Manulife Financial Small Business

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Manulife Financial Small Business
2 0 11

Manulife Financial
Small Business
Research Report
Manulife Financial Small Business
2 011

Manulife Financial
Small Business
Research Report

 3 Opportunity Knocks

 4 Methodology and Executive Summary

 5 Professional Support Network

 8 Increased Employee Productivity and Focus

11 Top Talent Retention

14 Controlling Costs

17 Access to Capital

20 Growing Revenue

23 Advisory Board

About Manulife Financial
Manulife Financial is a leading Canadian-            worldwide as well as reinsurance solutions,
based financial services group operating in 22       specializing in life and property and casualty
countries and territories worldwide. For more        retrocession. Funds under management by
than 120 years, clients worldwide have looked        Manulife Financial and its subsidiaries were
to Manulife for strong, reliable, trustworthy        $478 billion (US$492 billion) as at March 31,
and forward-thinking solutions for their most        2011. The Company operates as Manulife
significant financial decisions. Our international   Financial in Canada and Asia and primarily as
network of employees, agents and distribution        John Hancock in the United States. Manulife
partners offers financial protection and wealth      Financial Corporation trades as ‘MFC’ on the
management products and services to millions         TSX, NYSE and PSE, and under ‘945’ on the
of clients around the world. We provide asset        SEHK. Manulife Financial can be found on the
management services to institutional customers       Internet at www.manulife.com.
Manulife Financial Small Business
FOREWORD             3

       FOREWoRD

Opportunity
Knocks
I  ’m always fascinated when I get a chance
   to speak with the small business owners
I encounter in my day-to-day life. Whether it’s
                                                       the topics on the minds of small business
                                                       owners, and you’ll discover ways to help solve
                                                       the puzzles they face each day. We’ve grouped
the firm that keeps my air conditioner running         these under six main themes: professional
on those hot summer days or my favourite               support network, employee productivity, top
restaurant where my family celebrates special          talent retention, controlling costs, access to
occasions, each business owner has his or her          capital and growing revenue.
own story to tell.                                        After conducting the research, we asked a            Rick Brunet
    In our first Manulife Financial survey of small    panel of your peers to interpret the results. In this   Executive vice-president,
                                                                                                               Group
business owners, we wanted to hear those stories.      report, you’ll find their ideas and suggestions
                                                                                                               Manulife Financial
We asked small business owners to tell us what’s       about new ways for you to apply your expertise
on their minds, what their challenges and priorities   and to turn small business owners into small
are and how financial planning—and financial           business customers.
advisors—can help them achieve their goals.               By targeting the six areas of interest, I believe
    What we learned is that owners aren’t              your skills and advice will be more relevant,
thinking about their overall financial plans.          powerful and valued by your clients (small
Instead, they’re focused on paying their bills,        business owners). And Manulife Financial is
while wondering how to find good employees,            here to help make that possible.
and at the same time trying to win customers,             To begin, I invite you to explore the
increase sales and grow profits.                       information layered between the covers of the
    Small business owners might not spend a lot of     first edition of our annual Manulife Financial
time thinking about the art of financial planning—     Small Business Research Report. Enjoy it, take
they’re too busy running their companies—but           some time to dig into the report and come back
they certainly do worry about their financial          often for more. I think you’ll discover many
future. So they spend a lot of time on tasks and       useful insights on the pages that follow.
goals that you, as an advisor, can help make easier,      Be sure to visit smallbizadvisorweek.ca to
more effective and more achievable.                    explore the other useful tools that have come
    In our first annual Manulife Financial Small       out of this research to help you better serve
Business Research Report, you will learn about         the small business market.

                                                       Enjoy.
Manulife Financial Small Business
4        Manulife Financial Small Business Research Report

Executive
                                            Methodology
summary                                     The Manulife Financial Small Business Research Report is based on the results
                                            of an online survey of 1,005 Canadian small business owners and senior
Approximately nine in 10                    managers across industry sectors and regions. The research was conducted
companies in Canada are                     by the Rogers Connect Market Research group of Rogers Publishing Ltd., on
defined as small businesses.                behalf of Manulife Financial. The survey was fielded in June 2011. For the
And despite the wide range                  purpose of this research, “small business” was defined as having between two
of products and services                    and 100 employees. The margin of error is ±3.1%, 19 times out of 20. The
they offer, they all share                  following charts provide some of the key demographics of the respondents.
common challenges and                       Note that some response categories in this report do not add up to 100% due
opportunities.                              either to the rounding of numbers or questions that allowed respondents to
    Small business owners                   provide multiple responses. Base: All respondents; N =1005

rely heavily on their employ-
ees to remain competitive.                  Organization size                       Location
However, to ensure their
businesses are sustainable
                                                                                          British
they need to balance this                                                                Columbia
investment in a healthy and                      21–50                                    16%            Quebec
                                               employees
productive workforce with                        16%            2–10
                                                                                     Alberta              22%
                                                              employees               14%
strategies that contain costs                     11–20            53%
and grow revenue.                               employees                                           Ontario
    The 2011 Manulife
                                                   22%                                              34%
Financial Small Business
Research Report explores                         51–100 employees: 9%                  Atlantic Canada: 7%
how small business owners                        Average number: 19.0                  Manitoba/Saskatchewan: 7%
are managing their work-
force and day-to-day activi-
ties, while envisioning ways
                                            Position                               Number of years in business
to grow their companies for
long-term viability.

                                                                                                       Less than
                                                                                                       10 years
                                                                  Controlling                           23%
                                                                  ownership
                                                                    51%               25–49 years
                                                                                        26%          10–24 years
                                                       Equal
                                                    partnership                                         32%
                                                      21%

                                                                                        50 years +: 7%
                                                Minority ownership: 8%
                                                                                        No answer: 12%
                                                Senior management role
                                                without any ownership: 20%              Average: 22.7
                                                Ownership stake (NET): 80%
Manulife Financial Small Business
Professional Support Network                  5

SECTION ONE

Professional
Support Network

              S   mall business is vital to the Canadian
                  economy, and owners are always looking
              to build their companies. With tight resources
                                                                 consultants (10%), followed by accountants (6%)
                                                                 and internal company resources (6%).
                                                                    Within this network, it seems there is a great
              and fewer employees, many owners find the          opportunity for group benefits and financial advi-
              day-to-day issues of running a business a cause    sors to position themselves as a key resource for
              for concern. The survey data showed that 36%       small business owners. But it’s not that straight­
              of respondents believe not being able to spend     forward, as almost six in 10 (59%) of the small busi-
              time on big-picture planning is a problem. And     ness owners surveyed disagree that they would like
              of those, 85% are looking for help.                an outside consultant in a quarterback-type role.
                 So where are owners finding this support?          Michael Horne, a partner in the Carleton
              The data revealed that owners look to a variety    Financial Group in Ottawa, believes this is valu-
              of sources for help. Topping the list is outside   able insight for benefits advisors. “I think a lot
Manulife Financial Small Business
6        Manulife Financial Small Business Research Report

TOP TIPS                   of financial advisors hold themselves out as            FIGURE 1
                           that quarterback, so it’s surprising to see that
T ell your clients        so many owners are not interested in [having           Running a business is a lot
 about the contacts        advisors in] that role,” he says.                      more involved than I had
 in your network              Gad Attias, president of Groupe Censeo Inc.         originally anticipated
 and offer to set          in Laval, Que., is less surprised. “It’s always the
 up meetings.              president or the owner who quarterbacks these
                           kinds of organizations because [the companies]
Identify respected                                                                                          Total
                           are often not big enough to have specialized
 accountants and                                                                                            disagree
                           job titles. The owner usually ends up control-
 lawyers in the
                           ling pretty much all of the decisions,” he says.                                   31%
 industries your small
                              According to Roger d’Eschambault, president
 business owners are                                                                   Total agree
                           of dElta Benefits Inc. in Saint-Lambert, Que.,
 in and ask to meet
                           business owners are unaware of all the ways a
                                                                                           67%                               No
 with them.                                                                                                                  answer
                           benefits advisor can help. “I think the advisor has
                           a much bigger role in the overall cost of doing
                                                                                                                             2%
 ffer lunch-and-
O
learns on health           business than owners may even recognize,” he
                                                                                  INTENSITY OF VIEW
                           explains. “I think there is a perceptual issue here;
benefits and pension                                                              Strongly Agree: 29%
and retirement             perhaps business owners are not placing as much        Strongly Disagree: 9%
issues for profession-     value as they could be on their financial advisor.”    Base: All respondents; N=1005
als in your business
owners’ markets.           Selling a Service                                      planning and HR resources—to be ready to
                           To help change this perception and open the            guide the owner through challenging situations.
Identify what             door to further opportunity, Joel Rose, principal         To help position himself as a knowledge hub
 additional value you      of usefulideas in Toronto, challenges benefits         while building a strong network, Michael Worts-
 can provide and           advisors to move from a business model built           man, associate broker with Creative Planning
 communicate this          on just selling product to a more holistic service.    Financial Group in Toronto, actively cultivates
 to your clients.          “We often used to only sell product. And while         relationships with accountants and lawyers.
                           we know a lot about that product, we were not          “Providing a lunch-and-learn session for a group
 evelop service
D                          saying ‘can I help you with anything else?’ Now        of accountants, for example, is a great way to
offerings and make         we do,” he explains. Depending on an advisor’s         explain to them how group benefits costs can be
sure your clients are      area of expertise, this could be HR, business plan-    controlled, because that’s generally their mandate
aware of everything        ning or risk management help.                          with their clients,” he explains. A seminar on the
your company                  This makes sense, especially when you con-          Income Tax Act as it relates to health benefits is
provides through           sider that 60% of the survey respondents say           another good topic, Wortsman says. “Identify the
newsletters, mail          they use personal references when looking for          things they’re not intimately familiar with, but are
outs, presentation         outside consultants, and 49% rely on word              part of their business, and share your knowledge.”
add-ons and take-          of mouth when searching for help. It appears
home handouts.             owners want a reliable contact to put them in          Relationship Building
                           touch with trusted people.                             Selling on relationship, not price, is certainly
 ecome familiar
B
                              In this environment, Attias sees opportunity.       working for benefits advisors such as Sam
with business plan-
                           “Owners need extra help from someone like              Bruno, financial services manager of Simmons,
ning and HR issues
                           an advisor. The advisor can act as the source          Black & Emsland Insurance Services in Kam-
and resources so
                           of references for financial questions, for human       loops, B.C. Many of his small group clients
you can provide
                           resources questions, for other questions that          with five to 10 employees turn to him for far
insight when your
                           owners may have.” Attias encourages benefits           more than simply negotiating a better price
clients need it.
                           advisors to develop a network of contacts to           at renewal time. By broadening his offerings,
                           support this type of role. He also suggests they       he delivers superior service to his clients—and
                           develop a broad set of tools—such as business          secures more business in the process. “Not only
Manulife Financial Small Business
Professional Support Network            7

  FIGURE 2

How did you locate the outside consultants or services
that you currently use?
                         Personal references                                                       60%
                              Word of mouth                                              49%
                    Professional references                                            46%
                         Industry association                         22%
         Industry conferences and events                   13%
                               Internet search             13%
Boards of Trade/Chambers of Commerce                       11%
                      Government agencies            5%
Hard copy directory (e.g., Yellow Pages)             4%
Social media (e.g., LinkedIn; Facebook)              4%

                                                 0    10         20     30      40      50       60
Note: Responses less than 2% not shown
Base: All respondents; N=1005
                                                                        %

do we have their commercial insurance, we            such as HR costs and employee productivity.
also get their other [business], such as auto        For example, take an owner who may be
plan insurance. They look to us as their main        struggling with stressed employees. In addi-
point for many issues,” he explains.                 tion to recommending that the owner look
   For benefits advisors who are unable to           into a service such as an employee assistance
provide services such as administration, it          program (EAP), a benefits advisor may also
all comes back to having a strong reference          suggest experts who offer workplace seminars
ready to offer an owner support in times of          focused on relieving stress. “The owner will see
need. Attias embraces this approach, especially      the advisor as more important if he or she can
when it comes to guiding clients in key areas        provide constructive help,” Attias says.

        BENEFITS ADVISOR PROFILE

      Teaching clients about your expertise
      A few years ago, Joel Rose, principal of usefulideas in Toronto, discovered
      something disappointing. “We surveyed our clients and we learned that they
      trusted us but didn’t want to do anything besides benefits with us,” he recalls.
      He realized it was because clients didn’t know what else Rose’s team could
      provide. “So, we added to the back of our benefits presentation all of the                             Joel Rose
      other things that we offered, and we made sure that these were presented                                   Principal
      at every renewal and at the end of every one of our initial presentations to                              usefulideas

      clients.” A few years passed before clients started asking about those services,
      but once they did, business took off quickly. The lesson for Rose? Recognize
      your growth opportunities and assert yourself.
Manulife Financial Small Business
8     Manulife Financial Small Business Research Report

    SECTION TWO

Increased Employee
Productivity and Focus

                      E    mployees are the lifeblood of every small
                           business. When they are productive and
                      focused they are likely to be contributing even
                                                                           plan, the number one response was cost (64%).
                                                                             These are the areas where a benefits advisor
                                                                           can step in to connect the dots for an owner.
                      more to the success of the company. In the survey,   For example, it appears that offering a health
                      97% of respondents agreed that satisfied employ-     benefits plan or retirement plan might make
                      ees are more productive. The goal for a benefits     employees work harder for a company. The
                      advisor, then, is to guide and support the owner     survey showed that among those respondents
                      in creating a positive workplace for employees.      who offer a health benefits plan, 80% feel tak-
                         But, even though owners want happy, pro-          ing care of employees makes them work harder
                      ductive employees, cost containment is a reality.    for the company, compared to 70% for those
                      In the survey, 58% of respondents said they          who do not offer benefits. A similar trend exists
                      provide a health benefits plan. Out of those         when it comes to retirement plans. Four in five
                      who do not, 78% support providing a plan,            (82%) of those who offer a retirement plan feel
                      but believe them to be too expensive. Further,       employees work harder for the company com-
                      when asked directly why they did not offer a         pared to 74% of those who don’t offer a plan.
Manulife Financial Small Business
Increased Employee Productivity and Focus             9

 FIGURE 3                                                  Connecting directly with employees is an         TOP TIPS
                                                       underutilized tool for demonstrating the con-
Which of the following                                 nection between satisfaction and the benefits
                                                                                                             each out directly to
                                                                                                            R
                                                                                                            employees about benefits
most closely represents                                plan. After all, says Wortsman, communication
                                                                                                            plans at the launch of
your viewpoint?                                        is the crucial part of explaining the value of
                                                                                                            a plan, once during the
                                                       benefits and, benefits advisors should commu-
                                                                                                            year and at renewal time.
                                                       nicate directly with employees. “It’s up to us
          Taking care of my                            to offer to do employee presentations at least       T alk to business owners
       employees makes them
     work harder for the company                       once a year for our clients,” he says. “Every         about the prevalence of
                                                       time I do one, at the end of the presentation,
                    76%                                80% of the people who are there are excited
                                                                                                             stress in the workplace
                                                                                                             and its negative impact
                                                       about some element that they didn’t even              on employees.
                                                       know existed before the presentation.” When
                 Neutral                               an employer sees this effect on employees, the       P romote features in the
                  17%                                  cost conversation becomes more negotiable,            existing plan that can be
                                                       Wortsman says.                                        used to help employees
  Employees are just looking for the                       Wortsman also suggests that a similar cre-        manage stress. These
   best personal deal they can get                                                                           types of programs are
                                                       ative approach can be used for STD, too. “For
                     6%                                a company with under 100 lives, a short-term          often embedded in
Base: All respondents; N=1005
                                                       disability plan can be very expensive. Connect-       the benefits plan but
   Herb Goedecke, president and CEO of Aero            ing a company with a short-term disability            aren’t used to their full
Corporate Benefits in Waterloo, Ont., says             claims management provider that will handle           extent due to lack of
a benefits advisor should first address the            things on a case-by-case basis is a great solu-       awareness.
idea that plans are too expensive. “There is an        tion,” he says. Using an external provider
                                                                                                             evelop a stress
                                                                                                            D
almost irrational concern that benefits plans are      can help to control costs while allowing an
                                                                                                            resource kit for own-
too costly. You can demonstrate rather easily          employer to formalize STD and be prepared
                                                                                                            ers that includes tips
that a plan is affordable, especially if it’s a per-   before an employee gets seriously ill.
                                                                                                            on recognizing signs of
centage of payroll,” he says. “Business owners             According to d’Eschambault, employee
                                                                                                            stress and what can help
are surprised they can do it for less than 5%.”        meetings are also a good practice at renewal
                                                                                                            stressed employees. Be
   Where benefits advisors become crucial              time. “We’ve been meeting with employers
                                                                                                            sure to highlight what
is in helping owners maintain that threshold           and employee groups to discuss renewals and
                                                                                                            elements of their indi-
through good benefits plan design and cost             we have been thanked because they finally
                                                                                                            vidual plans can be used
containment. “There is the fear that benefits          understand how rates are calculated, even
                                                                                                            to cope with stress.
plans are affordable now but that costs will           if it sometimes means an increase,” he says.
spiral in the future. We need to continually           Wortsman has had a similar experience. “We            ollect case studies
                                                                                                            C
demonstrate to owners our ability to keep              had a renewal meeting with employees for             of small businesses
these costs under control,” Goedecke explains.         the first time this year and we showed them          that have added ben-
   Once cost is directly addressed, benefits           their health trends and how their premiums           efits plans while saving
advisors can move into conversations that              have fluctuated,” he says. “Everyone was             money and boosting
clarify the indirect impact of benefits plans          excited; it was the first time that they had         productivity. Refer to
on employee satisfaction and costs. “There             been presented with their own group’s health         them in meetings with
is often no link between the benefits plan             claims data. From there, we discussed what           potential clients and
and satisfied employees for the owner,”                their employer had done and the work we              forward the case stud-
d’Eschambault says, adding that elements               have done to control costs.”                         ies to clients who are
of benefit plans, such as EAPs, short-term                 A benefits advisor should also meet with his     considering increases
disability (STD) and stress management pro-            clients—without their employees—more often           or cuts to their plans to
grams, are all valuable ways to demonstrate            than just at renewal time. Attias sees his clients   demonstrate the value
to employers how they can increase employee            periodically throughout the year. “Outside of        of a benefits plan.
satisfaction and, in turn, boost productivity.         the renewal process clients are laid-back and
10         Manulife Financial Small Business Research Report

                             FIGURE 4                                              is key. While the survey revealed that only 12%
                                                                                   of small business owners and senior managers
                           How much of a problem is the                            believe the stress level of their employees is a
                           stress level of your employees                          problem, numbers from Statistics Canada tell
                           for you and your company?                               another story. A study on work/life conflict sur-
                                                                                   veying more than 31,000 workers found that
                                                  Problem                          more than half felt stressed and one-third felt
                                                   12%                             burned-out or depressed. A separate study by
                                                                                   Statistics Canada found that absenteeism due to
                                                                                   stress has increased by more than 300% in the
                                  Not a                                            past 15 years. The research shows that most small
                                                           Neutral
                                 problem
                                   54%                      30%                    companies—whether they offer a plan or not—
                                                                                   need help understanding that stress affects their
                                                                                   employees. Only 14% of companies who offer a
                                                                                   benefits plan are aware that stress is a concern for
                                                                                   their employees. Even fewer (10%) of those who
                                                              No answer            do not offer a plan are aware of it as a concern.
                           Base: All respondents; N=1005      3%                      Wortsman says that a case study or personal
                           sometimes much more open to listen and explore          story about the effects and costs of stress on a
                           options,” he says. “The client has time to think        small business is an effective way to get employ-
                           about your suggestions, and if he wants to talk         ers’ attention. “If you have clients who have
                           about strategy, ideas or documentation, there is        already implemented programs and they’ve
                           a chance. Then, when we come to renewal time,           seen the results either in reduction in claims or
                           both the advisor and the client are prepared and        critical illness claims being paid out, then those
                           the renewal is a much easier process. It’s definitely   are great stories to share with a client who’s
                           a key point to maintain communication with the          going through similar challenges,” he explains.
                           client and make sure that you give him the tools        Attias says that benefits advisors should also use
                           and information he needs to make a decision.”           these discussions to review the plan features that
                              To further drive home the value of a benefits        deal with stress—be it an EAP or other services—
                           plan, a discussion around employee stress levels        to draw attention to the stress level of employees.

                            BENEFITS ADVISOR PROFILE

                           Finding individual clients in group
                           Connecting directly with your client’s plan members is a way to boost the value of
                           the plan—and an opportunity to grow your own business. Chances are you search
                           for new group opportunities through your individual clients, but you can also follow
                           what Sam Bruno, financial services manager of Simmons, Black & Emsland Insurance
     Sam Bruno             Services in Kamloops, B.C., does and try the reverse. “When a new employee joins
 Financial services        one of my business owner’s benefit or retirement plans, I ask the company to send
         manager           the new hire over to me,” he explains. “I personally sign them up to the plan and
       Simmons, Black
                           during that conversation, I talk about that individual’s personal financial plan. I
            & Emsland
                           often end up selling personal life insurance, an RRSP or another product to that
     Insurance Services
                           individual. It ends up being positive for the owner because I’m enrolling the new
                           employee, and it’s good for the growth of my individual book.”
Top Talent Retention          11

SECTION THREE

Top Talent Retention

                T   o remain competitive, a small business
                    must hang on to its most talented
                employees. A benefits plan is a crucial way to
                                                                   to attraction and retention. Although, those
                                                                   that offer benefits or retirement plans seem
                                                                   to be more aware of their value. Among those
                keep great employees from leaving their jobs.      respondents that offer a health benefits plan,
                In fact, according to the 2011 sanofi-aventis      71% see it as crucial in attracting and retain-
                Healthcare Survey, 59% of group health ben-        ing top talent, while 31% of those that do not
                efits plan members in Canada would rather          offer a health benefits plan see it as valuable.
                keep their benefits plan than receive $10,000      It’s a similar story for retirement plans. Seven
                in cash. When the amount is doubled to             in 10 (72%) of those that offer a retirement
                $20,000, 48% of those asked would still            plan see it as very important and 48% of those
                choose their benefits over cash.                   that do not offer a plan see it as valuable. The
                   But according to the Manulife Financial Small   data appear to reveal a potential opportunity
                Business Research Report, only 55% of business     for benefits advisors to sell more health and
                owners appear to understand the connection         retirement plans. The majority of those without
12       Manulife Financial Small Business Research Report

TOP TIPS                   plans are already aware of the benefits, which        FIGURE 5
                           suggests that other factors are the stumbling
 evelop strategies
D                          blocks preventing them from implementing            Which of the following
to respond when            plans. For those owners not offering plans          most closely represents
owners say “The            and unaware of their value for attraction and       your viewpoint?
plan is too expen-         retention, benefits advisors have a strong place
sive.” Think of a          to start a conversation.
creative plan design          Among those who do not report retaining                      Competitive health
or new ways of             key employees as an issue, the most popular                   benefits are crucial in
                                                                                        attraction and retention
comparing the cost,        tactic reported is to pay them well (34%). A
such as the cost of a      benefits package was a distant second (19%).
                                                                                                    55%
benefits plan being        Of those who view this as an issue, advisors
the equivalent of          are a source of support for this issue—31%
the company’s              of owners/senior managers report turning to                             Neutral
next raise.                a financial advisor for help.                                            33%
                              Benefits advisors can capitalize on this
L ook for opportuni-
                           trust to show owners what a difference a
 ties to create unique                                                                  Health benefits have
                           competitive total compensation package could
 benefits offerings                                                                        no real impact in
                           mean for the success of their organization.                 attraction and retention
 to help your client
 stand out in her
                           This begins with a discussion on the topic                              12%
                           of benefits versus cash. A large number of          Base: All respondents; N=1005
 industry. Do this
                           the owners and senior managers who
 by learning what
                           responded to the survey said they would               FIGURE 6
 competitors are
                           offer some form of cash compensation—
 offering and by
                           competitive wages (34%), bonuses (11%),
                                                                               Do you offer or have you
 getting to know the
                           salary increases (5%) or profit sharing (5%) —      ever considered offering
 needs of the com-
                           as a way to keep top talent.                        your employees any of
 pany’s employee
 base intimately.
                              “Owners don’t seem to understand the             the following?
                           value that is attached to benefits and how
                           they can achieve much more by giving ben-              Offered          Have Considered
 reate benchmark-
C
ing reports for cli-       efits—which have so much more value to the                Profit
                                                                                  Sharing/                      25%
ents regionally and        employees on a personal experience—instead
                                                                                  Business                                   47%
then by industry.          of just a raise,” Attias says. After all, a 3% or    Equity Plan
                           4% increase in salary will get taxed, so spend-                                     20%
 sk your client if
A                          ing the money on a benefits plan puts more           Group RRSP
                                                                                                                             47%
she is considering         in the employee’s pocket, he explains. Own-
adding a pension           ers appear to believe that cash means more                Special               18%
                                                                                   Executive
plan and if not,           to employees and is a cheaper option than                   Plans                             41%
what is keeping her        a benefits plan. But benefits advisors know
                                                                                 Employee                15%
from starting one.         that’s often not the case.
                                                                               Pension Plan                                  49%
                              Horne says one way he tackles the belief
                           that plans are too expensive is to ask an owner                     0    10    20    30      40   50
                           what his budget is and then build a solution                                        %
                                                                               Note: Responses less than 2% not shown
                           accordingly. Bruno gets even more specific          Base: All respondents; N=1005
                           by asking what part of the plan the owner
                           finds most expensive. “If they say dental,          way to show owners that costs can be shared
                           I work on the dental until I can get it down        with employees.
                           to a reasonable price with deductibles,” he           According to d’Eschambault, another
                           says. Rose agrees that deductibles are a good       way to change an owner’s paradigm about
Top Talent Retention        13

benefits versus cash is to “ask the owner            A positive trend, notes d’Eschambault,
what he thinks employees need and help            is the move toward insurance companies
him to provide that.” This gives the benefits     providing the small group market with
advisor the opportunity to help the owner         benchmarking information. “The insurers
create a unique benefits package that is          will provide benchmark data for an advisor
almost custom-tailored to the needs of an         based on their block of business. They will
employee base. This kind of solution is much      drill down to a postal code or industry,” he
more valuable than cash because another           says, adding that “there’s probably even
employer will most likely not offer the same      more valuable data sitting somewhere on
plan design. It becomes part of an overall        an insurer’s computer system that could be
employee retention strategy.                      useful for everybody to have.”
   Knowing what other companies are offer-           When it comes to the retirement plan side
ing in their benefits plans is another way        of the total compensation package, the sur-
benefits advisors can show owners the value       vey data showed that 47% of all respondents
and importance of total compensation.             offer some type of retirement savings vehicle
“One thing that you can use to help illus-        for employees. The roundtable participants
trate this to a client is a benchmarking tool,”   said that in their experience, the majority of
Wortsman says. “They will get a sense of          small businesses have a profit-sharing plan.
whether their plan is measuring up against        The survey found that 25% have a profit-
their competitors, if it’s worthwhile for         sharing plan, 20% offer a group RRSP, and
an employee to stick around, or if they are       only 15% offer an employee pension plan.
far behind in some of the coverage.” Horne        However, almost half (49%) have considered
says that he benchmarks for his small busi-       offering a pension plan, providing another
ness clients both regionally and across their     talking point for benefits advisors to bring
own industries.                                   up at their next client meeting.

      BENEFITS ADVISOR PROFILE

     Learning market influences
     on total compensation
     For Michael Horne, a partner in the Carleton Financial Group in Ottawa, total
     compensation in his region is being driven by the largest employer—the federal
     government. “Once companies get to about 40 people, they see their key employees
     leaving after three or four years to take government jobs because of the pension,” he                     Michael
     explains. So, Horne is experiencing an uptake in pensions for groups of 20 employees                       Horne
                                                                                                                    Partner
     and up, as companies come to realize it’s cheaper to put one in place than to lose key
                                                                                                                    Carleton
     personnel and spend valuable resources recruiting and training new talent. “Gone
                                                                                                             Financial Group
     are the days where people stay around long term. The younger generation is not
     afraid to move companies to get to where they want to be, and that is changing
     what companies have to do to keep people,” he explains. Research from various
     sources supports Horne’s personal experience. According to studies done by Robert
     Half International, generation Y (those born between 1980 and 1995) are expected
     to switch jobs frequently and are often looking for better benefits and perks.
14      Manulife Financial Small Business Research Report

     SECTION FOUR

Controlling Costs

                        F   or small businesses, maintaining and
                            growing a company requires carefully
                        tracking costs now and figuring out ways to
                                                                            with a health benefits plan are more likely to
                                                                            indicate they would look at for cost control
                                                                            (25%) than those without a plan (17%).
                        keep expenditures down later. The survey                 The survey also showed that of the small busi-
                        revealed that only one-fifth (20%) of owners        ness owners who need help in controlling costs,
                        currently view controlling costs as a problem.      most are turning to accountants (16%) or internal
                        However, all of the respondents cited labour        associates (13%) for support. So where do ben-
                        (27%), then payroll and salaries (22%), as the      efits advisors fit into this process? “The cost of
                        top two most important expenditures to con-         labour, payroll and salary means benefits, too,”
                        sider when controlling costs. Those with health     says Attias, but not all employers realize this.
                        benefits plans are even more motivated to keep      Goedecke says he often spends time explaining
                        labour costs contained, according to the survey.    this to clients. “It really is tax-efficient compensa-
                        Among those with a health benefits plan, 31%        tion and not an add-on expense,” he says. For
                        say that labour is an area that they would look     example, explains Goedecke, if an employer is
                        at to control costs, while only 21% of those that   going to spend $1,000 on salary or benefits, it’s
                        don’t offer a plan would look at this area for      the same $1,000 expense to the employer. But
                        cost control. Payroll is another area that those    it’s a big difference to the employee. The $1,000
Controlling Costs        15

 FIGURE 7                                                                                                      TOP TIPS

With respect to costs, what are the top 3 areas you focus                                                      E xplain the concept
on when you are trying to control your expenditures?                                                            of total compensa-
              Labour/staff/employees                                                            27%             tion to your clients so
                Payroll/salaries/wages                                                 22%                      they understand that
      Marketing/advertising/branding                                12%                                         benefits costs are a part
                                  Travel                          11%                                           of overall labour costs.
                              Inventory                          10%
                                                                                                                Then outline ways you
               Material/material costs                           10%
                                                                                                                can help control ben-
Company expenses/overhead/fixed costs                           9%
                        Expenses/costs                   5%                                                     efits costs to keep those
                                 Utilities              4%                                                      labour costs low.
                            Purchasing                  4%
                             Rent/lease                 4%                                                      learly differentiate
                                                                                                               C
                                Supplies                4%                                                     between the cost of
                           Equipment                    4%                                                     having a plan and the
                                Gas/fuel                4%
                                                                                                               cost of not having a
                 Maintenance/repairs                    4%
                                Vehicles                4%
                                                                                                               plan, which includes
                                                                                                               everything from
    Note: Responses less than 4% not shown       0      5       10       15       20      25       30
    Base: Total answering; N=903                                                                               decreased productivity
                                                                         %
                                                                                                               to absenteeism
in wages is taxable, but $1,000 in benefits is       details about which costs keep owners up at               and stress to talent
not and has arguably more spending power.            night will give a benefits advisor a starting             that moves to the
   Once owners connect benefits costs to pay-        point for reducing those costs.                           competition.
roll expenses, benefits advisors can open up            Many large organizations already capitalize
discussions on strategies to managing expen-         on this approach in managing their benefits                etwork with fellow
                                                                                                               N
ditures. Is the plan being utilized? Could the       plans, Horne says. “It’s our job as the advisors          benefits advisors with
plan design be changed to maximize health            to bring those ideas that have already been               experience in large case
outcomes? Should the payment structure               studied and understood for years by larger                clients to share trends
between the owner or sponsor and employ-             companies to these clients with 10 employ-                and insights and brain-
ees be altered to promote more responsible           ees,” he explains. “It’s about taking things from         storm creative solutions
use of the plan? “Controlling costs means            the claims-based products and moving them                 for clients.
helping the owner provide these benefits for         to the service-based products, which I think
                                                                                                                eview the ways
                                                                                                               R
his or her employees in a meaningful and             is how we are starting to talk to our clients.”
                                                                                                               benefits plan design
economic way,” d’Eschambault says.                      D’Eschambault also believes benefits advi-
                                                                                                               can control costs and
   One area where benefits advisors are              sors need to provide owners with valuable
                                                                                                               be ready to present
strongly positioned to provide insight on con-       information. The traditional small business
                                                                                                               custom-tailored ideas
trolling costs is around the stress of employees.    owner does not have access to the literature
                                                                                                               to your clients.
For example, the Canadian Policy Research Net-       that benefits advisors get on these issues, he
works estimates that stress-related absences         says. “It’s our job to package these data up
cost Canadian employers about $3.5 billion           better and show how those broad numbers
each year. According to the Conference Board         translate into everyday costs.” Ultimately,
of Canada, 2.6% of payroll is lost annually as       explains d’Eschambault, part of being a good
a result of absenteeism (defined as employee         benefits advisor is being willing to challenge
absences due to illness, disability or personal or   your clients on their paradigms. “We are not
family responsibility). To get more information,     yes men. I think it’s up to us to show our cli-
a benefits advisor can ask questions such as         ents what steps need to be taken, and why.
“Are you interested in controlling the costs of      This is real value to our clients.”
absenteeism? Do you have stress in your work-           Not all clients are looking to cut benefits.
place? What effect is it having?” Uncovering         D’Eschambault says he is surprised at the
16        Manulife Financial Small Business Research Report

                            FIGURE 8

                          Where or who would you turn to for help or assistance
                          to deal with controlling costs?
                          Accountant/accounting department/accounting firm/CA                                                                    16%
                         Internally/associates within the company/staff/colleagues                                                      13%
                                                                 Suppliers/dealers/vendors                                        11%
                         Managers/office/general/department/operation/regional                                         7%
                                                                                            Myself                   6%
                                                                 Business partner/partners                     4%
                                            Financial institutions/Bank/Bank manager                           4%
                                          Senior management/executives/employees                            3%

                           Note: Responses less than 3% not shown
                                                                                                     0           5           10            15
                           Base: Total answering who ranked the issue as a problem; N=250                              %

                          number of smaller clients that have recently                     Both d’Eschambault and Horne agree that
                          been requesting that he enhance their plans. “It’s            the route around this problem is to develop a
                          making me think. In the last 25 years we’ve been              deep understanding of the employee base, its
                          saying owners need to increase their deductibles              needs and the client’s goals for taking care of the
                          and lower their co-insurance. Basically, you need             employees and controlling costs. For example, the
                          to strip your benefits plan down. But for some,               survey showed that as small companies increase in
                          it’s the exact opposite. So are we really listening           size they are more likely to offer a health or retire-
                          to our clients?” Horne believes benefits advisors             ment plan. Among employers that offer a health
                          are attempting to be sensitive to their clients’              benefits plan, the average number of employees
                          concerns by suggesting options for cost savings.              is 25 versus 11 employees for those that do not
                          “When an employer is talking to you about cost                offer a health benefits plan. Among those that
                          and you come in with a proposal to increase                   offer a retirement plan, the average number of
                          costs, you put yourself at serious risk,” he says.            employees is 32 versus 14 for those who do not.

                            BENEFITS ADVISOR PROFILE

                          Taking ideas from big to small
                          Small organizations typically don’t pay attention to the research showing how
                          companies can control costs because the data are often based on large organizations.
                          “They don’t realize that an investment in an EAP program will, over the long term,
                          reduce health claims. But advisors know,” says Michael Wortsman, associate broker
      Michael             with Creative Planning Financial Group in Toronto. “Our clients are not too small
     Wortsman             for an EAP.” Other non-traditional benefits services, such as medical referral and
 Associate broker         second-opinion services, should also be available to smaller plans, he explains. “We
     Creative Planning
                          know they are going to help the employees’ families feel better, which will make
      Financial Group
                          the owner feel better about the plan he provides.” A benefits advisor can apply the
                          learning of how larger companies tackle controlling benefits plan costs in a scaled-
                          down version for small employers.
Access to Capital          17

 SECTION FIVE

Access to Capital

                T    he volatility of the national and inter-
                     national markets will no doubt have an
                impact on small business in Canada. Despite that
                                                                      These results are in line with Horne’s belief
                                                                   that the small business market in Canada is
                                                                   very optimistic and healthy right now. Worts-
                ever-present reality, small businesses appear to   man agrees. “From my perspective, I think the
                be optimistic. In fact, about six in 10 (59%) of   smaller companies are proving to be healthier
                the respondents of the survey say that getting     financially than the larger ones that are at that
                access to capital is not a problem. And 53% say    crossroad about where they need to invest,”
                managing cash flow isn’t an issue either. There    he says.
                are, however, some that do say access to capital      While traditionally benefits advisors might
                is an issue. Of those, 48% turn to the bank for    have had little to offer in helping small busi-
                help and 36% turn to an accountant for support     nesses access capital, this role is changing.
                with cash flow issues.                             It’s now about benefits advisors positioning
18        Manulife Financial Small Business Research Report

TOP TIPS                     FIGURE 9

 each out to smaller
R                          What areas in your company do you expect to invest in
companies that are         over the next 12 months?
growing slowly and
steadily. They may              Marketing/advertising/branding                                                        14%
                               Equipment/equipment upgrades                                                11%
soon need ben-
                                 Computers/hardware/software                                        9%
efits or retirement
                                          Training/staff training                              8%
programs to attract
                                                     Technology                              7%
and retain key                 Real estate/property/office space                             7%
employees.                               Employees/labour/staff                              7%
                                 Hiring new staff/qualified staff                    5%
E conomic recovery                                      Vehicles                    5%
 presents an oppor-                                   Machinery                    4%
 tunity to retain          Renovations/upgrades/improvements                       4%
 employees.                                    Website/internet                    4%
                                              Expansion/growth                     4%
 on’t shy away from
D                               New/improved products/services                3%
conversations about            Inventory/merchandise/materials                3%
access to capital,                                          R&D               3%
growth and manag-                                           Sales             3%
ing cash flow. Ask                             Additional space               3%
about challenges and                       NA/none/don’t know                                            10%
see if clients require
                                                                     0        3         6          9           12      15
help finding informa-       Note: Responses less than 2% not shown                           %
tion or experts.            Base: Total answering; N=892

 ork with your
W
clients’ accountants       themselves to add value. “Companies that               of service from a benefits advisor. For example,
to demonstrate how         are in a healthy spot financially might be look-       if a company with 50 employees is using the
benefits costs can         ing at implementing a benefits program,”               same bookkeeper that it was using when it
be controlled to ease      Wortsman says.                                         had three employees, the company may not
cash flow issues.             Experience has taught Bruno that economic           be getting the best advice. “So in a casual
                           growth leads to a demand for benefits. “In             conversation, I suggest the owner get a second
 et to know your
G                          B.C., we had a building boom a few years               opinion,” he explains, adding that he will then
clients and their          ago. Before the boom, the contractors that             provide a few options from his network.
businesses thor-           we approached wouldn’t even consider ben-                 It’s important for Horne to be discussing
oughly. In-depth           efits. Once the building boom got going, all of        many elements of his clients’ organizations
knowledge can              a sudden they wanted benefits to keep their            (including access to capital) so he can provide
help you shape a           electricians, plumbers and others from moving          this type of additional support. D’Eschambault
custom-designed            to another company,” he said.                          also sees the potential in this kind of approach.
benefits or retire-           Horne also sees opportunity for his book of         “Ideally, clients will say, ‘You know what?
ment solution that         business when a client is discussing growing           Roger has helped me out a lot, and I’m going
makes you invalu-          his or her company. “If I’m in front of a cli-         to call him up and ask what he thinks about
able to the business.      ent and he is looking to grow the business, I          this issue,’” he says. In this way a benefits advi-
                           have people in my network that I would like to         sor becomes the trusted resource for a small
                           get him in front of. Hopefully, one day those          business owner.
                           people send me clients who are looking for                When it comes to cash flow, benefits advisors
                           benefits,” he says. He believes smaller to mid-        can offer more direct suggestions. “Group
                           size companies will be most open to this kind          insurance is a big chunk of the expenses. We
Access to Capital         19

are able to manage a portion of the cash          FIGURE 10
flow by helping the employer control the
increasing costs or giving options to manage
                                                 Which of these issues do
it,” Attias says.                                you feel you need the most
   An obvious challenge with having a            assistance dealing with?
small business owner who is successfully                                               Ranked 1, 2 or 3
growing is how does a benefits advisor                                                 Ranked 1
adapt to this growth? In some cases, says        100                                   Not Ranked
d’Eschambault, there is nothing a benefits
                                                          85%
advisor can do when a company is bought                                              81%
                                                  80
out by a corporation with an existing plan.
However, Attias believes a benefits advisor
in this position can be a key resource for        60
the incoming person or team taking over
                                                                 40%
a plan. “When a new person comes in we            40
already have full knowledge of the company                                                     26%
and we can make sure that this informa-           20                                                 19%
                                                                          15%
tion is transferred to those people,” he says,
adding that this supports a smooth transi-         0
tion. “I think it’s also important to keep the              Access to                   Managing
relationship strong with the employer,” he                   capital                    cash flow
adds, believing this strong connection, built    Base: Those that rated issues as a problem;
                                                 Range: N=209; N=182
on long-term, intimate knowledge of the
business, could lead to consulting work for
the benefits advisor.                            client. “There is no one size fits all. Every
   But according to Bruno, the best way to       company has different benefits and differ-
service businesses that just grow organically    ent pensions, and they require different
is to focus on the distinct needs of each        approaches,” he says.

      BENEFITS ADVISOR PROFILE

     Growing with your clients
     Typically, when a small business grows to the several-hundred level, the benefits
     advisor servicing the company’s benefits plan can expect to be served with a
     transfer letter. “Our advantage is to have such a unique proposal in place that it’s
     not easily [shifted] to another advisor,” says Roger d’Eschambault, president of
     dElta Benefits Inc. “I want what we do and what we sell to be simply not available                                   Roger
     and transportable. So, what does that look like? What can I do to enhance the                                d’Eschambault
     value for the employees in the firm? What are the things that make the employer                                           President
     look better to his employees and how can I deliver those to the employer? My                                     dElta Benefits Inc.

     point is, advisors must know their small business clients and their needs. It’s about
     recognizing that each client’s environment requires a custom-designed solution.”
20     Manulife Financial Small Business Research Report

     SECTION SIX

Growing Revenue

                       A     s the Canadian economy remains cau-
                             tiously optimistic in the face of economic
                       uncertainty in the U.S. and Europe, small busi-
                                                                          the issue. But growing revenue is a concern
                                                                          for the remainder of the respondents. In fact,
                                                                          29% of owners/senior managers surveyed said
                       ness owners are divided. According to the sur-     it is a problem for them and their business. Of
                       vey, half (49%) of business owners agree that      those, an overwhelming majority (92%) feel
                       they are just holding on economically, while the   they need help growing revenue, and they are
                       rest (50%) disagree.                               turning to senior partners/external associates,
                         When it comes to growing revenue, small          business consultants, customers and financial
                       business owners are also evenly divided on         institutions for this support.
                       the topic. About one-third (29%) of those              A closer inspection of the data showed
                       surveyed said growing revenue is not a problem     some interesting comparisons. To start, the
                       for them, while 36% said they are neutral on       small businesses that offer either a benefits or
Growing Revenue           21

 FIGURE 11                                                                                                       TOP TIPS
                               4%    No answer
What is the                    1%    $25 million or more
                                                                                                                 T alk to clients about
total Canadian                 1%    $20 to $24.9 million                                                         business planning and
                               1%    $15 to $19.9 million                                                         inquire if they have a
revenue                        7%    $10 to $14.9 million
                                                                                          Up to
                                                                                         $500,000                 written plan. If they
of your                        11%   $5 to $9.9 million                                    26%                    do, ask to see it. If they
organization?                  Average $3.545 Million                                                             don’t, suggest a busi-
                                                                                              $500,000            ness plan consultant
                               Base: All respondents; N=1005       $2.5 million
                                                                  to 4.9 million
                                                                                             to $999,999          from your network.
                                                                     13%          $1 to
                                                                                                16%
                                                                              $2.49 million                      L earn about your
                                                                                   21%                            clients’ business and
                                                                                                                  industry and use that
                                                                                                                  information to spark
 FIGURE 12                                                     FIGURE 13                                          a conversation about
                                                                                                                  what clients plan for
Do you have a written                                     Did you have external                                   the future.
annual business plan?                                     assistance in preparing
                                                          your business plan?                                     evelop relationships
                                                                                                                 D
                                                                                                                 with business plan con-
                                                                                                                 sultants and business
                                                                                                                 development experts.
                            YesYes                                                        YesYes                 Explore challenges and
                           (definitely)
                        (definitely)
         No No               26%
                           26%                                                            29%
                                                                                        29%                      roadblocks that small
        40%
      40%                                                                                                        businesses face and ask
                                                                                                                 your clients about them.
                       YesYes                                            No No                                   Offer these contacts
                        (kind
                    (kind  of) of)                                       71%
                                                                       71%                                       as referrals when your
                        34%
                      34%                                                                                        clients need help.

                                                                                                                 Include benefits
                                                                                                                  and pension costs
           YesYes (NET):
              (NET): 59% 59%                         Base:Base:
                                                          ThoseThose   who have
                                                                 who have         a written
                                                                            a written annualannual                into the business
Base:Base: All respondents;
     All respondents; N=1005N=1005                        business
                                                     business plan; plan;
                                                                    N=151 N=151
                                                                                                                  plan, so the owner
                                                                                                                  can plan accurately
                                                                                                                  for growth and avoid
retirement plan were more likely to report                specialists and business development consul-
                                                                                                                  unnecessary surprises.
an increase in revenues over the past five                tants [to help carry on that conversation], but
years than those who didn’t offer either type             we stay involved in the process,” he explains.          reate a library of
                                                                                                                 C
of plan. Next, those companies that offer                    Rose agrees with staying close to the               business planning and
a health benefits plan reported average                   business planning process so benefits advisors         development resources.
revenues of $5 million compared to $1.5                   can highlight the importance of competitive            When issues come up
million for those that do not offer a plan.               compensation packages that include benefits            in conversation, offer to
   So where is the benefits advisor’s place in            and pension plans. “You are fitting yourself           send these resources to
growing revenue? According to Horne, it’s                 into their business model by explaining that           the business owner.
related to business development. He actively              attracting the best quality employees is their
engages clients in conversations about where              most important asset in growing the business
their companies are headed, which provides                and making it successful,” he says. These
him with the opportunity to create added                  conversations can also include suggestions
value. “We have a roster of accountants, HR               for controlling labour and employee costs,
22      Manulife Financial Small Business Research Report

                        all of which contribute to the company’s ability     FIGURE 14
                        to grow revenue.
                           Bruno, who services many very small group        Compared to 5 years ago
                        clients, says he is quite involved in business      what is the change in your
                        development with his customers. “We pretty          company revenue?
                        well know exactly where they are going from
                        a business perspective. They’re very open to                      Big
                        sharing their business plans,” he says.                        decrease
                           But it is important to balance the opportunity               (-50%)
                                                                                                     Big increase
                        to help clients with the risks of doing so.                      11%           (+50%)
                        “You can build a fence around your client by                                    30%
                        providing additional services that will help
                        entrench you in their business, but there’s
                                                                                          Mid
                        also a point where you’ve crossed over into an                (-25%–+25%)
                        area where you’re not an expert,” Wortsman                        57%
                        says. Rose agrees. “You’re really working on
                        tricky ground if you step out of your core
                        competence and tell the customer that you           Base: All respondents; N=1005
                        can do something that you really can’t do,”
                        Rose says. He believes the best approach is to      to help support his client. This has resulted in
                        meet with clients as a fellow small business        deep trust from his clients, which has translated
                        owner looking to discuss issues related to          into referrals. “Not only do I get their business,
                        running a company, and then see where the           but they refer us,” he says. “We have a lot of
                        dialogue goes.                                      clients in the same industries, and even though
                           When faced with an issue beyond his scope,       they are competing for the same business, they
                        such as anything falling in the legal or tax        [still] recommend our firm to one another for
                        realm, Bruno accesses his network of experts        benefits issues.”

                          BENEFITS ADVISOR PROFILE

                        Helping clients build a business plan
                        The survey revealed that 40% of business owners do not have a formal written
                        business plan. “For small business owners, a business plan is often in their head.
                        They are very hands-on and know what they should do this year to reach their
                        goals. They don’t have the resources, like a VP of finance, to give projections and
     Gad Attias         keep them tightly on track,” explains Gad Attias, president of Groupe Censeo Inc. in
        President       Laval, Que. So this presents an opportunity for benefits advisors. “When it comes to
 Groupe Censeo Inc.     the group pension or benefit portion of business planning, these costs, specifically
                        group insurance costs, are something that eats up a big portion of expenses every
                        year. The advisor can help project future costs of this expense and show how it will
                        impact cash flow.” Attias feels helping a business owner identify where cash will be
                        needed so he can plan more thoroughly is the most effective indirect way to help
                        a client grow revenue.
2 011

      Manulife Financial                                 The 2011 Manulife
                                                         Financial Small Business

      Small Business                                     Research Report relied
                                                         on the advisory board
      Research Report                                    to help shape the survey
                                                         theme and interpret the
                                                         results. We thank them
                                                         for investing their time,
                                                         breadth of knowledge
                                                         and expertise in this

Advisory Board
                                                         inaugural look at the
                                                         small business market
                                                         in Canada.

      Gad Attias            Sam Bruno                    Joël Drolet
      President             Financial services manager   General manager
      Groupe Censeo Inc.    Simmons, Black & Emsland     Goguen Champlain
                            Insurance Services           Financial Services Inc.

      Roger                 Herb Goedecke                Michael Horne
      d’Eschambault         President and CEO            Partner
      President             Aero Corporate Benefits      Carleton Financial Group
      dElta Benefits Inc.

      Jay Quinn             Joel Rose                    Michael Wortsman
      President             Principal                    Associate broker
      Lane Quinn Benefit    usefulideas                  Creative Planning
      Consultants Ltd.                                   Financial Group
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