Mark Switzer

Before the instruction started Wednesday evening, we had the honour of hearing from Mark Switzer.

Mark is a Lethbridge entrepreneur who has been operating in the region for 30 years. In 1999, he got involved with the Community Futures Lethbridge Region board of directors. By 2001, he was Chair.

He told us about the business planning process and offered lots of tips for budding entrepreneurs and community members.

First thing he mentioned is that “you’re never really NOT at work”. If you aren’t interested in work 60 hours of a week, you’re probably better off to find a job working for someone else because that’s the level of dedication you need to see a successful business through.

He said that if you can find investors from your family, that is a good direction to pursue. Not only is it just a secure funding method, but it’s an added level of accountability.

He suggested three key things: Rent before you own; Lease before you buy; Work before you hire.

Mark added that you must be secure before you expand. For example, when considering a second location, analyze the impact of dividing your time and double the overhead. Often, new expansions creates competition for the original location.

Which lead to his following point: diversify only if you know the risk.

Mark emphasized that business owners need to investigate their partners. Not only investing partners, but also suppliers, vendors, agents, etc.

In business, there’s one group you ALWAYS PAY FIRST: the government. Between taxes, monthly remittances, MERB, etc, you’ll have statutory obligations. If you fail to follow through on those obligations, the Canadian Revenue Agency can seize your bank accounts, your assets, your home until they get sufficient recompense. Mark also said that you must include yourself on the payroll, even if you’re not getting paid because you’ve spent all your money to pay the government. Audits can happen to you.

Then Mr. Switzer gave us a few ideas for once we are successful.

He urged participants to reinvest in the community. When you start a business, the expectation is that you’ll be taking money out of the community, so you really should be putting back too. This creates a familial relationship which (especially in southern Alberta) can be the best advertising and will spread.

Keep your spouse/partner informed. If they know there are cycles, they also can be prepared and plan ahead. It’s also really helpful to have someone you trust that you can bounce ideas off of.

Praise your staff. Contrary to old-fashioned management philosophies, a militant environment will only add pressure to your business. Instead, coach your staff. Try saying things like “I see this…, but let’s try…” and NEVER criticize in front of others. You may not realize it, but word-of-mouth is a very powerful tool that your employees have first access to. You need your staff to come back so empower them and let them manage their specialties. He added that, now with technology, there are very few circumstances where you will not still be the ultimate decision-maker.

Mr. Switzer wrapped up by saying that he’s found incredible value in being a community mentor. He said that it’s better if you can know things ahead, so share and help inform others. Make your experiences available and be around others who do the same.

He warned “don’t get over involved”. Mark shared his criteria for volunteering. He explains the opportunity must allow for elements of the following components: education, travel, network, and stipend. He explained that after years of service, this is how he narrows down (otherwise there just wouldn’t be time to enjoy home, family, the good stuff).

Thank you Mr. Switzer, see you at the Awards Ceremony!