by Mark Goren | Sep 2, 2020 | Local Business Owner Spotlight, Retail
Owner Stories: Joel Goldenberg, Business Owner, Premier Ostomy Centre, Montreal, Quebec
We’ve known Joel Goldenberg and his father Nat for about 20 years, getting to know them through our community sports programs and then as clients of 10|20 Marketing. In business since the 90s, Premier Ostomy Centre has become to the go-to for ostomy supplies in Quebec.
Our interview with Joel is below. Let us know your thoughts in the comments. Also, make sure to read our Local Business Owner Spotlight series. Also, remember to support local businesses in any way you can while these physical distancing restrictions are in place.
10|20 Marketing: Hi, Joel! Thank you for agreeing to participate in our spotlight series. Let’s get started by having you describe your business, Premier Ostomy Centre.
Joel Goldenberg: Premier Ostomy Centre is a family-run medical supply store. As most of our customers have health issues, customer service is our number one priority. We make sure our clients’ needs are met in every way. We sell all medical products, including, but not limited to, ostomy bags and supplies, catheters and accessories, mobility aids, bathroom equipment, compression stockings and more. In addition to our brick and mortar store on Côte des Neiges, we also have a transactional website to help our clients.
10|20 Marketing: How long have you been in business? Can you discuss how your store started and evolved over the years?
Joel Goldenberg: My father started the business in the late 1990s. My Dad had a small pharmacy and started to have a significant demand for ostomy supplies. He decided to open a second business in the pharmacy as a medical supply store. I joined him about ten years after he opened with the idea of expanding the business. We started carrying other medical products, with catheters and supplies being our most important addition. I started visiting remote areas of the province to bring product expertise to underserved cities. We have since moved into our current location, which doubled our space and finishing an expansion. We have also diversified and are now distributors and importers for specialized products. However, our original goals and principals remain the same. We provide excellent customer service, have a very knowledgeable staff and provide fair and competitive pricing.
10|20 Marketing: What are some of the approaches you’ve taken to grow your customer base? Do you actively run marketing programs?
Joel Goldenberg: Our business relies a lot on referrals. Our best marketing is offering the best service we can. That’s how we get so many referrals from health professionals and current clients. We do other marketing as well. We advertise in local support group journals and nurse publications. We have an active presence on Facebook and are trying to be more active on other social media platforms. But I will always believe that offering good service and treating people with kindness and respect is the best marketing you can do.
10|20 Marketing: We agree, Joel! How has the business been since the pandemic hit? How have you been coping?
Joel Goldenberg: It has been interesting, to say the least, since the pandemic started. First, we had significant panic buying from our clients, so we were insanely busy. We also had so many calls for masks and other PPE that we couldn’t access. Then things quieted down as may of our clients had stocked up. Staffing has been an issue as our customer service team had to stop working. Most have young kids and needed to stay home with them. I finally have some staff back working from home, which poses many other challenges. We had to slightly reduce our opening hours, so I didn’t burn out the rest of the staff. For the most part, the supply chain has held up, and we have been getting our products as usual. I have even managed to find stock on most PPE items at fair and reasonable pricing.
10|20 Marketing: Final question, Joel. As a seasoned business owner of a retail location, what advice do you have for others in your shoes as they deal with this new normal?
Joel Goldenberg: That’s a good question. First off, I would say, don’t panic. Take your time before making any decisions and think them through. Another crucial thing is to take care of your staff. You need happy and productive employees, so you need to consider them when making any decisions. It is also essential to plan ahead. You need to try and figure out what’s going to be required over the next few months and try to be ready for anything. We have gone through many scenarios, and I continue to do so each day. There is nothing worse than being unprepared.
10|20 Marketing: Great advice, Joel! I appreciate your time and participation in our series!
Joel Goldenberg: My pleasure! Thanks for having me!
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This interview is part of our Local Business Owner Spotlight series. If you’re interested in having your business highlighted, please reach out to mark@10-twenty.com. And if you’re interested in a free online small business marketing consultation, we’re happy to set up a time to discuss your situation as well.
by Mark Goren | Jun 10, 2020 | Local Business Owner Spotlight, Professional Services
Owner Stories: Jamie Goren, Commercial Asset Leasing Consultant, Affiliated Financial Services, Montreal, Quebec
Nepotism comes to the Local Business Owner Spotlight series and we won’t apologize for it! Jamie Goren is not only my brother, he’s also an experienced businessman who has worked for others and owned several business. He now guides other business owners through the process of leasing equipment earmarked to help grow their revenues. In this discussion, we touch on what he does, who he helps and the importance of distinguishing between good debt and bad debt.
Our interview with Jamie is below. Let us know your thoughts in the comments. Also, make sure to read our Local Business Owner Spotlight series. Also remember to support local businesses in any way you can while these physical distancing restrictions are in place.
Interview with Jamie Goren, Commercial Asset Leasing Consultant
10|20 Marketing: Thanks for agreeing to do this, Mr. Goren. Your participation is greatly appreciated. How would you describe what you do if you were asked by mom?
Jamie Goren: Very basically, we help companies and sole proprietors alike to purchase commercial use assets without tying up working capital or depleting their cash. We can help companies to purchase everything from used or new trucks and construction equipment, to machinery, racking, telephone systems, alarm systems and even websites. We can even help professional offices to purchase furniture. We do this using lease-to-own contracts that typically go to a $10 buyback at the end. This the most tax efficient way to finance these purchases.
10|20 Marketing: So why would someone come to you for financial help rather than go to a bank or another lending company?
Jamie Goren: There are a few reasons, depending on the type of business you are running. For some proprietors (electricians, plumbers, contractors) it’s often a way to get commercial credit established while not tying up the amount of credit their bank will allow them to run their businesses.
For larger companies, the approval process is much quicker than traditional financing, the financing is off balance sheet (in many cases), and it does not tie up their working capital.
Lastly, for companies of all sizes, we will look at assets that traditionally a bank would not finance. We will also look at credit profiles that banks don’t usually touch.
10|20 Marketing: What advice would you give to business owners as they try to manage cash flow during what is now a very uncertain period of time with a lot of unknowns?
Jamie Goren: Managing your working capital is critical to buffering the uncertainty and the unknown. Even if you have the money in the bank it doesn’t mean it is the right time to reduce that balance and spend it.
There is such a thing as good debt just like there is such a thing as bad debt.
If you have the opportunity or the need to acquire an asset that will help you to grow revenues and it will generate positive cash flow when weighed against the payments, you should really consider leasing that asset and using the increased revenues/profits to make the payments.
I know it sounds self serving in this case, but adding debt to manage cash flow and punt the problems down the road is bad debt. Adding debt to purchase an asset that allows you to bill more or make more profits is good debt.
10|20 Marketing: You raise a great point. How do you help clients to see the good debt-bad debt point by coming across as help and not self-serving?
Jamie Goren: Having been in manufacturing businesses for 30 years prior to this career change, I feel like I know the experience from both sides of the coin. I truly believe that I am now selling a service that is really needed and in demand.
I will never put a gun to anyone’s head to sell them something that is not the right fit for them if they are not comfortable with it. I can help with the cashflow calculation, I can help with the weighing of pros and cons. I am in this for the long haul and want to be viewed as a client’s ally. I tell clients all of the time that I work for them, not for the lenders. In the end, my objective is to find a solution that fits their situation and that fits their business. If I cannot provide it, I will refer them to someone who can.
I recently did a financing for a company that I had that exact conversation with back in January. They opted to use cash for their purchase because an older member of the management team believed that there is no such thing as good debt. We had the conversation about good debt/bad debt, I let him know that I greatly respect his life experiences and his decision but I am always here if they need me. Not only did I recently do a deal with them, I have also been referred to another prospect by the same person.
10|20 Marketing: Do you see business getting back to normal now? What was your take of the market during the last three months of lockdown and pandemic panic?
Jamie Goren: Let me address the second part first. The business climate was really difficult in the months of April and May especially. Deals that were signed and ready to be funded were cancelled, especially in the event production space, and they won’t be coming back until next year at the earliest.
I hope that governments learned enough during the last three months to figure out a way to do target shutdowns on a much more micro level as best they could. But like any black swan event there were business opportunities to be had. And money to be made. We were busy with transport companies, Amazon delivery couriers, and some packaging equipment manufacturers.
I am thankful that we aren’t very focused on the restaurant trade, because that is going to be a really difficult industry (credit-wise) for an extended period of time.
As for the first part of the question, truthfully I am not sure what normal is. I have long felt that companies and consumers have very short memories and habits will return to the norm. I am not sure about that as a blanket statement in this case.
New credit approval will definitely be more challenging to get for a while. I certainly wouldn’t bet on an immediate return in travel and tourism.
On the other hand, home renovation companies, pools and drive-in entertainment venues are areas where we are seeing lots of demand.
I believe in the ability of entrepreneurs to innovate and adapt, but don’t think that the worst fallout has really hit yet. Lots of businesses are being propped up with payment relief and government subsidies.
It’s going to be a long summer and fall for the local economy and for the labor force, especially in retail and service based jobs.
10|20 Marketing: Thanks for this discussion, Jamie. Any final thoughts on credit, funding and moving forward?
Jamie Goren: I guess if I can leave your readers with a thought it is this: now is the time to make smart decisions. To conserve working capital but to not be fearful of capitalizing on opportunities. Some of the biggest success stories today are companies that took chances coming out of the recession back in 2009/2010 because they saw opportunities and pursued them.
There is money available for good businesses. While credit is tougher to get, it is far from impossible. There really is such a thing as good debt, especially for small and medium sized businesses.
I am available to discuss this with anyone who would like to.
I work for the clients. Not the lenders. Not a bank. Not anyone else. My job is to help businesses purchase the assets that they need for success. I can help you too.
Thanks so much for doing this, Mark. I have truly enjoyed reading every one of the stories and am grateful for you doing this one (even if I did have to wait my turn!)
10|20 Marketing: My pleasure. And the list is long! Thanks for playing along. See you later!
Jamie Goren: Of course!
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This interview is part of our Local Business Owner Spotlight series. If you’re interested in having your business highlighted, please reach out to mark@10-twenty.com. And if you’re interested in a free online small business marketing consultation, we’re happy to set up a time to discuss your situation as well.
by Mark Goren | May 7, 2020 | Blog, Small Business Marketing
Calling all small business owners, particularly those with retail locations.
Our world has changed significantly over the last two months. With lockdowns in place, people have been stuck at home and/or afraid to venture out. With that in mind, getting food, clothes and other household items — essential or not — has often come down to an online order.
But what if you’re a small business owner who has a retail location that isn’t open right now? Or, even more importantly, what if your store is about to open but you expect traffic to be slow once restrictions are lifted? If this sounds like you, it’s time to ensure that you have a solid online foundation in place so you’ll be good and ready to service your clients. And some of this may require some flexibility on your part.
Google Thinks for Small Business Owners
Before we get into how to build your online foundation, consider these numbers as published by Google Think earlier today:
- 60% of Canadians used search to see “what is open or closed near me” in April.
- In late March, global search volume for curbside pickup grew 70% in one week (e.g., ‘curbside pickup near me’, ‘what is curbside pickup’).
- According to Ipsos research between April 16-19, over 25% of consumers said they tried a new brand or product due to unavailability of their regular brand.
What does this tell us? People are looking for businesses like yours and you need to be prepared to intercept that search, particularly on a local level. But how?
Three Ways Small Business Owners Can Use This Pandemic To Build An Online Foundation
1. Ensure your listings are claimed and consistent – and then optimized
The first thing you can do – and likely the least expensive – is to go to key directories, including Google My Business, and claim your location. Once they’re claimed, spend time on Google My Business specifically to optimize this listing as their directory appears on the search engine that accounts for over 70% of all Canadian searches. As Google My Business now acts as a social network too, we recommend regularly updating your listing with content. Feeding content directly into Google My Business ensures that Google understands who you are, what you do and who you help – and you don’t have to wait from their crawlers to come to your website, as you can feed content directly within their engine. There are three areas where you can concentrate to optimize this listing:
- Google Posts + Photos: Update your listing with content and photos twice a week. Highlight your products, specials, environment and then take advantage of the text areas to describe what you’re showing in as much detail as possible. The more detail, the more meat you provide to Google to associate to your listing and the more likely your business will be presented.
- Questions & Answers: Google helps people ask businesses questions via their listing that the business owner can go and answer. But did you know that you can also ask the questions? This allows you to create an entire FAQ right into Google. Again, this helps you put keywords right into Google and get your listing discovered.
- Review Solicitation: Businesses that do not have a 4-star rating or higher lose sales as people seek the opinion of others before deciding on who to work with. Ask your best customers to review your business to gain social currency with those who discover your listing.
When you claim your local listings and optimize them in this way, you’ll end up with more views of your listing, which leads to more foot traffic to your location and online traffic to your website. In a post-lockdown retail space, you’ll want to increase both in any way possible.
2. Increase your online presence through social media
Keeping your customers informed means being on the networks where they’re highly present. This could mean Google, of course, but also Facebook, Instagram, LinkedIn, Pinterest or elsewhere. While each of these platforms may require unique approaches, it doesn’t necessarily mean that you need to double up your content efforts. The same pictures and posts you use on Google can also be posted to these other networks. Sure, go ahead and change up the copy or play up to the individual network’s strength, but by all means use the media you’re using. When you post to Instagram, put all relevant hashtags. Live content works really well on Facebook. Videos on LinkedIn. You get the gist.
Evaluate your abilities and comfort zone and choose the networks where your best customers are that also play to your strengths. That’s where the win is. Hitting these channels will help you increase awareness of your business and also allow others to magnify your content through the built-in sharing tools within each of the networks. The more shares, likes and comments you get, the more people your message will reach. Just develop compelling content or great specials or anything to help your business get noticed and watch your word-of-mouth grow.
3. Push forward with an e-commerce platform
When this lockdown started and retailers were forced to close, our partner at Red Dream Studios helped one of their clients get up and running with an e-commerce platform within that first weekend. First there was a soft launch for this clothing retailer promoted through the store’s email list, and over time more products were added. The online store may have saved this retailer’s business, generating revenue for the business when the store itself otherwise would’ve been empty.
Getting set up with an online store doesn’t have be expensive. Nor does it have to be complicated. If you have an existing clientele that you can easily communicate with, offering them a new way to buy from you could be all they need to spend money. “Not able to leave the house? Don’t! Buy my goods online.” And the easier you make order fulfillment, the easier it will be for clients to sing your praises and spread word of mouth about your extraordinary goods and services.
Don’t just survive, thrive
Remember, folks. This pandemic will not last forever. What may last a long time, though, is how people behave once the lockdowns are lifted. How quickly will Canadians feel comfortable crowding into shopping spaces? It may take a good long while. Use these tips to help you prepare and survive. Start with the easy and inexpensive and move on to the more involved investments of time and money. Who knows, it just may be the answer to help you not only survive this lockdown, but also thrive once restrictions are lifted.
Looking for more tips on how to weather the storm? Read our other pandemic-related content:
Photo by Mike Petrucci on Unsplash.
by Mark Goren | Apr 15, 2020 | Local Business Owner Spotlight, Professional Services
Owner Stories: Michael Schacter, KAUFMAN LLP/s.e.n.c.r.l., Montreal, Quebec
Next up in our series, we welcome Michael Schacter to our platform. We met Michael last year after joining The Networking Club in the West Island of Montreal. Michael Schacter is an experienced litigator and business lawyer at Kaufman LLP and has over a decade of experience fighting for the rights of his clients. He regularly pleads cases before courts of all levels in the province of Quebec.
Over the past several months, it’s been great getting to know Micheal and we used this opportunity to get some insights from him and some advice for small business owners. Given that Kaufman LLP has been serving Montreal’s business community since 1934, we thought his input would be valuable. Let us know your thoughts in the comments below. Our interview with Michael is below. And please make sure to read our Local Business Owner Spotlight series and support local businesses in any way you can while these physical distancing restrictions are in place.
Interview with Michael Schacter of KAUFMAN LLP
10|20 Marketing: Hi, Michael. Appreciate you agreeing to do this with us! Can you tell us a little bit about your background and how you landed at Kaufman?
Michael Schacter: I was raised in Dollard and grew up on the baseball diamonds and hockey rinks across the West Island. My first “adult” job was as a computer technician, repairing PCs and maintaining networks for SMEs. In fact, I nearly ended up becoming a computer programmer until I realized that I preferred to fix human problems rather than computers. I graduated from the University of Ottawa’s faculty of civil law in 2006 and have been a member of the Quebec Bar since 2007.
For three years, I worked in a small firm with a general practice, where I had the opportunity to work on a wide variety of cases. While there, I had the opportunity to plead my first trial and got hooked on the thrill of litigation and fighting for my clients. In 2010, an opportunity arose for me to join Kaufman LLP, a boutique firm with specialists in several fields. For the last 10 years I have had the pleasure of working with a team consisting of some of the most talented and passionate lawyers and support staff.
10|20 Marketing: Love that backstory and that it involves baseball! So let’s dive into your time at Kaufman. How many people are at the firm? What’s the firm’s area of specialty? Essentially, why should someone call Kaufman rather than another firm?
Michael Schacter: Kaufman is a boutique firm with 10 lawyers, in addition to law students, paralegals and other support staff. We are a full-service firm, meaning we are able to address all the legal needs of SMEs that might arise. We handle everything from simple incorporations and filing of annual minutes to complex multi-party litigation and corporate mergers. People choose Kaufman because of our reputation for vigorously promoting our clients’ rights. It is a reputation that has been carefully crafted since 1934 and has resulted in several former members of our firm being appointed to the Superior Court and the Court of Quebec. As it is impossible for an individual lawyer to specialize in everything, we are fortunate enough to have a team with experience in many areas, yet we remain small enough as to be accessible to small businesses and individuals.
10|20 Marketing: Do you know these judges? Could come in handy one day! All joking aside, here at 10|20 Marketing, we’re very interested in small businesses, their successes and our challenges. Can you speak a little bit about how your firm goes to bat for small businesses? And when you say you are accessible to small businesses and individuals, are you saying that your rates are reasonable?
Michael Schacter: To be sure, we go to bat for all of our clients with vigour, whether it be a Big Six bank or an individual. However, given our “boutique” size, we can certainly relate to the specific challenges faced by small businesses and can offer up creative, practical and cost-effective solutions. Our rates are definitely reasonable, particularly considering the experience and reputation we bring to the table. Of course, hourly rates are only one factor amongst a whole slew that determine your return on investment. There are very few black-and-white situations in law and most of the issues that come across my desk have more than one possible solution. Ultimately, I believe that Kaufman’s lawyers provide the best possible value by relying on our collective experience to recommend and implement strategies that will result in the best possible outcomes for our clients.
10|20 Marketing: Do you have any advice for people out there who may be struggling with their businesses right now due to the restrictions imposed by the government to deal with the pandemic? What advice do you have for small businesses owners looking to survive?
Michael Schacter: It goes without saying that small businesses are some of the hardest hit by the effects of the forced shutdown and only those that plan ahead and adapt will make it through these unprecedented times. My biggest piece of advice right now is to carefully manage your cash flow. In addition to the various programs offered by the different levels of government and financial institutions, businesses in need should also try to negotiate with their creditors. Virtually all creditors are facing issues with their own cash flow and will look favourably upon debtors that approach them early, rather than those that remain silent, hoping nobody will notice a missed payment.
I do, however, have a word of caution for those that operate their business through a corporation. Although it is more important than ever to show your dedication to your business, given the general uncertainty faced by the economy, shareholders should avoid giving personal guarantees to creditors unless absolutely necessary, as they risk extending the failure of the business into personal ruin. Fortunately, not all will be doom and gloom, and I look forward to hearing the success stories that are bound to arise about those small business owners who were able to successfully pivot their businesses and take advantage of new opportunities.
10|20 Marketing: How are you personally handling things given that you’re working from home and having to service your clients?
Michael Schacter: Fortunately, because of my background in computers, I’ve had the ability to work remotely for the last several years and the transition has been extremely smooth for me and my clients. I am equipped for digital signatures, electronic filings with the government and even certified e-mails to prove delivery of legal proceedings. While there are certainly downsides to working remotely, my focus remains on the positive aspects, the most important being the time additional time I get to spend with my wife and two children instead of commuting.
10|20 Marketing: That sounds great, Micheal! I want to thank you for taking the time to answer our questions. Be safe and stay healthy!
Michael Schacter: Likewise!
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