The aim of this visit is to further strengthen the excellent political relations between Canada and Albania. Albania since 2009 is member of NATO and it is expected that this fall Albania will take the invitation to start negotiation for full membership into EU.

This visit of Deputy Prime Minister and Minister of Foreign Affairs of Albania Mr. Edmond Haxhinasto will also put the stress on an other important matter- to attract the attention of the business community of Canada toward Albania, until now not very much well known but which is without any doubt a country with plenty of surprising investment opportunities.

On may 11, 2012 a round table presentation will be held with the title –  Albania’ s investment  opportunities. Deputy Prime Minister and Minister of Foreign Affairs of Albania Mr. Edmond Haxhinasto is expected to open this meeting.  The CEO of Albanian Investment Development Agency (AIDA),  Ms. Eneida Guria will present in concrete terms the investment opportunities in Albania.

Why Albanaia?  With its developing market economy, Albania offers many opportunities for investors – property and labor costs are low, the young and educated population is ready to work, and tariffs and other legal restrictions are low in many cases and being eliminated in others.

Albania’s location offers a notable trade potential, especially with EU markets – it shares a border with Greece and is just across the Adriatic Sea from Italy. Albania has also entered into free trade agreements with all Balkan countries creating the opportunity for trade throughout the region.

A surprising fact: the biggest foreign investor in Albania is a Canadian company: Banker’s Petroleum.  

Major foreign investors in Albania

Fdi agreements 

The Albanian Government has signed agreements on FDI promotion and protection with several countries of the region and others worldwide such as: Ukraine, Macedonia, Slovenia, U.S.A, Turkey, Austria, Bulgaria, Denmark, Egypt, Germany, Russia, Sweden, England, Czech Republic, Netherlands, Malaysia, Romania, Croatia, Poland, Tunisia, and Switzerland.

Business Climate Improvement

Taxes and fiscal burden

The Albanian government has applied a set of liberal fiscal policies during the last two years. These policy measures consist of:

-Since January 1st, 2008 disposal of the corporate income taxes of 20 %, and implementation a “Profit Tax” of 10%. All domestic and foreign companies registered for VAT are subject to the profit tax. The Resident taxpayers are subject to this tax on their worldwide income. Non-resident taxpayers are taxed only on their Albanian source income.

-Tax rates 10% on Personal Income Tax.

-Unification of the simplified profit tax and the tax on small business as defined in the new Law no. 9632, “On local taxes in the Republic of Albania”, dated 30.10.2006. According to this law, local authorities are now responsible for the collection of the new tax.

-Energy price established according to the consumption schedules for businesses.

-A tax exemption of dividends designated for investments.

Business registering procedures

In the framework of Regulatory Reform, businesses in Albania are only required to register once with the country’s tax authorities.

The National Registration Center (NCR) – “One Stop Shop” began operating in September 2007, providing several important benefits for Albanian Businesses as well as for Foreign Investors.

-All business activity can be registered in one day with a cost of 1 Euro at the One-Stop-Shop Office.

-The application for initial registration of new businesses may be done at the service window at the NRC’s office in Tirana, or in any other NRC service window located in a municipality office. An application may be done at any NRC service window, regardless of the applicant’s seat or location of activity. The On Line business application registrations are allowed. For more detailed information about instructions for registration, please refer to the NRC website at www.qkr.gov.al

Business Licensing

Based on law no. 10081, dated February 23, 2009, which reforms the business licensing process in Albania, the National Licensing Center (NLC) has started its activity as a central public institution, which is subordinate to the Ministry of Economy, Trade and Energy since June 2009.With its one-stop-shop services and shortened, transparent and quick procedures, the NLC reduces the administrative barriers to free enterprise, reduces the costs of business related to the licensing process and minimizes the level of informality, thus improving considerably the business climate in Albania.

For more information please contact:

Embassy of Albania

130 Albert st, Suite 302

Ottawa, ON, K1H 6H8

Email: embassy.ottawa@mfa.gov.al 

Tel: 613 236 30 53

       613 236 41 10 

Fax: 613 236 0804 

He greased that landing back on Jan. 15, 2009, but there was no rulebook for landing an Airbus A320 on the Hudson River. Nor did he get to practice a few times with an empty plane to get the hang of it. He had 155 lives in his hands and one shot to get it right.

In a lot of ways, I think selling a business is a little like trying to land a passenger jet in a river: You’ve probably never done it before, you don’t get to practice, and there’s a lot riding on the outcome.

Here are three things I wish someone had told me about selling a business before I went through the process for the first time:

1. Find a “sell-side” intermediary

Like selling a house, you probably want someone to represent you in the sale of your business (either a business broker or a mergers and acquisition professional).

But beware: both buyers and sellers can hire intermediaries. When your broker has a “buy side” mandate, it means he or she has been hired by a buyer to find a company to purchase.

As a seller, you want to make sure your broker does the bulk of the work on the “sell side” (being hired to sell a company); otherwise you run the risk that your broker’s loyalties lie with “buy side” clients.

That can be a problem if they try to deliver your business as a gift to one of their clients without generating multiple bids for your business.

2. Seven drips till you quit

Once you have an intermediary engaged, he or she is going to work with you to develop a long list of prospective buyers. Once you agree to a list, your broker is going to contact prospective buyers to try and get them interested in a conversation about buying your company.

Just like a sales rep, your broker may try to call a prospect once or twice and then give up after the third time if his or her calls have not been returned. The broker will then tell you “they’re not interested.”

But there could be many reasons a phone call goes unreturned, so the old sales adage “seven drips before you quit” is apropos here. Make sure your broker tries a prospective buyer seven different times before writing them off the list.

3. Answering the question

At some point in the process of selling your business, a prospective buyer will ask you, often casually, “Why do you want to sell your business?”

These eight seemingly innocuous words have derailed more deals than any other.

Obviously you don’t want to lie, but there is a right and a wrong way to answer the question.

Answers like “I want to slow down a bit” or “I want to travel” or “We’ve got a child on the way and I want to spend more time at home” communicate to the buyer you plan on winding down when he or she takes over. What buyers really wants to hear is your intention to help them realize the potential locked inside your business.

Here are some suggested responses based on your age.

If you’re under 40, you clearly aren’t ready to “retire,” so you need to communicate that you see an upside in merging your business with theirs: “In order for us to get to the next level, we need to find a partner with more [insert sales people, distribution, geographic reach, capital or whatever the partner brings to the table].”

If you’re between 40 and 55, most people will understand the need to shore up your personal balance sheet: “I’ve reached a time in my life where I want to create some liquidity for the value I’ve created so far, and, at the same time, find a partner who can help us get to the next level.”

If you’re over 55, you can start to talk about retirement, but you want to make sure you communicate that you still have lots of energy and passion for your business. “I’m at a stage where I need to start thinking about retirement. It’s a long way off yet, but I want to be pro-active.”

Good luck navigating your own smooth landing and let us know if we can help you like we helped others by calling Peter Kallai, CEO, Senior Consultant 613-795-8181.

Within the technology sector key tools include tax based incentives, international market assistance and technology commercialization programs. Technology commercialization support itself can take many forms.  Common elements include such aspects as:

• Networking support:
  • bringing together business and researchers,
  • facilitating partnerships with prospective customers,
  • international door opening;
• Financial support for everything from proof of concept to pilot projects;
• Support for market research and customer facing marketing.

For a company faced with the challenge of bringing technology to the market, the potential for commercialization support can be enticing.  And in many cases it can be leveraged successfully.  But the attractiveness of an apparent helping hand also needs to be carefully considered.

Here are ten questions to ask yourself about technology commercialization support programs.

1. What programs exist that can meet my specific needs?
2. Do I truly understand the nature of the market I am pursuing and whether available support programs are appropriate to help meet my company’s business goals?
3. Is it worth applying for government funding or is there a way to get this done with my internal resources?
4. Will involvement with this program help or slow us down in the time it takes to get to market?
5. How could this funding be spent?  Could I cover all my project expenses?  If not in whole, what % and whet type of costs eligible?
6. What will be my return on this money and how quickly?
7. Are the potential partnerships to be gained helpful to my organization?
8. How do I apply?   How much time and effort will it take to get to the money?  What are my chances of success in receiving the funding?
9. How do I get to know decision makers?  Or should I hire consultants that worked with the program before to help me out?
10. Are there conditions on the acceptance of funding and are the terms compatible with my business plan?

Keystep has considerable knowledge and experience with government technology commercialization support programs.  We have worked with many startup and growth stage companies to identify, evaluate and pursue programs suitable to the company’s needs.  Our experience can help you navigate a sometimes complex array of programs, quickly and efficiently.  Feel free to contact us if you would like assistance in evaluating or pursing various technology assistance programs.

Dennis Nazarenko
E-mail: d.nazarenko@keystep.com
Direct: 613-513-5106

This is particularly true in the business world, whether you are a sharp and ambitious grad fresh from an MBA program, an engineer turned entrepreneur, or an experienced executive struggling with flat or stagnant growth. There are always benefits to be gained from considering another perspective or the insight of someone who has already overcome a similar challenge.

This of course requires a willingness to step back, take a hard and honest look at yourself and your situation, and acknowledge where there may be room for improvement. Consider it a purely mercenary and self-serving process – there are mentors and strategic advisors out there somewhere with the answers you need, your mission should be to pick the brains of as many of them as possible to up your game.

To lever their insight, you must be receptive and appreciative of frank and honest feedback. That is, you must be coachable. There is no room here for defensiveness and fragile egos in need of regular stroking. To be truly coachable takes no shortage of emotional intelligence, or EQ, a concept popularized by Daniel Goleman.

IQ, the traditional measure of cognitive intelligence, focuses on one’s intellectual, analytical, logical and rational abilities. EQ, however, looks at an individual’s ability to cope with stress, crises and unpleasant situations. Someone with a high EQ is adept at reading and understanding the nuances of other people. They are good teambuilders, dealmakers and leaders.

Goleman identified the five domains of EQ as:

• Knowing your emotions.
• Managing your own emotions.
• Motivating yourself.
• Recognizing and understanding other people’s emotions.
• Managing relationships, ie., managing the emotions of others.

Someone with a high EQ is therefore a confident and well-rounded individual who can accept constructive feedback and criticism in the spirit in which it is intended. On the other hand, they can provide criticism and feedback in a manner that is empathetic to its intended recipient to ensure a positive experience all around.

But people who have a low EQ, and may therefore be lacking confidence, self-esteem and/or emotional security, will find it that much more difficult to effectively coach or be coached, because they will more easily get their hackles up, feel put down, or be fearful of moving out of their comfort zone. How brilliant they are in a purely cognitive sense doesn’t really matter. Consider the classic stereotype of the socially inept nerd who has achieved great things academically but is still unsuccessful.

The good news is that there is always opportunity for improvement. While IQ peaks and levels off at around 17 years of age, the qualities of a strong EQ can be developed at any age through coaching and practice. It is not an easy process. Nor is it a skill set that can be acquired simply by reading a book or two. It takes consistent focus with a qualified coach to master Goleman’s five domains as outlined above.

The value of cultivating a strong EQ in yourself and your team should not be overlooked. When it comes to hiring new staff, their experience and technical qualifications for the job must be weighed against how they present themselves as a well-rounded, confident and balanced individuals. This is crucial to building a strong team made up of people who can effectively communicate, collaborate and confidently provide you with the frank feedback that will strengthen the entire organization.

If need assistance,  KEYSTEP can help.

Leo Valiquette
E-mail: l.valquette@keystep.com
Direct: 613-769-9479

Twitter:@LeoValiquette

After chatting for quite some time, I asked him how sales had been.   “Sales were a bit down in 2010….but we are now developing a new software product that will be a blockbuster in the coming year,” he replied.

“How profitable were you?”  “Not very profitable right now,” he said. “We managed to break even last year, but we had to work really hard in the second half of the year as we lost one of our most important customers as they brought all outsourced work in house and cut their reliance on our supply and support resources.”

Twenty or 30 minutes into the conversation about how company was positioned to improve sales and performance, we got to the real stuff. The Owner/CEO told me he was looking for a new CEO because he had cancer. He missed six months of work in 2010 for surgery and recovery after he was diagnosed.  Given this situation, he had decided to leave the company. He hoped that his employees would buy him out, but was uncertain as to who would succeed him as CEO.

The new CEO would be responsible for ensuring the payments from the buyout were made to him and that the company got back into the black. I asked how this new CEO would be compensated. He said the new CEO would have be charged out to customers to earn his way on various IT projects, because there was just not enough revenue for him to draw a salary. However, there would be some options on the table, or the company could be bought for cash right now, if I was interested. I wondered how I was going to pay myself, or the departing owner. There would have to be a quick and dramatic performance improvement at the time when a significant customer was lost and no proof that the new product would attract additional ones.

When I left that meeting, I wondered how many owner-managed companies are out there with no back up plans or back up CEOs. Would they face a similar circumstance of loss of business, loss of revenues and profitability in a similar situation? It’s too late to find an interim or replacement CEO when the chips are down. Would you not want to make sure that you can keep your business running well and capable of paying your people and yourself?

We at Keystep provide consulting services, sit on company boards and provide interim executive services for when you need them. But please call us a long time beforehand so that we can both be ready. No one can predict with any certainty when such services will be needed. If you wait till you need them, it will be too late.

We at Keystep can help.

Peter Kallai, MBA, PMP
E-mail: p.kallai@keystep.com
Direct: 613-795-8181
Skype: peterkallai1

6) Do the right people know who you are? When a journalist writes about your company, what it does, where it’s going and the likelihood of it actually getting there, he or she needs sources. Sure, you may be tickled by the prospects for your brave new enterprise, but yours may not be the most objective opinion. The journalist may be looking for the third-party perspective of analysts who can provide a frank assessment of your prospects. So it pays to put yourself on the radar of the analysts who follow your industry. Other sources of interest to a journalist could be your investors and even competitors. And, again, don’t overlook the value of testimonials from happy customers.

7) Be prepared: When you engage the media, questions can come from all directions. Expect the unexpected. That doesn’t mean you should view the journalist with suspicion and expect to be ambushed with inappropriate questions. Perhaps the journalist is looking to follow up on old news, such as whether the company is still on track to reach profitability by a certain date, or if those hiring plans you mentioned a year ago worked out, what your future growth plans are, etc. When arranging an interview time, confirm what the journalist would like to discuss.

If you still find yourself caught flat-footed by a question, never be afraid to say, “I don’t know. I’ll have to get back to you on that.”

Keep it simple, stupid: That doesn’t mean talk to the journalist like he or she is an idiot. If they want something dumbed down, they’ll ask and you should accommodate. Better to take the time and demonstrate patience with questions that require something be explained in terms a 10-year-old would understand than risk a miscommunication. In the age of viral social media, retractions and correction notices do little to yank back errors that may be damaging to your company, or at least confusing for busy readers who want their information delivered in clear and obvious terms.

9) Good stories have drama, conflict and resolution: Journalists looking to tell a good story hate to hear that everything is perfect and peachy keen. That doesn’t mean they’re looking for trouble where there isn’t any, they just know the skies can’t be sunny and clear all the time. Don’t be afraid to be frank about challenges your business has faced. Instead, take it as an opportunity to talk about how you’ve persevered and overcome and the lessons you’ve learned. What you’ve learned in the School of Hard Knocks can help paint you as a seasoned and capable executive. It also makes for compelling reading that can imbed you in readers’ minds far better than a write up about your latest product’s bells and whistles.

10) Don’t hide: Sometimes, what you don’t want the world to know gets out at the most inconvenient times. Perhaps it’s bad news, or just news you’re not ready to share. It’s often better to set the record straight than ignore a journalist with a scoop that’s been obtained through avenues beyond your control. The journalist may have already scraped up enough information to run with a story before they even pick up the phone to call you. Don’t throw away the chance to tell your side of the story and clear up any possible misinformation. Dodging the media is often perceived as a sign that you have something to hide, which only adds fuel to the fire.

On the other hand, don’t feel pressured to give that interview before you’re certain about what it is you want to say. Take the call, garner exactly what it is the journalist is looking for, and arrange for the interview to take place at a more suitable time. But appreciate the fact that the journalist likely has a deadline and an editor breathing down his or her neck.

In conclusion:

Journalists, by and large, are looking for compelling content that provides something of value to their readers. This is particular true of trade and industry pubs that are struggling to make do in the face of budget and staff reductions. The easier you can make their jobs, the greater the value you can provide to them, the more receptive they will be. The media can be a powerful means through which to promote your value proposition to potential partners, investors and customers, but it takes considerable time and effort to engage with them and build fruitful relationships.

Leo Valiquette
E-mail: l.valquette@keystep.com
Direct: 613-769-9479

Twitter:@LeoValiquette