The month starts here: some things that you need to know--and a few you probably don't.(NEWS)

THE COLLECTED WISDOM OF ...

Name: John Vanderwees

Title: President

Company: Vanderwees Home & Garden

Residence: Thunder Bay

Q What's been your biggest challenge?

For our business, it's been energy costs. They went up dramatically last year and currency exchange is also a challenge because we do so much importing. We buy and plan for a certain retail price. Our product comes in at a certain price but on some merchandise we get dating so it's hard to forecast. In the last 18 months, the exchange has been pretty dramatic.

Q What have you learned the most?

Managing, balancing and planning inventory as a product goes through its life cycle. It's trying to plan a strategy and trying to second-guess a marketing cycle.

Q What's the secret to success?

Good staff is key People talk about service a lot, but service is at the moment. It's how the phone is answered and service on the floor, your warranties, and how you stand behind your product. It's a challenge to keep it at a really high level.

Q What's the best advice you have to give?

You have to research the market and the product. Do people really want it? Make sure there's enough demand for it and if there is, then you have to follow through. Do you have the capital to make it work? Do you have the inventory and supply to make it work? Do you have the staff and the labour? It's putting the whole puzzle together.

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