ISSUE 23 - OCTOBER 2020
CANADIANSME Empowering Canadian Small & Medium Businesses
SMALL BUSINESS
MOVING
FORWARD
Exclusive chat with Lori Darlington, Vice President, Small Business and Strategic Partnerships, RBC CANADIANSME MAGAZINE I OCTOBER 2020 I
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THE SMALL BUSINESS SUMMIT 2020 OCTOBER 20-21 WWW.SMESUMMIT.CA
Supporting partner
CELEBRATING BUSINESS SUCCESS IN CANADA Organised by:
2020-21 CANADIANSME MAGAZINE I OCTOBER 2020 www.businesstalks.ca
I
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Impact Initiative: A Give Back Program by Local SEO Search GIVING BACK to SOCIETY ONE BUSINESS at a TIME
We at Local SEO Search are donating 12 MONTHS OF FULL SERVICE SEO CAMPAIGNS to a total of 100 selected small to medium-sized businesses over 5 years through our giving back project IMPACT INITIATIVE. www.localseosearch.ca/
Happy Small Business Month, Canada! Welcome to the October issue of CanadianSME Magazine. As I’m sure many of you know, October is the month were Canada celebrates small businesses. To celebrate the small business month and help them move forward, CanadianSME has partnered up with Cargo to host the small business summit. This year, it’s more important than ever to provide support to Canada’s SME industry. With COVID-19 having impacted several businesses across the nation and many of whom have been forced to shut down, ensuring to provide them with resources and support that can help them survive these unprecedented times is of the utmost importance. The Small Business Summit, which is scheduled to take place on October 20th and 21st, is an exclusive event designed for small business owners. With six different panels and workshops put in place to help small businesses survive during these challenging times, business leaders and experts will be present to provide their expert advice and tips that can benefit entrepreneurs. In this month’s issue, we’ve included interviews and articles from experts in the business industry that we believe will provide many advantages to small business owners. Business leaders such as Lori Darlington, VP of Small Business and Strategic Partnerships at RBC, Craig McQueen from Softchoice and Susan Uthayakumar, Country President of Schneider Electric Canada, are just some of the few that CanadianSME was honored to sit down with and discuss how COVID-19 is impacting the small business industry and what entrepreneurs can do to survive during these challenging times. Additionally, this issue includes resourceful articles such as How Salesforce Field Service is Transforming Customer Engagement and Why Investing in R&D During a Slowdown Can Help SME’s Rebound. Top business leaders in the nation such as the Honorable Mary Ng, Minister of Small Business, Victor Fedeli, Minister of Economic Development, Garrick Tiplady, Managing Director of Facebook and Instagram Canada, share their expert advice in the article Key Advice to Small Business Owners During These Challenging Times. With October being the small business month, we’ve ensured to include interviews and articles that we believe many small business owners will benefit from. We hope you enjoy this month’s issue, and as always, we look forward to providing you with exclusive content. Happy reading!
www.canadiansme.ca info@canadiansme.ca canadiansme canadian_sme canadiansme canadiansme Publisher Shaik Khaleeluddin (SK)
Webmaster Ashraf
Consulting Editor Shiraz Siddique
Social Media Cmarketing Inc
Creative Designer Rakibul Islam
Photography Ahsan Khan 416 617 3058
Client Manager Sheliza Yacoob Contributors Lori Darlington Susan Uthayakumar Eric Bosco Justin McKellar Victor Fedeli
Mary NG Jeff Dawley Peter S. Drummond Chris Sallans
Kayla Isabelle Nancy Tichbon Duri Alajrami Rebecca Pang Adam Kirsh
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The contents in CanadianSME Magazine are for informational purposes only. Neither Cmarketing, the publishers nor any of its partners, employees or affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of its contents.
CANADIANSME MAGAZINE I OCTOBER 2020 I
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IN THIS ISSUE
CANADIANSME SMALL BUSINESS MAGAZINE
Key advice to small Small Business Moving business owners Forward Exclusive chat with Lori Darlington, Vice during these President, Small Business and Strategic challenging times by Partnerships, RBC Hon. Mary Ng Lori is responsible for leading RBC’s Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next.
Small Business segment and teams. In her role, she provides strategic oversight in delivering market-leading client experiences through innovative partnerships and differentiated, beyond banking solutions to help aspiring entrepreneurs and Canadian business owners start, manage, and grow their ventures.
Small Businesses Moving Online Are Prime Targets For Cyber-Attacks CanadianSME sat down with Craig McQueen, VP of Innovation at Softchoice and discussed initiatives that Softchoice has implemented to help businesses that have been impacted by COVID-19, the biggest technology challenges faced by businesses today.
CRAIG MCQUEEN, VP OF INNOVATION AT SOFTCHOICE
HON. MARY NG Minister of Small Business, Export Promotion and International Trade
LORI DARLINGTON, VICE PRESIDENT, SMALL BUSINESS AND STRATEGIC PARTNERSHIPS, RBC
Discussing back-to-work strategies with SUSAN UTHAYAKUMAR Since joining Schneider Electric over 15 years ago, I have truly come to appreciate that it takes more than a technical background to be a leader in a technology and engineering organization
SUSAN UTHAYAKUMAR COUNTRY PRESIDENT, SCHNEIDER ELECTRIC CANADA
Key Advice To Small Business Owners During These Challenging Times By Garrick Tiplady It’s important that Canadian business owners re-think about meeting their customers where they are - and that’s online.
Key Advice To Small Business Owners During These Challenging Times By Victor Fedeli Our key piece of advice is to be willing to innovate and quickly adapt to this uncertain and constantly evolving economic environment. Since the beginning of this pandemic, Ontario’s small businesses have demonstrated incredible resilience and the true meaning of the Ontario Spirit. Right from the start, they stepped up to offer their ideas, solutions, and supplies to aid in the fight against COVID-19. Our government is encouraging small business owners to continue sharing their experiences, feedback, and suggestions. Throughout the course of this pandemic, we have spoken to countless business owners, institutions and associations to learn more about their circumstances and understand how we can best support each other. It is integral that we continue to keep open lines of communication as we proceed further down the path to economic recovery.
How Salesforce Field Service is Transforming Customer Engagement
GARRICK TIPLADY CMANAGING DIRECTOR, FACEBOOK & INSTAGRAM CANADA
COVID-19 forced us to become more agile in an environment that was continuously changing. We quickly responded to find new and improved ways that allowed us to effectively support our customers’ (and clients’) changing shopping behaviours and needs. To that end, the Salesforce platform has enabled us to share data and knowledge effectively across our teams to support these changing behaviours while also scaling to the demand.
SMALL BUSINESS
MOVING
FORWARD
Exclusive chat with Lori Darlington, Vice President, Small Business and Strategic Partnerships, RBC CANADIANSME MAGAZINE I OCTOBER 2020 I
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Lori is responsible for leading RBC’s Small Business segment and teams. In her role, she provides strategic oversight in delivering market-leading client experiences through innovative partnerships and differentiated, beyond banking solutions to help aspiring entrepreneurs and Canadian business owners start, manage, and grow their ventures. She also leads the strategy development for RBC’s Business Financial Services portfolio, including its client experience, CRM (client relationship management), and data analytics strategies. Lori has more than 20 years of experience within the financial services and technology sectors. In her previous roles, Lori has had a strong focus on sales, client acquisitions, and national employee engagement across various product groups, branch networks, large operation centres, and corporate head office environments. Lori earned her Bachelor of Arts in Psychology from the University of Western Ontario and an MBA from the Richard Ivey School of Business.
It’s hard to believe, but we’re more than 6 months into this new norm created by COVID-19. What are some trends you’re seeing with businesses as they adapt? Firstly, I don’t think it’s any surprise that health and safety is now the number one priority for businesses and consumers alike. In RBC’s 2020 Small Business poll, 9 in 10 Canadians felt COVID-19 would create a permanent shift among consumers toward new standards of hygiene and cleanliness. And a similar survey revealed that more than 80% of Canadians consider this to be the most important factor when thinking about visiting a physical business location. In line with that trend, we’re seeing an increase in the number of digital service offerings and solutions businesses are adopting – both to make it easier to manage their business and to connect with their customers in this new socially distanced world. Nearly 8 in 10 Canadians agreed that many local small businesses offered some kind of online alternative to engage with their customers during COVID-19 and 88% of Canadians we surveyed said having a robust digital presence is no longer a nice-to-do, but a business imperative.
What about small business formations? Has that stagnated or declined given the current environment?
You mentioned the RBC Small Business Survey. Did that reveal anything about how business owners are feeling about the pandemic and recovery efforts during this time?
In our survey, we saw a 4% point decline in the number of Canadians who have started or Yes, we had some very interesting findings purchased a business (to 14% in 2020 from 18% around the resilience of Canadian entrepreneurs last year), which was expected given the current – specifically as it relates to their attitude and climate. What’s interesting is that while there’s outlook in the midst of challenging times. still some hesitation about starting a business In this year’s survey, we found that resilience, during this time, more than half of Canadians optimism and ingenuity in the face of have still thought about owning their own challenges have, and continues to be hallmark business. Among aspiring entrepreneurs (i.e. characteristics of Canadian entrepreneurs. those who have thought of starting Despite the challenges they’ve faced over their own business but have the past 6 months, nearly 9 out of 10 yet owned one), more business owners polled said they than 70% said that felt confident about bouncing the challenges of This is a promising sign that back when faced with setbacks COVID-19 have despite the current economic compared to 72% of the general had a relatively conditions, the entrepreneurial population surveyed. Not only neutral or spirit remains alive and well in that, but 82% of surveyed even positive Canada, and we have a lot of owners expected their business impact on their potential business owners waiting to ride out the pandemic and considerations. in the wings to make their move 22% of owners even expected to when the time is right. prosper in the six months ahead.
This kind of positive outlook and confidence among our country’s small business owners is an important factor in our economic recovery. That said, it’s important to acknowledge that resilience is defined by more than the positive emotional fortitude we see in our survey. Entrepreneurial resilience is also dependent on other practical factors and business decisions related to financial and operational preparedness, competitive products and services, and a strong workforce. So the success of Canadian business owners through these challenging times will really depend on how they ultimately turn their optimism into adaptive business actions, and how well we, as governments, businesses and Canadians, can rally to support them. Because we’re all in this together.
So what are some of the more practical business considerations businesses should be focused on for a strong recovery? My first piece of advice is around financial preparedness because that’s really on everyone’s mind right now. There’s a dangerous misconception that in uncertain times, it’s impossible or pointless to plan ahead and that’s an inaction that could potentially cost you your business. It’s critical that business owners map out some scenario plans – both from a financial and operational perspective. While the hope is you never have to experience your worst case scenario, having a scenario plan will help you be more objective and agile in making decisions if those situations play out.
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Begin by taking stock of your current cash flow, including any emergency business funds, credit facilities and government funding. Then, run some scenarios. For example: •
What if you can only collect 25%, 50% or 75% of outstanding receivables?
•
What if you add 0%, 25%, 50% or 75% in new revenues in the next 4 months?
•
How will operational expenses like wages and overhead costs impact your cash flow if you’re operating at less-than-full capacity given physical distancing measures?
As you plan, make some assumptions as to the number of months your business may feel the impact of particular crisis and the effect it will have on sales. Look for opportunities to improve operational efficiencies and preserve as much cash as possible during the re-emergence phase by identifying critical vs. nice-to-do activities, and streamlining your inventory.
On that note, my second tip would be to consider supplementing your current business model with digital offerings. In light of new health and safety priorities and customer expectations, an eCommerce strategy can provide a new revenue stream and channel to engage with your loyal customers. In the event of another large-scale disruption to your physical operations, a digital channel also allows you to quickly pivot and maintain business continuity. eCommerce solutions aside, entrepreneurs should also look at digital and data-driven tools and process to simplify your operations and administrative tasks. Time is money, and there are lots of digital solutions out there to help you better integrate, streamline and digital things like payroll, employee communications, cash flow management, reporting and other administrative tasks. Many of those are available through RBC today, including solutions with ADP, Moneris, League, Wello and Magnet. We also offer powerful, data-driven solutions designed for small business owners. These include NOMI Insights for business to help manage cash flow and
“
financial snapshots, and RBC Insight Edge™ for Small Business to provide aggregated local market insights to help determine things like optimal store locations, hours of operation, local competitive performance and target customer demographics. Finally, book a call with a business advisor at your bank and don’t wait until you need something. Share your scenario plans with them, talk to them about your operational needs and share your questions and concerns before you need to act on them. Beyond financial solutions, our Business Advisors at RBC proactively work with business owners to support contingency plans and guide you to tools and resources that go beyond traditional banking to support the day-to-day needs of your business. There’s lots of information out there, and it can feel overwhelming for business owners right now, but they don’t have to do this alone.
On our end, we’ve tried to centralize all of that information into one easy, one-stop hub online. So if you’re looking for tips, resources, COVID-related information and solutions that go beyond banking, visit www.rbc.com/smallbusinessnavigator.
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20-21 October 2020 From 11 am to 3 pm
Small Business Moving Forward Don't miss out on this opportunity to gain valuable information from top leaders in this exclusive summit and get your business moving in the right direction.
This exclusive two-day summit will be featuring panel discussions, webinars and keynote presentations by Canada's top business leaders and entrepreneurs.
Adapting to new normal
Why attend:
Who should attend:
Tech adoption
Every small business owner wants to learn entrepreneurial resilience during challenging times. As a small business owner, you want to know and discover the best strategies to implement during and after the Covid-19 pandemic.
Small Business Leaders, Owners, CEOs, Business consultants, Finance and HR managers, IT decision-makers from small and medium enterprises who are facing challenges to adopt innovative technologies.
Empowering Small Businesses for the new normal
Tech adoption for Small Businesses through Covid-19 and beyond
Entrepreneurial resilience Successful entrepreneurs and CEOs from various industries will discuss how you can revive your business during unpredictable times.
Women entrepreneurship We will discuss resources and tools that are available to women entrepreneurs to deal with Covid-19
Registrations starting soon
smesummit.ca
Small Business Moving Forward Canadian small businesses are the backbone of our economy. They play a significant role in creating employment opportunities and contributing to the overall GDP. Due to the current situation, many businesses are currently struggling to bring their business back in action. Small and medium-sized businesses are looking for ways to improve their situation. We want to be able to aid as much as possible and allow small businesses can stay afloat during these challenging times so that no one is forced to shut their doors permanently. Together, we can help and support, and we can revive these small
businesses as they continue to serve
our communities and provide us with fantastic service and essentials that we all need.
We are living in unprecedented times, and small businesses in Canada are feeling the impact. We at CanadianSME want to make sure small businesses are equipped with the right knowledge and tools and are prepared for the new normal. In this summit, we will be discussing entrepreneurial resilience in challenging times, small business leadership, Cloud and Technology that can transform your small business, live Q&A, cash flow tips from top financial experts, mental health and much more. Don't miss out on this opportunity to gain valuable information from top leaders in this exclusive summit and get your business moving in the right direction.
Why attend:Â Every small business owner wants to learn
entrepreneurial resilience during challenging times. As a small business owner, you want
to know and discover the best strategies to implement during and after the Covid-19
pandemic. In this summit, you will learn The
Tech adoption for Small Businesses through Covid-19 and beyond. Managing cash flow during a period of crisis, small business
leadership in the time of crisis and women entrepreneurship challenges. This summit will help you get the top technology tips, business tips, and the best available
resources to keep your small business on track during and after Covid-19.
Who should attend Small Business Leaders, Owners, CEOs, Business consultants, Finance and HR
managers, IT decision-makers from small and medium enterprises who face
challenges to adopt innovative technologies.
Small Business Moving Forward
THE RIGHT MIX FOR SMALL BUSINESS MARKETING
OCTOBER 20, 3:30 PM -4:15 PM Covid has made clear that the widening your sales funnel needs to be a digital-first undertaking. Without the aid of in-person meetings, the reality has never been clearer that any business – yes including small businesses – must have an integrated communications messaging and marketing technology strategy focused on lead generation. Then it’s your responsibility to close the deal.
JOEL SEARS Branderos - Creative Director Copywriter, Educator
RICHARD TOKER Branderos Account Director/Project Manager/Educator
POHSKROW
In this dynamic presentation, Joel Sears and Richard Toker of the Branderos agency will be joined by their SEO and analytics colleague Michael Halbmeier of Clear Digital (https://cleardigital.ca/who-we-are/) to discuss practical steps that small businesses can take to wisely and efficiently tap into the power of digital marketing. This presentation will address the two fundamental barriers small business face in using marketing to accelerate their business growth. The first is: you have a story – so how do you articulate it and package it? The second barrier is creating an ongoing digital presence that builds your network and provides a continual source for fresh leads. That requires a fully SEO-optimized website and the judicious use of digital advertising. Those two obstacles are what stand between small business success and failure. As an agency focused on SMEs, Branderos has heard over and over again this refrain: “We get everything but marketing.” You can’t bury your head in the sand any longer, thanks to Covid. Open your eyes to how the right message and the right use of digital channels can take your business further and faster than ever.
STOP TELLING YOUR STORY BECOME PART OF THEIRS
OCTOBER 21 - 10:00 AM- 10:30 AM Attention is your oxygen. It breathes life into your opportunity to attract customers, talent, and capital. The challenge is that most brands, businesses and even careers are starving for attention. Why? We are living in the age of noise, and an age where the equivalent of one day in seven is spent looking at our mobile phone. Add to that the creation of a platform economy where apps want to compress if not compromise the entire supply chain. So how do you get the attention you deserve? Marketing Hall of Legends Tony Chapman will tell you how by showing how to craft stories that engage the head, heart and hands of all who matter to you.
POHSKROW
Benefits Of Diversity In The Workplace For Small Business Diversity is an integral part of any organization. An inclusive environment in an organization means greater innovation, productivity, and an increase in ROI - all by having a diverse background of individuals. Gender, race, sexual orientation, beliefs, and physical and mental ability all contribute to what makes us unique individuals. Diversity and Inclusion (D&I) is important now more than ever, especially during challenging times. COVID-19 has impacted the way in which some individuals were viewed based on their race and the #BlackLivesMatter movement has raised awareness of the needs of minorities and given them a voice to be heard. This panel discussion will discuss the ways you can get involved to ensure inclusivity across your entire organization. You will learn how to manage and recruit a diverse team
TAHIRA BHARMAL
(Moderator) Chief Strategy Officer (CSO)
MENTORS CONSULT
DUNCAN L. SINCLAIR Chair
DELOITTE CANADA & CHILE
of individuals, employee retention, building rapport and more. As well, you will learn about all the support programs available and other important tools that would greatly benefit your team, thus making your small business more inclusive and successful.
ANDREA LEKUSHOFF President
BROAD REACH COMMUNICATIONS
TARA HUNT CEO, Truly Inc. / Co-founder
PHLYWHEEL
STACEY CUMMINGS
ANDRIA BARRETT
PUROLATOR
THE CANADIAN BLACK CHAMBER OF COMMERCE
Head of Customer Solutions Marketing
President
Panel Discussion
Entrepreneurial resilience during challenging times Entrepreneurs are by nature very strong
individuals who are capable of great things. In order to maintain that greatness, an entrepreneur must be able to withstand any difficulties their organization may face. That is why it is important for any entrepreneur to have resilience during challenging times and be the lifeline that employees can look to for support. With the spread of COVID-19, entrepreneurs are facing unprecedented challenges. There is no doubt that many of our businesses and
NANCY WILSON
economies are going to get worse before
Founder and CEO CANADIAN WOMEN’S CHAMBER OF COMMERCE
they get better. It's important to learn how to self-manage and make critical business decisions during these times. In this panel, 5 successful entrepreneurs and CEOs from across the board will discuss how
ANDREW D’SOUZA Co-Founder & CEO
CLEARBANC
KIRK SIMPSON Co-Founder, CEO
WAVE HQ
you can revive your business during unpredictable times. This panel will teach you how to make better business decisions and build entrepreneurial resilience both internally and externally. It will also give you the knowledge on how to be socially responsible, build better brand awareness, how to address employees and customers.
BERTRAND STERN-GILLET CEO PENINSULA CANADA
NUNZIO PRESTA Founder and Ceo
BUY AND SELL A BUSINESS
ELAINE KUNDA
Founder, Managing Partner DISRUPTION VENTURES
JIM ESTILL President and Ceo
SHIPPERBEE & DANBY APPLIANCES
and adapt to the changing landscape as the economy reopens.
Panel Discussion
Tech adoption for Small Businesses through Covid-19 and beyond. OCTOBER 21Â - 11: 00 AM- 12:00 PM
Technology is the future and important for every business. Following the onset of the pandemic, small businesses across the world were forced to change their business models. Many businesses have integrated digital technology into their infrastructure and many are forced to quickly adjust as they transition into the new normal post-COVID. To stay resilient meant switching to new digital
MIKI VELEMIROVICH
platforms, new response strategies and
(Moderator) President
CARGO
adapting to technology. Tech experts from across Canada will discuss Tech adoption for Small Businesses through COVID-19 and beyond. The panellists will discuss the most important available
PATRICK DIAB
Chief Product Officer MONERIS
ADAM KIRSH
AVP Commercial Sales Small and Growth Business Canada
SALESFORCE
technologies that can help small businesses to succeed post-COVID. They will also discuss how to manage employees working remotely and how to address this with a creative approach. As a business owner, it’s important to be
CHARLIE REGAN
Capability Expansion Orchestrator
NERDS ON SITE INC
NANCY TICHBON
Managing Director Canada
SAGE NORTH AMERICA
educated on how to utilize the latest tech for your business. We have some of the top leaders in the IT industry to discuss all the right tools needed to help steer you in the right direction. After having the right tools and tech knowledge, it will enable you to grow and scale your small and medium businesses even further.
JITAN PATEL
PAMELA PELLETIER
LENOVO
DELL EMC
National Director of Sales
National Sales Director
Panel duration: 45 minutes
Panel Discussion
Empowering Women Entrepreneurs During COVID-19 Women are very important in the business industry. Unfortunately, there haven't been many female entrepreneurs because of the lack of support, which ultimately makes it difficult for a female entrepreneur to survive, especially during the pandemic. COVID-19 has impacted entrepreneurs in unimaginable ways. It has an even greater impact on female entrepreneurs as they have greater barriers to entry compared to
HON. MARY NG (Moderator)
MINISTER OF SMALL BUSINESS, EXPORT PROMOTION AND INTERNATIONAL TRADE
their male counterparts. Trying to stay afloat during these times can be very challenging for women as they are underrepresented. Investing portfolios usually include very few female founders and presumably, women will find it more difficult to fund their ventures during the pandemic.
NANCY WILSON
JAMIE HOOBANOFF
CANADIAN WOMEN’S CHAMBER OF COMMERCE
THE LEADERSHIP AGENCY
Founder and CEO
Woman entrepreneurs need us now more than ever, that's why we've brought in top
Founder
female experts to help you learn why women-led ventures will be the backbone of recovery as we move along in the pandemic. This panel will give you the confidence to face any challenges with advice, knowledge, tools and tips from top female entrepreneurs in the industry.
PRIYA CHOPRA Founder & CEO
1MILK2SUGARS
Panel duration: 45 minutes
NATASHA KOIFMAN President
NKPR
Panel Discussion
Small Business Leadership, Challenges and Solutions When it comes to having a successful organization, leadership skills are amongst the most important aspects to consider. Strong business leaders have the power to inspire the organization, especially their employees to achieve business goals and maximize their productivity. They also inspire innovation and a healthy work environment. Educating yourself is one of the best ways to (Moderator)
PETER S. DRUMMOND Co-Founder
PSD+G STRATEGY GROUP & 32 DEGREES VENTURES
DAN KELLY
President, CEO and Chair
CFIB
adapt your skills to the changing environment and understand the skills required in order to lead with confidence. One of the most amazing things you can do as a leader is the ability to inspire and show resilience and strength even through times of uncertainty. Through this panel, top industry leaders will help you uncover the required skills to captivate your audience and succeed in the
MIKI VELEMIROVICH President
CARGO
CHRISTOPHER ACHKAR Founder and Employment Lawyer
ACHKAR LAW
business world. You will learn the right skill set required when leading in a time of crisis. This panel discussion will also teach you about the right business tools, how to effectively manage a team remotely, how to build the right blueprint for your organization, and much more. Panel duration: 45 minutes
SHIRAZ SIDDIQUE Founder
LEVERAGE CONSULTING
CHANTAL CARTER Founder
LOVE & NUDES INTIMATES
Panel Discussion
How to Manage Finances in Times of Crisis One of the most important aspects of any business is finances. Without the right knowledge and financial tools, your business could be struggling, especially during times of crisis. Whether is information about learning how to manage your cash flow, how to gain more capital, or how to find ways to fund your business, we have you covered. Through this panel, you will learn how to effectively manage cash flow and utilize funding to continue to operate your business and how to maximize your business's potential
SUCHITA SIKAND (Moderator) Digital Product Owner North American Digital Channels BMO
with a limited budget. We will also cover important topics such as, updating your financial forecasts, tapping into relief funding resources. SAM KOHLI
Financial experts in the field will discuss how small business owners can manage their
Kohli Appraisers (President), Malton BIA (Chair), Tourism Mississauga (Vice-Chair)
ANDREW MACMARTIN
National leader for Accounting Infrastructure Services
DELOITTE
finances during and after COVID-19. Top financial experts will share valuable advice and help you to gain critical knowledge and cash flow management skills. You will learn how to identify upcoming issues and better manage and solve financial problems which will allow you to successfully operate your business through challenging times.
REBECCA PANG
Vice President, Commercial Financial Services, Diversified Asian Markets
DANIELLE BREWIN GRAHAM Principal
SANDPIPER VENTURES
RBC
Panel duration: 45 minutes
FRANK BILOTTA Partner Tax
SBLR LLP
DINO INFANTI
Partner, National LeaderÂ
KPMG PRIVATE ENTERPRISE TAX
BUSINESS WOMAN OF THE YEAR Sponsored by:
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KEY ADVICE FROM
THE HONOURABLE V I C TO R F E D E L I The Honourable Victor Fedeli is a lifelong entrepreneur, successful business person, and philanthropist, and serves the Ford government as Minister of Economic Development, Job Creation and Trade. His business experience led his firm Fedeli Corporation to be ranked 34th in the Top 50 Best Places to Work in Canada in 1989. It also served him well, when he was elected to two terms as Mayor of North Bay from 2003 to 2010. As Mayor, Vic focused on fiscal prudence and economic development, restoring hope and restoring solvency to North Bay. Vic served ten terms on the Board of the North Bay and District Chamber of Commerce, served as Director with Global Vision, and has served on many agencies, boards, and commissions, often as Chair. He is married to local humour writer Patty, and is always seen in one of his trademark yellow ties.
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hat is your key advice to small business owners during these challenging times? Our key piece of advice is to be willing to innovate and quickly adapt to this uncertain and constantly evolving economic environment. Since the beginning of this pandemic, Ontario’s small businesses have demonstrated incredible resilience and the true meaning of the Ontario Spirit. Right from the start, they stepped up to offer their ideas, solutions, and supplies to aid in the fight against COVID-19. Our government is encouraging small business owners to continue sharing their experiences, feedback, and suggestions. Throughout the course of this pandemic, we have spoken to countless business owners, institutions and associations to learn more about their circumstances and understand how we can best support each other. It is integral that we continue to keep open lines of communication as we proceed further down the path to economic recovery. We remain committed to creating a positive business environment with the right kinds of support so that our small; and medium-sized businesses can remain competitive. By working together, we can rebuild our economy and ensure that no industry and no region in our province is left behind. As our economy recovers, we will continue to support and promote Ontario Made products and services, and remain more committed than ever to cutting red tape and eliminating regulatory burdens that hurt business growth. We look forward to continuing speaking with small business owners and associations to hear about the impacts they are experiencing and how we may support them as part of the longer-term recovery.
And what steps is the government Of Ontario taking to keep small businesses afloat during the current crisis? Since first learning of COVID-19, our government has taken significant steps to help businesses that have been impacted by COVID-19. We launched Ontario's Action Plan: Responding to COVID-19. This is a $30 billion package with funding targeted to help families and businesses. This plan includes the following: •
$7.3 billion in relief by temporarily deferring taxes for 100,000 Ontario businesses; and
•
$1.9 billion to allow employers to defer Workplace Safety and Insurance Board payments.
•
A $1.5 billion increase in electricity cost relief compared to the 2019 Budget to make electricity bills more affordable for eligible residential, farm and small business consumers. We launched a website to provide businesses with information on personal protective equipment (PPE) suppliers. The Workplace PPE Supplier Directory has an upto-date list of Ontario companies and business associations that are ready to supply personal protective equipment. We
also
Ontario Together, a website that allows businesses and individuals to submit ideas to meet the challenges of the COVID-19 outbreak and redirect resources towards the production of essential equipment including ventilators, masks, swabs and eye protection. We continue to work with our counterparts through our COVID-19: Tackling the Barriers website to allow temporary changes to provincial rules and regulations in order to remove any barriers that are hindering business and negatively impacting Ontario's supply chain. We have worked with the federal government to develop the Small and Medium-sized Enterprise Loan that will enable up to $40 billion in lending, supported through Export Development Canada (EDC) and the Business Development Bank (BDC). This program will help businesses meet cash flow requirements through guaranteed loans. Ontario has committed $241 million in partnership with the federal government to deliver more than $900 million in urgent relief to small businesses and their landlords through the Canada Emergency Commercial Rent Assistance Program (CECRA). We also paused commercial evictions so landlords who have commercial tenants eligible for rent assistance through the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses can’t lock them out or seize their assets. We have partnered with the federal government to help small businesses reach more customers through the Digital Main Street platform. This $57-million program will help up to 22,900 Ontario businesses create and enhance their online presence and generate jobs for more than 1,400 students. We teamed up with the Canadian Manufacturers and Exporters to launch the Ontario Made program. Consumers use their purchasing power to directly support local manufacturers and play a critical role in accelerating the province’s economic recovery. I am confident that with these decisive actions, Ontario is well positioned to weather the challenges ahead. For more information, please visit COVID-19: Support for businesses.
launched CANADIANSME MAGAZINE I OCTOBER 2020 I
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Attention is Your Oxygen Three ways to breathe life into your top and bottom line I just completed an 18 part podcast series titled Small Business Matters, presented by RBC. In each episode, I personalize a small business owner's story and then match them with timely and much-needed advice from three thought leaders. In turn, we also produced a six-part series on how small business owners can drive their Top and Bottom Line. I have experts weigh in personal branding, consumer behaviour, culture, digital transformation, media amplification, and best practices. You can locate both series here: https://chatterthatmatters.ca/ What I learned is that every successful small business shares one thing, attention. It's their oxygen. It breathes life into how they engage and persuade customers, attract talent and build a winning culture. The challenge is that most businesses and brands are starving for attention. The world is noisy, and the marketplace is competitive. So how do you get the attention you deserve?
It begins with defining why you matter. Successful small business owners focus on unmet needs. They matter because they offer products and services that help their customers get to where they need to go. It continues with how you tell your story. Take why you matter and weave that value proposition across every touchpoint - marketing, sales, and service. Above all, it requires fortitude. Do you have the courage to carry on in times of great diversity? In response to changing consumer needs, the entrepreneurs who continuously re-imagine and re-invent why they matter will emerge smarter, faster, and grittier.
To all the small business owners in Canada, you are the heart of our economy, and you deserve a standing ovation, and our loyalty to keep you and your businesses beating strong.
Tony Chapman Host of the Podcast Chatter that Matters Tony Chapman is one of the youngest members to be inducted into the Marketing Hall of Legends, testament to a career where he founded and built two internationally renowned advertising agencies and a research firm. Six years ago Tony sold his remaining interests to freely speak his mind in the media, and to at conferences around the world. Tony is an advocate of small business owners. His most recent project in creating Chatter that Matters, presented by RBC. Tony's platform includes a podcast, videos and posts focused on helping Small Business Owners be more competitive and consumers be more aware as to the importance of their loyalty.
Duncan Sinclair is the Chair of Deloitte Canada and Chile, and a member of the Deloitte Global Board. Throughout his 32-year career, Duncan’s professional activities include serving public and private global businesses in the mining, telecommunication, consumer business, manufacturing, real estate, and construction industries, as well as national and regional governments. Duncan is passionate about developing those around him and building a better future for Canada and Chile. Duncan currently serves as Chair of the Long Term Investment Organization and sits on The Princess Margaret Cancer Foundation Board of Directors. He is a member of the advisory board of the Global Projects Centre at Stanford University, the Lazaridis Institute at Wilfred Laurier University, the Smith School of Business at Queen’s University, and the Junior Achievement of Central Ontario Board of Governors. Duncan believes in the impactful role business leaders play in shaping stronger, more prosperous communities.
hat is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
KEY ADVICE FROM
DUNCAN SINCLAIR Chair Of Deloitte Canada And Chile
At Deloitte we understand that supporting small and medium-sized enterprises is a critical part of how Canada will care for its entrepreneurs throughout the pandemic, and emerge as a stronger, more prosperous society and economically inclusive country on the other side. My key advice to these courageous leaders is to remain grounded in your purpose: why do you do what you do? This awareness of who you are and the value you bring to your customers and constituents builds a sense of pride in your people and creates long-term, trust-based relationships. Building trust is essential for any business to prosper and thrive no matter the climate. Listening to customer needs, being creative in new ways of bringing value and constantly communicating with your people about how you will thrive post the pandemic are all part of building confidence in the future. Remember: you are responsible for creating our country’s rich and vibrant economy, and we are grateful that you do.
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KEY ADVICE FROM
SUSAN BOWEN CEO and President, Aptum
With over 20 years’ experience in the technology industry, Susan is the CEO and President of Aptum. She understands the importance of transformational leadership to stay at the forefront of customer needs and expectations. Throughout her career, Susan has earned a reputation as a trusted advisor and leading voice in the technology industry. Creating partnerships around technology helps businesses adapt to change, spur innovation, and create value. She would say, “That’s when things truly happen.” While her passion for technology has helped guide her, Susan’s strong focus on sustaining revenue growth and driving operational efficiency has helped create an organization devoted to enabling its customers run their businesses.
What is your key advice to small business owners during these challenging times? For many organizations, the pandemic has highlighted the importance of business agility.
Spurred on by her experience as one of the only women in her Computer Science classes in the early 90’s, Susan is a passionate advocate for the advancement of diversity and inclusion. During her time in the UK, Susan was a Founder & Chair of the Skills and Diversity Council for techUK, a founding Director for The Tech Talent Charter, and in 2017 was named among the top 50 Most Influential Women in UK IT by Computer Weekly magazine. Prior to taking on global leadership at Aptum (formerly Cogeco Peer 1), Susan was Vice President and General Manager of Cogeco Peer 1, EMEA, where she spearheaded strategic direction. Susan has also held the role of Chief of Staff UK & Ireland at Hewlett Packard Enterprise (HPE) following her tenure of over 16 years at HP UK Ltd.
While remote working isn’t a completely new concept to our global team at Aptum, many companies, including our own, had to rapidly shift from a mainly in-office model to work-from-home one. Moving to a remote work structure can put a strain on technology resources because your computing model changes. However, relying on cloud solutions instead of on-site computing hardware can help. Cloud resources are designed to scale up and down depending upon demand and they can be accessed from anywhere – in the office, at home, or on the road. We believe demand for cloud native-products, such as Office 365 and Teams, and online software-as-service solutions for internal operations like accounting and human resources are going to grow significantly. These cloud solutions include both public (AWS, Google and Azure) but also there is an increased demand for private cloud and other bespoke/custom hosting solutions due to security or application demands. At the heart of all of this is the need for increased data management.
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And what steps should they take to keep their small business afloat during the current crisis? We found flexibility helps when it comes to working with your employees. For example at Aptum, we offered a voluntary four-day workweek and nine-days every two weeks as options to our workers who wanted a break or needed time to adjust to their new reality. Many parents found themselves having to balance working from home with helping their children adjust to online learning; having more time off to handle their new responsibilities helped. We believe, giving our workforce options helped us build a stronger sense of identity as a team working towards a common goal.
DISCUSSING BACK-TO-WORK S T R AT E G I E S W I T H SUSAN UTHAYAKUMAR Country President, Schneider Electric Canada
S
Susan Uthayakumar is the Canada Country President at Schneider Electric. Throughout her 15-year tenure with the company, Susan has been instrumental in transforming Schneider Electric from a product manufacturer to a specialist in energy management and automation technologies. Starting in mergers and acquisitions for North America, Susan went on to lead finance for North America, the low voltage and channel business for Canada and national sales for Canada, and was appointed the Canada Country President in 2018. Prior to joining Schneider, Susan led strategy and M&A projects globally with McCain Foods Limited, an international leader in the frozen food industry employing over 20,000 people and operating 57 production facilities in six continents with annual sales of $6 billion. Susan also held various leadership positions with Deloitte, a global advisory firm.
Susan has extensive board experience with both for-profit and industry boards, where she is dedicated to driving reduction in carbon emissions using technological solutions, enhancing electrical grid innovation, safety and operational efficiency. Susan is passionate about developing future business leaders and is a champion of weaving diversity and inclusion (D&I) into the Schneider Electric company fabric through her active membership on the company’s D&I board. Susan is a strong advocate for the UN Women Empowerment Principles, and is working to increase diversity and inclusion in the workplace and to increase labour participation among under-represented populations. Susan believes in using her work and her platform to drive impact both in business and in her community, championing innovation, advocating for women in science, technology, engineering and math (STEM), and building the leaders of tomorrow. Susan has an Executive MBA from the Kellogg School of Management at Northwestern University with a focus on international business practices. In addition, she holds a Master of Accounting (MAcc) and a Bachelor of Arts degree from the University of Waterloo. Susan has also completed the Women’s Senior Leadership Program and Executive Scholar Certification from the Kellogg School of Management, and holds the Chartered Accountant (CA) and Certified Public Accountant (CPA) designations. Susan’s interests include travelling and experiencing the diversity offered by different cultures, theatre, and reading.
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You’ve been with Schneider Electric for over 15 years and have played an integral part in driving transformation and growth of the company. What are some of the strategies you used that have contributed to the company’s success and how important are these strategies in the wake of the COVID-19 pandemic? Since joining Schneider Electric over 15 years ago, I have truly come to appreciate that it takes more than a technical background to be a leader in a technology and engineering organization, and within the industry. In order to bring success to a company, there has to be true alignment with what the company does and your values and passion. Schneider at the core is about sustainability and I feel very strongly about mitigating the climate impact on our planet. Like all businesses, we’re facing challenging times brought on by the global pandemic. What positions Schneider Electric for continued success in this climate are the core values that make it a great company. Keeping these pillars at the forefront of the business ensures all employees feel purpose in the work we’re doing. Schneider is a strong advocate for women in leadership, and champions diversity, inclusion and belonging as part of the company fabric. Employees are at the centre of the organization, which has been demonstrated in Schneider’s strong response to prioritize employee health and safety throughout the pandemic. Schneider’s vision is to be a leader in sustainability through use of technology and automation, and the commitment to doing what’s best for people and the planet. These core values, ones I share with the company, guide how I navigate the Canadian operations in today’s climate. We have been transforming constantly to service our customer base and address the energy dilemma that the world is facing. This has made us extremely agile. We have also embarked on the digitization journey a long time ago. All of this and the focus on our people has allowed us to minimize the impact on our business during this unpresented health and economic crisis.
COVID-19 has had a huge impact on many organizations. As President of Schneider Electric Canada, what would you say has been the biggest impact that the global pandemic has had on the company and what approach have you taken towards it? CANADIANSME MAGAZINE I OCTOBER 2020 I
Like most organizations across the country, the COVID-19 pandemic raised unprecedented challenges that required quick collaboration, leadership and creative pivots for business recovery and growth. We’ve put policies in place to support work from home and a safe return to workplaces, prioritizing safety for our employees and our customers. We’ve improved flexibility for our employees and pivoted to digitally supporting our customers to minimize on-site visits. Mental and physical health is of the utmost importance, and so we have also launched new employee programs, which includes a well-being diagnosis tool, virtual access to healthcare and mental health professional and weekly wellbeing tips. Of course, we are also focused on preserving the financial health of our organization. As such we implemented cost savings opportunities that not only allowed us to protect the sustainability of our company, but also to safeguard jobs. The pandemic has opened up opportunities for us to find more creative solutions to how we work, which will all ultimately bring us closer together and strengthen our business in the long-term.
The impacts of COVID-19 have been challenging for many companies. Do you believe that Schneider Electric was prepared for the global pandemic and has what it takes to survive a major crisis like this one? All businesses have been impacted by the pandemic, and Schneider Electric is no exception. As a company, we have benefited from our collective global knowledge, experience and perspective, and embraced a dynamic and adaptable approach to navigate the impact. We put our people at the core of our business, therefore ensuring the financial stability of our company and protecting jobs is critically important. One of the programs we have implemented to ensure this stability is through a new Open Talent Market program for professional development, upskilling and mentoring. The benefits of this program run deep. It fosters a culture of mutual support, while also introducing new perspectives and encouraging knowledge sharing across all levels of the company. Thanks to our hard-working and resilient teams, we have been able to continue our mission by 12
keeping our critical manufacturing and service teams connected to our customers while working from home and ensuring physical distancing and safety protocols.
Now that many companies are preparing for their employees to return to work at the office, what do you believe is the biggest challenge that they will face to ensure the safety of their employees? The biggest obstacle in returning to the office will be the changes that will need to be made at physical locations. It may seem simple, and somewhat obvious, but ensuring robust health and safety protocols are closely followed, clearly communicated and understood will be a key factor in the safety of employees that need to work in the office or workplace. Office spaces themselves will also certainly change as businesses look at their overall real estate footprint based on a larger number of remote employees. Many organizations will have fewer sites with new layouts, perhaps encouraging larger, controlled collaboration areas that keep physical distancing measures in mind. However, in order to operate in the physical space, businesses must also consider their building operations As the role of the office and its day-to-day occupancy changes, companies may want to consider the way building technologies can improve employee health and safety. Things like IoT connected HVAC and filtration systems, or sensors that can help manage occupancy and employee traffic, highlight a natural opportunity to digitize building operations for efficiency, sustainability and resiliency.
What do you believe are the three most important aspects that companies should consider when it comes to implementing strategies that will ensure a successful return to work for their employees?
Many companies have implemented new policies and procedures for their employees during the COVID-19 period. Do you believe that some of these new policies should remain even after COVID-19? Why?
As companies and business leaders work towards the successful implementation of a return to office strategy, efforts will be highly dependant on factors that are centered around the need for trust between employees and leaders at all levels. These include:
Over the past months, we’ve seen many organizations implement new policies to help their workforce adapt to these changing times. Of course, procedures adopted to adhere to public safety guidelines and mandates should stay in place as long as local governments deem it necessary.
•
•
•
Consistent and transparent communication between business leaders and employees about the strategy and its development and implementation. Leaders should be consulting employees at all levels to ensure the strategy reflects their needs, expectations and concerns, and that the strategy incorporates as many considerations as required to optimize alignment across the company. Robust training and education of employees on the return to office strategy to ensure an adequate understanding of procedures and the potential risks of not following protocols. Companies may want to consider having “champions” who are trained and tested on the procedures who can act as a point of contact for employees who have questions or concerns. Developing contingency strategies that ensure preparedness if local government mandates and guidelines change due to a rise in positive COVID-19 cases. This could include being prepared for potential positive cases among your employees or another widespread lockdown that impacts non-essential businesses.
In addition, many of these new policies have been developed to help employees, customers and partners of organizations across the country adapt and succeed as they continue to do business in this uncertain and evolving time. Our society has undertaken a large-scale and mostly unplanned remote work experiment, and many companies that had been resistant to employee flexibility have now seen that it’s possible for employees to do their jobs and be just as productive working from anywhere. Flexibility in how and where employees work, and offering balance, is also important as we look to combat remote work and virtual meeting fatigue over the long term. I also believe many of these policies, particularly regarding workplace flexibility, have increased trust between employers and employees, leading to greater job satisfaction, which is an important factor in building a successful and sustainable workforce.
On a final note, many entrepreneurs have already implemented strategies for success to come out of the second wave of COVID-19. What advice do you have for entrepreneurs that can be beneficial for their business during the second wave of the global pandemic? Organizations of all sizes need to prepare for the upcoming challenges by planning and thinking strategically to weather the second wave. We’ve been through one wave and seen how our society, our economy and generally our human behaviours have changed to adapt. With this knowledge, entrepreneurs should ideate now to uncover potential opportunities to pivot their business operations or products to meet anticipated needs so they can be as ready as possible when the time comes. As an example, many Canadian businesses took a drastic pivot in the spring to support essential workers and other groups affected by COVID-19, many launching new products or services such as developing consumer-grade PPE or implementing curbside and contactless pickup options. The resilience of our entrepreneurs throughout the spring wave was inspiring, as was the creativity and the willingness to be nimble and adapt in order to stay afloat.
We have seen increased opportunities for twoway communication across the workforce, introducing surveys and other feedback mechanisms to gauge employee sentiment on important topics like comfort level in returning to work in an office, as well as productivity gains or losses and overall job satisfaction. These new policies and procedures will continue to have positive benefits for organizations that carry them forward, even into the postpandemic world.
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SMALL BUSINESSES
MOVING ONLINE ARE PRIME TARGETS F O R C Y B E R - AT TA C K
CanadianSME sat down with Craig McQueen, VP of Innovation at Softchoice and discussed initiatives that Softchoice has implemented to help businesses that have been impacted by COVID-19, the biggest technology challenges faced by businesses today.
'As
the Vice President, Innovation, Craig provides strategic direction and leadership in
driving the creation of highly differentiated, customer-centric service capabilities and offerings for Softchoice. Craig and his team bring to life Softchoice strategy by painting a vision for technologies we take to customers, lead the development of the services required to help our customers adopt the most secure Hybrid IT and End User Productivity solutions. Craig joined Softchoice in 2013 prior to which he spent two years as a sales coach and consultant helping large technology companies adopt the “Helping Clients Succeed� sales methodology. He worked with sales leaders, sales specialists and engineers in Canada, US, Denmark and UK resulting in larger deal sizes, shorter sales cycles and higher customer satisfaction. Craig also co-founded a successful managed and professional services firm which was eventually acquired by Bell Canada.
What are
some of the services
and programs that Softchoice offers to Canadian small businesses? One area that has been particularly important this year is how we help customers to effectively work remotely. This isn’t just getting the technology working but also ensure that the infrastructure is secure and guide customers with the change management and training of their employees to adapt to these new ways of working. The other area has been helping customers run some of their IT environments in the cloud. Some of them have had to quickly deploy new applications or put in place disaster recovery for their organization. It some cases in an effort to reduce costs, cloud technologies have been very helpful.
COVID-19 has had a huge impact on many businesses across Canada. What would you say is the biggest challenge that businesses who weren’t as technology advanced faced? The pandemic hit every organization in different ways, but the biggest and most common challenge faced by everyone was business continuity in an environment where everyone was remote. With the current situation, the ability to work remotely has become key to business continuity for many organizations. And organizations of all sizes struggled with the lack of a collaborative digital ecosystem that allowed employees to meet virtually, work on shared documents and access information- video conferencing tools, document sharing tools and shared work environments are some key tools.
" SOME ORGANIZATION NS WERE TO SET UP REMOTELY BUT ONLY A SMALL PORTION OF THEIR ORGANIZATION AT A TIME. THEY DIDN’T HAVE THE RIGHT IT ENVIRONMENTS TO SCALE TO THEIR WHOLE ORGANIZATION. "
In your expert opinion, why is it crucial for small businesses to embrace technology? The pandemic has accelerated digital adoption across sectors and for every organization there will be some adjusting to be done on both people and process side to adapt to the new normal. Factors like investment in IT infrastructure, skills gap and re-structuring operations are some key challenges faced by SMBs which can be addressed with the adoption of digital technologies. Digital technology like cloud services can provide a full range of capabilities for SMBs while being straightforward to navigate and manage. In our recent research brief- 2020 Cloud Migration & Adoption Research Brief, we found that organizations with 100-249 employees were set to increase their total number of applications in the cloud by 19.8% within 2 years, by far the largest jump expected across the segments in our survey. Those with 500-999 employees, on the other hand, will see the second largest jump in cloud adoption with an increase of 15.8%. SMEs may also be able to shift faster because they have less of a choice and can make decisions faster compared to larger organizations and the one thing the pandemic has taught us is to be agile in our approach and pivot to adapt to new ways of working. Customers are also demanding to interact through technology. No one wants to pick up a phone to call someone anymore. They expect to do business through an application and have it as automated as possible. This is key to organizations transforming the way they function.
What advice can you give to small business owners when it comes to creating a security operations centre based on technology? I would say that all industries and sectors are facing increased targeting from a security perspective. End users and companies of all sizes and industries will be targeted more than ever. The problem is that often the credential theft achieved by the cyber criminals has them logging into corporate networks as opposed to breaking in. SMBs are typically short staffed in security and are limited in budget when it comes to mitigating risk with proper security measures. I would say this has been exposed even more during the pandemic. That doesn’t mean larger corporations have it figured out completely, but they typically have the means to pivot quickly to
address threats by investing more in their security program. With cloud technologies becoming secure there is less investment requirement than ever before. Much of the required security technologies are built into the platform. The small business just needs to find a partner to help them enable those technologies.
Throughout your professional career, what has been the biggest challenge that you’ve seen entrepreneurs face when it comes to implementing technology in their everyday tasks? Entrepreneurs often have to wear many hats just to keep their business going. This leaves little time to explore how technology can help improve their business and ultimately save them time. There are many communities out there for entrepreneurs to exchange ideas and best practices saving them the research time. Organizations such as Softchoice also make a lot of this information available at no cost helping simplify decisions for organizations..
On a final note, what are some of the initiatives that Softchoice has implemented to help businesses that have been impacted by COVID-19? Once COVID-19 hit we had to continue to act as consultants and guide our customers through this tough time in a faster manner. We began by listening to our customers’ challenges and launching a four phased marketing campaign of Continuity- StabilityEfficiency and Recovery. Based on this approach we launched critical solutions like Remote Work Preparedness workshop and Rapid Response Series of webinars and workshops, all geared towards helping customers address their immediate needs of business continuity. From an internal training perspective, we launched #RoadtoRecovery program to help customers understand the stage they were in their journey. We ran workshops to identify and train our sales teams in customer journeys (i.e. major customer need categories), to quickly diagnose current customer situations and adding a tighter focus on helping our customers adapt in real time to a remote environment to stay agile and productive.
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HOW SALESFORCE FIELD S ERV ICE IS TR AN S FORMI NG CUSTOMER ENGAGEMEN T
CH RI
S
AL L ANS
Vice President, Retail Operations & Geek Squad Best Buy Canada
Chris is a retail operations specialist with over 23 years’ experience in the Retail industry. His knowledge across many different segments of the retail business provides him with a holistic approach to fulfilling the unique needs of different stakeholders, while achieving overall business goals. As VP, Retail Operations, Chris oversees a team that is responsible for facilitating the delivery and design of programs between Best Buy Canada’s corporate headquarters and 172 retail locations. His role includes managing labour, processes, strategic initiatives and execution of both retail stores and Geek Squad. Chris has worked in multiple markets across Canada and has spent time in various roles between the field and at corporate headquarters.
What would you say was the biggest impact that COVID-19 had on Best Buy Canada and how did Salesforce help in this situation? COVID-19 forced us to become more agile in an environment that was continuously changing. We quickly responded to find new and improved ways that allowed us to effectively support our customers’ (and clients’) changing shopping behaviours and needs. To that end, the Salesforce platform has enabled us to share data and knowledge effectively across our teams to support these changing behaviours while also scaling to the demand.
Salesforce recently announced the launch of their Next Generation of Field Service. How do you believe this will impact businesses like Best Buy? Being able to maintain operations and keeping customers (and clients) informed can be challenging. The Next Generation of Field Service has the features to ensure this is a reality.
Many companies have adjusted their ways of conducting business due to the challenges that COVID-19 has caused. How would you say Best Buy’s Geek Squad agents have adjusted their regular way of working? What new procedures have they implemented in their daily tasks since the start of COVID-19? The safety of our agents and client is always our number one priority. COVID-19 has forced us to take this to another level. Teams across the organization have spent countless hours planning, developing and implementing new processes and initiatives as a direct result of COVID-19. Some specific examples include; safety training, new and enhanced notification processes to inform our clients of safety procedures and expectations, additional PPE and physical distancing measures,
''
and more options for our clients on how they can leverage Geek Squad for their technology, whether in-store, in-home, or completely remotely. and the solutions it provides help us to
What would you say is the biggest challenge that employees working in the field face and what are some of the ways that Salesforce is working on addressing these challenges? Our agents working in the field are exceptionally talented. Technology is already complex and rapidly changing; it’s made even more complex by having to manage data from multiple, often separate systems. Salesforce and the solutions it provides help us to unify those systems and reduce that complexity, allowing the talents of the agents to really shine. CANADIANSME MAGAZINE I OCTOBER 2020 I
unify those systems and reduce that complexity, allowing the talents of the agents to really shine.
'' Would you say the new changes that Salesforce has implemented for the Field Service will facilitate the way that Geek Squad agents conduct their work in the aftermath of COVID-19? Absolutely, these new changes allow Geek Squad agents to focus on taking care of our client with accuracy and speed. 16
On a final note, what can you tell us about any new projects that Best Buy Canada is currently working on? Our focus right now is on making sure we’re best prepared for the upcoming holiday season, ensuring we have everything ready to help spread out the demand and keep both employees and customers (clients) safe. At the same time, we have teams working on exciting programs for the future, taking into account the new normal in which we are all living, working and playing in.
WH Y I NVE ST I N G I N R &D D U R IN G A S LOWD OWN CA N H EL P S M E S R E B O U N D Temp o rar y Abun d a n ce O f Ta l e n t A n d S u pp o r t Programs M ake It Po ssi b l e
I
t’s natural for small- and medium-sized businesses to cut back to the essentials during an economic crisis like the one we’re experiencing right now. Yet SMEs that find a way to innovate and ramp up investment in R&D when their competitors are retreating are more likely to be Canada’s entrepreneurial success stories of the next decade. Some highpotential SMEs will even transform into large companies over the coming years, largely because they recognized and seized opportunity at a time of uncertainty and fear. The fear is understandable. The recession caused by the COVID-19 pandemic has been severe. Companies across the country have been struggling. At Mitacs, we see these struggles first-hand through our unique vantage point, working with thousands of companies across the country and in almost every sector. We know that SMEs are most concerned with shortterm survival, especially cash flow and paying employees. They’re challenged in managing new remote working arrangements, modifying operations and, in some cases, pivoting to new lines of business.
By Eric Bosco to secure new markets and grow. And the means is within reach because of the unusual and temporary availability of top talent and support programs to help businesses make strategic hires. The talent piece is a crucial part of the equation. Companies building their futures through R&D are in stiff competition to secure the bright young minds that are vital to making their vision a reality. But things are different now. With so many tech firms, startups and research firms pulling in their horns because of the pandemicinduced economic decline, offers and opportunities — including planned job placements — have evaporated for many. Nimble SMEs now have access to talent that may have been out of reach in past years. Getting that talent on board now to help enterprises hit the gas and pull ahead of competitors can be transformative. Som e hig h-poten t ial S M Es h ave
sm ar t ly
h el d
Eric Bosco is chief business development officer at Mitacs, a national not-for-profit that powers growth and innovation by solving business challenges with research solutions from the best academic institutions — with the support of federal, provincial, and territorial governments. An entrepreneur and business leader who helps companies grow through research and development, Bosco was founder and CEO of XYZ Imaging prior to joining Mitacs in 2007.
on to
t h eir R& D teams d u rin g t h e pan demic , wi t h h el p f rom t h e federal wag e su bsid y an d ot h er pro g ram s.
But the pandemic has also brought new opportunities. Recognizing and seizing them can be business-transforming. To borrow from an old adage for stock investors, when everyone else is selling, you should be buying. For forward-thinking businesses, now is the time to accelerate.
As these supports transition, decline or disappear over the coming year, it’s crucial that companies continue to maintain and invest in these teams in order to maintain their competitive position and achieve their vision for the future.
Why and exactly how are good questions, and the answers will be slightly different for every company. Now is the right time for many SMEs
That doesn’t mean that companies shouldn’t be looking to streamline costs at such a challenging time. The key is to find the right balance. A recent
study by Harvard researchers looked at the performance of 4,700 public companies during three recessions. It showed those that find a balance between cutting costs to survive while still investing to grow in the future fare best following an economic downturn. Our advice is simple. Be the first one out of the gate. Don’t cut your investments in R&D. Doing so will make rebounding that much tougher. Add more innovators. Position your business for growth. Get your hands on some of the top talent coming from our world-class PSE institutions. And leverage these investments to development or advance new products and services. We’re here to help. Our 75 business development experts, based across the country from Victoria to St. John’s, can help chart your innovation roadmap, find the right talent to support it and leverage Mitacs funding to augment it.
CANADIANSME MAGAZINE I OCTOBER 2020 I
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EXCELLENCE IN DATA PRIVACY & SECURITY AWARD Sponsored by:
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Bu s i n e s s In n o v a t i o n in t i m e s of Cr i s i s
J
ustin McKellar is the general
manager
brewmaster at
and
Equals
Brewing Company – a London-based
contract
brewing operation that
creates craft beer, spirits-based readyto-drink products, cider, non- alcoholic beer and the newly launched Bangarang hard seltzer. Justin brings a vast amount of experience to the position, having worked at both Molson and Labatt Breweries, while earning his Bachelors in Biochemistry from the University of Waterloo. From there he travelled to Edinburgh to obtain a Masters in Brewing and Distilling from Heriot-Watt University where he developed a focus on quality and productivity. Upon completing his education, Justin spent the next decade working in multiple Canadian breweries in both packaging and distilling capacities. Today, Justin works to deliver high-quality products and build repeatable processes that ensures Equals Brewing Company is a world-class brewing facility.
Throughout your professional career, you’ve worked with several different breweries. In your expert opinion, what would you say is the number one selling factor that many brewers have in common? I wouldn’t say I’m an expert at anything, but I have been lucky enough to work in a great industry for over 12 years. Most of my experience stems from the operations and brewing side of the business. It’s the sales and marketing side that bring different aspects of the brand story life and connects with the target customers. At the end of the day, beer has been enjoyed for millennia, and there is a rich history of the craft and art of brewing. The beer culture in Canada means that people are interested in knowing where their beer is made, where the ingredients came from and more recently, the name of the brewer who made their beer. Leveraging these factors in the brand story is a common factor I see across many breweries. CANADIANSME MAGAZINE I OCTOBER 2020 I
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What sets Equals Brewing Co. apart from other brewers? What gives them a competitive edge? We are a contract brewing manufacturer – that means we provide high quality, reliable brewing for our Canadian and international craft brewing partners. We do everything from contract and partner brewing to copackaging. Thanks to our experienced management, brewing team and state-of-the-art equipment, we have the capabilities to brew any beer style as well as match recipes from a client’s current brewery.
What would you say is the biggest challenge that many brewers face and how can they overcome these challenges? One of the biggest challenges is keeping up with the changing tastes and demands of consumers. Like anything else, the beverage industry goes
through periods where certain styles of beer become more popular than others. To keep your brand top of mind, breweries need to adapt their offerings to appease changing tastes. Many do this by innovating constantly and being able to scale successful seasonal brands into flagships. We support our brewing partners by utilizing our 3.5hL Pilot system to help customers create unique seasonal offerings.
Recent studies have determined that beers sales are seeing a decline as the consumer is now leaning more towards low carb, low sugar and low-calorie drinks as they are now more health conscious. How is Equals Brewing Co. responding to this new change in the consumer market? We have definitely noticed a shift when it comes to the types of beverages consumers are drinking. The younger generations (Millennials and Gen Z) are the ones driving the surge in demand for ready-to-drink alternatives to beer. In seeing the potential in this market segment, Equals Brewing Company decided to launch our own hard seltzer called Bangarang. The brewing process for Bangarang involves an ultra-purification step that separates the alcohol produced during the brewing process, then mixes it with seltzer and all-natural flavourings, resulting in a premium hard craft seltzer with a clean finish. Currently, Bangarang is available exclusively at the Beer Store in three flavours – Mango, Lemon Lime and Blue Raspberry.
Beer alternatives such as ciders, coolers and seltzers have seen a huge increase compared to previous years. Do you believe this new change in the consumer market will last or will beers come back on top once again? Beer alternatives like hard seltzer aren’t going anywhere anytime soon. The LCBO has reported a 42 per cent increase from last summer to this summer. Millennials, who we know are one of the main demographics driving sales of hard seltzer, make up 27 per cent of Canada’s population.
So, with a strong demand from one the largest generations in Canada, it makes sense that hard seltzer is here to stay. I expect every large craft brewer and national brewer to have a portfolio of ready to drink beverages by 2021, including hard seltzers, teas, and other ready to drink options. We’re excited to have Bangarang as part of our portfolio and have seen a very positive response from consumers. Since we’re local to London, ON, the community has been very supportive, and we’ve been gaining traction as we expand across the province. We are now available in 350 Beer Stores across the province.
On a final note, how do you see the brewery industry evolving within the next five years? What are some of the changes that we should be on the lookout for? As millennials mature and Gen Z comes of age, I would not be surprised to see overall beer numbers to remain stable or fall slightly, but within the segment the craft category will continue to see a slight growth. Quality (taste AND consistency) will win in the end, and those that can combine quality products with a compelling and authentic brand will still have the opportunity to break through a highly competitive space. Expect brewers to launch into adjacent categories with spirits or malt based RTDs (ready to drink beverages) in addition to ciders and non-alcoholic options. E-commerce has also become important. Since COVID most brewers now offer direct delivery or curbside pickup, and scalable service providers like Boozer and TheBeerGuy are mobilizing to do your alcohol shopping for you and delivering it to your door. Anecdotally, this exploded during lockdown but has fizzled slightly. However, I do expect it to grow steadily as a retail channel that brewers of any size will ignore at their peril. The beverage retail space in Ontario will be a very interesting one to watch. There are currently 450 “liquor convenience outlets” which is a half step away from moving towards private retail. The current Master Framework Agreement is the main hurdle to preventing further private outlets. Many brewers have challenges with the LCBO as they find it cumbersome to apply for shelf space 1 year in advance and increased competition makes the likelihood of even getting a listing far less than guaranteed.
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KEY ADVICE FROM
THE HONOURABLE
R
M ARY N G
ight from the beginning, our government knew that the only way we could help small business owners through this pandemic was to listen and to respond to their urgent needs as quickly as we could.
The Honourable Mary Ng, Minister of Small Business, Export Promotion and International
Every single day over the past months, my office and I connected with thousands of small business owners, entrepreneurs, industry leaders from every region and every industry across the country.
Minister Ng is a devoted community leader who has always believed in the power
It was by listening and adjusting that we were able to deliver the single largest economic support package for Canadians in our history.
Minister Ng immigrated to Canada from Hong Kong with her family and grew up learning
The Canada Emergency Wage Subsidy has supported over 3.5 million employees, helping small businesses keep their valued teams together – and will be extended until next summer.
Her years working for the Ontario Public Service, Ryerson University, and the Ontario
Over 750,000 business owners keep able to keep up with their operating expenses with the Canada Emergency Business Account – and we helped over 3.2 million entrepreneurs and business owners keep more money in their pockets by deferring GST, HST, and customs duties payments. The Canada Emergency Commercial Rent Assistance has meant over 100,000 small business owners could cover the high cost of rent. We also supported hundreds of thousands more with targeted investments to help businesses in rural communities, women entrepreneurs, Indigenous business owners, businesses in tourism and agriculture, and more. Over the last few months – whether they’ve taken advantage of our emergency supports, adapted their business models, or looked to new markets for opportunities for growth – small business owners have been innovative and nimble, and have shown true resilience. So my advice to small business owners is this: keep pushing, keeping innovating, and keep providing feedback so that we can give you the support you need during this challenging time. We’ll continue to do whatever it takes to support you – and the millions of Canadians you employ – throughout this crisis, as long as it lasts. - Mary Ng, Minister of Small Business, Export Promotion, and International Trade
CANADIANSME MAGAZINE I SEPTEMBER 2020 I
Trade The Honourable Mary Ng was elected as Member of Parliament for Markham–Thornhill in April 2017. of public service. She has 20 years of experience in the areas of education, women’s leadership, job creation, and entrepreneurship. about the struggle and eventual success that many new immigrants experience in Canada. Ministry of Education led to her being recognized as one of Canada’s top-performing public sector leaders. She later served as Director of Appointments for Prime Minister Justin Trudeau. What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a nice-to-have, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like service-based businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
22
Garrick Tiplady is a global business leader with twenty years of experience managing and advising businesses at innovative, missiondriven companies. As Managing Director of Facebook Canada, Garrick ensures that Facebook is a positive contributor to Canada’s economic, social and cultural fabric. He leads the Canadian team with a long-term vision and a strong sense of purpose in all areas of the business - whether impacting the innovation agenda in Canada, working across industries with businesses both big and small, or building community at a global scale. Garrick is a strong advocate for the power of technology to enable small businesses and has been deeply involved with Facebook’s efforts to support small businesses during the COVID-19 pandemic.
KEY ADVICE FROM
GARRICK TIPL ADY Ma n a gi n g D i rec to r a t Fa ce bo o k
What
is your key advice
to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
“With fewer people walking into stores, eating out at restaurants, or attending fitness classes, small businesses must find new ways to expand their reach and engage with customers. It’s important that Canadian business owners re-think about meeting their customers where they are - and that’s online. We’ve jumped forward by a decade in only a few short months – now more than ever people around the world people are shopping online, and the pace of e-commerce adoption is expected to stick even after the pandemic. Every business needs to be an e-commerce business. With the right tools, adopting a digital-first approach can open up a world of opportunity. Take My Bollywood Body, a Brampton-based semi-private gym that pivoted to online when the pandemic
hit. Now, they offer virtual workouts to their online community and expanded their reach by providing online coaching to their clients globally. The small businesses that are not just recovering but thriving are the ones that are leading with a digital-first approach and building their companies by creating a community around their brand. And people want to make deeper connections with the businesses they shop from — from February to May 2020, the number of people searching for a local businesses on Facebook increased by 23 per cent.
At Facebook, we understand leading your business through a digital transformation in the middle of the pandemic isn’t easy. We’re listening and we want to help, which is why we’re recently introducing new suite of tools specifically developed to help small businesses save time and find efficiencies in how they use our platforms and connect with customers. You don’t need to restart - re-evaluate and re-envision your business to map back to the needs of your customer.” - Garrick Tiplady, Managing Director at Facebook Canada
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KEY ADVICE FROM
NA NCY TICHBON Managing Director, Sage Canada
Nancy Tichbon is Managing Director for Sage Canada. Nancy is passionate about helping entrepreneurs realize their dreams by empowering them with the tools needed to thrive in today’s challenging business climate. She brings over 20 years of visionary leadership to her role, nurturing key relationships that drive exceptional experiences for Sage colleagues, partners and customers. Consistently providing strategic vision and developing capable teams, Nancy has demonstrated a strong track record of driving complex change, exceeding sales expectations, building customer loyalty and driving maximum profitability at Canada’s top tech companies. Previously, Nancy was VP, Sales for Bell Mobility and Bell Residential and also served as VP, Customer Experience at Bell. As a customer success leader, Nancy built and managed Customer Operations at tow Virgin Mobile start-ups, while leading Virgin Mobile Canada to win multiple, national-level customer satisfaction awards
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
I
believe that now is the perfect opportunity to pause, reflect, reevaluate, and reimagine the future.
There are many wonderful examples all around us where companies have pivoted to serve their customers best. I am inspired by the small businesses who have been able to adapt quickly to the new reality that we are faced with. This year has brought disruption to traditional sectors that have pivoted to serve customers in a virtual world, seemingly overnight. Take for instance, fivestar restaurants now offering meal delivery kits, personal trainers leveraging videoconferencing tools to serve clients around the world, and retailers providing curbside pick-up. These real-life examples show how critical it is for companies to embrace the unique opportunity before them and discover new ways for customers – new and old – to engage with their products and services like never before. In fact, never have small businesses needed their time back more than today; no one ever started a business hoping to do manual data entry every month. Daily paperwork is cumbersome when
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operating a small business and takes up a lot of time and energy better spent elsewhere, like building relationships with customers. Reducing the amount of time spent on tasks such as accounting will enable business owners to spend more time getting their business back up and running. Small businesses can eliminate manual data entry with Sage AutoEntry, an innovative solution that automates the extraction and processing of receipts, bills, invoices, expenses and statements and uploads them directly into the cloud. Through this automation, small businesses can simply email, scan and upload documents, or quickly snap with a mobile app, and they’re done. I urge small businesses to pause now and build a realistic action plan with a measured approach so that they can reimagine and reinvent themselves for a successful future.
A D A M KIRSH KEY ADVICE FROM
AVP Commercial Sales Small and Growth Business Canada at Salesforce
As AVP for Salesforce Canada, Adam is responsible for leading the small and growth segments, helping to drive success for businesses across Canada. Adam has more than 15 years of experience leading teams and B2B sales across North America.
What is your key advice to small business owners during these challenging times? In the midst of disruption, witnessing the resilience of Canada’s small business owners as they innovate and find new opportunities to connect with their customers, has been inspiring. I encourage them to continue to search for opportunities by leaning into customer-focused tech in all kinds of ways. From offering online ordering for curbside pickup or delivery, to putting more focus on email and social media messaging, these services will help your small business deliver and maintain customer relationships. In fact, according to Salesforce’s SMB Trends report, over half of growing SMBs say tech drives their customer interactions or customer base growth.
And what steps should they take to keep their small business afloat during the current crisis? The new normal is being able to work anywhere. You need to think about how you can leverage digital technology regardless of the size of your business to ensure that safety and accessibility criteria is met, and that people trust they’re in a good place when they are engaged and doing business with you. We’re seeing this happen already. For example, growing SMBs, in particular, are 65% more likely to have accelerated their pace of technology investments due to the pandemic.
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KEY ADVICE FROM
REBECCA PANG Vice President, Commercial Financial Services, Diversified Asian Markets RBC
Rebecca Pang is the Vice President, Commercial Financial Services at RBC where she leads a team of relationship managers with a focus on Asian markets in Toronto. They provide commercial banking services for example business loans, commercial mortgages, and cash management. She has 20 years+ of experience in banking and other industries, including progressive leadership roles in strategy (@Mckinsey & Company), investment banking mergers and acquisitions (Merrill Lynch & Canadian FIs), retail channel analytics and corporate development, in Canada, U.S. and China.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
3
Understandably, small business owners will be focused on short-term survival, but as they lay out their recovery plan, I advise they think about the following:
1
Re-think the budget: Lay out all your costs, identify needs vs. wants, and prioritize where your money should be spent. Think of every item in your list as an investment
– how much return will you get from each of them? And then spend accordingly. And most importantly, while it’s easy to think short-term, I encourage you to think about the future when you budget. What costs could be re-allocated and invested in things that will modernize and allow your business to survive tomorrow? As you budget, effectively leverage government relief programs. These are designed to support and speed up your recovery process.
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Don’t just survive, but thrive by finding new opportunities: It has been said that there’s no education like adversity. While it’s easy to maintain a short-term focus on surviving, it
is critical and perhaps most important to create a long-term vision so your business survives post-recovery and in the expectations of a post-pandemic world. Think – how will consumers behave moving forward? How are other industries modernizing to succeed in this new economy? Can anything be digitized? These are some of the questions you should think about as you move your business into the future. Take this opportunity to see how you can re-brand to stand out, but also survive in the long-term. For most businesses, it has become essential to incorporate a digital aspect; whether it is creating a modern website (booking, shopping, promotion, etc) to completely bringing their services online if possible. 26
Pang received her MBA from Stanford University’s Graduate School of Business and later earned her Chartered Financial Analyst and Chartered Business Valuators designations. Pang currently serves as the board of Toronto Zoo, Yee Hong Foundation and was previously appointed as the Dean Council Member for Ryerson University Ted Rogers School of Management.
Be ok not having all the answers: As you budget and re-think your business model, reach out to experts in the industry and seek advice. Ask them what has been successful and what new things you can try to win now and in the longrun. Don’t be afraid to seek financial and industry guidance and build a plan around their expertise and your personal vision for your business.
KEY ADVICE FROM
PAUL G A S PA R Director of Small Business UPS® Canada
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?? Understanding that this may be a difficult time for some, I would remind them that starting their own business was not an easy task, but they did it. Their resiliency and hard work got their business off the ground. That same determination will get them through this and perhaps provide an opportunity to look for new ways to grow their business. They are not alone as there are those who are here to help them. Based on our research and survey we conducted, some of the key challenges businesses are facing include:
Paul Gaspar was appointed director of small business for UPS Canada in 2011. He is responsible for educating and informing small businesses about the customized services, technologies and innovations available to them at UPS. He works with a team of small business ambassadors who help communicate how to better leverage UPS tools to help them grow and expand both domestically and internationally. Paul’s 29-year career with UPS began in 1991 in operations. Through several roles and responsibilities Paul’s appetite for working with small businesses and educating them on the opportunities available in other markets grew. He soon realized that through his growing network of entrepreneurs, and the focused learnings of SME global supply chains, that he had a wealth of knowledge he can share to improve the success rate of businesses looking to scale and go global.
•
Inventory delays and shortages
•
Fulfillment challenges due to business closures and self-isolation of employees
•
A shift to e-commerce due to social distancing and location closures
•
An increased focus on cost savings from reduced cash flow
Below are some tips that may help: •
Look for new sales opportunities. If you are a store front, and have not focused on your online business, now may be the time.
•
Plan for international shipping. Understand what global markets your product or service may benefit and be ready to make that sale.
•
Look for 3rd party fulfillment options to help with an isolated staff or to manage inventory.
•
Research, research, research. Ask questions, look for organizations that are there to help you network and teach new things. For example, we have partnered with organizations like Startup Canada, RevolutionHer, CCAB and many Boards of Trade and Chambers of Commerce. They help us support, promote and connect with Canadian entrepreneurs and they can do the same for your business.
I want to let the 1.2M small businesses in Canada know that UPS is here to help you adapt, navigate and grow. We will continue to partner with organizations that are a voice for businesses in Canada and we will continue to research and understand your customers to provide guidance.
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What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? It is not an apocalypse out there, but it is not that different. Business owners and people everywhere are hiding their resources and repurposing them in order to weather the storm. Leading and innovating is more important now than ever. Some businesses call it pivoting - others call it just being entrepreneurial and flexible. It is extremely important to use the resources that you have, including the talents of your team, to survive and thrive as a business. You are called now more than ever to lead - starting with managing your employees’ mental health, engagement, and job satisfaction, to making ends meet and grow as a company. From fallen profits to increased costs, business owners are having a hard time staying afloat now more than ever. To assist with adapting to the current environment, business owners should adopt flexibility as a mode of operation and adapt. They should explore business partnerships, as well as new techniques to manage their workforce. Employment agreements should always allow for the business to make changes as required, and when necessary, since we now know how uncertain the future can really be. Remaining flexible to changes and the possibility of needing to adapt overnight allows business owners to get back to the creativity of bringing resources from lowel levels of production to high levels of output.
KEY ADVICE FROM
CHRISTOPHER ACHKAR
Founder and principal of Achkar Law
C
hristopher is the founder and principal of Achkar Law. He has represented clients at multiple levels of court, including tribunals such as the Human Rights Tribunal of Ontario, the Canadian Human Rights Commission, the Ontario Labour Relations Board, and the Workplace Safety and Insurance Board. Christopher also practises in corporate and commercial litigation and disputes, including shareholder agreements, contract disputes, construction law, liens, incorporations, compliance, and other business law issues. He worked and continues to work with top Toronto law firms and legal professionals, and has experience working at the Federal Court of Appeal. Christopher serves on various boards, including CCAS and Spelling Bee Canada.
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The drawing board is exciting for us business owners because we get to reimagine and do things better. Rethinking services and products in a different way, as to get their company back on track, is the sure way to sell your clients on your longevity, as a partner as a service or product provider. How can a business stay afloat during this difficult time? Take a step back and reanalyze the current position of the organization. Who are your talents? Who is flexible? Who is good? Companies should be analyzing where products and services can be repackaged to accommodate for accessibility - financial constraints are changing, so businesses have to think of ways to market their products and services successfully. Businesses need to be providing faster, better, and cheaper services. By forgetting the old limitations on business and being creative, companies get to reimagine, refocus, and ameliorate their products and services to acclimate to the new norm - whatever that is. - Christopher Achkar
A
Andrew D’Souza is the co-founder & CEO of Clearbanc, the biggest ecommerce investor in the world. Clearbanc has invested $1 billion into 2,800+ ecommerce and software companies using data science to identify high-growth funding opportunities in less than 24 hours. This data-driven approach takes the bias out of decision making and helped fund 8x more female founders than traditional VC. Andrew has raised hundreds of millions of dollars in venture capital and is an adviser and investor to companies such as WealthSimple, Properly, and Tulip Retail. Prior to Clearbanc, Andrew was the president of Nymi, a wearable platform focussed on identity and security and the COO of education startup, TopHat. Andrew began his career as a consultant with McKinsey & Company after receiving his degree in Systems Design Engineering from the University of Waterloo.
KEY ADVICE FROM
Focus on why you started your business in the first place and how that ties to the change you want to see in this world. It’s more important now to be rooted in your mission and values. With all the changes we’re seeing in the economic climate, it’s easy to get overwhelmed or default to a repetitive pattern. Many times you forget what motivated you or what sparked your passion to be a founder in the first place. Remembering the reason you began your business and your company’s mission will not only keep you going, but help your team stay confident throughout these uncertain times. Cash is king. It’s no secret that to keep your business afloat during these times, you must remain as liquid as possible. There’s a ton of uncertainties in this new world as we’re all trying to figure it out day by day. So take the time to try and get ideal payment terms from your suppliers and vendors. Negotiate with your landlord, or offer incentives to customers for early payments. Businesses should be pinpointing any source of capital that can easily be accessible to stay afloat. Once you’ve been able to determine how exactly you can do that, then you’re set to take the next step in moving forward
A N D R E W D ’ S O U Z A Co-Founder & CEO Clearbanc
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a nice-to-have, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like service-based businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
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What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
EXPERT ADVICE FOR SMALL BUSINESS OWNERS
Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next.
... By: Bertrand Stern-Gillet, CEO at Peninsula Canada
There is no doubt that the past months have been challenging for small businesses in Canada. Business owners have had to grapple with how to keep business running despite restrictions, and keep employing staff, all while adhering to government guidelines and ensuring health and safety in their workplaces. At Peninsula, we have seen that small businesses need support now more than ever before through the dramatic increase in calls to our advice line and demand for our HR and health and safety advisory services. In order to survive these uncertain times, it is vital that business owners continue to adapt and react to the changes presented by COVID-19 by making decisions that will drive their business forward in new ways. Being proactive and assessing what areas need improvement, where costs can be cut, how work processes can be made more efficient – these decisions will determine the success of your business in the months to come. In already challenging times, the worst thing you can do is nothing. Maintaining control of the business, with a particular focus on costs, will be essential to steering through the current crisis. Most businesses have taken a financial hit with the onset of lockdown and restrictions. Paying attention to keeping costs low will help businesses stay afloat during financial difficulties. At the same time, businesses should be careful not to cut corners with the quality of their service or product. Compromising on quality will only hinder your business and lose the trust of your customers and clients.
Technology is now a must-have, not a nice-tohave, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like servicebased businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
Bertrand is the CEO of Peninsula Canada, the Canadian division of the Peninsula Group – the largest global provider of HR and Health & Safety advice and consultancy services. Bertrand is the youngest member of the Peninsula board, overseeing all the major decisions, operations and resources of company, and heading its expansion across Canada. Previously, Bertrand served as Legal, Advisory & HR Director at Peninsula UK, as the CEO of Croner-i in the UK, and practiced employment and criminal defence law.
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KEY ADVICE FROM
CARMINE CINERARI President at Sharp Electronics of Canada Ltd.
Carmine Cinerari is President of Sharp Electronics of Canada Ltd. and guides the vision and strategic direction of the company’s operations in Canada. His appointment as President in April 2008 made him the youngest president appointed to any Sharp global subsidiary. Carmine began his career at Sharp Canada 24 years ago as a Product Manager for the company’s audio visual products. Since then, he has held progressively senior positions including Vice President of Consumer Products where he launched Sharp’s flagship AQUOS LCD TVs into the Canadian market. Prior to Sharp, Carmine held various positions of
increasing responsibility in both wholesale and retail consumer electronics. Carmine has steered the company successfully through a number of strategic shifts in business domains, operating models, and corporate strategy. His hands-on, collaborative approach has fostered a culture of teamwork, customer focus and valued business partner relationships. Carmine attended Centennial College of Applied Arts and Technology and completed Global Business Leadership studies through IMD in Lausanne, Switzerland and Japan.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? During these difficult times, small businesses should be mindful of the challenges facing employees and customers, personally and professionally. Business owners should contextualize the news cycle around the pandemic with some level of specificity as to what impacts it will have on their employees and customers. They should also demonstrate or drive creativity and quick action to make changes to operating, service delivery, sales, marketing and other processes on which they may have relied on in the past. For example, many organizations were forced to remotely deploy their entire operations overnight to ensure business continuity. While this can be perceived as reactionary management it could also spark positive thoughts on future improvements to your business including cost structure, process improvements, technology investments to improve productivity, etc. Owners need to be sensitive to impacts of the pandemic on employees’ and customers’ personal wellbeing. A responsible empathetic approach during these times will increase loyalty during recovery. Your organization could be a source of structure and leadership during turmoil that will surely be appreciated by employees and customers. You must recognize the responsibility to set or reset expectations and goals as you navigate your company through tough positive and negative business cycles. If the business cycle creates opportunities for your business, you have a responsibility to capitalize on them. If the business cycle has negative impacts on your business, you have to manage very carefully and sustain your company through it. In terms of keeping the lights on, leaders should demonstrate a deep understanding of the economics impacting their business and a humble admission that financial predictability is very uncertain in the short-term. With the uncertainty of the economic impacts, owners should take firm control of their controllable items such as operating costs, inventory, and available government relief programs, for example. CANADIANSME MAGAZINE I OCTOBER 2020 I
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KEY ADVICE FROM
C H A N TA L C A R T E R Founder of Love & Nudes Intimates
C
hantal Carter is an entrepreneur who has worked in the fashion industry for over 20 years as a Stylist, Image Consultant and magazine Style Director. Chantal’s passion to uplift women of colour through fashion caused her to develop a diverse skin tone intimates line called Love & Nudes. This brand is more than just fashion, it’s a social movement connecting women and celebrating the beauty of difference. She believes apparel and cosmetics should be accessible to all in a manner which allows them to celebrate their skin tone and personal style. My advice to small business owners is to make certain they are taking care of their mental health at all times because we need a positive supportive mindset especially during challenging times. When we are at peace within, it helps us to think clearly instead of simply reacting. It’s perfectly natural to feel fear during hard times, but don't let it take over. Keep trying something, anything in our businesses as long as we keep going, with breaks for us to pause and reflect. If you don’t feel like pushing forward for a day or week, give yourself permission to take that time off guilt free and then go back work.
Sometimes businesses owners take a wait and see attitude to see what will unfold and then act accordingly, but I believe it’s better to keep it striving during challenging times. Being an entrepreneur and sole business owner can be very lonely, to stay afloat it is crucial that you get out of our own head and seek advice and support from a mentor (if you don’t have one it’s a great idea to get one) the right people or groups. They should be like minded, entrepreneurs or business owners, because they will have an idea of difficulties being face. Connecting with these people and groups helps to you to gain new ideas, perspectives and ways of working. Try something new or different and don’t think about it too hard or you will talk yourself out of it. Partner or collaborate with businesses that serve the same customer as you to gain new leads and keep the momentum and possibilities going! Everything you do today affects tomorrow.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a nice-to-have, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like service-based businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
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KEY ADVICE FROM
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? “Now is the time for small business owners to go digital. The want for digital payment solutions like e-wallets, contactless transactions, and ecommerce has been rising over the past few years but the pandemic has accelerated demand. Digital commerce can seem overwhelming at first, but at its heart, digital is just another way that business owners can reach consumers. Right now, many Canadians are looking to shop more local as we spend more time in our neighbourhoods. Having an ecommerce-enabled website will not only help consumers find your business online, it will give them an alternative to shopping in-store with pre-order or delivery options. You will also be able to grow your customer base beyond your local area. Make sure you keep your website up-to-date with what safety precautions you are taking so customers know what to expect as the situation evolves.
DURI ALAJRAMI Chief Sales & Marketing Officer Moneris
Duri Alajrami is the Chief Sales & Marketing Officer (CSMO) at Moneris. He is a marketing veteran with over 20 years’ experience establishing & managing digital and integrated marketing practices within leading global brands and Ad agencies. He has worked for Tribal DDB, Blast Radius / Wunderman, Ogilvy, and Mindshare. Throughout his career, Duri has lead diverse teams and serviced many fortune 500 brands across multiple industries and continents, with a few of his campaigns gaining recognition on mashable.com and in best-selling books. Duri is a firm believer in customer-centricity and is an advocate of demand-driven business models. Data helps us understand customers’ needs & buying habits, and allows us to build an offering strategy relevant for today’s FinTech clients.
Whichever way your business needs to evolve and grow, there are digital tools that can grow with you. To help you get started, look into support funds like Canada Starts or the Canada Emergency Wage Subsidy (CEWS). Canada needs its small businesses. Now is a daunting time to be a small business owner and to keep that entrepreneurial passion going, but we’re committed to supporting small business owners every step of the way.” CANADIANSME MAGAZINE I OCTOBER 2020 I
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KEY ADVICE FROM
J
JAS S A R AW Vice president, Canada for Procore Technologies,
Jas Saraw is vice president, Canada for Procore Technologies, the world’s most widely used construction management platform. Passionate about innovation and the construction industry, he has over 18 years of technology leadership experience specializing in SaaS, ERP, CRM, financial, e-commerce and content solutions. Working with his team and through his interactions with construction companies across Canada he brings a unique understanding and viewpoint of construction technology as it applies and is being applied practically coast to coast. Jas currently leads the Procore Canadian business unit comprising over 35 employees in 2 Canadian offices.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? What I’ve heard from specialty contractors and general contractors is that this time has been a sometimes disorienting mix of “business as usual” and rapid change to basic processes. There are lessons on both sides of that. Construction activity has largely continued across Canada, after an initial slowdown, which has been a salve for both large and small business owners in the industry. But I would provide a word of caution, and I know many of our partners feel the same way, that even when the day feels normal, it isn’t. Our normal has changed, and it’s perhaps clearer what that looks like in construction than in other industries: physical distancing on job sites, staggered shifts, handwashing stations and the like are probably here to stay in some form. I’ve heard many times that once a change is implemented, it just clicks - “Why weren’t we doing this before?” The pandemic has also prompted companies to more fully adopt or embrace cloud technology. This was already underway. Most workers who were able to work remotely have done so, and field workers are sharing information through the cloud-based tools much more often. There is a spectrum here from companies who had already gone digital, to those who were more traditional. The big lesson is that we should be talking to each other constantly about how to adapt, because any challenge faced by one company will have been addressed by another. The sharing of knowledge, best practices, and pitfalls helps the whole construction community. In a competitive industry, it’s been heartening to be part of these conversations and see everyone come together.
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KEY ADVICE FROM
CH AND R AS H EKA R (L SP) Chandrashekar (LSP) is a Zoho evangelist committed to creating and spreading awareness of Zoho. He cut his teeth in the software domain with the WebNMS division of Zoho and has journeyed with the company at its crucial pivot points. LSP is based out of Montreal and holds a masters degree in information systems and applications.
What is your key advice to small business owners during these challenging times?
S
And what steps should they take to keep their small business afloat during the current crisis? mall business owners have one key advantage moving forward--they've already started a business. Once an entrepreneur, always an entrepreneur. My advice for small business owners is to look back at what worked, what was challenging, what drove you to succeed in the first place, and adapt those lessons and decisions to the world and your industry today. I'm not saying start over, but revisit your business plan, because now is the time to pivot and diversify. That backburner project to better manage your business process (sales/marketing/hr)? Now you can give it your undivided attention. Be it in life or at work, 2020 has thrown us all a curveball, but it's tough times like these that allow business owners to see the forest through the trees.
Don't sit by and try to wait this thing out, rather develop and deploy business strategies that work for you in good times and bad based on the experience of your peers in your industry.
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KEY ADVICE FROM
K AY L A ISABELLE By Kayla Isabelle, Startup Canada
Kayla Isabelle is the Executive Director of Startup Canada, the national rallying community supporting and giving a voice to Canada’s 3.5 million entrepreneurs. Kayla has dedicated her career to supporting entrepreneurs, both in Canada and internationally. Kayla is an award winning strategic communications consultant and change management facilitator, and is passionate about leveraging the power of storytelling in the entrepreneurial community.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Small businesses and startups within Canada have been hit hard by COVID-19, leaving many in vulnerable financial positions. In fact, nearly 60% of the country’s small businesses reported declines in revenue of 20% or more. Additionally, many entrepreneurs experience problems with their mental health as a direct result of the pandemic. Despite these challenges, there are many actionable steps and resources available to entrepreneurs that can help keep their businesses afloat. One key piece of advice for any small business during COVID-19 is to update and implement a risk management strategy. A risk management strategy helps identify both major and minor risks to your business and details a proactive mitigation plan. A good risk management strategy should include: identification of specific risks, measurement tactics, mitigation strategies, reporting procedures, and Governance protocols. COVID-19 has drastically changed the way businesses connect with and expand on their existing networks. Entrepreneurs should become familiar with valuable digital networking avenues, such as direct messaging via LinkedIN or an online community forum for small business owners. Maintaining team engagement and productivity while working from home can also be a challenge. Regularly utilizing video conferencing tools to host staff meetings can help in replicating an in-office work environment, strengthening your team culture, and increasing motivation.
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Canada’s women entrepreneurs have been disproportionately impacted by COVID-19. A number of resources have been developed for womenowned businesses, such as: •
The Women Entrepreneurship Strategy (WES) (providing $15 million in funding to women entrepreneurs across the country).
•
The THRIVE Podcast for Women Entrepreneurs
•
The Resource Guide for Women Entrepreneurs
To thrive amidst this crisis, entrepreneurs will need to juggle structural and operational changes, network connectivity, and actively prioritizing self care. Despite the many hurdles and barriers COVID-19 has created for entrepreneurs, adversity continues to fuel innovation in the nation’s startup community.
KEY ADVICE FROM
FR AN K BI LO T TA Partner at SBLR LLP
With over fifteen years in public practise providing tax consulting services to ownermanaged businesses and their shareholders, and seven years of previous experience in the Canada Revenue Agency (CRA) business audit division, Frank Bilotta brings a unique perspective to clients at SBLR. rank has advised privately-held enterprises and high net worth individuals in various industries, to ensure they minimize their tax exposure and enhance profits, as well as assisting them with CRA assessments and
disputes, estate planning, commodity tax, and succession planning. Frank’s specialized knowledge and expertise in the area of ownermanaged tax consulting is in high demand. He works closely with clients to identify opportunities for minimizing corporate and personal tax exposure, focusing on corporate reorganizations, estate planning, and representing clients on tax objections and appeals.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
•
Reviewing business lines and products to determine which are profitable versus unprofitable, and which will be in demand or discontinued as a result of the new “normal” that the pandemic has created,
From a tax perspective, business owners need to plan for things such as: their eligibility for available government subsidies, credits and grants; loss utilization; disposing or writing down obsolete assets to provide tax deductions; amalgamation/windups to eliminate unprofitable business entities; and managing employee/employer payroll tax by using strategies such as salary deferral planning and non-cash benefits. All of these have the potential to minimize a business’s tax burden and, therefore, provide cash flow liquidity. It is a matter of identifying and planning for strategies that are the most suitable for the particular business to help in its recovery. However, short and long-term tax planning is also crucial to a comprehensive business plan. Business owners need to establish a business plan that addresses current and ongoing cash flow needs and sets the roadmap for the business's recovery and growth. Business owners should be taking a deep-dive into all aspect of their business, including:
•
Reviewing opportunities for new business lines/products that the pandemic has created, and the potential new business they could provide (”re-invent your business”),
•
Reviewing how products or services are being delivered to the market place to get up to speed on technology and new customer habits,
•
Reviewing and eliminating expenses which are not necessary for the business, for example, if working from home is an option, consider getting rid of excess office space, and
•
Investing in marketing/business development to attract customers and stay current with their needs.
What is important is that the business plan must be continuously reviewed and adjusted to the changing circumstances that the market faces. This may take a substantial amount of time for the business owner and may require professional advisors' assistance, which owners should not shy away from. CANADIANSME MAGAZINE I OCTOBER 2020 I
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KEY ADVICE FROM
M I C H A E L M I L L A R founder and CEO of Verto Health
Michael Millar is the founder and CEO of Verto Health. Having spent 15 years working in healthcare IT and being a caregiver for a few family members navigating
the
healthcare
system,
Michael recognized some of the clinical workflow issues healthcare organizations needed to resolve. Michael founded Verto in 2017 with the goal to deliver technology that can track patients as they navigate through their care path in the health system; let patients, caregivers and clinicians know when important exceptions or changes occur; and provide access to the right information in the right care step of the patient journey. Prior to founding Verto Health, Michael was an Ontario eHeath Strategy Lead and technical integration specialist. He was also a lecturer in the University of Toronto Master of Health Informatics program.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
D
uring these challenging times, my suggestion for other businesses is to not just focus on defensive strategies; try to also identify legitimate business opportunities to provide significant value in areas of pain that have been created by the current crisis.
" Ta l k to yo u r ex i s t i n g c u s to m e r s a n d a s k them if any new needs have emerged as a result of the current situation. "
It’s a cliché, but challenges often create new opportunities. That doesn’t mean trying to ‘fake it’, it means take a hard look at your business and the challenges the pandemic has created and determine if your offering can help your customers in new and emerging areas in this time of need.
It’s important to segment their answers into problems that are short term -- in order to determine if it’s worth customers investing in a solution that can be implemented soon enough to have an impact during this unusual time -- and which problems or goals may remain after the crisis passes.
Mask and hand sanitizer are obvious vendors that have seen their businesses grow during the pandemic, but grocery delivery and video streaming services have also all seen growth by positioning themselves effectively as addressing new needs as part of the new normal.
The truth is that some businesses may just have to batten down the hatches and navigate the pandemic as best they can, but for others the crisis may have created opportunities that did not exist before, that may not be obvious and are worth exploring.
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KEY ADVICE FROM
NUNZI O PR ESTA Founder & CEO of Buy and Sell a Business
Nunzio Presta, BCom is an ex pro hockey player turned entrepreneur and is currently the Founder & CEO of Buy and Sell a Business – an online marketplace where people can buy, sell and grow businesses or franchises every day. He is known for his speed, endurance and strong leadership. He has helped build, grow, advise and set the tone for businesses with one main goal: to add value to the world. Nunzio is equipped with a wealth of knowledge when it comes to identifying, building and funding businesses - in addition to being a thought leader on product development, leadership, business & marketing strategy and building culture. He sits on the board of multiple startups and is part of Startup Canada's Entrepreneur Success Advisory Council, in addition to being a Startup Canada Advisor on #StartupChats. Nunzio is a mentor to many entrepreneurs, small business and franchise owners, and is a regular contributor to Thrive Global, a digital resource for individuals and corporations spearheaded by Arianna Huffington. Nunzio graduated from the Ted Rogers School of Management at Ryerson University in Toronto, Canada with a Bachelor of Commerce.
My advice is broken down into 5 key areas that I have put a lot of time and effort into for the past 6 months : Be okay with not having the answers These challenging times are uncharted territory, there’s no playbook for this. By dropping your ego and accepting this, you’ll make more room for collaboration, learning and growth - all the things needed to thrive during challenging times. How you lead, motivate, inspire and trust people during challenging times will speak volumes about who you are as a leader and what kind of organization you have moving into brighter days.
Look at the Big Picture Just because there is a challenge or crisis, don’t forget your “cause” and why you are growing, building or operating your business. Don’t fall victim to attack the obvious or immediate problems of today, which can be extremely difficult during a pandemic. You need to create space and time so you can step back and look at the big picture to see what is still working and what might need changing. As a business owner/leader you need to be humble enough to understand that, especially during a
pandemic, you can’t control the timeline, but you can control the outcome.
Don’t Sacrifice Quality When it comes to both relationships and products/services, you need to keep a handle on costs, of both time and money, especially during tough times. As an owner, you need to stay on the offensive and get employees on board with changes that are being made. However, be cognizant of not sacrificing quality when making these product/service or relationship changes.
Double down on S.E.T Stay a couple steps ahead of the pandemic. Audit your business against Social, Economic and Tech trends, to ensure you can thrive and capitalize. When you are more prepared and ahead, you’ll be in a position to think clearer and find opportunities among the challenges.
Don’t Bet Against the Future If you didn’t take digital transforma.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a nice-to-have, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like servicebased businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
KEY ADVICE FROM
SHERI SOMERVILLE
Chief Executive Officer | Directeur Général Atlantic Chamber of Commerce Inc. o something that matters and try to help a few people along your way. Sheri Somerville is CEO of Atlantic Chamber of Commerce (ACC), the largest accredited business association in Atlantic Canada representing more than 16,000 businesses through its network of 94 chambers and 27 corporate partners. She is a globally certified communications professional with more than 23-years of multi-sector business experience, and partners with her members to influence an environment in Atlantic Canada where business succeeds.
A successful entrepreneur, leader and award-winning PR consultant to some of the nation’s leading companies, Sheri took the helm as CEO in 2017. Since then, she has worked to create a chamber vision to serve the next generation of Atlantic Canadian businesses, cultivated new sources of revenue for the chamber and its members, spearheaded new programming, enhanced governance and operational productivity, levered strategic partnerships, and elevated the Chamber’s corporate reputation and membership as she and her team work to shape and support a strong, resilient chamber network for the future.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? There’s a saying we used in the military – improvise, adapt, overcome – that is particularly fitting for businesses as they face the uncertain conditions levied by COVID-19. And this simple motto may just help a few get to a place where they can shout HooRah! Keeping a business afloat can be a solitary venture even in the best of times, one that lends itself to sleepless nights, uncertainty, anxiety, or worse, indecision and inaction. First and foremost, be sure to care for yourself and your team. Take time to recharge so you can survive and thrive. Second, know what you’ve got to work with. Realistically review your operations and any risks so you can prioritize and address situations where required. With that knowledge you can start to improvise. In these conditions, creativity is a must because so much has changed. Engage your team in brainstorming new ideas or processes, connect with new people to investigate new partnerships or opportunities to diversify your product or service, and talk to your customers to identify any shifts in their needs or new expectations (their business may be changing too). Adapt. Necessity often accelerates innovation and incorporating new technology can expose new opportunities, improve productivity, and optimize operational performance. At the Chamber we recently leveraged a new digital platform to gather near real-time insight from business, which has greatly enhanced our operations and ability to serve our members. You can also explore and expand to new markets. There are programs available that can assist your business in new market development. Finally overcome. Recovery from COVID is going to take a few years. Success in this market will require ingenuity and openness to new ideas, tenacity to keep pushing forward, and the willingness to ask for help—from your team, peers, partners, customers, professional associations, government and of course your local and provincial chambers of commerce because we’re here to help with a variety of programs and benefits. Above all else, be relentless in your pursuit of goal and the day you can shout HooRah! CANADIANSME MAGAZINE I OCTOBER 2020 I
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What is your key advice to small business owners during these challenging times? Although this really depends on what type of business you own, and what stage your business is at, my best advice for everyone, is: keep calm and carry on. This doesn't mean carry on as usual; now is the time to get highly innovative and channel your mental calm into creating new strategies. To begin, evaluate where you can reconfigure your business model to introduce new ways of reaching and relating to your consumers. Companies that are pivoting and transforming their value propositions are succeeding; it’s all about catering to your customer’s needs as they are now, not what they were or what you’d like them to be. Now is not the time to over analyze or procrastinate, it's the time to make swift decisions aimed at becoming more lean, more efficient and above all – more relevant. Furthermore, they say that cash flow can make or break a business — any business — so I want to elaborate on the importance of understanding your finances. This crisis doesn’t have many silver linings but one of them is that it’s given our company the opportunity to look inward and evaluate our capacity for long-term resilience. It’s also reinforced the need for contingency planning and the importance of setting aside funds for a rainy day. If finances are not your strong suit, overcome this challenge by regularly reviewing your financial statements and staying in close contact with your banking advisors; now is the time to address your real financial picture head-on.
And what steps should they take to keep their small business afloat during the current crisis?
1
If you had a business plan for 2020, it's time to rewrite it. A global pandemic is a gamechanger and today’s reality may not be tomorrows. Have backup plans to your backup plans!
2
The COVID crisis has expedited our digital economy. Now is the time to evaluate your business model visà-vis its digital efficacy and employ digital tactics if you aren’t already.
3
Reflect on your business model and cut out any extreme plans or “fad” business tactics. It’s important to have a balanced and consistent approach for long-term business survival.
4
Get informed about all the financial relief programs available to your business and check back regularly as they're changing all the time. The Business Development Bank of Canada (BDC) is an example of an organization that is offering free tips and provides sound resources for small businesses. You can see an overview here: https://www. bdc.ca/en/documents/specialsupport/covid-19-supports-forcanadian-businesses.pdf
KEY ADVICE FROM
PR IYA C HO PRA Founder and President, 1milk2sugars Communications
Born and raised in Montreal with an East Indian heritage, Priya Chopra is the founder and CEO of 1Milk2Sugars, a thriving public relations agency specializing in influencer marketing, social media and media relations. Priya launched 1Milk2Sugars in 2012 and expanded its footprint within a year, making it one of Montreal’s only boutique agencies to penetrate the national media hub of Toronto. During that same period, Priya helmed the creation of 1Milk2Sugars’ social media division, giving her team first-mover advantage in the now-critical digital space. Under Priya's leadership, 1Milk2Sugars has stepped up its reach in strategic markets throughout North America, including New York, all while maintaining profitability. The agency has grown by over 200 percent in the last two years alone, with a portfolio that includes top international lifestyle brands like NIVEA, Marriott, L'Oreal and Pfizer. Priya has weaved her passions for diversity, social awareness and female empowerment into the fabric of her agency’s DNA. Her outstanding leadership has been recognized by the Forbes Agency Council, Bloomberg Canada, Ernst & Young and the Chamber of Commerce to name a few recent distinctions. Priya was also proudly awarded the PR In Canada, Women in Communications Award in the “Founders” category for 2018. In addition to being an accomplished business leader and highly soughtafter communications professional, Priya is trilingual and a proud mother of three. She feels incredibly gratified to be fulfilling her personal dreams in tandem with her professional ambitions and is excited for what comes next. CANADIANSME MAGAZINE I OCTOBER 2020 I
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KEY ADVICE FROM
MIKE WILSON
i
n all our business interactions, we need to consider what our customers, partners and employees are experiencing in their business and personal lives. Even without the challenge of a pandemic, everyone has stresses and anxieties – whether it’s getting caught in traffic or the pressure to close that big sale.
Mike Wilson leads Waze in Canada, and was the company’s first Canadian employee. He manages Canadian and Central U.S. operations, helping companies reach an audience that’s onthe-go and working with a growing list of government partners in the Waze For Cities program. He lives in Toronto with his wife and two kids.
Now more than ever, we know that we need to put empathy at the core of our work and our interactions with business owners and our users, no matter how brief. It’s more than what we say -it’s what we do that really matters. For some, this is a time to refrain from marketing - but stores simply don’t have that option. This is where our approach of what we call ‘marketing with empathy’ can be valuable.
I t’s
a ll
a b o ut
l i s te n i n g
to
our
u s ers
and
commu n ity, a n d p rov i di n g a fo r u m fo r th e m to m ake s u re we u n d e rs ta n d t h e i r n e e ds a n d a re able to res p o n d di re c t l y to m e e t t h e m .
This usually doesn’t produce one-size-fits-all answers, which local businesses can appreciate, since no two customers or days are ever alike. We’ve all met store owners who can rattle off the characteristics of the community they serve, and wisdom they learned over many years. And that can help them speak to their customers openly, honestly, and with true understanding. It’s a balancing act - communication must be clear and firm on safety, rules, and mindful of challenges customers themselves are facing, while still being inviting. But I’ve seen plenty of hand-drawn signs that strike that balance in just a few words, so it can be done. As business owners and managers, we can’t forget to have empathy for each other. Getting to know one another helps us do better work, and become more productive. During the lockdown, I have seen local businesses band together to make door-todoor delivery possible so they can continue to serve their loyal customers. This was made possible because the community rallied together. CANADIANSME MAGAZINE I OCTOBER 2020 I
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KEY ADVICE FROM
B ÉL I NDA M ONPR E MIER Business Expert at Square
hat is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a nice-to-have, for reaching more customers, gaining efficiency and improving margins—all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like service-based businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this.
The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
Bélinda Monpremier is a Business Expert at Square. In her role, Bélinda oversees a team that provides technical and operational advice to Canadian business owners so they can focus on what they do best.
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KEY ADVICE FROM
E FF
DAWLEY
President and Founder of Cybersecurity Compliance Corp. In 2017, I found myself once again in the position of Chief Financial Officer taking on an IT department and looking for information on how to assess the department’s performance, but more urgently in today’s environment, our cybersecurity status. After several months of research and seminars, it became clear to me that the market was inadvertently conspiring to prevent small businesses from having the ability to engage affordable, stage-appropriate cybersecurity help that would actually provide a full picture of our cybersecurity exposure. Subsequent conversations with business executives, board members, and industry professionals confirmed that there are two particular barriers that make it difficult for small businesses to find a starting point when dealing with their own cybersecurity needs.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
1.
Focus on cash. Businesses should be running daily updates to day-to-day cash flow forecasts running out 3 to 6 months. Surprises are the enemy when there is a shortage of revenue and/or cash versus operating expenses. Lining up additional investment or debt support takes more time now than it did pre-crisis, so reliable forecasting becomes crucial in evaluating timing of efforts to raise funds.
2. Be open and frequent with communication
to all stakeholders. Building trust takes years, losing it takes only a moment. Employees and investors can’t effectively perform their roles if they are involved in day-to-day cash monitoring and management, but they need to be kept informed of current status and any changes in order to maintain trust in management and to be able to focus on their tasks or roles.
3.
Make decisions that are best for the long-
term survival of the business.
It may make for some difficult conversations and stress in the lead-up, but if there is no business, there are no salaries, no dividends and no profitable exits in the future. If you are communicating well, stakeholders will support the long-term vision and are more likely to remain engaged and support the measures that need to be taken.
4.
Look for new opportunities. Businesses need to either be looking for ways to adapt products and services to changing market conditions, or looking for partnership or investment opportunities that will enable them to grow their way out of the current climate of uncertainty. Listening and looking doesn’t cost money, and may result in a new opportunity that helps deliver short-term stability and future growth.
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ADVI C E FO R S M AL L B USI N ESSES
PA M E L A PELLETIE R , NATI ONAL D I R ECTO R , D ELL T E C HN O LOG IES
A
Pamela Pelletier is a National Sales Director with Dell EMC and a part of the senior leadership team. She has a proven leadership track record and more than15 years of experience driving sales growth in the technology industry. She thrives on challenges, particularly those that expand the company’s reach. Pamela coaches and mentors colleagues at Dell EMC and within the broader IT industry by leading several groups that aim to help women in tech reach their full potential.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
nytime there is a crisis or change that happens within an organization or business, leaders need a strategic plan to put into action in order to accurately
communicate
with
employees and provide them with the tools they need to do their jobs.
Start with a strategy that puts employees first. People are the lifeblood of an organization and how you approach change including workforce flexibility needs to be rooted in the business and operational strategy of your organization. You must ensure the protocols, policies, processes and infrastructure exist for teams to have the tools and devices they need to get their job done. Assess your current technology footprint to see if it is helping or hindering employee work. Make sure the technology you provide meets the needs of your employees and considers the needs of a modern workplace – where work is not a place, but an activity. Provide the right technology – devices, peripherals, applications, security, connectivity – to enable your workers to collaborate regardless of where they are.
'' Most of all, leaders need to communicate with their teams. This includes guidance on setting up a home office, VPN, connectivity tools, platforms and equipment. Consider offering courses for organizing your remote workspace, building relationships virtually and communicating remotely."'
Prepare leaders and listen to employees. Help your leaders be better equipped with information and coaching to support their teams and help them feel more connected. Listen to your employees – what’s working for them and what needs to be adjusted to enable them to be more productive or supported out of the office.
Change is difficult no matter what role you play within an organization. But if leaders are opening lines of communication, and making decisions based on data, whether that’s an employee survey or advice from IT consultants, change will be much easier to overcome.
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FUTURE PROOF YOUR BRAND WITH PURPOSE AND A PLAN
Now, more than ever, is the time to Future Proof your business. Whether you are a start-up, a regional or national business or a global brand, you have experienced fundamental
If done well and grounded in insights, your strategic brand plan will help you be highly focused, more decisive, and keep everyone accountable to your purpose and goals. •
There are key questions to ask oneself as you build your plan
•
What is your brand’s purpose and why do you exist?
•
What business are you really in and how do you make money?
•
Who is your real target customer and their influencers?
•
Who are the high potentials for growth and the role of innovation?
•
What does your brand stand for and is your value proposition both compelling and differentiated?
•
Are both the leadership team and the employees aligned and understand the plan?
changes in your operations since COVID. Starting yesterday, you will need to be more focused and compelling on why
PETER S. DRUMMOND Co-Founder of PSD+G Strategy Group & 32 Degrees As Principal and co-founder at PSD+G Strategy Group www.psdgstrategy.com, Peter has devoted 30 years to helping his clients achieve business success. With his wisdom, wit and creativity, partnered with a keen desire to understand their dna and core strategic challenge, Peter has earned a loyal following among big brands, start ups and not-for profits. His passion is building purposedriven brands, especially those with social impact. Peter has led the business and brand strategic work at Corus Entertainment, Bio-K+, Natural Products Canada, Canada Post, Kijiji, Open Blue Sea Farms (Panama), Shoppers Drug Mart, Live Nation, as well as Ocean Nutrition Canada, and 48North Cannabis. Credited as co-creator of LEVEL5 Strategy Group, a national leader in strategy consultancy, prior posts include running a strategy consultancy in Montreal, as well as an identity and design firm in Toronto within Cossette Communications Group. With a passion to share his knowledge and experience and help grow a new generation of thinkers, Peter teaches at the Smith School of Business at Queen’s University as an Adjunct Professor, teaching Marketing Strategy for the Executive MBA National and Americas programs. Peter has a BFA in Communication Arts & Design from Virginia Commonwealth University and attended the Graduate School of Business Executive Management Program at Columbia University. Peter is also co-founder of 32 Degrees Ventures. A social impact firm committed To change the impact of ice on water . For more information join our conversation: www.weaare32degrees.com.
CANADIANSME MAGAZINE I OCTOBER 2020 I
customers should stay with you or try your business for the first time. Remember, customers make instinctive choices based on the perceived value they are getting. You need to convince them why they should buy from you and stay with you. Like the many crises before us, those who prepare, invest the time and do the hard work, will be better set-up for success when the customer makes brand decisions. Take
the
t im e
an d
en su re
t h at you h ave a fac t- based st rateg ic bran d pl an t h at is buil t up f rom t h e ou t sid e in.
D ig
d eep
to
better
u n derstan d t h e m arket pl ace an d you r cu stom ers u n m et n eeds.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? Owning a business today means owning a lot of uncertainty. Businesses of all shapes and sizes across Canada need to find new ways of doing business to get ready for whatever is coming next. Technology is now a must-have, not a niceto-have, for reaching more customers, gaining efficiency and improving margins— all of these factors are integral at this time. Whether you own a retail or a service-based business, being able to accept contactless cards and online orders, host in-person and virtual appointments, or offer curbside 46
Your brand is your most valuable asset and it provides you with a competitive advantage if you are able to meet and exceed your brand promise. More importantly, you need to integrate brand into your business and manage and nurture it for growth that reflects our every changing world. pickup and delivery is of great importance. In fact, it’s imperative that business owners now offer more options that cater to all of the ways buyers want to interact with them. One source of traffic won’t cut it. Whether that’s in-person, Instagram or online, businesses need to be meeting their customers where they are. The pandemic has also led to the blurring of lines between business verticals, and this is a path businesses owners should continue to follow. Businesses are no longer doing one thing. They are getting creative and reimagining how to stay afloat. For example, restaurants are now selling groceries and meal kits like retail businesses and offering online cooking classes like service-based businesses. Buyers in turn are becoming accustomed to these blurred lines, and will expect more of this. The key is for businesses to cater to their customers' new expectations. As they do, they may find their business not only recovers but grows long after COVID-19.
TA H IRA KEY ADVICE FROM
B
H
A
R
M
A
L
Tahira Bharmal is a Canadian, born in Kenya with South Asian heritage. She is the Co-Founder & Chief Strategy Officer with Mentors Consult, a training & development agency inspiring growth mindset communities. She specifically works with leadership teams on: diversity inclusion; leading with authenticity; overcoming personal limiting beliefs & fears to be stronger, empowered leaders; & leading without bias. Tahira is a Certified Coach Practitioner and Certified Group Coach. She graduated from the University of Ottawa with BA Honours (Cum Laude) in Mass Communication. She also has a Diploma with Distinction from the London School of Journalism in Journalism & News Writing. She has been a part of the corporate world for 10 years, with experience in Business Development & Marketing. Tahira is an advocate for positive change in gender issues, parenting, education, and personal growth.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis? n a time of crisis and challenges, it is easy to give in to doubt and fear, but the key to thriving is to take the time to look inward at your business and thoroughly assess your business. This means taking a look at your products/services and how they can be bettered and or changed to serve the current needs of your clients; going through all your systems in place and ensure they are running smoothly and at optimum; and looking at your budgets and reallocating funds to save and invest in where is a priority.
I
It is also a good time to do some market research and see what your clients needs are. This is also a time to check in with your clients and see how they are doing. Be interested in your client and find out what it is they are struggling with and use this information to see if your business is able to solve their problem. The most important thing to remember is this is a challenging time for everyone, and it is a time to do onto others what you want others to do to you. Function from a space of kindness and service - be willing to give and support your clients and other businesses alike. The challenging time will pass and your clients will come back and will grow as they will remember you being there by their side in this time. Also as a business do not shy away from asking for help or admitting you are struggling, there may be someone who may have a solution or the ability to help your business out of the challenge you are facing.
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KEY ADVICE FROM
WAYNE S . RO B ERTS President - Blade Creative Branding Inc
Characterized by the Globe and Mail as "an ad industry provocateur," Wayne brings more than 25 years of award-winning experience in strategic branding, creative advertising and innovative online solutions to Blade's clients.
What is your key advice to small business owners during these challenging times?
And what steps should they take to keep their small business afloat during the current crisis?
"Stay
Internally:
calm and stay connected to your staff and
customers. Getting tied up in your own anxieties - and cutting yourself off from the people who matter most to your business' success - is a fatal mistake many business owners make in hard times.
Have weekly video meetings that bring everyone together to discuss positive outcomes and ambitions among your team. Focus on the company's strengths and successes. Listen more than you talk.
Externally:
Reach out to each and every one of your clients, specifically to see how THEY are feeling, how THEY are handling the situation. Share insights, be a cheerleader ... and offer to do something extra for them.
Community: Most of all, be more community-minded so your firm is seen as an organization that cares as much about the greater good as it does about your own bottom line. Invest in relationships now, more than ever, and you'll see the benefits roll in when the clouds start to clear.
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Mi Ki KEY ADVICE FROM
VEL EMIROVIC H
Miki Velemirovich is the President of Cargo, a full-service marketing and advertising agency that specializes in helping big brands market to small businesses. Cargo is an expert in the Business to Small Business space coining the term B2SB Marketing®. Prior to joining Cargo, Miki spent 20
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
years with big brands like IBM and Mercedes-Benz, in a variety of sales and marketing roles, so he knows how to build strategies that drive results and move the needle. And this same experience enables him to understand the pain points of big brands trying to market to small businesses: while leading marketing for the commercial vehicle division of Mercedes-Benz, he spent countless hours understanding the motivations, behaviours and the
drivers
of
small
business
owners in order to reach them more successfully. Now, his quest persists – to continue to build the Business to Small Business Expertise and help big brands be more successful in reaching this highly emotional target.
Until we get a proven vaccine out in substantial numbers, we are going to have to find a way to live with this virus. The time it takes to get to a proven and tested vaccine, available in substantial numbers, may define which behaviours stick and become accepted and which do not. Some behaviours will surely be temporary, but some will simply become just how we do things from now on.
with an open mind, and desire for innovation. My advice for any business leader is to take a good look at the existing business model and see whether it will still fit the changes in consumer behaviour. That’s the starting point. Will I be able to serve my customers in the same way? Will my product or service still be relevant? If the answer is no, then it’s time to tweak or change the business model to suit the changing consumer behaviour aspects. If the broken I d e f i n e th i s cri si s a s th e Gre a t Re i nve n ti on , supply chain was w h e re th e i n n ova ti on cu r ve h a s ju st a cce le ra te d: the culprit of much re m o te work , te le a n d vi r tu a l eve r y th i n g, “low of the revenue loss to u ch” or con ta c t f re e e con omy, a n d a di gi ta l during the initial days of the pandemic, the l a n d s ca p e th a t we n eve r th ou gh t p ossi b le i n business leaders s u ch a sh or t ti m e . should take a good look at it. More This just may be the beginning of a new era. I balance, more local content and supplier choice don’t even see it as the new normal as normal will be the new requirement. And when it comes means typical and there will be nothing typical to business design, resilience and efficiency will about how we will conduct business post provide the new post COVID-19 business models COVID-19. the speed and lightness they will need to better deal with any new crisis. Small business owners should enter this phase
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Based in Ottawa, Matt has worked at Commvault for more than twelve years, and after 8 years as a Sales Engineer he took that technical knowledge and transitioned to marketing where he is currently serving as a Senior Manager in Commvault’s Solution Marketing team. He is also heavily involved in Competitive Intelligence initiatives, and actively participates in field enablement programs.
KEY ADVICE FROM
MA T T TYRE R
He brings more than 20 years’ experience in the IT industry, including within the fields of data and information management, cloud, data governance, enterprise storage, disaster recovery, and ultimately both implementing and supporting those projects and endeavours for public and private sector clients across Canada and around the globe. Matt’s passion, deep product knowledge, and broad field experiences have enabled him to translate Commvault technology and vision such that their value is easily understood in the market and amongst client and partner families.
Senior Manager, Solutions Marketing Americas , Commvault
A self-described geek-dad, Matt is an avid boardgame enthusiast, firmly believes that Han shot first, and enjoys tormenting his girls with bad dad jokes.
hat is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
Patience. Everyone is under a lot of pressure these days, everyone has had some part of their life (work and personal) disrupted by the global pandemic, and everyone is still trying to figureout how to navigate things. Be patient, and don’t be afraid to ask for assistance. Critical to staying afloat is taking care of your customers and their data. This is especially relevant if you’ve had to shift to remote work. Is the data your managing for your businessand your customers secure? Is it just
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as protected and safe as it was before all this happened? If you’re not sure about your answer, then you need to talk with a trusted technology partner to figure out how to improve things. The threats to your data arejust as active as ever, and you need to make sure that you’re ready. Make sure the data is backed up so you have a good copy if you need to restore it from ransomware or an accidental deletion (we all get fat fingers sometimes). Be vigilant with securityand scrutinize the websites, emails, and links before you click on them. Many businesses have used the current climate as an opportunity to jump into the cloud for some or all of their workloads and applications, but the cloud doesn’t necessarily make the data anysafer. You need to take the same care of the data in the cloud as you would within your own four walls. Is that data protected? Most cloud providers do have some levels of resilience/ redundancy available, but not all offer protection to match your SLAs. Double check and don’t be afraid to look outside your cloud provider for a solution that meets your data protection needs.
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June, 2021 TORONTO, CANADA
SMALL BUSINESS EXPO 2021 A MUST ATTEND EVENT
25 05 05
SPEAKERS
The Biggest Gathering of Canadian Small and Medium Enterprises
Expert business speakers
WORKSHOPS Interactive workshops by industry experts
PANEL DISCUSSIONS Expert panel discussions
SHOWCASE YOUR BRAND AT CANADIANSME BUSINESS EXPO JUNE, 2021
www.smeexpo.ca CANADIANSME MAGAZINE I OCTOBER 2020 I
Be a part of the crowd as more than 2,000 business leaders, top executives and top Canadian SMEs gather at the CanadianSME Business Expo taking place in April, 2021 at the Metro Toronto Convention Centre. This is an event that you don’t want to miss!
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info@canadiansme.ca