BCBusiness

The Monthly Informer 15 THE EXPLAINER Claims that immigration helps or hurts economies may not add up 16 NUMEROLOGY British Columbians choose mort- gages over RRSPs 17 TRANSPORTATION Should we fast-track high-speed rail from Vancouver to Seattle? 18 TIMELINE The B.C. •lm industry shoots to the the economic forefront 21 THE CONVERSATION ACL Services boss Laurie Schultz knows fraud when she sees it 25 D-I-Y MANAGEMENT How to draw the line when it comes to employees' o€ hours 27 TO DO Nourishment for the corporate mind and soul 28 OFFICE SPACE Smaller is better at McCarthy Tétrault's new Vancouver digs MEAL ON WHEELS A dish from Vital Supply Co. 6 BCBUSINESS FEBRUARY 2017 TOP: COURTESY OF VITAL SUPPLY CO.; ILLUSTRATION: VICTORIA PARK contents Oine 53 WATERCOOLER Get ready to pay for all the things that used to be free 54 JARGON WATCH From •nance to polo, "tranche" sliced and diced 57 WEEKEND WARRIOR Skate skiing moves Canuck Place's Debbie Butt 57 NEW + IMPROVED Brian Scudamore keeps moving into the housing market 59 LUNCH BREAK Food delivery services that know what's good for you 61 ABOUT TOWN The BC Children's Hospital Foundation's Crystal Ball hits a new fundraising high 62 LUNCH WITH LUCY Holidays for Humanity CEO Aaron Smith FEBRUA RY 2017 CHATTER Editor's Desk Meet the newest member of the team p.12 Q: Create an effective business brand - one that will thrive beyond you! A: Most entrepreneurs start their business by creating a brand identity – how they want their business to be perceived by the marketplace. The creation of an effective brand identity will help harvest positive recognition from the marketplace. Building an effective business brand reminds and reassures consumers that they're guaranteed a great experience, and also builds brand loyalty. Not surprising many entrepreneurs work very hard to establish their business brand identity right from the onset. As an entrepreneur becomes more successful, it may be diffi cult to separate the identity of the entrepreneur from the identity of the business. As a result – and this is not uncommon – the market- place may not be able to distinguish between the owner's personal brand and that of the business. This means that the business brand keeps its high-recognition value only as long as the original owner stays with the business. Most business owners who foresee this potential issue early on, build a business brand distinct from themselves that can ultimately be sold or transition to the next generation – a business brand distinct from the individual entrepreneur. Q: What can entrepreneurs do to create an enduring business brand? A: First, establish a viable brand identity for your business. Ensure the brand draws market recog- nition and a loyal following. Then – take steps to distinguish the business brand from your own! The business brand can't help but embrace many of the owner's characteristics. These are what made your personal brand successful in the fi rst place. An enduring business brand should be strong enough to hold its value beyond the owner. The business maintains its identity with the solid support of a strong management team, well-doc- umented processes and procedures, a consistent and predictable product or service and continued excellence in results. ASK AN ADVISOR L: Harjit Takhar, CPA, CA R: Todd Kesslar, CPA, CA Offi ces located in Vancouver & Abbotsford, British Columbia, Canada Visit us at www.manningelliott.com Have Additional Questions? Call 604-714-3600 Taking your business to the next level requires guidance and expert planning from a fi rm you can trust. To learn more, contact one of our trusted business advisors today.

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