Challenges and Obstacles amidst a Sea of Plenty …...

Canmore, AB

“We’re doing well but I’m losing good staff because they can’t find housing…”

Housing has always been a public issue here in Canmore and Banff. Here’s our mayor from this week’s local paper: “Quite simply put…we’re in a housing crisis.”

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Federally – the ruling party has blamed the “crisis” on foreigners and enacted a law to restrict foreign purchases of real estate but then announced large increases in immigration.?

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The opposition party blames the ruling party for the lack of affordable housing. The ruling party blames municipalities for having policies in place that restrict local development.?

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I’m no politician but I do know that, especially in the resort community where I live, housing has been an issue – always. And yet, for most of us who chose to stay, we ended up finding something affordable and comfortable.?

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In any event – the “crisis’ in housing is not something you nor I as businesspeople may be able to solve, nor perhaps should it be. One thing seems clear. If you live and run a business, in an area that is deemed to be desirable – people tend to flock to it and housing prices get bid up and availability for staff goes down.

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So, what do you do?

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Local officials seem to clamor for developers to build “affordable” housing. Or they decide they (the town) needs to create a division of its own that buys, builds and rents out lower cost housing.?

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The other solution they propose is that there be a mandate that business owners pay a “living wage”, so people can afford to live and work in the community.

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My bet is none of those solutions will work.

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Still, if you own a business where housing is an issue and you can’t seem to keep good staff because of it, what can, and should you do?

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Well, my recommendation is to ensure that your business is the #1, premium outfit that people want to shop and buy from. That way you can price your services and prices at the top of the market and ensure you have large profit margins – allowing you to pay higher compensation and attract the best employees.?

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That’s fine, you say, if you can control your prices, have a service-based business etc. What about if you are in retail and sell brand name products?

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Well, then you are in a tough spot. If consumers can buy your products anywhere else, at the same price or lower – you are at a definite disadvantage.?

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You either need to be extremely good at cost-cutting and curbing any additional expenses (plus pay yourself less); get out of the business altogether or figure out a way whereby you can create some sort of “membership” or service that is in addition to the products you resell.

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This last way is not easy, but it is necessary if you wish to remain in business, where there is such a challenge in finding and keeping good employees.?

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In reality – this is the kind of business you should strive to create anyway, no matter the service or product you sell.?

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How do you create this kind of operation??

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You need tools, a team, and a community. You can’t do it alone. This is exactly why I created RealBusinessMastery.com , where members get access 24/7 to all the foundational and strategic business building training, plus real examples from over 140 different industries, ?so you can profit enormously.? Plus, access to that is second to none.?

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Until next week,

Stay healthy and focus on profit!?

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- Hugh? The “Profit Accelerator ” Expert

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P.S. Are you an independent CPA or Financial Professional, who works with small business owners? If you are, then you would like my latest presentation: “How I added $298,200 to a client's bottom line?simply by examining their financial statements”. You can get the replay here.?cpamagic.localbizmastery.com

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