Category Archives: random

Join the 22nd annual PROFIT 100.

Every year the PROFIT 100 turns successful entrepreneurs into the heroes of Canadian business. Once again ViRTUS is a supporting sponsor.

Now in its 21st year, the PROFIT 100 is the definitive ranking of Canada’s Fastest-Growing Companies. Its alumni include some of the biggest names in Canadian business, such as Research in Motion, Open Text, 1-800-GOT-JUNK? and WestJet Airlines.

You’ll enjoy many great benefits as a PROFIT 100 company, including coverage in the June 2010 issue of PROFIT Magazine and online at PROFITguide.com. PROFIT 100 leaders also receive an exclusive invitation to the PROFIT 100 CEO Summit, Canada’s most rewarding conference for entrepreneurial achievers. What’s more, a PROFIT 100 ranking can attract new customers, employees and business partners—and lead to higher sales.

The entry deadline is March 31, 2010.

Apply now at http://www.profit100.com

What I wish I’d known when I was a teenager.

 

Here is the Core Values experience I speak about in the first part of the video.

Habits of Millionaires

In 1998, Thomas Stanley and William Danko, wrote The Millionaire Next Door, after 20 years of research into the habits, attitudes, and behaviours of millionaires.

It turns out that most millionaires reach that level of wealth not by selling a business or cashing out from a corporate stock plan, but instead through a systematic approach to building financial wealth.

They found multiple examples of people making $70,000 per year who, through using the techniques below, managed to amass over $1M in net worth prior to retirement.

Here’s a summary of the key habits:

  1. Be frugal - live below your means and always be on the lookout for deals (eBay, Craigslist, sales, never paying full price). That means putting together a spending and savings plan that works within your current income, not the income you hope to have in the future. Think about how much it cost to “keep up with the Jones.” If you live in a less expensive neighbourhood the reality of keeping up with the average is significantly easier (less expensive car, less expensive clothes, less expensive jewelry, etc.).
  2. Budget and track – create a budget for every dollar you spend each month and then compare to the actual. A great example I heard from Ward Hodsman at London Life, is to put money in different envelopes for what you plan to spend on. When the money’s gone, you’re done spending in that category for the month.
  3. Spend time on financial planning – millionaires spent significant time each month (quadruple the time of non-millionaires) planning their spending habits.
  4. Savings and RRSPs – decide how much money you want to put into savings and RRSPs each month and have that amount automatically withdrawn and transferred into those accounts.
  5. Future wealth – don’t spend money you don’t have yet. That includes not spending a pending bonus. Only spend from the money you currently have.

One of the coolest things I do all year…

I’m inviting you to experience your courage and join me on the ViRTUS Drop Zone Team. On September 15, 2009, our team will be rappelling down the side of the AXA Pacific Building in downtown Vancouver and we’d love you to join us! Here’s a quick video that show’s you how it works:

If you think it’s crazy to be rappelling down the side of a building, well, you’re probably right, but we do it anyway to support the kids!

Come be a superhero with us.  All you have to do is raise $1,500 in pledges. You can sign-up to join us or sponsor us here.

PS This is the fourth time I’ll be rappelling and trust me, it’s more exhilarating and exciting than it is scary. And I can guarantee it’s better than anything you have planned for Sept 15th!

What if consumers negotiated like the business world?

Maria LoScerbo from EpicPR.ca sent this fantastic video to me the other day.  It shows what it would look like if consumers negotiated the same way some people do in the business world. It’s quick, it’s funny, and it’s worth a watch.

Adventures in Tokyo

OUKWD-UK-JAPAN-PLANEArriving from Seoul (Incheon) at Narita Airport, Tokyo, Japan, we caught a glimpse through the windows of a Fedex MD-11 jet upside down, in pieces, charred, and smoking on the main runway.  My heart goes out to the families of the two pilots who were killed in the accident.

Tokyo was a meant to be a quick stop on the way back from Phuket, Thailand, after 12 amazing days in the sun and the most beautiful wedding on a secluded beach that I’ve ever seen (and had the honour to be part of).

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So Courtney (my buddy’s daughter who was traveling back with me from her mom’s and stepdad’s wedding in Thailand) trekked a mile through Narita Airport to find the Air Canada counter.  Once we got there it surprisingly (sarcasm) led to the following answers to our questions:

  • this isn’t out fault, the runway is closed, you’re on your own
  • no, we don’t know where your bags are
  • no, we can’t help you find a hotel or transportation
  • no, we don’t know when you can fly out
  • no, we can’t help you but please call this phone number to try to rebook a flight home
  • no, this isn’t our problem, you’re on your own for all expenses

In the end we collaborated with a fantastic guy who was in a similar predicament, Kia Karimi, from Dunkin’ Donuts, and with the help of a very pleasant ANA agent, my Macbook Air and Skype, we figured out hotels, transportation, the location of our baggage and flights home two days later.

Now for fun, let’s contrast this with what WestJet did when the Vancouver Airport was shutdown by snow in January (also not their fault):

  • they bought pizza for all of their passengers stranded at YVR
  • they figured out hotels and transportation for each passenger
  • here’s the cool part:  THEY PAID FOR ALL OF THIS (food, hotels, and transportation) to the tune of $2,000,000

It’ll be interesting to see what happens to Air Canada when Virgin decides to fly domestically in Canada.  Between their culture and WestJet’s it’ll be interesting to see where that leaves Air Canada.

Side note:  now as it turned out we had an absolute blast touring around Tokyo going to Akihabara (electronics market) and Harajuku (yes, from the Gwen Stefani song), seeing a movie, having great dinners, and marvelling at how amazingly polite, accommodating, and helpful Japanese people are and how Tokyo is a city steeped in culture and remarkably clean for a major city of 13,000,000 people.

ViRTUS & Terminal City Club

tcc-logoDavid Long, CEO of the Terminal City Club (private business club based in Downtown Vancouver, BC) and I have just completed an alliance that offers ViRTUS Members an exclusive rate to join the club and gives us a fantastic venue to host our Exchanges in.  They’ve just completed a $7M renovation over the past year and the new club is absolutely stunning; the view from the lobby pretty much says it all.

If you’re a ViRTUS Member (or have been within the past 12 months) and you’d like to know more about this limited time offer, please contact the Terminal City Club’s Sales Director, Bill Massender at 604-488-8636 for more info.

Terminal City Club Lobby

Terminal City Club Lobby

Canada’s Fastest Growing Companies

profit-logoEvery year the PROFIT 100 turns successful entrepreneurs into the heroes of Canadian business.

The PROFIT 100, now in its 21st year, is the definitive ranking of Canada’s Fastest-Growing Companies. Its alumni include some of the biggest names in Canadian business, such as Research in Motion, Sleeman Breweries, Forzani Group and WestJet Airlines.

You’ll enjoy many great benefits as a PROFIT 100 company, including coverage in the June 2009 issue of PROFIT Magazine and online at PROFITguide.com. PROFIT 100 leaders also receive an exclusive invitation to the PROFIT 100 CEO Summit.

ViRTUS is teaming up with PROFIT to ensure that Western Canadian Entrepreneurs are highlighted on the list.  Download the application profit-100-application or visit their site at: http://www.profit100.com.

The entry deadline is March 31, 2009.

ViRTUS’ 10 year anniversary!

10year_logoThis year marks ViRTUS’ 10 year anniversary.  It’s been an amazing journey so far marked by some fantastic milestones:

  • growing to 160 Exchange Members in Vancouver (CEOs and Executives)
  • working with a range of companies from $1M – $9B in revenue in leadership development, team development, strategic planning, strategic implementation, peer advisory groups (Exchange), mentoring, and coaching
  • working with some of the top 100 public and private companies in BC (the list goes on for pages)
  • working with 1,000+ CEOs, Executives, and senior managers
  • being recognized by BIV with a Top 40 Under 40 award
  • building truly the most amazing, talented, intelligent, empathetic, and experienced team in our industry
  • partnering with Peter Thomas and LifePilot
  • being selected to build the content for the Accelerator Program (global program for entrepreneurs run by EO and sponsored by Mercedes Benz Financial)
  • taking over the leadership practice from Caliber Leadership in Vancouver
  • expanding to do business across Canada and into the US
  • teaching the leadership component of the residency for the Royal Roads University MBA Program for 3 years
  • collaborating with UBC Executive Education to deliver the Leaders’ Windows to key executives in the Lower Mainland (now Performance Based Leadership)
  • moving our office from Pender & Thurlow in 2005 to 1085 Cambie Street in Yaletown into a space which truly fits our culture
  • revamping our website this winter to truly speak to who we are and what we do for growing companies
  • launching this blog to help share the intellectual property we’ve amassed over the past 10 years and are continually creating and discovering

How are you celebrating the important milestones in your business?

One entrepreneurs journey from IRL to online

I asked one my customers, Lonnie Tkach, to write me a letter describing his journey from a bricks and mortar business (the IRL in the title of this post means In Real Life) to an online business in the same industry.  I’ve watched him go through the process and it’s a story worth sharing:

My Fitness Business Evolution Turned Revolution

12 years ago I became one of those success stories that you read about – a nearly bankrupt college graduate who became a successful entrepreneur.  Together with my wife we founded our first fitness club, which eventually grew to a chain of fitness clubs in the Greater Vancouver area.

It was 10 years ago when we teamed up with my best friend, Derryl, and his wife to form an organization called Great West Fitness.  We quickly became known as a #1 fitness club in our market areas.

Our journey was based on a passion for providing a more friendly and welcoming approach to providing fitness to our members.  This grew into a slogan – Great Atmosphere, Great Results … Great West Fitness.

The fitness industry is very competitive, and as much as we liked to think that we were differentiating from our competition, it still seemed like the lines were blurred sometimes.  We found ourselves questioning how we could do business differently to clearly make a greater impact in our industry.

About two years ago I bought out my friend Derryl, as we both knew that we needed a change – something new.  At the time there was a lot of uncertainty about a new direction for our future in business, and even our long term friendship seemed to be challenged.

During our time apart, I had a lot of opportunity to reflect on my life, on business, and on the industry that I was a part of.  I realized that if I wanted to really make an impact, I had to think of a completely different way of looking at my industry.  It happened!  I can’t completely explain how all of the realizations came to me and in what order, but it was revolutionary!

It was something that a business colleague said to me that triggered a whole series of realizations.  He said that the future is in service.  At first I almost gagged, because I was feeling swamped with the responsibility of thousands and thousands of fitness club members and well over 100 employees to take care of.  I really didn’t want to hear that.  I took time to digest what he had said because I have always made it a point to learn from other successful people.

This is the transition from traditional bricks and mortar to an online revolutionary business idea for the fitness industry …

About a month later, a light bulb went off inside of me and it became very clear.  Something that was not working for me, and most other fitness club operators who are willing to admit it, is that personal trainers don’t really like working for a wage, and they are frustrated about the revenue split between them and the club.  Most certified personal trainers are not able to build a full time professional career out of doing what they love, and many have to transition to a different career.  If they could just focus on what they love, helping clients to get results, and make enough money doing that, they would be in their glory.  Most personal trainers, who would like to work for themselves, do not gravitate towards some of the necessary business responsibilities, like marketing, sales, and business administration.  Conversely, there are a lot of people out there who really don’t have time (or desire) to make it out to a fitness club, but would like to have the personal training or coaching if it was delivered to them at a convenient time and place.

So, what I realized, after doing some research, is that there are no real agencies out there that are set up to attract fitness clients, and match them up with the right personal trainer.  It all came together quite quickly.  This concept delivers an end product to clients for the same price, but with a far greater advantage and value to both the personal trainer and the fitness client.  The personal trainers don’t have to do the stuff that they are not good at and don’t like doing, which is really inefficient and costly to them.  The public now has a way of finding a personal trainer that is in their area, who is qualified, and who is the best match for their needs.  They also have the peace of mind that they are getting a professional who is qualified and screened, not to mention properly insured.

Remember my friend Derryl … as I was developing the idea and sharing my concept with Derryl, he couldn’t stop thinking about it … I needed a lot of help to make it happen … neither of us could resist the idea of working together to create another successful business, so that’s what we are now doing!

[bloggers note: this is where his pitch begins - I love entrepreneurs!] Fit2Go Trainers is now available throughout the Greater Vancouver area.  It is a flexible and convenient service.  A personal trainer will meet you at your home, your workplace, outdoors, or pretty much anywhere.  You will be set up with the right personal trainer for you, according to your schedule, your goals, and where you want to meet.

Lonnie Tkach
Founder & President
Fit2Go Trainers
www.Fit2GoTrainers.com