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These answers were in re-sponse to a question posed by Jeremy Fearnley, part-ner with Grant Thornton LLP (grantthornton.ca) as part of our Community Question series. Here is a recent ex-perience he’s had advising a client through a challenge:

“I recently spoke to a client who was experiencing rev-enue decreases while maintaining high inventory and staff levels. We discussed the idea of opening an addi-tional location in a new market area. Staff and inven-tory could be redeployed so the additional costs would only be slightly higher than rent on the new location. The break-even on the new location would likely be lower than that of the competition, and market share could be gained.”

Capital Ideas has partnered with Grant Thorn-ton (grantthornton.ca) to host a breakfast panel en-titled “How have you turned business challenges into opportunities?” It features Teresa Spinelli of the Italian Centre Shop, Alphonse Pilon of Marc-son Homes , and Angela Armstrong of Prime Cap-ital Consulting. To attend the May 26 event, visit capitalideasbreakfast.eventbrite.com.

UPCOMING:

Join our LinkedIn group: Capital Ideas at the Edmonton Journal. Follow us on Twitter: @capitalideasyeg

Alison McMahon, CEO of TwoFold (gettwofold.com), says that technology can be a great way to address a business challenge. “Technology allowed me to move beyond the continual rework of HR in small businesses and build an HR platform that my customers can implement. This allowed my business model to evolve and it provides a cost-effective tool for my customers. Win-win!”

PHOTO SUPPLIED BY: ALISON MCMAHON

“Remaining flexible and willing to problem solve through challenges is paramount. Transportation was a challenge for our clients, so we jumped on the opportunity and now provide a driving service. Clients were asking for exercise therapy and companion care in the community, we now offer those services also. Challenges are learning experiences in disguise.”— Keltie Brisson, co-owner of Rehab and Retreat — rehabandretreat.com

“It is important to remember that every challenge is an opportunity, and that is why entrepreneurs exist. Entrepreneurs solve problems and monetize them. There is a process I use called the Grow Method (goal, reality, options, will do). State the goal clearly, identify the reality, brainstorm the options and then lastly identify what you will do.”— Laurie McNaughton, business trainer and speaker at ActionCOACH — actioncoach.com

“Challenges are always a great opportunity to think outside the box and look at your business in a different light. Evolving as you grow is an important aspect to business, and challenges have been a good guide to showing us where we can improve.” — Erin Mooney, co-founder of Made Urban — madeurban.com

“Challenges are opportunities for greatness. By evaluating the specific challenge and seeing how it manifested, you can take a step back, regroup and refocus on a new game plan. It’s evolution! Challenges allow us to keep evolving our companies and keep our offerings current and relevant.”— Crystal Puim, owner of Crystal.Puim.Photography — crystalphotos.ca

“I have seen in my firm and with clients the importance of a positive attitude. It prevents wasting efforts on being angry, and instead facilitates improvement. I use challenges as an opportunity to take note of the personality traits of people who are instrumental in overcoming adversity. I use this knowledge to surround myself with staff that have these traits, and try to embody these traits myself to lead others in a positive direction.”— Josh Spurrell, president of Spurrell & Associates Chartered Accountant — spurrell.ca

“My business is all about facing many complex challenges and turning them into opportunities. Opportunities for my clients to learn, grow, heal and make choices that are best for them. Business challenges become an opportunity for creating solutions, stepping outside of the box and being innovative.”— Linda Crockett, founder and CEO ofAlberta Bullying Research, Resources and Recovery Centre Inc. — abrc.ca

“When things got tough, we sponsored an event to cheer up our colleagues called ‘Turn Up the Heat! YEG.’ A hundred business owners enjoyed inspiring and practical tips on surviving an economic downturn as well as networking opportunities, fabulous food, live music and comedy. This jump-started our business, and we are now out of the red. I think it’s all about turning fear into positive action and including others in the journey. Together we are better.”— Marie Gervais, CEO of Shift Management Inc. — shiftworkplace.com

“Current challenges in Alberta’s oil sector have resulted in some retrenchment of traditional sources of capital from conventional real estate lenders for good quality real estate projects. Atrium MIC is an interim, non-bank real estate lender, and as a result of this challenge, we have taken the opportunity to fill the lending gap. By doing so, we have formed new relationships with established real estate entrepreneurs and developers that we expect to foster for the long term.”— Ryan McDonald, assistant vice-presidentnat Atrium MIC — atriummic.com

How do you cultivate productivity?A monthly panel discussion hosted by Capital IdeasWhere: Edmonton Journal (10006 101st St.)When: 11:45 a.m. to 1 p.m.Admission: Free. Tickets at capitalideasyeg39.eventbrite.ca

Productivity 101 Workshop designed to inspire your team to stra-tegically tackle internal productivity Where: World Trade Centre (9990 Jasper Ave.)When: 8:30 a.m. to 11:30 a.m.Admission: $34.95 (members only). Tickets at edmontonchamber.com/events

Local University: Search Marketing SeminarA full-day workshop where you’ll learn how your busi-ness can use the Internet to get more customersWhere: Lister Centre, University of Alberta (11613 87th Ave.) When: 8 a.m. to 4 p.m.Admission: $199. Tickets at localuedmonton.com

Grand opening: NABI + TRTech Co-working space Meet and mingle with other entrepreneurs as you check out Edmonton’s newest co-working space.Where: Harley Court (#1200, 10045 111 Street)When: 3 p.m. to 6 p.m.Admission: Free. Tickets at eventbrite.ca/e/grand-opening-nabi-trtech-coworking-space-tickets-16940464385

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CAPITAL IDEASEntrepreneurs share how they make obstacles work for them

For more great events, visit capitalideasedmonton.com/edmontonevents.

How have you turned business challenges into opportunities?

COMMUNITY QUESTION:

Having an organized, effi-cient team can go a long way towards getting your company ahead, but what that looks like can vary from business to business. With this in mind, Wellington Holbrook, exec-utive vice-president of ATB Business, is curious to hear from you:

What does workplace productivity mean to you?You can answer the question in two ways:• Open today’s Capital Ideas email if you’re a member, or• Visit capitalideasedmonton.comWe’ll publish the best answers, along with your busi-

ness name and website address, on May 20. For more great information on what business owners in Alberta think, visit atb.com/businessbeat.

CAPITAL QUESTION: What does workplace productivity mean to you?

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