Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 5, 1989, Winnipeg, Manitoba 12 Winnipeg free March business i by Wally Dennison Winnipeg ethnic diversity flavors our City with a worldly Charm but now our new canadians Are developing it As an outstanding global business Village As As hardworking there giving impetus to the concept of the world As a global Village businesses that create jobs and enrich the National and local its Tough enough for even a Canadian to make any fledgling Enterprise Fly let alone an Immi Grant who not Only must Cope with the Startup but must also make his Way in a new language and culture while adjusting to Cus Toms and business practices almost totally alien to those Back in 34 such businesses Are getting a hand through a Pilot project under Ottawa Community initiatives nine nationalities although there have been other this is the first targeted to a specific and dividends Al ready Are mounting from the launched last october with Federal business development Bank and employment and Immi Gration Canada As the 34 representing nine pay up but Are reimbursed from the downtown Canada employment the project is of Ottawa Canadian jobs strategy and consists of 40 hours of group workshops and 40 hours of individualized counselling at the entrepreneurs place of for those 80 the invest ment is just from each firm or about an hour for each of two As program coordinator Bruce Beatson Points a Small Cost considering what they learn from experts conducting the workshops and from a retired Oil Industry executive on contract with he recruits speakers and leaders for the four hour sessions held on 10 wednesday evenings at the International then follows up each with visits to the with his continuing the entrepreneurs can Rea Dily apply relevant workshop Les sons to their own As they the entrepreneurs also yield the spinoff Benefit of providing a training ground and employment for the unskilled Job less among both immigrants and especially in Winni pegs Exchange business tips As there also exchanging business tips from mixing with each other in the workshops and that has Many talking about forming a multicultural business club which undoubtedly would so Lidy Winnipeg image As a global business typical of those energizing our global business Village is Raul a a 36yearold argentinian immigrant whose Long hours pulled his business through the early80s since his Western delights restaurant at 212 Hender son Highway has undergone a 000 renovation and and he is now researching the Market to open a second and different Type of fast food for ethnic entrepreneurs like a the workshops add up to an Economy pc by free press f f of tit s Raul a Costa researching the Market to open a second and different Type of fast food wuts business spirit Al making things happen immersion course in Day today business everything Deal ing with Bankers to preparing Bud marketing plans and business income tax expert Evelyn for has conducted a ses Sion on 1988 tax preparation and is scheduled to do another after which Beatson will follow up with visits to whatever businesses want their final returns reviewed before its Only one of hundreds of Little services 61yearold Beatson car Ries out As a helping hand a role to which he came Well Quali he spent 32 years in Market ing with Imperial Oil before taking Early retirement in then spent a year prior to his current assign ment counselling about a dozen Small companies under a special of bib As he most immigrant owners launch their enterprises with Loans from family or when they must apply for a commercial loan to sustain or expand their they Are almost always rejected because they have no projected financing or marketing plan Laid out for the loan none of this was required in their its on such North american ways of doing business that beat son sits Down with the entrepreneurs to get things prepared putting into action what they Learned in the particular seminar of that on he says these new canadians have lived Here five work up to 14 hours daily for Low and employ from two to six we feel they can do much More than just sell to their own ethnic with proper they can expand into the North american in making his Beatson keeps Alert to any errant operational error that could Hurt such As the scattered lumber which made a lumber Yard vulnerable to easy theft until Stock control was improved As stumbling Block and in going Over the books of a recently purchased Auto body re pair he discovered that the Beatson follow up new owner had possibly paid too much for the business so called Goodwill so dearly that the new proprietor still cannot get credit from longtime More he was unaware that he had inherited in unpaid thanks to beat sons professionals Are now rearranging the entrepreneurs affairs As other experts strive to put equipment records into most Beatson has found the entrepreneurs biggest stumbling Block to be a shortage of Cash flow that prevents them from showing enough equity to qualify for a Bank he urges introduction of a governmental loan system that would give them the needed equity for getting such Bank Fin a Costa recalling his 1980 struggle when caught in a recessionary rate squeeze that had him paying 18 per cent interest on a loan As he worked double shifts seven Days a week to keep his fast food restaurant and now that Hes a Costa is using advice from both the seminars and Beatson to further improve business practices and customer for he says beat sons emphasis on giving the customer value through incentives sparked the idea of a meal Coupon card entitling patrons to a free meal after a certain number of others benefiting from the Chi program and beat sons support in clude Ray 33 Angela and Mekonnen a filipino by runs Aldo tailors at 534 notre Dame Avenue and will be looking in the Spring to relocate to a nearby site of possibly double his present Square from the Lozano has Learned How to reduce costs so that he can buy equip ment for the dry cleaning service he will add at the new he also Learned How to save time in organizing tax the seminars showed Chan How she could lower the tax Able income on her two profitable ladies Wear boutiques at 180 King Street in Chinatown and at 1066 Pembina who Emi grated from Hong manages both while sister Anne Wong is the eighty per cent of the clothes and material Are imported from Hong but Chan and her sister Are Al ready planning ahead to open a Small factory so that they can begin deliveries from Hong As she Points could become Uncertain when the British Crown Colony is returned to China in the Sisters also plan to open a third Belayneh plans to move within a year to premises twice As Large As the foot store from which he runs Mak appliance sales and service at 539 Sargent an ethiopian by he immigrated to Winni Peg from the Sudan in 1983 worked for two years As an appliance services for several shops before launching his own business out of his Home in years he has Beatson at his Side in researching properties for his the pro Gram coordinator also helped him upgrade debt collection procedures and clued him in on potential gov Enmen funding Belaynesh Hopes and achieve ments Are typically those of Winni pegs ethnic entrepreneurs and demonstrate Why Federal support can produce an even better Bottom line for the City As a global Busi Ness his sales have risen to today from in and he Hopes to create three new jobs within two years As he expands his parts inventory dramatic residential mortgage rates As of Able mortgage finders Assiniboine credit Astra savings credit Bank of Bank of Nova Bison mortgage Caisse Populaire cambrian credit Canada Trust can West Trust carpathia credit Central Central Trust disc mortgage cooperative Trust Coronet Alchris mortgage firs line mortgage guaranty Trust Hansa credit holy spirit credit byline credit Inland investors Laurentian Bank of London life insurance Mary Allison Mage services Montreal Trust mortgage National Bank of National North West peace Hills Trust Progress Vera credit Union Royal Bank of Royal Sigmar mortgage Sun life Assurance the Mutual Toronto Dominion total mortgages real estate boat Winnipeg free 6040 solution can hold the key to every personal financial move i Call it the 6040 and it can be the key to every personal financial decision and possibly Many other decisions you have to while most of us Are reasonably rational human we Are also with Strong recognizing most of us should listen to both head and heart when we make in my your decisions Are most Likely to improve your Quality of life which after the Bottom line when they Are based 60 per cent on what your heart says and 40 per cent on what your head you have saved or otherwise come into some do you put your funds into guaranteed depos its the Stock Market real estate or do you simply spend the Money d you Are buying a do you choose a place you want but really cant afford or do you buy the place you can afford but dont really want you Are taking out or renewing a do you choose a one year or five year term you would like extra Money to pay off some persistent do you Rob your retirement savings program and pay a hefty tax cashing in your resp from a purely financial Point of the answers Are fairly extra Money choose various in diversify to protect perhaps spend part of the buying a Home choose the place you can even if you dont like Trade up to a place Mike Grenby you do the mortgage research economic calculate the present value of future mortgage payments and choose the term Likely to be the less cashing an resp unless you Are in a lower tax bracket now than when you cashing an resp rarely makes sense financial not Only do you pay up to 45 per cent tax but depending on How much you you can seriously cripple the growth of your tax Hel tired but lets be would you rather do the Correct thing financially and feel uncomfortable about or make the decision that makes you feel regardless of the financial negatives i encourage people to be responsible about their that Means considering the choices they the positives and negatives of each but when you have narrowed your focus to perhaps a handful of listen to your How do you feel about each of the choices in my experience with people and their women appear to have a More finely developed and accurate intuition than when women and men ignore their it invariably costs financially As Well As so lets review those four decisions and apply the 6040 extra Money consider your in vestment and spending perhaps write Down the pros and cons of then lean toward the which can make you feel buying a Home if you feel you can put up with less than the Home of your dreams for a Short period while you work hard toward buying the affordable place could make you feel better because you wont be so financially but if you have reasonably secure in and Are real somebodies so you wont mind not having spare Cash for outside extras for a go for your dream the mortgage be aware of inter est rate then decide whether you can Gamble on a Short term mortgage which might be cheaper and Hope rates will generally trend or whether youd feel better paying for the insurance of a longer term to fix your pay cashing an resp when we renovated several years i cashed some of our wed paid off the mortgage on our first then the mortgage on our second place and i just didst want to borrow in those income averaging was still which lowered the tax financial i lost by taking Money out of the resp instead of but i Felt better doing it that and was prepared to pay the Price for those Good Mutual fund love affair sours by Marilyn Ronald Canadian press Mutual fund sales dropped a dramatic 35 per cent last a hot financial love affair gone and fund managers have Laid out big advertising Bucks in Hopes resp investments will rekindle investor full Page newspaper ads for the funds trumpet no charges when you buy or and avoid the volatility of the Stock Market and nows the time to grab your share of the Mutual funds Pool investors Money to Purchase a wide Range of Treasury Bills and other types of they have Strong Appeal because they Are professionally invest Over a wider Range than is possible for most individuals and they can be redeemed canadians have billions of dollars invested in the and before the october 1987 Stock Market crash it was a hot financial love How quickly disenchantment set in after Black monday was obvious in 1988 sales figures released last month by the investment funds Institute of sales slumped to billion from the record billion of and withdrawals leaped by almost billion to investors Are still worried about a repeat of Black monday and Are staying away from Mutual funds that invest in the Stock Institute president Keith Douglas growing faster Only two types of funds had improved performance in 1988 Money Market funds that invest in securities with a stable rate of re turn such As government Treasury Bills and those concentrating on real Overall assets increased in the last Quarter Only because the value of funds assets was growing faster than investors were pulling Money however deep the sales have Likely perked up during the pos Christmas Selling season for registered retirement savings plans which allow tax deferrals until the funds Are although its too Early to make any reliable Esti canadians invest in Mutual funds for resp purposes More than any other financial analysts More than half the billion total investment is in funds Ottawa will accept As meeting resp require although the deadline for 1988 contributions passed March 1 Many canadians find making 1989 contributions Early in the year helps build a larger Pool of retirement Sav there Are two Basic types of Mutu Al funds growth funds and income some growth funds Range Over several types of others Are More narrowly for exam on Energy the largest group of growth funds is Canadian common Stock investment counsellor Ste Ven Kelman because they concentrate on the Canadian mar holding no More than 10 per cent of their assets in foreign they can be held in nearly All the income which invest in Treasury Bills and other Short term Are resp about 460 Mutual funds operate in Canada and More than 100 Are in the income Kelman suggests people in their 20s and 30s put around 80percent investment into a growth fund and the rest in income when investors have reached their late 40s and other obligations such As mortgage payments May not be As pressing and you can change to 40percent growth and 60percent Best returns but people with substantial amounts of investment capital who can ride through periods of greater loss might move into growth funds when they offer the Best values and into income funds and Money mar Ket funds when the Outlook for Equi ties is this if will give you the Best returns from growth and income while preserving in trying to choose among the Many plans that can be used for rasps and Good general advice on assessing funds generally analysts suggest the following Many funds Are advertised on past performance Fig ures Given in ads May not provide enough information to make a Good before dig deeper for information on both Short and Lon term d once you have decided what you want from a Mutual be certain you compare the performance of funds designed for those and not those with goals that dont fit your ;