry has conditions conducive to greater free entry into the market. If it’s easy to enter the industry, your market position could be weakened and hence, you would not be able to raise prices easily.  

  3. Power of suppliers: This force examines how unique inputs are and how easily suppliers are able to drive up costs. If the inputs can only be purchased from one supplier, the supplier is easily able to raise prices and businesses have no choice but to pay the premium.

  4. Power of customers: This force looks at how customers can drive prices down and how loyal they are. If the customer base is small and powerful, they have the ability to negotiate deals to get lower prices.

  5. Threat of substitute products: This force looks at how many substitutes exist that could be used in place of the one offered by a business. Having lots of substitutes means that businesses cannot raise prices and expect to get the same sales as customers will simply switch to a cheaper alternative.

Every single business has some form of competition, regardless of the sector or type of business. As much as it might seem like a good idea to say you have no competitors to seem unique, it is very unlikely that this is actually the case. Even if you have a revolutionary idea that no one else is doing, you probably have indirect competition. For example, Uber was a novel idea when it was introduced, however, it still had indirect competitors such as taxis and public transportation. As an entrepreneur, the more you plan out before launching your business and the more you understand the market you’re stepping into, the better prepared you will be for unexpected circumstances and failures. It is completely normal and even better to acknowledge your competition so that lenders know that you aware of those around you doing similar things. Just because you have competition does not mean that you won’t be successful – it just means that you will need to introduce a unique experience or something different than your competition to set yourself apart.

Client Feature: Adrienne Paul

Adrienne Paul has been involved in the oil and gas industry her entire life. In 2017, a new relationship brought her to Grande Prairie, and with a Ford half-tonne truck and a savings account she co-founded Mackenzie Petroleum Technologies.

Dave Brosha Photography

Dave Brosha Photography

When asked about the most rewarding components of entrepreneurship, Adrienne says that creating jobs and treating employees right are major aspects she enjoys.

“In just over two years, we have employed 33 people full time. As an employer, I am grateful for how people are treated, and I ensure my staff are taken care of. It’s important to get the team behind you that you need, not just the ones that are looking for a job.”

Staying true to herself while expanding her horizons is something Adrienne is passionate about.

“Being born and raised in a very small town, I had to drive to see what the world had to offer, and I had to explore. While I was exploring, I got to see how Aboriginal families in other provinces live. Some of the stories I heard and situations I saw made me want to be a leader for Aboriginal people, especially Aboriginal women. I wanted to show that no matter where we come from we can do whatever we want if we work hard and follow what makes us happy.”

While being in business has its rewards, it also has its challenges—especially when it comes to being a woman in a male-dominated industry.

“There have been times when I go into meetings and people assume that my husband is the owner and I’m his back-up. I’ve made it my mission to continue to prove them wrong.”

In entrepreneurship, it is important to surround yourself with the right people. In 2018, Adrienne enrolled in AWE’s PeerSpark program to build her network and get hands-on support to grow her business.

“I really enjoyed the PeerSpark program. The networking and the group I was part of have been so helpful. Even now that our session has officially ended, my peer group and I still turn to each other for support and advice. We email each other all the time.”

Adrienne’s entrepreneurial spirit shows no signs of slowing down anytime soon. When asked what is next, she says starting another business is definitely in her future.

For now, Adrienne is continuing to grow Mackenzie Petroleum Technologies and continuing to fuel growth in Alberta’s economy.

ATB set to launch the 2nd annual Build Her Business Crowdfunding Initiative

By Shannon Pestun, Director, Women's Entrepreneurship, ATB

Meet Aymie Rondeau - She raised over $9,000 for her business, The Curvy Shop, during last year’s Build Her Business campaign.

Meet Aymie Rondeau - She raised over $9,000 for her business, The Curvy Shop, during last year’s Build Her Business campaign.

Do you have a great business idea that you would like to test or bring to market? Have you launched a business that’s already up and running but needs more exposure? If you answered yes to any of these questions, now is the time to come learn about Build Her Business, a unique ATB crowdfunding initiative for Alberta women entrepreneurs.

ATB’s Build Her Business is a rewards-based crowdfunding initiative through ATB BoostR that makes it possible for Alberta-based businesses to test ideas and products, promote their company, and raise money in exchange for a reward such as a product, service, or unique experience from their business.

Build Her Business is a crowdfunding campaign created to give Albertan women - just like you - the opportunity to raise funds for their businesses, build community and receive mentorship.

Statistics show that crowdfunding is a credible financing source where women outperform men. According to PwC Consulting, compared to men, women are 32% more successful in reaching their target and tend to pull in a higher average pledge amount. It’s time to get out there and own it—that’s why we created Build Her Business for women like you.

Attend an info session -

Ready to boost your business idea? We’re hosting information sessions across the province.  Join us at an ATB Entrepreneur Centre to learn more about the upcoming Build Her Business campaign, hear success stories and network with other women entrepreneurs in your community

RSVP now, to learn more about how Build Her Business can help you take your business to the next level.

Lethbridge - Tuesday, November 12

Calgary - Wednesday, November 13

Grande Prairie - Monday, November 18

Edmonton - Tuesday, November 19 

You can also stay connected through our Facebook page.

Finding Solutions: Marketing Edition

by Devonne Kendrick, Marketing Coordinator

How do I develop the most effective launch strategy? How can I retain customers? How do I find valuable leads?

For AWE’s Learning Day: Sparking Solutions event, we asked the AWE community to submit some of the real-life business challenges that they were facing. There were questions about financing, and operations, but there were so many questions about marketing that we had to devote a whole separate category to just the pricing questions.  

In past AWE blog posts, we’ve discussed the importance of having of having a plan when it comes to marketing, and some of the things you should avoid doing. In the fourth post of our Learning Day Finding Solutions series, we are focusing on common marketing challenges that business owners face, and some ways to address them.

Challenge: How do I develop the most effective launch strategy for a new product? I want to generate a big buzz right from the start.

It’s always nice to know that people are excited about your product and that it’s receiving a great deal of attention. However, in order to do this, there are a few things you must do. First, ask yourself a few key questions to help guide your business. What is the customer problem you’re trying to solve? Why do clients need your product? How are you going to engage them? After you determine the answers to these questions, you’ll be better equipped to start marketing your product.

The next step is defining who your target audience is and deciding which channels you should use for marketing. This could include digital marketing as well as physical advertising. Stick to your strengths – that’s how your clients will know you and want to engage with you.

While it’s important to be competitive with other businesses, a degree of collaboration can actually be extremely helpful. Reach out to other businesses that provide complementary products or services to the ones you do and see if you can create a common unity to serve a group of people and provide value to them. This can seem counter-intuitive at first, but it might actually provide your clients with greater value and encourage them to buy from you. As a bonus, you will also establish some fantastic friendships and relationships with other business owners!

Finally, write everything down or keep a record of what you are doing. Beyond simply having good record keeping, this helps you keep track of what you’re doing and making sure you’re sticking to your plan. Make this priority otherwise it’s easy to lose track of your vision and get sidetracked.

Challenge: How do I retain clients who don’t commit to one brand?

It costs companies five times more to attract a new customer than it does to retain an existing one. And yet, so much of our conversation around marketing strategies is focused on customer acquisition rather than customer retention. Figuring out how to build a loyal customer base who chooses your business over and over again, will save you time and money in the long run.

A great example of a company that has built a loyal following is Starbucks. Although I don’t buy coffee on a daily basis, I will treat myself to the occasional latte. 9 times out of 10 I will choose to purchase this from Starbucks even though there are two coffee shops that are slightly closer to my work. Why do I do this? I don’t actually have much of a preference between a Starbucks and Second Cup latte, but I have a Starbucks gold card. Which means I earn points every time I purchase something and those points add up to an occasional free beverage.

You don’t have a to be a big multinational company to implement some sort of loyalty program. An old-fashioned punch card system will do the trick, or you can keep track electronically by email address. Maybe every fifth visit to your bakery results in a free cookie. Or maybe every sixth visit to your spa equals a discount on your next massage. You’ll have to do the math and make sure your loyalty program makes financial sense – but there are many options to incentivize repeat business.

The second recommendation I would make is to build relationships with your customers. When I started attending fitness classes a few years ago the studio I went to was a 30-minute drive from my home. Eventually closer studios opened but I still kept driving out there every Saturday. The instructors knew my name, I felt comfortable there, and it felt like a community with fun themed-classes and unique merchandise. Both B2C and B2B businesses should be building relationships with their clients. If you have a lot of customers – you can just focus on the VIPs, the ones who do the most business with you. A handwritten card thanking them for their business can go a long way. It’s a small gesture (and the cost is low) but I always remember businesses that take the time to build a relationship with me and make it known that they appreciate my business.

Lastly, you have to make sure that the quality of your product or service is consistent. It is always disappointing when I have a great first experience with a company and then proceed to be disappointed the next time, due to a difference in quality or a difference in customer experience. If people are confident that you can consistently deliver, they will come back time and time again, and they’ll share their experience with others.

When it comes to customer retention, remember you are playing the long game. Things such as great customer experience, consistent quality, and brand reputation take time to build, but they are also harder to replicate than solely competing on cost or location.

Challenge: How can I create valuable leads and sales connections?

Lead generation and sales can be daunting, no matter how confident you are in your product or service. At Learning Day, Frances Kilgour of Redline Fabrication spoke on the topic of “Selling to your customers: one part art, one part science, three parts terrifying,” We reached out to ask Frances for her insights on this question.

“The best starting place is to understand your strategy options and customer needs. Where are your customers seeking information? If they are B2B buyers in your local market, understanding the industry or networking events they frequent will be crucial to generating leads. If they are B2C prospects buying handcrafted lipstick, finding the right farmers market, distribution partners, and having an attractive website will generate the most leads.

Most importantly, you need to understand your buyers and prospects, why do they buy from you or your competitors, why don’t they buy from you or your competitors, who influences them, and how do you solve the problem in a unique or interesting way – you should be asking this question to real people. Then you need to invest time and money to engage them and measure the results over time. If you get no leads, or get a lot of unqualified leads from one approach you need to modify the approach. Continue testing and measuring always as you create and maintain a lead generation machine.

Don’t forget to go back from time to time to those stale or dead leads, ask them if they are happy with their choice or if they made a purchase decision, sometimes you can find gold from a previously unsuccessful campaign.”

On the digital marketing side, there are few ways to generate new leads. Is there an opportunity to provide valuable content that your potential client would be looking for? Not a sales pitch, but something that is truly helpful. Perhaps you can offer a free webinar or whitepaper on a topic related to your area of expertise. This will give you a starting point of finding people who are looking for the type of services you offer. Then, you can nurture these leads over time until they are ready to purchase.  

Many email marketing platforms have ways to automate this aspect, so that you can easily follow up via email with your lead list. Then once they have engaged with your content (i.e. clicked a link, filled out a form, etc.) you can decide if you want to do more personal sales follow-up (like a phone call).

Another option is to run paid advertisement to generate leads. I have found Facebook’s “get customers contacts” ad option to be helpful in generating a lead list. People see the ad, and then those that are interested provide their emails and/or phone number and opt-in to receive more information about your services.

Although the tools and technology used in marketing are constantly changing, many of the core principles are the same. Understand your customer and what their needs are. Determine what differentiates yourself from your competitors. Find a way to communicate that effectively.

Marketing your business can feel overwhelming, but there are many resources out there that can help. If you have questions about marketing, feel free to get in touch with AWE. Our business advising team can help you work through your challenges and offer potential solutions.