November 3, 2008

Canada's Commitment

Statement of G7 Finance Ministers
and Central Bank Governors

The Department of Finance Canada
Ottawa, October 27, 2008

"We reaffirm our shared interest in a strong and stable international financial system. We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability. We continue to monitor markets closely, and cooperate as appropriate."

The Honourable Jim Flaherty, Minister of Finance, took further action to strengthen Canadian access to international credit markets. The Canadian Lenders Assurance Facility will offer insurance on the wholesale term borrowing of federally regulated deposit-taking institutions. The temporary program will expire six months after its start date, which is anticipated to be the beginning of November.

"I have also been in contact with my provincial counterparts," Minister Flaherty said. "I expect that they will take steps to ensure the credit unions that they regulate maintain the access to wholesale markets that they need."

At The Watercooler

Increase Your Price (And Profits) With This Powerful Marketing Strategy

As a marketing consultant, Brandon Roe has worked with many different industries from pure- service B2C to hard-core industrial B2B. He says, "In every conversation, the discussion of price almost always comes up." He continues, "And I'm often amazed at how little people feel they are worth."

The truth is, most people tend to completely underestimate themselves - how much their time is worth and how much value they deliver to the customers. It seems that the majority of entrepreneurs, small business owners and sales pros don't truly understand 'price flexibility'.

The great marketing expert, Dan Kennedy, once wrote, "There is no restriction on what people will pay; there is only self-imposed limits, both psychological and practical in nature. It is absolute truth that we set our own prices, and more often than not, set them lower than necessary. Most people under-value themselves, their services, their products, poorly package and present those things, and underestimate what the market will pay."

It is vital to grasp that we set our own prices. As [success trainer] Foster Hibbard taught, "teaspoon, pail, or tanker truck, the ocean doesn't care. You choose." However, it's important to note that if you are going to charge a premium price, you need to set up a few important structures in your business first.

Takeaway Selling

By far my favourite price-bumping strategy, Takeaway Selling works on the basic economic principle of supply and demand - the less the perceived supply there is for you and your services, assuming demand stays constant, your price automatically rises.

On a fundamental level, people tend to want what they can't have. Perversity of human nature = Very useful marketing strategy. Here are some useful tips on how to create more demand while limiting your perceived supply.

To Limit Supply

Don't pick up the phone when someone calls. This is especially true if you are the "expert" in your business. If you do want to answer the phone live, have some sort of assistant on the front end to do the screening.

Limit your use of instant communication, except to people on a VIP list. The more accessible you are, the more people will assume you aren't all that busy. (This is also a great way to increase your productivity, by the way). Don't personally respond to prospects quickly. It tells them that you're not busy. Not only that, but if you act quickly to a prospect's demands, you're setting a dangerous standard that you may not always be able to live up to. Eventually, you will get too busy to be able to get back quickly and as soon as that happens, you end up with an annoyed customer (i.e. a potentially lost customer).

Now, that said, there are certain cases where it's very valuable to have someone available to answer your phones. In that case, hire an assistant or utilize a third party answering service to help you out. Be legitimately busy. Somewhat of a common sense one, but your "business factor" tends to subconsciously communicate itself to potential customers, somewhat akin to a salesperson "needing the get that sale" syndrome."

To Increase Demand

Use marketing systems. The more you implement, the better this will work. As you generate more leads, you'll be able to start being picky about who you take as customers. If you can afford to be picky, the "want what they can't have" will kick in and more people will be clamouring to buy from you. Become known as an expert in your particular niche of the market. Publish books and articles, become affiliated in some way with industry leaders, start speaking at events and/or start your own seminar.

Use "hoops". When people want to communicate with you, make them jump through a few hoops before they can buy from you. This can be something as simple as asking them to review your web site, fill out an information form, or go through an interview process. Not only does this give you valuable information to help serve the client better, but your leads will get emotionally involved in your processes. After all, they will have invested some time into your process and don't want to waste that!

There are a number of other powerful price- bumping strategies and techniques, and Brandon will share three more highly-effective, easy-to-implement strategies in upcoming issue of IPBC's Topics and Tips.

Brandon Roe is a highly-paid consultant that specializes in helping small and medium-size business owners get more bang for their marketing buck, especially in difficult economic times. Visit his web site to receive a free special report entitled, "How To Double Your Profits In 90 Days or Less." It's available at www.brandonroe.com.

"A good reputation is measured by how much you can improve the lives of others; customers, employees, community."
--George Eastman

The IPBC News Desk

Tip of the Week

Election 2008 Tax Credits

The federal election is now history, and it is important that corporate taxpayers ensure they receive a tax credit for any contributions made to a federal or provinical political party.
The credit is claimed when filing the T2 Corporation Income Tax Return. Enter the total amount of qualifying contributions on line 896 and the amount of the credit you are claiming on line 653 of Schedule 5, Tax Calculation Supplementary - Corporations.

You do not have to file official receipts with the return. However, keep them in case the Canada Revenue Agency (CRA) asks for them later. The CRA accepts photocopies only if the issuer certifies them as true copies. Information on the policies ruling contributions made to candidates and political parties is available at Elections Canada On-Line www.electio ns.ca

From The Executive Director's Desk

Do you have a website? If you are an IPBC member, you should proudly be displaying the IPBC logo along with a link, so your visitor can learn a little about your professional association. Membership in IPBC gives you an edge over your competition.

UPCOMING MEETINGS

Regional meetings are being organized in Vancouver, Edmonton and Toronto. If you are interested in facilitating a meeting in your area, please email info@ipbc.ca for an information package. Please include your full contact details.

CPB GRADUATES
The IPBC congratulates the following IPBC members in achieving the Certified Professional Bookkeeper (CPB) certification.

ALBERTA
Jacqueline Andriet, Sherwood Park
Cheryl Clarke, Calgary
Michelle Leikam, Peace River
Diane Pépin, Medicine Hat

BRITISH COLUMBIA
Shirley Ceal, Prince George
Benjamin Coffie, Burnaby
M. Diana Davenport, Surrey
Taysha Davis, Kelowna
Ana Fernandez, Prince George
Kathy Fike, North Vancouver
Anthony Foster, Maple Ridge
Charlene Gardy, Prince George
Wayne Geddert, Chilliwack
Tammie Gilbert, Peachland
Wendy Heppner, Quesnel
Gordon Holley, West Vancouver
Niki Iglic, Surrey
Soncearae (Sonni) Jones, Surrey
Clarence Lowey, Vanderhoof
Peter McBride, Surrey
Chris McFadden, Victoria
Wendy Mills, North Vancouver
Dianne Mueller, North Vancouver
Nikki O'Halloran, Mission
Randall Orser, Surrey
Patricia Russell, Maple Ridge
Chris Taccogna, Surrey
Lee Anne Veres, Lantzville
Martha Wolton, Aldergrove
Sheila Yip, North Vancouver

NEW BRUNSWICK
Diane Cormier Leger, Moncton

NEWFOUNDLAND/LABRADOR
Glenn Gosse, Mount Pearl

ONTARIO
Phyllis Balkwill, Leamington
Maria Chovaz, Guelph
Lynne Godfrey, Huntsville
Adrienne Golden, Parry Sound
Jennifer Hall, Palmerston
Nadia La Russa, Thunder Bay
Wendy Michael, Pembroke
Jodee Webb, Hamilton
Gayle Young, Ottawa
Violeta Zdravevska, Oakville

QUEBEC
Dianne Richer, Gatineau

SASKATCHEWAN
Diane Ballard, Hanley

WELCOME NEW IPBC MEMBERS IN OCTOBER

ALBERTA
Misty McConnell, Edmonton
Joan McLean, High River
Shelley Rudiger, Edmonton

BRITISH COLUMBIA
Paula Fowler, Port Moody
Jennifer Holland, Port Moody
Gordon Holley, West Vancouver
Margaret Kovacs, Coquitlam
Patricia Moore, Prince Rupert
Angela Ruck, White Rock
Arlene Smith, Delta
Liz Swark, Abbotsford
Beth Thomas, Surrey
Lee Anne Veres, Lantzville
Christina Walford, Crofton
Wendy Willis, Victoria

MANITOBA
Ruth Onslow, Gunton

NEW BRUNSWICK
Patricia Cameron, Fredericton

NOVA SCOTIA
Maria Caines, Harrietsfield

ONTARIO
Theresa Bannister, Bright
Debbie Berg, North York
Lise Boulinne, Hearst
Marie Brook, Nottawa
Jullian Clarke, Brampton
Lois Grift, Ridgetown
Maureen Orahim, Woodbridge
Anna Therien, Huntsville

PRINCE EDWARD ISLAND
Sherry White, Charlottetown

SASKATCHEWAN
Bernie Pirot, Regina

The purpose of the IPBC newsletter is to assist Canadian bookkeepers with tools, ideas, and resources to make your business efforts easier, and to help your business grow by delivering timely and thoughtful information. Do you have a story to share? Words of wisdom. Pass them along to us. Email to: donna@ipbc.ca