Disability Insurance can help create financial security for your employees and their families. It can be used to:

• Pay monthly expenses
• Provide an income for your family
• Ensure your family has the resources to maintain a comfortable standard of living
• Protect your RSP and savings

As a business owner, you want to protect both your independence and your profitability, while ensuring that your employees are covered fully by their plan.

Short Term Disability (STD)

• Typical qualifying periods for STD are seven days for illness or the first day if due to an accident or hospitalization. These short qualifying period help reduce administration for claims of really short duration.

Long term disability (LTD)

Benefits typically contain the following characteristics:

• Benefits are payable after the expiration of a qualifying period in which the employee is typically receiving benefits under a salary continuance plan, short term disability (STD) plan, or employment insurance
• Definitions of disability are tied to the employee’s ability to perform their own job or any job
• The benefit period can be set at terms i.e. 2 years, 5 years or to age 65
• The monthly disability benefit is a percentage of pre-disability earnings

Benefit Maximum – Key for employers to understand!!!

Benefit maximums affect the cost of the plan. There are two types of maximums that apply to an LTD benefit: a non-evidence maximum and an overall maximum. The non-evidence maximum is the amount of insurance that the insurance carrier will provide without requiring the employee to submit medical evidence of good health at the time of enrollment. If the employee is entitled to an amount higher than the non-evidence maximum (because of earnings or the benefit schedule) then medical evidence is required to qualify for the higher amount. The medical evidence is reviewed by the medical underwriting staff at the insurance company to determine the employee’s health and what level of risk the employee represents to the insurance company. The overall maximum is the maximum insurance amount that the insurance company is willing to insure. The benefit formula usually includes a rounding element to the next highest $100.

Key Message:  Employers ensure the maximum eligible has been offered to their employees.  This is done by updating the salary information.

As an employer, the consequences of your employees being under insured are:

Loss of Coverage – an employee who does not apply for additional insurance while healthy runs the risk of being unable to obtain additional coverage in the future should personal health circumstances change.  Timely updating of salary information is critical.

Lower Benefits than Expected by Self– an employee claiming LTD benefits will most certainly expect that their income is insured.  Imagine the stress that will be created should the employee find that only a fraction of their benefit is payable.

Possible Litigation by Employee– similar to the above item, what action may these parties take?  Where will they point the finger for this oversight?

These situations often arise when a new employee is added to an existing plan, or when an employee receives a salary increase and the administrator neglects to complete the appropriate paperwork.

Protect your business and your employees.  Ensure salary increases are recorded in a timely manner with your administrator of your benefit plan.

Be sure to contact Skipwith & Associates for more information

From time to time everyone faces difficult or stressful events in their lives.  Sometimes personal problems can become large enough that they begin to interfere with an employees’ effectiveness, happiness or safety, both at work and at home.

Did you know?

At any given time, approximately 25% of employees in a business organization are suffering from one of the following:

• substance abuse,
• depression,
• stress,
• anxiety; or
• relationship problems

Employee and Family Assistance Programs (EFAP) provide confidential, professional assistance for a broad range of personal and family problems. While the program can be used for crisis intervention, the ideal time to use the program is before problems escalate or become unmanageable.

The Employee and Family Assistance Program is a pro-active option for helping your employees manage their personal health and happiness.

Research indicates that implementing an EFAP can result in significant cost-savings to the employer due to:

• reduced absenteeism
• reduced weekly indemnity, long term disability and drug claims
• increased safety and fewer on-the-job accidents
• increased productivity; and
• increased employee morale.

What Services are Available?

An EFAP offers your employees and their eligible dependents short-term counselling, either in person, by phone or online.

What Does the Program Offer?

In addition to counselling, an EFAP covers your employees for an assessment and referral for a full spectrum of personal difficulties including, but not limited to:

• work-related stress
• relationship and family problems
• separation/divorce/custody
• financial and legal difficulties
• alcohol and drug dependency
• gambling and other addictions
• eating disorders
• difficulties with children
• psychological disorders
• anger management
• sexual harassment and abuse
• bereavement
• aging parents
• child/elder care resources
• retirement planning

How Does an EFAP Work?

An employee in distress calls the toll free line.  They are assisted by a counsellor with setting up an appointment at a time and office location convenient that is convenient to them. The counsellor will work with the employee to address their specific concerns and help them develop efficient and practical solutions. If longer term counselling, hospital treatment, or specialized services are required, the counsellor will arrange an appropriate referral and follow-up.

Who Provides Counselling?

All EFAP health professionals are registered psychologists or registered counsellors chosen specifically for their extensive experience in dealing with a variety of psychological and health issues.

They provide a non-judgmental and unbiased source of expertise and support and will listen carefully to the employees’ concerns and will help guide them toward positive outcomes.

How can I ensure my Employees that Counselling is Confidential?

You will not be given any information about who used the service or the type of service requested.  EFAP counsellors are required by law to maintain the strictest confidentiality. No one who inquires about or receives services under this plan will be identified to anyone without the employees’ written approval, including the employer.

Who Do I Contact to Implement an EFAP?

To receive a quote and detailed information on the EFAP, contact Skipwith & Associates

Depression involves changes in physical, mental, emotional and behavioral issues.  It can be a single occurrence or can recur periodically, lasting weeks or even months.  It is estimated that depression impacts job performance more than chronic conditions, such as arthritis, hypertension, back problems and diabetes.  It is associated with both absenteeism and presenteeism (decreased productivity).  In Canada it was estimated that financial losses to employers due to short-term disability claims as a result of depression, totaled $2.6 billion, making it the leading cause of workplace disability.  There are two certainties about depression:

1. The symptoms can seem like they are relentless to the sufferer, and;
2. It is the most treatable mental health problem, if the individual seeks proper professional help.

Interesting facts:

• Women are two times more likely to experience depression in their lifetime than men;
• Depression is less prevalent among those that are married or in a common-law relationship;
• It is more prevalent among lower-income earners;
• Employees with chronic conditions (including alcohol or drug addictions) are more likely to suffer from depression;
• Shift workers, white-collar workers, sales associates and service representatives are all more likely to suffer from depression than those in other occupations.

Depression symptoms include:  fatigue or lack of energy, loss of interest, diminished ability to think or concentrate and feeling sad, discouraged or hopeless.  These symptoms impact time management, teamwork and overall work output most.  Although these symptoms do have an impact on productivity at work, most employees reported that they felt that their symptoms interfered with their social lives and home responsibilities more prevalently than their ability to work.  However, the impact of depression on work productivity cannot be ignored.  Preventing or managing depression in the workplace can have advantages for the employer and the employee.

The best solution to depression in the workplace is to develop a culture of prevention.   Studies have shown that employees who received co-worker support, supervisor support and psychological intervention had fewer and shorter depressive episodes.  Managers and employees can be trained to be aware of, manage and control depression.

You can find Skipwith & Associates affiliate profile page here

Promote yourself and your business

Let’s identify your market

Who is your customer?

Who is your secondary customer?

Who is your tertiary customer?

As a business owner you should know as much as possible about these customers.  Where do they work, live, play?  What’s their income?  What are their spending challenges?

Where are your customers doing business now?

Who is your competition?

Have you visited, read, tested, used your competition?

Competition isn’t just other companies who do what you do.

What are the needs of your customers?

How can you reach them?

By advertising.

By promoting.

Promoting takes energy, a unique outlook and very little money.

There are so many ways to promote yourself in a community

1. By volunteering to teach a class (a bookkeeper could teach accounting set up)
2. By helping one person pull together their pamphlet presentation (graphic designer can give tips for simplicity and effectiveness)
3. By helping a non profit organization (a charity is changing offices and you volunteer to do the computer networking)
4. By working on a committee to develop new systems or ideas (a fundraising committee for a service organization)
5. By taking your skill directly into the community and giving it away

Why?

Because what you gives multiplies and comes back to you.

Professional Associations & Service Clubs

Members do business with each other.  If you’re in the manufacturing business, join the Barrie Manufacturers Association or the Barrie Builders Association.  Join the Chamber of Commerce.  Join Business Network International or the Barrie B&P (Business and Professional Women).  Join organizations where your customers are.  And, network.

How to find out.

Chamber publishes a directory of its members and community associations.

Information Barrie publishes a list of all organizations using volunteers plus all community associations.

Read newspapers every day and clip association and service club news.

Pay attention to what is happening in your community.  For every hour you spend at your job, you should spend an hour promoting yourself.  Especially at first.

Networking.

Walk into a room.  Ahead of you are 200 people all engaged in conversation.  Nobody turns to welcome you to join their intimate discussion group.  You feel left out.

Options?

You can leave.

You can network.

How to network.  Turn a ‘yes’ or ‘no’ question into a meaty response that keeps you learning and giving more.

Features & Benefits

Develop a sturdy list of your business’ features and benefits.

A features describes some aspect of your business.

The benefit is the result that that feature.

For Example:

Feature:  At Donna Douglas’ Grow Vantage program, she takes a full set of notes as the speaker is talking, and emails those notes, edited and corrected, to you the next day.

Benefit:  While you’re at Grow Vantage, you can focus on what the speaker is saying, and on the business owners you’re meeting.  You get excellent notes almost immediately.

Advantages

With a networking group(s) you have survey power.  You can check about media effectiveness, you can ask about market growth.

You can ask about specific trade shows and their effectiveness.

Get out into your community

Watch the papers for coming events.

Attend public meetings and make yourself known.

When the federal budget comes down and the Chamber of Commerce holds a business breakfast, you belong there.  Even if you think the federal budget doesn’t affect you, it does.  Sitting beside a manufacturer, an exporter, a printer, a banker is good business.  Talking about the budget impact on their business broadens your knowledge and opens up new markets for you.  Ask and find out.  Ask for their card.  When you’re alone, write a note on the back of the card about where you met them. When they ask what you do, hand them your card and in a few days follow up by sending out your material with a note.

Be part of your community.  An active part.  It works.

Donna Douglas and her Grow Vantage program offer stimulating programs that enhance new business and inspire existing ventures.  Over 1200 businesses have started with Donna’s targeted training program, 20 evening sessions over 10 months.  Affordable.  Effective.

A Weakness is a Strength Overdone

When our strengths are used to the point where we’re not sensitive to other people and their strengths, we can turn our strengths into weaknesses.  The chart below shows some of the weaknesses that come from overdoing our strengths.

Altruistic-Nurturing Nature

          Strengths                                                             Weaknesses

Trusting                                                                        Gullible

Optimistic                                                                    Impractical

Helpful                                                                         Self-denying

Supportive                                                                   Submissive

Caring                                                                           Smothering

Assertive-Directing Nature

          Strengths                                                             Weaknesses

Self-confident                                                             Arrogant

Ambitious                                                                   Ruthless

Persuasive                                                                   Pressuring

Organizing                                                                  Controlling

Bold                                                                              Brash

Analytic-Autotomizing Nature

          Strengths                                                            Weaknesses

Cautious                                                                      Suspicious

Practical                                                                      Unimaginative

Analytical                                                                    Nit-picking

Principled                                                                    Unbending

Reserved                                                                      Cold

Core Characteristics

          Strengths                                                            Weaknesses

Flexible                                                                        Inconsistent

Tolerant                                                                       Uncaring

Adaptable                                                                    Spineless

Mediator                                                                      Without own convictions

Team Player                                                                 Other-dependent

The great news here is that pulling back on a weakness can turn it into a strength!

Donna Douglas and her Grow Vantage program offer stimulating programs that enhance new business and inspire existing ventures.  Over 1200 businesses have started with Donna’s targeted training program, 20 evening sessions over 10 months.  Affordable.  Effective.

Great business activities in sync with your values = true happiness

What are your strategies in setting up personal goals?

In a perfect world, our personal goals and our professional goals and our professional activities fit like a glove.  If we know what we stand for, what our values are then those values provide a ready filter through which we can focus every activity, action, thought, and idea that comes our way.

What do you stand for?  To figure that out, try writing your own obituary… you know, write down all the things you want people to remember you for.  It might be things like integrity, honesty, the ability to always remember the “little guy”… whatever those things are, they should be things from your own heart, not things you think someone will want to read

Once you know your top five values, you can blaze them like icons across your forehead, or write them simply so they’re always visible at your work place.

Next step is to think about what makes your heart sing.  What are you really good at?  What do you love to do?  What makes you feel like the world doesn’t get any better than right this minute?

When our activities speak to our inner selves and they satisfy our values, then we’re living completely on track.

It’s up to us to create the most perfect world we can; moving towards perfection won’t happen if we don’t figure out what perfection is.

Knowing the kinds of activities and the kinds of values we want in our lives makes it possible to make choices that lead us in that direction.  Often, the very first example of this kind of value-driven satisfaction comes from volunteer work.  And many, many people make their livings today doing things that they began as volunteers.

It’s a good way to begin.

Donna Douglas and her Grow Vantage program offer stimulating programs that enhance new business and inspire existing ventures.  Over 1200 businesses have started with Donna’s targeted training program, 20 evening sessions over 10 months.  Affordable.  Effective.

THIS SERVICE AGREEMENT dated this _____ day of ____________, _____

BETWEEN:

Service Agreement (Contractor)

BACKGROUND:

1. The Customer is of the opinion that the Service Provider has the necessary qualifications, experience and abilities to provide services to the Customer.
2. The Service Provider is agreeable to providing such services to the Customer, on the terms and conditions as set out in this Agreement.

IN CONSIDERATION OF the matters described above and of the mutual benefits and obligations set forth in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the parties to this Agreement agree as follows:

Engagement

The Customer hereby agrees to engage the Service Provider to provide the Customer with services consisting of ___________________, and such other services as the Customer and the Service Provider may agree upon from time to time (the “Services”), and the Service Provider hereby agrees to provide the Services to the Customer.

Term of Agreement

The term of this Agreement will begin on the date of this Agreement and will remain in full force and effect until completion of the Services.

Performance

Both parties agree to do everything necessary to ensure that the terms of this Agreement take effect.

Compensation

For the Services provided by the Service Provider under this Agreement, the Customer will pay to the Service Provider compensation at a rate of ____ per hour. Compensation will be payable once per month.

Additional Compensation

The Customer will provide additional compensation as follows:  ______________

Assignment

This Agreement is a personal one, being entered into in reliance upon and in      consideration of the personal skill and qualifications of the Service Provider. The Service Provider will not voluntarily or by operation of law assign or otherwise transfer the obligations incurred pursuant to the terms of this Agreement without the prior written consent of the Customer.

Capacity/Independent Contractor

It is expressly agreed that the Service Provider is acting as an independent contractor and not as an employee in providing the Services hereunder. The Service Provider and the      Customer acknowledge that this Agreement does not create a partnership or joint venture between them.

Modification of Agreement

Any amendment or modification of this Agreement or additional obligation assumed by either party in connection with this Agreement will only be binding if evidenced in      writing signed by each party or an authorized representative of each party.

Time of the Essence

Time will be of the essence of this Agreement and of every part hereof.  No extension or variation of this Agreement will operate as a waiver of this provision.

Entire Agreement

It is agreed that there is no representation, warranty, collateral agreement or condition affecting this Agreement except as expressed in it.

Severability

In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, all other provisions will nevertheless continue to be      valid and enforceable with the invalid or unenforceable parts severed from the remainder of this Agreement.

Currency

Unless otherwise provided for, all monetary amounts referred to herein will be paid in Canadian dollars.

Governing Law

It is the intention of the parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings under this      Agreement, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the Province of Ontario, without regard to the jurisdiction in which any action or special proceeding may be instituted.

IN WITNESS WHEREOF the parties have duly executed this Service Agreement this _____ day of ____________, _____.

Witness:                                                                                                      Customer:

Witness:                                                                                                      Service Provider:

Is it Sales?

or is it Having a Conversation?

The three A’s of selling are simple;

Aware

Accept

Act

It goes like this

Aware.  Become aware of your customer, their interests, their business passions and their business needs.  Listen to them.  Make notes.  Use your ears twice as much as your mouth!  Once you are aware of what your customer needs, honestly try to fill it.  Give ideas and tips and connections.  As you’re doing this, you’re establishing your own expertise.  Helping might be connecting the customer to someone else.

Accept.  If you are truly focussed on the needs of your business customer, they will see their connection to you.  They will explore why a relationship with you is useful.  Once they accept that, then you are both ready for the third step…

Act.  You act by delivering what you said you would.  If you promised a contact, give it.  If you promised to forward material, do it.  If you agreed to introduce them to a meeting, make the date.  That’s how you act.

Your customer acts by showing interest in what you sell.  [This works only if they truly need what you sell]  They demonstrate that by buying.

If you do this legitimately, with your customer in mind, you will both win every time

Aware

Accept

Act

Donna Douglas and her Grow Vantage program offer stimulating programs that enhance new business and inspire existing ventures.  Over 1200 businesses have started with Donna’s targeted training program, 20 evening sessions over 10 months.  Affordable.  Effective.

The money you get can make or break your business

Banks are seldom in the business of lending money to people with business ideas.  That’s risky, and they’re not in the business of risk.

Many business owners start their ventures by taking loans against the equity they have in their homes.  It’s often the first step to true financial hardship.

That said, small business owners can benefit from a couple of alternative solutions to their money woes.

What a bank can give you, along with your business bank account and all its services, are two other tools.  First, the Canada Small Business Loan is administered by all the chartered banks.  What makes it attractive is that it’s guaranteed by the Government of Canada, not by you, the borrower.  The interest rate is a bit higher but not noticeable on a monthly payment.  Well worth looking at, and you’ll need to apply with a business plan in hand.

Another money tool is a revolving Line of Credit.  It’s best to negotiate a Line of Credit against some equity that you have while you’re still in a full time job.  That credit line can be used for cash flow… borrow a bit, pay a bit off and you’re charged interest for only what you borrowed.  It’s an excellent tool for buying inventory that’s going to turn into revenue.  It’s also useful for pegging to your business bank account for overdraft uses.

Equipment-based financing is by far the business owner’s best money tool.  Don’t confuse this with vehicle financing… it’s not like vehicle financing at all.

Let’s say you need $15,000 worth of equipment… computers, software, office furniture, a sign or two, trade show banners.  You’ve sourced all this from several different retail locations.  If you take these products and put them on an equipment lease, then the equipment itself forms the collateral for the lease.  You’ll make 36 or 48 payments; you’ll own the equipment at the end of the lease for a $10 buyout.  And every single payment you make, including GST, is a legitimate business expense.

Unlike capital purchases, lease payments for equipment are not depreciated… each payment is an allowable expense.

This adds up to much more savings for you at tax time.  And one monthly payment frees up your cash flow for other purchases, like advertising and promotions, memberships in networking organizations, terrific business cards, a power suit and great shoes!

Be sure to deal with an equipment leasing broker; they have the expertise to source the appropriate lessor for you.

Donna Douglas and her Grow Vantage program offer stimulating programs that enhance new business and inspire existing ventures.  Over 1200 businesses have started with Donna’s targeted training program, 20 evening sessions over 10 months.  Affordable.  Effective.

(i)           information relating to the research, developments, systems, operations, clients and business activities of the Client or its business partners or Affiliates;

(ii)          information received from any clients, business partners or Affiliates of the Client;

(iii)         information specifically designated by the Client as confidential;

(iv)         information specifically designated by a client, business partner or Affiliate of the Client as confidential; and

(v)          information required to be maintained in confidence by the Client pursuant to an agreement with a client, business partner, associate or other person;

but shall not include any information which was known to the Contractor prior to the date of the Contractor=s business relationship with the Client or which was publicly disclosed otherwise than by breach of this Agreement.

1. Confidentiality. The Contractor acknowledges that (i) during his or her business relationship with the Client, he or she will be disclosed or will acquire Confidential Information; (ii) the Client has and will continue to enter into agreements with clients and others whereby the Client agrees to maintain the confidentiality of certain information; (iii) disclosure of Confidential Information to others with be highly detrimental to both the interests of the Client and its clients; and (iv) Confidential Information is the property of the Client and/or its clients, business partners of Affiliates, as the case may be. Accordingly, the Contractor agrees that:

(a)  the Contractor will not, at any time, disclose any Confidential Information to any other person not an Contractor of the Client, nor will the Contractor use Confidential Information for any purpose other than required by his or her contract; and

(b)  the Contractor will not, at any time or in any way, take or reproduce Confidential Information unless required by his or her job. The Contractor will, upon ceasing to be contracted by the Client, return to the Client all Confidential Information in his or her possession or under his or her control whether such Confidential Information belongs to the Client or otherwise. The Contractor will also return all property then in his or her possession or under his or her control, which belongs to the Client or its Affiliates.

1. Restrictions Reasonable. The Contractor acknowledges that all restrictions in this Agreement are reasonable in the circumstances and hereby waives all defences to the enforcement thereof by the Client. In the event that any provisions of this Agreement shall be deemed void or invalid by a court of competent jurisdiction, the remaining provisions shall be and remain in full force and effect and the Contractor hereby confers upon such court the power to replace such void or invalid provisions with such other enforceable and valid provisions as shall be as near as may be to the original in form and effect.

1. Irreparable Harm. The Contractor acknowledges that breach by it of the terms and conditions of this Agreement may cause irreparable harm to the Client, which may not be compensable by monetary damages.  Accordingly, the Contractor acknowledges that a breach by it of the terms and conditions of this Agreement shall be sufficient grounds for the granting of an injunction at the suit of the Client by a court of competent jurisdiction.

1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.

1. Entire Agreement. This Agreement is the entire agreement between the Contractor and the Client relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The Contractor agrees that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties.

THE CONTRACTOR ACKNOWLEDGES HAVING READ OVER THIS AGREEMENT AND UNDERSTANDS THE SAME AND AGREES TO BE BOUND BY ALL THE TERMS AND CONDITIONS THEREOF.

March 19, 2012