How To Weather The Second Wave…

The habits created during the first wave of the pandemic could help your business during a […]

How To Weather The Second Wave…

How To Weather The Second Wave...

The habits created during the first wave of the pandemic could help your business during a second wave.

The COVID-19 pandemic has taught us that even in volatile times, it’s possible to maintain business continuity, boost your competitive position and, for some, even grow.

And while most businesses had to adapt on the fly earlier this year, this time around you can turn to the good habits you adopted and lessons learned during the first wave to get your business through the second wave.

Keep these five areas of your business in sharp focus as you navigate this ever-changing business environment.

1. Prioritize the health and safety of employees and customers

Many companies introduced ad-hoc safety measures in response to the first wave of the pandemic. These new security measures are even more important for a second wave.

2. Assess sales and operations plans to secure cash flow

The second wave will likely have important effects on customer demand and supplier availability may change. Keep a close eye on customer needs so you can quickly scale operations up or down, depending on market requirements.

Your sales and operations teams need to work together. Hold daily meetings to assess performance, forecast demand and avoid overproduction. These meetings can be short check-ins that help you stay on-track and adjust quickly.

3. Get a handle on your working capital

If you haven’t already done so, now is a good time to get a handle on your working capital, money you need to maintain day-to-day operations.

In normal times, there is a continuous flow of cash coming in from receivables, as payments flow out to suppliers for materials and inventory. This allows you to replenish inventory on a continuous basis to support sales. In disruptive times, however, that flow could suddenly be stopped or slowed.

Although you may have taken on new debt to replenish stocks or rebuild working capital, now is not the time to overextend. Instead, think about how to create a comfortable “cash cushion” that can help you weather a second shutdown.

4. Embrace digital technology and e-commerce

Businesses that invest in digital technology are more productive and typically see accelerated revenue and profit growth.  The pandemic has furthered this trend as customers flocked to online stores and service providers during the shutdown. Increasingly, people expect to conduct business online.

Embracing digital technology will not only help you weather the second wave, it will also help you remain competitive in the long term.

Going digital doesn’t have to be complicated. Start with a solid foundation. From there, you can build complexities into your digital strategy over time.

5. Stay agile and adapt your strategic plan

It’s clear volatility is here to stay until a safe and efficient vaccine is rolled out. To help navigate the uncertainty, review your strategic plan with a special focus on various scenarios and risk assessments.

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Is your business digitally ready for the future of work?

Twenty years ago, “the workplace” was a pretty simple concept – a shared, physical space that […]

Is your business digitally ready for the future of work?

Is your business digitally ready for the future of work?

Twenty years ago, “the workplace” was a pretty simple concept – a shared, physical space that employees would use daily during set hours of the day.

Fast-forward to 2020, and things are no longer so straightforward.

In this ever-connected era, the boundaries between where people work are becoming increasingly blurred. Many of us increasingly find that our laptops are our “office.” We can complete a huge array of tasks anywhere in the world, and outside the confines of a physical office.

Spontaneous meetings to share new knowledge and information become more cumbersome to arrange and crossed wires might easily occur. Unlike a physical workplace, a digital one needs a different set of strategies to get your team off the ground.

A digital workplace is built around a company’s technological environment: email, virtual meeting tools, and the social media presence. It involves embracing digital solutions to traditional admin processes – checking payments online or entering new sales opportunities in a cloud-based platform that teams can view from their smartphones.

Most businesses have some variation of a digital workspace. For most, opportunities to streamline their way of doing things are becoming more frequent – whether it’s new fintech apps for the finance team, or employees migrating to a newer, more intuitive cloud-based solution where they can work on projects together.

The good news is that digital transformation does not have to be a costly exercise. It’s about cultivating a company culture where digital processes are explored and embraced. Of course, for businesses to be productive wherever they are, they’ll need the right hardware and software to hand. But once that’s in place, a truly digital workplace is one where management leads by example.

Business leaders can build a digital workplace by creating protocols on how virtual meetings are planned and conducted. They can offer training to those who need support in using new software. And they can invest time in becoming more proficient with digital tools themselves, in order to make their business more competitive.

As more and more businesses become more agile in how and where they work, co-working and flexible work environments complement the freedom and efficiency of this new way of working.

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5 Tips To Manage Cash Flow

Cash is king—it’s a common saying in the business world. But surprisingly few entrepreneurs take steps […]

5 Tips To Manage Cash Flow

5 Tips To Manage Cash Flow

Cash is king—it’s a common saying in the business world. But surprisingly few entrepreneurs take steps to manage their cash flow so they don’t wind up with an empty bank account and nothing to pay the bills.

Getting control over your cash flow helps you prepare for slow periods, plan your financing and have peace of mind.

Follow these five steps to get a better handle on your cash flow.

1. Check your profitability

First, make sure your business is earning a reasonable profit. Even the greatest cash flow management won’t help if your fundamentals are out of whack.

Analyze each product and service separately to see whether it’s pulling its weight. Make sure your products are appropriately priced, and work to eliminate inefficiencies. Instead of just chasing sales, chase profitable sales.

2. Do a cash flow projection

Next, prepare a cash flow projection for the coming year. This is your early warning system for cash flow hiccups. Use an Excel spreadsheet or accounting software to plug in expected monthly cash inflows and outflows, including anticipated big-ticket purchases.

Use the projection to anticipate slow periods and plan in advance what to do about them. Through the year, check your actual cash position regularly—once a week or month—against your projection to see how you’re doing and deal promptly with any divergences.

3. Finance big buys instead of draining cash

One of the most common cash flow mistakes is using cash to buy a major long-term asset, instead of getting financing. Even if you feel flush right now, you may suddenly wind up short of cash if you experience a sudden revenue shortfall or rapid growth.

Use your cash flow projection to plan your financing needs ahead of time, not in the midst of a crisis, when bankers may be wary to lend. Also try matching the lifespan of a purchase with financing of similar duration.

4. Speed up cash inflows

Getting money into your business more quickly can save you carrying costs on your line of credit. Some tips: Send out invoices more quickly, ask customers to pay electronically and charge interest to slow-payers.

5. Raise cash quickly in a crunch

Facing an unexpected cash flow crunch? You can raise cash quickly using various techniques:

  • approach your bank for help
  • check your inventory and assets to see what you can sell off, even at a discount
  • ask suppliers or your landlord for extra time to pay bills
  • offer your customers a big discount to earn some quick sales
  • Contact Pinnacle Capital Partners!

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Start-Ups: Set up a basic record-keeping system

Whatever kind of business you run, you are required by law to keep financial records relating to […]

Start-Ups: Set up a basic record-keeping system

Start-Ups: Set up a basic record-keeping system
Whatever kind of business you run, you are required by law to keep financial records relating to it.

There are a number of benefits to be gained from keeping accurate and up-to-date business records. It saves you time, and therefore money, whenever you need to produce financial reports. You can be confident that you’re only paying the tax you owe. It also helps you keep up to date with how much you owe to suppliers and how much you are owed by customers.

1. Get a system in place
Spend time setting up a system which you stick to. Allocate a regular time every week or month to deal with your financial administration or make it a key responsibility for a trusted employee or manager. It is also advisable to file all receipts logically.

2. Separate your professional from your personal finances
It is best to treat the business as a separate person, from which you only take income in the form of wages, dividends and in claiming back business expenses against receipts.

3. Make security a priority
The fewer people involved in your record-keeping, the fewer the errors that are likely to creep in. It is a good idea to password-protect your company records and only divulge the password to those that need it.

4. Safely store hardcopies of your records
Even if you choose to keep all your records electronically, it is vital that you keep a regular electronic back-up and a paper copy elsewhere. Store records that cannot be copied, such as chequebook stubs in a fireproof box.

Main benefit from keeping accurate records is it ensures you only pay the tax you owe and helps you keep an eye on your financial activities.

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What’s driving commercial real estate values?

Canadian commercial real estate has been a great investment over the last decade. Although the sector […]

What’s driving commercial real estate values?

What’s driving commercial real estate values?

Canadian commercial real estate has been a great investment over the last decade. Although the sector is changing due to technology and demographics, industrial and office space are set to continue to do well. Retail, on the other hand, will be under more pressure to re-invent spaces to maximize value.

A relatively low Canadian dollar, a stable financial system and a growing economy have made Canadian real estate an attractive investment for foreigners who have helped to drive up property values in recent years.

Today’s low vacancy rates for office and industrial buildings in most of Canada’s major cities are allowing landlords to raise rents and obtain longer leases from commercial clients.

This means that capitalization rates (cap rates)—the ratio of a property’s annual net operating income over its market value—have trended lower over the last decade, creating more value for owners.

Cap rates currently range between 4% and 10% depending on the type of asset (office, industrial, retail, or hotel) and the city in which the property is located.

At the high-value end of the range are sought after offices in Vancouver, Montreal and Toronto, while shopping malls in Edmonton and Calgary, where the economy has not been doing as well, are at the lower-value end.

Tech companies re-inventing demand for office space

Despite an increase in commercial construction—up 11% on an annualized basis in real terms in the first quarter—a lack of office space remains a problem in some of Canada’s biggest cities. The lack of supply keeps property values high and has pushed up rental rates—great for property owners. Tenants, however, are faced with renewing their lease often on longer terms or paying considerably more at a new location.

In response to these market dynamics, shared workspaces are becoming more popular to maximize a space’s use. Many companies are encouraging more remote work, or implementing seat-sharing—where employees no longer have a permanent desk.

Elsewhere, the rising trend in shared workspace, promoted by companies, like WeWork and ShareDesk, is driven by the growth of the gig economy—freelancers, consultants, part-time and contract workers who do not require a fixed place of work.

Given low vacancy rates, the supply of office space should pick up. However, according to CBRE, part of the reason it’s unlikely to grow significantly is due to rising development costs. Land, materials and labour have all become more expensive. As well, municipalities have added more development charges and created long planning and approval processes.

Overall, continued low cap rates for office space are likely to prevail, especially as hiring increases in sectors such as technology, professional services and education.

Retail hit by technology and slower consumer spending

Consumer spending slowed from a pace of 3.6% in 2017 to 2.1% in 2018, as higher interest rates forced up debt-servicing costs, resulting in less household disposable income. This is bad news for owners of retail properties. Retail vacancy rates have risen, according to Morgard, as companies such as Sears, Gap, HBC’s Home Outfitters and Payless Shoes have closed up shop.

Another factor affecting retailers is e-commerce, which represented 3% of Canadian retailers’ sales last year. As more people purchase items from the comfort of their home, shops are becoming showrooms, and malls are transforming themselves into experiential places for food and entertainment. Retail properties that can be transformed to maximize the space’s value in these ways will benefit in this changing marketplace.

e-commerce supporting industrial property values

While still a small share of total sales, e-commerce is having a significant impact on industrial real estate. The logistics industry is growing as companies focus on moving inventory quickly from manufacturing plants, to warehouses and distribution centres, and ultimately to the customer.

Indeed, the value that warehousing added to the Canadian economy more than doubled over the last 20 years.

While 1.7 million square metres (18.5 million square feet) of industrial space will be constructed this year, this represents only 1% of existing inventory, according to CBRE. Hence, new construction is unlikely to be sufficient to satisfy growing demand, especially in cities like Vancouver, Toronto, Montreal and Halifax.

Bottom line

A low Canadian dollar will continue to make commercial real estate attractive to foreign investors, underpinning prices in major markets. As with many areas of our economy, technology and demographics are having a profound impact on this sector. Property owners will have to harness these trends to their advantage to create value in the coming years.

What does it mean for entrepreneurs?

  1. With interest rates expected to stay relatively low, it can be a good time to invest in a property provided it fits your business’s needs.
  2. Retail properties will be under pressure as consumer spending slows. Entrepreneurs will need to assess how to maximize value from their space, which may include re-inventing it.
  3. Think about how technology can help you make better use of your existing space.

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Why flexibility alone isn’t enough

Modern businesses are aspiring to not only be flexible, but agile also. But what’s the difference, […]

Why flexibility alone isn’t enough

Why flexibility alone isn’t enough

Modern businesses are aspiring to not only be flexible, but agile also.

But what’s the difference, and why does it matter?

“The measure of intelligence is the ability to change,” Einstein once said, and it’s a concept widely recognised by businesses today in conversations about flexibility and agility. But while these terms are often used interchangeably, they refer to two very different business capabilities.

Agility is described as ‘the ability to move quickly and easily’ while flexibility points at ‘the ability to change.’ For long-term success, businesses should be prepared for both.

Recent political events in the UK, US and other key global markets have shown that the socio-political environment is becoming ever more unpredictable. It goes without saying that events in key markets have ripple effects on businesses around the world, and it has led to many developing contingency plans that involve significant changes, such as migrating head offices or key manufacturing plants.

Others are taking a longer-term view, reviewing their entire business model to make sure it is prepared to withstand both the current challenges on the table and any changes that may follow. In other words, they are aspiring to not only be a flexible business, but an agile one.

So what’s the benefit of taking a more agile approach? The answer: accuracy. As entrepreneurs and business leaders know, when and how to act can be the difference between success and failure. A businessman’s ability to read the market, read the room, and calculate the optimum moment to launch a brand, a product, or a proposal is essential to success.

Flexibility is just as important, as it’s inevitable that businesses will pivot and modify processes as they go along, and this shouldn’t be avoided. But by having an agile business, business can future-proof themselves because they are establishing a model that is built to change. Businesses that are modelled on rigid structures, processes and a fixed understanding of the world will take twice as long to react and adapt, losing time and putting them squarely behind the competition.

In the years to come, there’s no question that businesses will have to adapt to unpredictable and challenging changes to our society. The International Monetary Fund’s April report referred to slowing economic activity in that month alone, due to a range of factors affecting major economies. To name but a few: China faces increasing regulation and trade tensions with the US, Europe is dealing with weak consumer and business demand and Japan has had to manage natural disasters. With an increasingly unpredictable environment, it seems obvious that if a business does not embrace agility it will fail. But how does a static business become an agile business?

One step to agility is giving employees choice on how and where they work. According to research from IWG, this can not only reduce the CapEx and OpEx associated with a fixed office space, but increase speed to market and help businesses consolidate portfolios.

Flexible working also helps businesses to attract and retain talent, which according to Deloitte, can cost businesses from tens of thousands of dollars to 1.5 – 2.0x the employee’s annual salary. This research also shows that agile businesses are more productive – 85% globally think that a more flexible approach has increased productivity in their business.

It will come as no surprise that agile leaders also make agile businesses. Steve Jobs once said: “Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations.” The story of Steve Jobs’ own success is evidence that this statement is true. Thanks to the recent film title that bears his name, Jobs’ grit and determination to continually adapt his business model until Apple achieved success is now world famous.

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Cybersecurity—More important than you think!

The Internet gives us unprecedented access to information and ability to reach customers are all over […]

Cybersecurity—More important than you think!

Cybersecurity—More important than you think!

The Internet gives us unprecedented access to information and ability to reach customers are all over the world, but using it comes with risks, including cybercrime and its associated costs.

We know that cybercrime is a serious threat. It can result in damage to your IT assets, business disruptions and potentially devastating damage to your company’s reputation if client data or other confidential information is stolen or otherwise compromised.

Globally, cybersecurity tops the list of concerns of more than 12,000 executives surveyed by the World Economic Forum. However, less than half of Canadian small and medium-sized businesses consider data security an important issue, according to research by AON.

Cybercrime risks are expanding

Worldwide cybercrime costs are estimated at US$600 billion in 2018, up 20% from 4 years ago according to a report by security provider McAfee and the Center for Strategic and International Studies.

Businesses are increasingly connected to the Internet via their websites, social media accounts, cloud storage and computing, and other services and applications. These connections expose businesses to cybercrime and their proliferation means the risk has risen considerably in the last few years.

Furthermore, as companies go digital and shift toward the Industrial Internet of Things—connecting operational technology to information technology and the Internet—the risks and costs of cybercrime will only increase.

How are companies managing the risks?

Most businesses (76%) use anti-malware software, and a growing number are using spam filters to secure emails and firewalls to protect their network.

Still, about 1 in 5 businesses had their operations affected by cybersecurity incidents in 2017, according to Statistics Canada’s survey of over 10,000 Canadian businesses.

And many security professionals believe this number is much higher. Scalar Decisions’ research argues the number is 3 in 5 businesses, while Carbon Black found 4 in 5 businesses suffered a security breach last year.

Cyber pirates’ entry points

Email scams are still the most prevalent form of attack, responsible for 20% of security breaches. Only about half of businesses are training staff to recognize and avoid email scams, create complex passwords and safely browse the web.

StatsCan found the highest cybercrime costs are related to cloud storage and the use of personal devices to conduct business.

Using the cloud for computing and data storage can improve your bottom line, but you must be mindful that your cloud provider is protecting your data. Less than half of the businesses that used cloud storage for confidential information about their inventory, financial statements, customers, suppliers or partners used their own data protection and control security measures, such as encryption or rights management.

Using personal devices can make your business more agile, however, it also comes with a risk. Roughly two-thirds of businesses allowed the use of personal devices for business purposes, and over half of small and medium-sizedbusinesses didn’t have any security measures in place regarding this kind of use.

What should you do?

To improve your protection against cybersecurity threats at your company, here are some steps you can take to protect your data.

  1. Start by identifying and classifying your data assets into at least three categories such as highly confidential, for internal use only and public.
  2. Determine whether you need to archive data or you can delete it.
  3. Control who has access to it, including data in the cloud.
  4. Defend it from attack or privacy abuse by encrypting it or using tokenization, which is the process of turning sensitive information, like social insurance numbers, into a random string of numbers called a token. This makes it useless to the cybercriminals who want to sell it and prevents privacy violations if it gets shared with third parties.

Bottom line

Your business relies on data, and your customers, employees and business partners expect you to protect it. Lose their data, you may lose your reputation and even your business.

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What is strategic planning?

In spite of some overexposure in the business press, strategic planning still seems like an obscure […]

What is strategic planning?

What is strategic planning?

In spite of some overexposure in the business press, strategic planning still seems like an obscure concept to many entrepreneurs. Beyond the hype, however, strategic planning can bring real value to an organization that takes the process seriously.

What is strategic planning? Simply put, strategic planning determines exactly where your organization is going over the next few years and how it’s going to get there. A strategic plan is a coordinated and systematic way to develop a course and direction for your company.

Basically, not having a strategic plan is akin to navigating unknown territory without a map. And without a map, you’re lost in a highly competitive business environment that will inevitably throw challenges your way. A rule of thumb is that if there’s uncertainty on the horizon, then you need a strategic plan.

What does it generally include?

Your strategic plan outlines where your company is going, so that everybody in your business is working with the same information. Ultimately, strategic planning helps to gauge what your organization is, exactly what it does, and why it does it, with a focus on optimizing your future potential.

A strategic plan will generally include:

  • An executive summary, which is usually written at the end of the process
  • A company description
  • Your mission, vision and value statements
  • A strategic analysis that can be in the form of a SWOT analysis (strengths, weaknesses, opportunities and threats)
  • An explanation of your strategies and tactics
  • An action plan
  • Budget and operating plans
  • Detailed monitoring and evaluation methods

If you’re a small firm, for example, a brief strategic plan might be appropriate. But a more detailed plan on various aspects of your organization may be more effective if you’re a bigger company.

It’s not a business plan

Don’t confuse a strategic plan with a business plan, which is a much broader document and includes a strategic plan, a marketing plan, a financial plan and an operational plan.

In other words, a business plan is much more of an aspirational document, covering what your business is about and why it has value in the market. The strategic plan, in contrast, contains an action plan with specific objectives and due dates as well as setting out who is responsible for what

Who carries it out?

Your strategic planning should be carried out in a team environment that involves key players in your business.

Generally, it’s headed by the president of the company, who gets input from employees or a specific team. The team identifies key factors for the strategic analysis and participates in that diagnosis through, for example, interviews. The team is also involved in the formulation of the strategic direction and action plans.

When is the best time?

Scheduling the strategic planning process depends largely on the nature and needs of your organization. For example, if your business environment changes rapidly, strategic planning is essential to keep afloat and should be carried out at least once a year.

Generally, it should happen:

  • When you start a business
  • If you’re preparing for a new venture such as a product launch
  • When markets are changing
  • If the business environment (laws, regulations, business practices) is changing

How will it benefit you?

Strategic planning will help you to achieve the following objectives.

  • Prepare and define the scope of your activities—Review your motivation, costs and means.
  • Analyze your strengths, weaknesses, opportunities and threats—Review your company’s internal and external environment to maximize on your strengths, protect against weaknesses and take advantage of business opportunities.
  • Formulate strategies—Look at exactly what strategies and tactics you should take as a result of the above factors.
  • Implement your strategies—Assess your resources and get your plan on paper.
  • Get all your employees on the same page—Build consensus in your company by getting your message out to your key players.
  • Measure your success—Track your progress and motivate your employees to keep up their efforts.
  • Increase productivity—Ensure employees know where they’re going and that they optimize their use of resources.

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Press Release – Polycap – Virginia

VIRGINIA—Governor Ralph Northam today announced that Polycap LLC, a Toronto- based manufacturer of specialty caps and […]

Press Release – Polycap – Virginia

Press Release - Polycap - Virginia

VIRGINIA—Governor Ralph Northam today announced that Polycap LLC, a Toronto- based manufacturer of specialty caps and closures for a number of vertical markets, will invest $7.7 million to establish its first U.S. manufacturing facility in the 76,000-square-foot Russell County shell building in Lebanon. This facility will create 48 new jobs.

“We thank Toronto-based Polycap for choosing to locate its first U.S. manufacturing facility and future North American headquarters in the Russell County shell building, which was constructed in 2015 to attract companies seeking an infrastructure-ready facility,” said Governor Northam. “Growing the Southwest Virginia economy and making Virginia’s rural communities more competitive is a top priority for my administration, and we are pleased that this significant project will bring a new corporate partner and critical jobs to the region.”

Headquartered in Toronto, Canada, Polycap is a leading manufacturer of specialty caps and closures for plastic packaging servicing personal care and home product, food and beverage container, medical device, and pharmaceutical product industries. The company has over 50 years of experience as a critical supply chain partner to major, well-known brand owners and distributors.

“Our partners in Southwest Virginia’s e-Region have worked tirelessly to foster a supportive business climate to attract and retain global manufacturers, and Polycap’s decision to establish its first U.S. facility in Russell County demonstrates the incredible impact of their efforts,” said Secretary of Commerce and Trade Brian Ball. “With a high- tech, low-cost workforce and variety of industry-responsive training programs, Southwest Virginia offers a competitive advantage to companies of all sizes. We look forward to continued economic momentum in the region and to Polycap’s successful future in the Town of Lebanon.”

“In response to growing demand for its products, Polycap is opening its first U.S. location in Lebanon, Virginia, and we look forward to establishing a successful manufacturing center for our Cap and Closure business to best serve our customers with a highly efficient operation,” said Tom Lato, President of Polycap LLC. “We are utilizing the most advanced industry technology to compete with any jurisdiction in North America. This will include consistent, reliable production to ensure supply chain continuity and quality for our valued customers. Our focus on a safe, vibrant work environment is attracting the best possible team for our future growth and development. We made the decision to choose Virginia, for what will eventually become our North American headquarters, over options in Ontario and Ohio because we believe Virginia offers the most to contribute to our success. Success is based on people, and Virginia offers excellent education to provide strong candidates for employment. Government at all levels, coupled with various industry associations, provides unprecedented incentive programs such as House Bill 222, which was spearheaded by Delegate Will Morefield and Delegate Lashrecse Aird. Local banks with a history of impressive performance provide the third leg of support. We hope to be able to contribute to the fabric of Lebanon community life and become a successful partner in business.”

The Virginia Economic Development Partnership (VEDP) worked with Russell County and the Virginia Coalfield Economic Development Authority (VCEDA) to secure the project for Virginia. Governor Northam approved a $130,000 grant from the Commonwealth’s Opportunity Fund to assist Russell County with the project. VCEDA approved a loan up to $3.37 million to the Industrial Development Authority of Russell County to build out the shell building for the project. VEDP will support Polycap’s job creation through the Virginia Jobs Investment Program (VJIP). VJIP provides consultative services and funding to companies creating new jobs or experiencing technological change in order to support employee training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state- funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens. Polycap is also eligible to receive Sales and Use Tax exemptions on manufacturing equipment.

“The Russell County Industrial Development Authority (IDA) is excited that Polycap has chosen Lebanon as the location for its first U.S. facility,” said Chairman of the Russell County IDA Ernie McFadden. “The type of jobs that will be offered by Polycap bring us one step closer to providing a stable and diversified economy to Russell County. We are confident that Polycap will have a positive impact on our community. The company’s decision to locate in Lebanon is a testament to the partnership that we have with VEDP, VJIP, VCEDA, the Russell County Board of Supervisors, the Town of Lebanon, Cumberland Plateau Planning District, Virginia Community Capital, and our legislative team consisting of Senator Ben Chafin, Delegate Todd Pillion, and Delegate Will Morefield. These incentives, in conjunction with the value provided by House Bill 222, gave the company a clear understanding of our commitment to grow the economy in Russell County. Each of these partners played a vital part in making this project possible, and we are very grateful for the commitment they have demonstrated to our community.”

Governor Northam signed House Bill 222 during the 2018 General Assembly session. This bipartisan legislation, sponsored by Delegate Morefield of rural Southwest Virginia and Delegate Aird from the city of Petersburg, provides tax credits for up to 10 years to an eligible company that moves to certain economically-distressed localities, which includes several areas in Southwest Virginia.

“On behalf of myself and the Town of Lebanon, we are excited and pleased that Polycap has made its decision to locate the company in our town and county,” said Mayor of the Town of Lebanon Tony Dodi. “Working with our county, town, IDA, VCEDA, and other agencies has made this a reality. We are excited that our citizens will have another opportunity for gainful employment.”

“VCEDA was pleased to assist the Russell County IDA and the Town of Lebanon in recruiting this project to Lebanon,” said Jonathan Belcher, Executive Director and General Counsel for the Virginia Coalfield Economic Development Authority. “The company will be providing jobs in a diversified manufacturing sector that will add to the excellent base of manufacturing companies already operating in the region, while providing good manufacturing jobs for the citizens of Russell County and the surrounding area.”

“Securing Polycap LLC’s investment in Lebanon is a huge opportunity for the people of Russell County and Southwest Virginia, and I want to thank Polycap for its commitment to the region and for seeing the value of investing in the workforce and economy of Southwest Virginia,” said Senator Ben Chafin, Jr. “The creation of 48 new jobs in advanced manufacturing will bring new economic opportunity and security to our communities. Polycap’s investment is another step forward in creating a more thriving and diverse regional economy.”

“We are thrilled to officially welcome Polycap LLC to Russell County and Southwest Virginia,” said Delegate Todd Pillion. “A lot of hard work has gone into making this day a reality and a win for our region. This project will expand our manufacturing base and create good jobs here at home. The quality of life and skilled workforce that Southwest Virginia offers makes this a great place to live and do business. We are glad that Polycap recognizes that and decided to make this investment in our people.”

“The Polycap expansion is exciting news for Southwest Virginia!” said Delegate Will Morefield. “Diversifying our economy and attracting new industries is a top priority of mine. We cannot thank the company and all of those involved enough for committing to our region. Delegate Aird and I are pleased that House Bill 222 is finally doing the job it was intended to do. We are looking forward to many good things to come.”

Overall, this will be a $7.7 million investment by Polycap, guided by Pinnacle Capital Partners.

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Be happy: 30 ways for 30 days

Did you know that you have more control over your happiness than you think? Almost 90 […]

Be happy: 30 ways for 30 days

Be happy: 30 ways for 30 days

Did you know that you have more control over your happiness than you think? Almost 90 per cent of what causes us to be happy falls into categories like our attitude, behaviours and habits — all things we can modify.  Want to improve your mood in just one month? Try out a tip a day from this list of 30 ways to feel happier!

  1.  Laugh a lot. Watch funny videos or share jokes. Laughter is an antidepressant and pain reliever all rolled into one.
  2.  Do volunteer work. It improves your well-being and eases depression.
  3.  Set a goal. As you work towards it, you’ll feel satisfaction and higher self-esteem.
  4.  Spend money on other people. This raises happiness levels even when you’re not wealthy.
  5.  Be present. Enjoy the scent of spring, or the birds chirping outside your window.
  6.  Hang out with happy people. It’s proven to lift your mood.
  7.  Exercise self-control. We’re happier when we make a habit of resisting temptation.
  8.  Exercise, period. Studies show that regular physical activity is linked to happiness in both the short and long term.
  9.  Do something kind for a friend or family member. When you’re in need of support, you’ll be able to count on the relationships you’ve cultivated.
  10.  Look on the bright side. Did something go wrong? Find the silver lining that’s almost always there.
  11.  Become a morning person. People who regularly start their day early feel more positive and enjoy better health than night owls who always sleep late.
  12.  Buy yourself a bouquet! Being around flowers reduces stress and makes you feel upbeat.
  13.  Count your kindnesses. Dwell on the good deeds you’ve done, instead of shrugging them off. This practice appears to increase happiness.
  14.  Eat a well-balanced, nutrient-dense diet and cut back on sugary foods.
  15.  Turn off the TV. Use the time to read or socialize, which is proven more satisfying in the long term.
  16.  Appreciate something, whether it’s your child’s perfect health or the newspaper delivered to your door this morning. We often forget to notice how fortunate we are.
  17.  Be a problem solver. Find a simple solution to something that’s been bothering you, such as putting a laundry hamper in the bathroom where towels regularly get dumped on the floor.
  18.  Get a good night’s sleep. Aim for seven to eight hours a night.
  19.  Practice forgiveness. When you stop simmering about someone who’s done you wrong, you have room to feel more positive.
  20.  Get a pet. Although researchers are still working to prove it, pet owners will tell you their animal companions bring them joy.
  21.  Keep your eyes open for opportunities, and seize them. You may miss something positive if you’re too focused on finding something else.
  22.  When you talk to yourself, talk positively. Instead of criticizing yourself for mistakes, remind yourself you’re making an effort, or you’re learning.
  23.  Pursue a hobby. From art to gardening to golf, an enjoyable hobby pulls you into the present.
  24.  Practice relaxation exercises like yoga, which can relieve depression, anxiety and stress.
  25.  Have a deep conversation. Happier people tend to have substantial conversations instead of sticking to superficial chitchat.
  26.  Drink water. Staying well hydrated keeps up your energy and mood.
  27.  As the bestselling book says, “don’t sweat the small stuff.” Most of what you’re stressing over now won’t matter much later.
  28.  Lower your standards a little. Allow yourself to be less than perfect — without guilt.
  29.  Listen to your favourite tunes. Music can be both relaxing and enjoyable.
  30.  Smile. Faking a facial expression can actually put you in the mood. Try it!

Contact The Pinnacle Group of Companies and you will be happy!

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