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Our August issue is officially here, and we are very excited about all the great content we have included in this month’s issue! We strive to be Canada’s top magazine, providing exclusive insights, strategies, and advice to small business owners and entrepreneurs. Our mission is to include the best of inclusive interviews and top business insights from reputable industry experts. Our team works very hard to deliver the most valuable content to our readers to ensure that you stay up to date on all the latest business trends Empowering small and medium sized businesses is our prime goal This month, CanadianSME is focused on business growth in Canada We have featured various technologies, such as CRM and MarkTech, focusing on export development for small businesses in this issue. This issue will also feature interviews and specialist advice from industry experts. Learn more about the changing world of exports: in an exclusive Q&A with UPS Canada Small Business Director Paul Gaspar; how your company can protect and defend against cyber threats in this exclusive article “Cybersecurity Best Practices for Small Businesses” by CDW Canada; Learn more about the New GoDaddy Survey That Finds Almost Half of Canadian Small Business Owners Attribute Pandemic Growth to Digital Tools; and How Virtual Marketplaces Can Benefit Your Business by RBC. And read our exclusive interviews such as Why Access To Credit Is One Of The Best Things For A Small Business with John MacKinlay, CEO of Caary; SAP Canada Executive on 2022 Sustainability Goals; and An Exclusive Interview With Tony Rosati, CEO of Peninsula Canada. The CanadianSME Small Business Summit is coming on October 26th Join us at the biggest gathering of Canadian small and medium enterprises on October 26, 2022, from 8 a m to 5 p m at the Metro Toronto Convention Centre, Toronto Register today by visiting our website at smesummit.ca! Our nominations for the annual CanadianSME National Business Awards 2022 have opened. We are delighted to continue to serve the business community and bring recognition to small and medium sized businesses from across the country. Follow us on our social media for more information to magazine to get the latest trends and stay up to date on events ISSN2562 0657(Online) Canada
Prepare your Small Business for the 2022 Cyber Insurance Market IN THIS ISSUE Canadiansme small business magazine Paul PGaspar aul Gaspar Director, Small Business, UPS Canada 23 Meet the First Nations team behind Futurpreneur’s Indigenous Entrepreneur Startup Program 31 5 Ways to Prepare Your Company's Finances for a Possible Recession42 Do You Know Franchising: The Myths vs The Facts By Meena Nowrattan 44 The Benefits Of Cloud Computing For Small Businesses46 Top 5 Tips For Growing Your Small Business49 A Guide towards Export Development as a Small Business52 30 15 The changing world of exports: Q&A with UPS Canada Small Business Director,
IN THIS ISSUE Canadiansme Small Business Magazine Top 5 Things to look for in a managed IT services provider 33 p Benefit Your Business Best Practices for ses 11 John Mackinlay CEO of Caary 27 18 Why Access To Credit Is One Of The Best Things For A Small Business
IN THIS ISSUE Canadiansme Small Business Magazine An Exclusive Interview With Gina Izumi 35 25 Katerina Juskey & Victoria Mierzwa: Businesswomen Of The Month58HOW FINANCIAL LITERACY EDUCATION HELPS FIGHT POVERTY IN IMPOVERISHED NATIONS 67
Whileorganizationsareconcernedaboutafast expandingdigitalattacksurface withlimitedvisibility,theyarealsonavigatinghowtodiscoverandmanagecyber riskacrossaconstantlyevolvingthreatenvironment,“saidGregYoung,VP CybersecurityatTrendMicro News DIGITALBANKING Frombuildingdigitalbanksfor Blacksmallbusinessowners tocreatinginvestmentclubs onyourphone,sevenstartups joinMastercardStartPath program Mastercardisexpandingits award winningStartPathstartup engagementprogramtoinclude sevenearlyandlate stage startupshailingfromtheUnited States,CanadaandLatin America CarbonNeutralClub, Guava,oneKIN,Palla,SUMA Wealth,TruoraandYunitarethe newestStartPathcompaniesthat areembeddingclimateaction intocompanyculture,powering thefutureofretailforsmall businesses,simplifyingtheuser experienceonkeydigital channelsandmore Alarminggapinworking Canadians’understanding aroundpaychequedetails, revealsnewPaymentsCanada study Wecontinuetoseeevolving technologyinnovationsshaping howandwhenCanadianspayand getpaid,fuelledbyademandfor speed,efficiency,convenience,and security,”saidKristinaLogue,Chief FinancialOfficerofPayments Canada. DIGITALPAYMENTS CYBERSECURITY OverHalfofCanadianOrganizationsFeelSomewhatExposedto CyberRiskssuchasPhishing,RansomwareandIoTAttacks BellrecognizedforitsESG performanceincorporate responsibilityand environmentalstandards CorporateKnightshasnamedBell thetoptelecomcompanyinthe world,and#4companyinCanada overall,ontheBest50Corporate Citizenslist.TheannualCorporate Knightsrankingevaluates332ofthe largestCanadiancompaniesona setof24environmental,socialand governance(ESG)indicatorsto singleouttheBest50that CorporateKnightsconsiders“the vanguardofcorporatesustainability leadershipinCanada” COMMUNICATIONS
NextPathwaytoPartnerwithMicrosofttomigrate customerstoMicrosoftAzure KFCCanadalaunchesRecipeForSuccessMiniMBAProgram,giving entrepreneurstheingredientstosucceed News TECHNOLOGY 40PerCentofCanadianCompaniesPlanToAdd StaffInSecondHalfOf2022 DespitetalkofapotentialeconomicslowdowninCanada, skilledprofessionalsremaininhighdemandwithmany companiesplanningtohireduringthesecondhalfofthe year, ”saidDeborahBottineau,districtdirector,RobertHalf Canada “Inadditiontohiringforcriticalfull timefunctions, employersarerelyingoncontracttalenttostayagileinan ever changinghiringlandscape BUSINESSCONSULTINGFIRM Arewethrivingormerelysurviving?NewCPA CanadastudyexaminesthestateofCanadians’ financesintoday’sturbulenttimes Beingindebtisfrighteningandcanmakeyoufeellike there’snowayout butthereis,”saidDorettaThompson, CPACanada’sfinancialliteracyleader “Ifyouare strugglingfinancially,there’snoshameinaskingforhelp andthereareseveralfreeCPACanadafinancialliteracy resourcesandnon profitorganizationsthatexisttohelp Canadiansthrivefinancially FINANACE RESTAURANTS KFCisknownforitsfamousfriedchicken,butourhistoryandinvestmentin ourpeoplegoesbeyondouriconicfood,”saidJanetJoubran,ChiefPeople Officer,KFCCanada “KFCstartedasasmallbusinesswithColonelSanders asourfounderand,tothisday,ourbusinessisbuiltonentrepreneurs throughourfranchisemodel. NextPathwayInc,theAutomatedCloudMigrationcompany,todayannounceda collaborationwithMicrosofttoacceleratethemigrationfromlegacydata warehousesanddatalakestoMicrosoftAzure
But virtual marketplaces are not just for retail Platforms for e learning, travel, healthcare, home rentals and professional services enable people and businesses to connect online
How Virtual Marketplaces Can Benefit Your Business 11 CanadianSME August2022
ByDianeAmato Virtual marketplaces are designed to connect buyers and sellers. So whether you ' re looking for a professional marketer, designer, content creator or web developer or you offer those services as a freelancer or agency –joining a virtual marketplace makes it easy to find your next partner.
The rise of the virtual marketplace has made it easier for buyers and sellers to connect The most well known virtual marketplace Amazon is a top example of a retail marketplace where buyers looking for specific products can choose from (often) a wide selection of sellers
As a business owner, you have a lot on your plate If you need to outsource professional services, you want to find the right partners at the right price without a lot of legwork to take you away from running your business A virtual marketplace can help you do just that. Here are some of the ways a virtual marketplace may benefit business owners: Find accredited professionals One of the toughest parts of finding a marketing partner is knowing where to look Unless you have the advantage of a referral, where do you start? Virtual marketplaces can evaluate providers for you and offer a selection of compatible and accredited professionals based on your project needs and budget For example, for business owners needing creative and technology services such as web development, marketing strategy, digital marketing, content creation and more a virtual marketplace such as helloDarwin can help connect businesses with vetted and experienced outsourcing partners
Benefits for business owners looking for products and services
Virtual Marketplace 12 CanadianSME August2022
For small and medium sized businesses, many specialized services are commonly outsourced from SEO, graphic design and cloud technology At the same time, SMEs don’t typically have large marketing budgets or sales teams with the time or resources to reach potential customers
And considering the global economy, this may mean opportunities are left on the table. This is where a virtual marketplace can help Owners looking to outsource and professionals offering products and services can connect to grow their respective businesses
Here are some reasons to consider joining a virtual marketplace: Reach a broad audience Thanks to the rapid evolution of digital technology, freelancers and agencies can do business with companies worldwide The trick is finding the work virtual marketplaces provide exposure and access to local and global opportunities As an agency looking to expand its reach and portfolio, Les Promotions Mondiales Inc (Rank Media Agency) turned to a virtual marketplace to build its exposure and client base Boost brand credibility Becoming a part of an established digital marketplace may provide a level of trust for you and the buyer And if there are third party reviews about your work, buyers may have more confidence in working with you
Benefits for professionals offering products and services
Most virtual marketplaces have industry standard scope of work proposals and contract templates, making it easier to onboard a vendor While some platforms allow participants to transact payments off platform, others offer full funnel payment. In this case, an owner pays the platform, which can provide accounting efficiencies, help protect your payments, and ensure you receive your deliverables
Virtual Marketplace
Compare pricing. If you ’ re new to outsourcing, it can be difficult to know what a fair price is for the work you need to be done Many virtual marketplaces offer pricing comparisons so you can evaluate quotes across service providers
Enjoy payment protection and efficiency
Transform your procurement process: Using a virtual marketplace as a procurement tool may enable your procurement team to streamline time consuming and tedious work typically involved in sourcing, vetting and comparing vendors By achieving greater value and efficiency, more effort can be spent on value added activities such as innovation and sustainability.
If you run a small agency, freelance or work as an independent contractor, you may not have the budget or time to market your services A virtual marketplace may make it easier for you to get your name in front of businesses
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Build your network at little expense. Typically, there is no cost for freelancers or agencies to join a virtual marketplace, making it a low cost business development tool Most often, you or the buyer only pay the platform for revenue generated by leads or projects Focus on the work You can focus your time on the services you provide with the option to promote your business and your work without the need to develop and maintain other channels (a website and/or bricks and mortar location) Virtual Marketplace Tip: Understand the marketplace business model Be sure you understand what you are signing up for when you join a marketplace It pays to read the fine print when it comes to payment options and taxation, returns, the scope of work (SOW), and how fulfillment issues are resolved B2B online marketplaces usually follow two business models
A broker model connects buyers and vendors but as buyers communicate and contract directly with vendors, the marketplace offers limited or no support, warranties or responsibility for transactions
By connecting businesses and service professionals, virtual marketplaces help both parties grow efficiently, build their networks and make quality contacts that can benefit all partners for years to come
A Single vendor model acts as the vendor and bears the responsibility for delivering the products and services as promised, acting as an agent Bottom line
This article was originally published on RBC’s Discover & Learn blog 14 CanadianSME August2022
From a macro perspective, market forces are pushing global trade to the forefront, especially at the strategy and planning stage Technology is making it easier to do business around the world, but that also raises customer expectations We continue to see supply chain fallout from COVID 19, with companies looking to diversify risk in their global supply chains and mitigate increased costs and timing Directly within logistics and fulfillment, we ’ re seeing increased urbanization change delivery models, creating both opportunities and challenges Of course, ongoing global impacts like the increase in fuel costs also affect small businesses, often disproportionately
Paul Gaspar is director of small business for UPS Canada. His role is to educate and guide small businesses in Canada on ways to better leverage UPS’ tools to help them grow and expand both domestically and internationally. With his team of small business ambassadors, he empowers small business owners to determine the best mix of customized services, technologies and innovations available to them
While Paul has been in his current position since 2011, his career with UPS began in 1991 in operations Through several roles, he discovered a passion for working with small businesses and helping them thrive. He now leverages his growing network of entrepreneurs and the focused learnings of SME supply chains to improve the success rate of small businesses looking to scale and go global. What should Canadian businesses be concerned about in the current export market?
15 CanadianSME August2022
While challenges are numerous, at UPS, we have support for businesses experiencing issues in many of these areas Our small business solutions can help with optimizing costs, streamlining customs headaches and giving businesses a clear view of where their shipments are at any time
What is the benefit to a Canadian company in choosing to export?
Consumers around the world are choosing to buy more from international retailers, and data shows us that Canadian businesses benefit from entering the global field In Canada, we have 15 free trade agreements in place with countries and groups around the world, reducing the barrier to entry and reducing costs with reduced or eliminated the main challenges for SMBs their SMB Watch report for 2022 showed that expensive shipping rates, long delivery times and the cost and complexity of handling customs are the biggest challenges facing Canadian SMBs.
Canadian
tariffs Export What are
Q2
Trends
choosing to export
goods? Taking your business global is a big undertaking However, the gains are unquestionable We continue to see logistics ranking highly among overall export challenges UPS’s
I think you can tell that I’m a supporter of going global, but my main caution for customers is customs and regulations. It is critical that a business completes its due diligence and gets it right. Before you ship, know what your product is and where it is going, which forms are needed, when it needs to get there and how to prepare your package We always recommend looking into the Canada Border Services Agencys SME toolkit to ensure small businesses have considered all that goes into global shipping
Where should small businesses focus as they think about developing their export offerings?
First, returns are a key area. Consumers increasingly expect a return option, but many businesses don’t have a clear structure Simplifying the process and offering multiple options can build returns on your return policy, so to speak, and make it a competitive advantage
We see made into development pay off in a of ways. Development Canada highlights seven reasons why Canadian exporters are more successful, including increased revenue, faster growth, diversified risk, better longevity, improved connections, increased competitiveness and more innovation. At UPS, we see the importance of logistics helping small businesses to succeed in these ways, as reducing friction along their supply chains keeps Canadian businesses agile and able to play in the global market successfully.
investments
export
variety
Is there anything else small businesses should consider as they think global?
Export
Export
It's also important for businesses to consider their value proposition in the global market, and that does include tailoring offerings to what customers want International customers expect speed and convenience when making a purchase, and that includes customs duties Our latest Trends Watch told us that the majority (62%) of small businesses offer delivery duty unpaid, whereas customers prefer delivery duty paid Aligning with these preferences can be a key differentiator from your competition.
17 CanadianSME August2022
Second, across the board, increasing accessibility by having multiple options available will set your business apart More choices, especially in logistics, improve customer experience Finally, ask for help! Our team of small business ambassadors can help find solutions that are tailored to even unique business needs. We’re here to help businesses with the small stuff so they can stay focused on the bigger picture. You can learn more here.
Once the bill is passed, the government will have the power to designate services and servers critical to the nation's national security and public safety In addition, the CCSPA will designate cyberservice and security operators to establish a cybersecurity program that will immediately report cybersecurity incidents and maintain compliance records
The bill is undoubtedly a timely measure, but what premises prompted the government to take this action?
The Government of Canada introduced a Bill titled C 26 on June 14, 2022 Under this bill, the government seeks to enact the Critical Cyber Systems Protection Act ("CCSPA") The CCSPA is comprehensive legislation addressing the "longstanding gaps in the government's ability to protect the vital services and systems Canadians depend on " Cybersecurity Cybersecurity BestPractices
BestPractices fforSmall orSmall Businesses Businesses
18 CanadianSME August2022
The 2021 Security Study by CDW Canada found a decrease in cyberattacks compared to 2020 However, the average cost per organization of responding to and recovering has increased Comparitech shows that, according to Canada Cyber Security and Cyber Canada, organizations increased their IT budgets by 4 7% in 2020 by installing anti malware software, email security, and network security to protect their information and communication technologies
Small businesses can be particularly vulnerable to a cyberattack as they often lack dedicated cybersecurity teams to implement security policies and solutions Cyberattacks should not be ignored and handled by regular employees, as the impact of an attack on small businesses can be severe A small business often cannot afford to pay the huge ransom demanded by the hackers, and the costs to recover from an attack can also be quite steep It is not just the monetary loss that should be considered in the event of a data breach The loss of customer trust over the lack of protection of their sensitive information can also negatively impact a business Security measures should be taken regardless of the size of the company. A large company can more easily cover the ransom and/or recovery costs, but for a small business, a cyberattack can potentially lead to the end of their enterprise.
Statistics Canada reported that 21 percent of Canadian businesses were affected by cyber breach incidents in 2019 and spent $7 billion on data prevention, detection and recovery
Cybersecurity
19 CanadianSME August2022
According to a recent survey, 55 percent of last year ' s cyberattacks in Canada were ransomware A Sophos report also found that 46% of organizations with data encrypted in a ransomware attack paid the ransom The average ransom reached $812,360, with some companies paying up to $1 million Although these figures were from a global survey, not limited to Canadian organizations, the impact of a cyberattack on an SME in Canada can be severe Along with ransom demands, businesses also face other cybersecurity attacks with unknown motives. More than an IT issue, these attacks should be considered an enterprise risk as attackers can steal personal or financial information, which impacts businesses
By implementing zero trust architecture as a security solution, users and devices will be required to prove their identities and trustworthiness before accessing the network
Default passwords should be changed Insecure default device settings should be reviewed and disabled including functionality not being leveraged. It is recommended to adopt secure product configuration files such as the CIS (Center for Internet Security) Benchmarks
Partnering with organizations like CDW will help SMBs develop security plans to identify the best solutions for their business according to their budget In addition, such organizations can offer cybersecurity experts to help small businesses implement protective solutions With the assistance of CDW, small businesses can take these seven preventive measures against cyberattacks
Falling for a fraudulent situation and giving up their log in information is often the first pitfall of any cyberattack and can happen to any employee Hence, employee training is at the core of protecting organizations as a defence against cyberattacks You will want to educate your employees on how to spot phishing emails to keep them on alert
It follows the principle of continuous verification, wherein a user ' s access is always verified, all the time, for all resources
Cybersecurity
Mobile devices can be safeguarded by using endpoint security tools and mobile management solutions to protect the device from attacks and control access to these devices Hackers can disrupt the network through DDoS attacks, HTTP floods, SQL injections, or cross site scripting To prevent such situations, applications should be protected using processes and tools such as next generation firewalls (NGFWs) and following code compliance
It is impossible to be completely safe from cyber threats in the digital age Still, taking the necessary precautions to limit the risk and minimize the damage in the event of a breach is critical Therefore, each small business should ensure a cybersecurity plan is in place to reduce the intensity of damage to their data and information.
Installation of NGFWs can create a perimeter boundary between an organization's intranet and the external or public facing internet As a result, this reduces the risk of vulnerabilities and improper device/security policies being exploited by cyber attackers
21 CanadianSME August2022
CDW partners with leading cybersecurity firms like Sophos to provide advanced endpoint protection and next generation network security. Sophos can protect the entire business with a single management console In addition, the data will be protected from the latest and even unknown threats with the help of Sophos Adaptive Security, which utilizes automation and human operators to learn and improve Sophos hardware and software systems continuously To learn more about CDW’s cybersecurity solutions, please visit CDW.ca/security.
For small businesses, for whom cyberattacks can be difficult to recover from, a suitable cybersecurity plan that meets their requirements and budget is important CDW Canada can assist SMBs by creating custom security plans and solutions based on the user ’ s requirements, budget, business vertical, and their current cybersecurity setup to implement the solutions according to the industry’s best practices
The backup and recovery process is the final line of defence for organizations against cyberattacks and ransomware. Hence, it is crucial to have a unified, modern data backup and recovery solution that enables rapid recovery during a cyberattack
Up-close & Personal Interaction with Tareq Hadhad Founder and CEO, Peace by Chocolate September 7, 2022, 1 PM (EST) Register NOw ! Don't miss the opportunity to learn what it truly takes to be a Resilient Entrepreneur BankingPartner ShippingPartner Organizedby
With the average data breach cost approaching $7 million in Canada, insurers can’t afford to keep paying out. Instead, they are utilizing all the tools they have at their disposal to protect themselves. This means making use of a variety of strategies, including:
An increasing number of cyber claims and ever rising costs have led insurers to protect themselves Learn four ways to reduce your cyber exposure and become a better risk for underwriters
CYBER INSURANCE MARKET
1 2
One way to manage the cost is by putting more of the responsibility on the insured In the last year, premium rates have increased by over 300% in some cases, and deductibles are typically at least double of what they were from expiring
PREPARE YOUR SMALL BUSINESS FOR THE 2022
Another method is to reduce coverage limits or capacity to minimize the risk they take For some, $2 million is the maximum coverage cyber insurers are prepared to offer on a primary basis, compared to $10 million or more Building towers of insurance has therefore become increasingly difficult and time consuming
Many insurers are declining to take on organizations that aren’t doing their due diligence to protect against cybercrime They are withdrawing or declining coverage for those organizations that aren’t meeting certain standards to prioritize their risk 1 StatisticsCanada,“Police reportedcybercrime,numberof incidentsandrateper100000population Canada provinces territoriesandCensusMetropolitanAreas,”
The cyber insurance market has never been tighter Statistics Canada data demonstrates that cybercrimes nearly doubled between 2018 and 2020 In response to an increasing number of cyber claims not to mention ever increasing costs insurers are reconsidering their underwriting approach And in the competition for coverage, small businesses may lose out
accessedApril2022
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Patrick is the National Cyber Practice Leader at HUB International in Canada. As an insurance expert, he provides technical expertise in the analysis, placement and negotiation of management risk insurance coverages, including professional liability, crime and directors’ & officers’ liability insurance but with an emphasis on cyber liability insurance. In addition to negotiating terms and placing coverage, Patrick advises clients on how best to align breach response planning with insurance and risk mitigation solutions and provides claims expertise
An incident response plan (IRP) is a comprehensive plan for addressing network security and/or privacy liability threats and attacks. The plan provides a kind of roadmap or “playbook” with guidance and steps to be taken such as who to call, what to do, when to do it, etc An IRP helps organizations to best document all the critical steps it needs to take from the time of the suspected breach to post incident response and closure Once considered a “bonus” for organizations going above and beyond, an IRP is now an expectation
About the author:
The IRP isn’t enough on its own; a dress rehearsal makes the plan real A cyber tabletop exercise (TTX) is a simulated cybersecurity scenario exercise where participants (ideally members of senior management) must act, think and make decisions as if the cyber incident were real The exercise exposes weak links in a safe environment At the same time, those with decision making authority are forced to make choices in a worst case scenario
2 CTVNews “CostofdatabreachesinCanadahitnewrecord in2021:IBM”July28 2021
Cyber Insurance Multifactor authentication (MFA) for remote network access, email systems and privileged accounts Remote desktop protocol (RDP) ports to be closed or placed behind a virtual private network protected by MFA Privileged account access is limited to those who need access At least one email filtration solution, such as a Sender Policy Framework (SPF), DomainKeys Identified Mail (DKIM), or Domain based Message Authentication, Reporting & Conformance (DMARC) A next gen antivirus solution Endpoint detection and response (EDR) solution At least one copy of backups should be stored off site or in the cloud Become a Better Risk When it comes to costs, there is little a small business can do But it can take steps to make itself more attractive to the insurers by implementing a breach plan and reducing cyber exposure Consider these four steps to reduce your cyber exposure: Even before an insurer will offer you a quote, they want to see you ’ ve done your due diligence. They are looking for security controls, including:
Cybercriminals work hard at their trade, but you must be ahead of the game Create a culture of security in your organization Offer regular training to teach employees, vendors and all key constituents to recognize and delete suspicious emails without opening them This important step cannot be the sole responsibility of the IT department
Elke Rubach Principal and Founder of Rubach Wealth
I started my journey as a lawyer, and I practiced for roughly 10 years. I transitioned into working at one of the big banks in several areas but ultimately in the Compliance Department, working directly with clients and addressing their concerns regarding their brokerage accounts During my tenure there, I realized that people lead busy lives making financial decisions without having a clear plan or a long term approach Many products are sold and bought without true understanding and because they sound great at the time As time goes by, people realize that what they have is a collection of possibly mismatching great instruments, and they barely remember why they bought them This usually leads to inefficiencies, missed opportunities and confusion This realization, coupled with my personal childhood experience of facing an unexpected financial crisis, resulted in the birth of Rubach Wealth I strongly believe that it’s important for people to have a solid financial plan so that the family does not have to go through any undue stress or confusion when only one person in the household understands what’s happening
The plan doesn't need to be complex We need to normalize talking about money and succession
Self-Management and Happiness ReasonsFinancial Independenceiskeyto
Elke Rubach is the Principal and Founder of Rubach Wealth, a leading wealth management firm she founded in 2012 Her mission is to provide tax efficient financial planning to help clients build multi generational legacies Drawing from her personal experience of facing an unexpected financial crisis, Elke has spent her career advising clients on wealth management, estate planning, and investing in ways that align with their values and goals. Rubach Wealth is built on her vision that all clients, especially women, must be financially independent. She believes that conversations around financial planning need to be normalized and that it’s essential for clients to be responsible with their money Elke is also a sought after speaker on wealth management, estate planning and philanthropy She is the founder of Fashion Heals for SickKids, which has raised more than $450,000 for pediatric cancer care and research since 2015. As part of her philanthropic efforts, Elke gives back with board and volunteer commitments, including the Professional Advisory Council for SickKids Foundation, the Investment Committee at the Office of the Public Guardian, the Advisory Board for Transpod Inc, and the development committee of Ronald McDonald House
When did you start your career? And what was your motivation behind starting Rubach Wealth?
Elke earned undergraduate and graduate degrees in law, the latter in banking and finance, on scholarship at the London School of Economics Elke is fluent in English, Spanish, French, and German
For clients to be responsible with their money, they need to understand their spending habits and having a budget is essential They should be able to divide between discretionary and non discretionary spending Often enough, one discovers that certain changes to discretionary spending can make a big difference in the long run. Sticking to a financial plan and updating the plan regularly as goals are achieved or debts are paid is important
Financial Planning
As you believe that it’s essential for clients to be responsible with their money, what are the tips through which they can become more disciplined and empowered in that manner?
Another tip I would share is that clients need a tax efficient will and the right type of insurance As far as insurance is concerned, they need to understand how much coverage plays a role in their plan They also need to have regular investment contributions to avoid trying to time the markets and have an understanding of how the different tax planning strategies work Lastly, they need to diversify their investments across different asset classes and have a long term investment approach What, according to you, are the ways that help us to approach the topic of money with loved ones? And how are the conversations related to financial planning normalized? I believe that people should talk about it very normally with their loved ones It can start with simple questions such as, do you know that we have X amount in our bank account and who the investment advisor is? It does not have to become the main topic for the entire family at every meal, making it too overwhelming for the family One needs to be mindful that having these conversations on an ongoing basis makes a huge difference If they don’t feel comfortable doing it themselves, we are happy to facilitate this and get them started
Being a sought after speaker on various topics, what important points you would like to share with the entrepreneurs when it comes to legacy planning?
I think the main challenge I faced and continue to face (like most entrepreneurs) is juggling competing priorities I have three children, and when I started my business, they were young (1 ,3 and 5 years old), so I had to manage my time effectively The journey of growing my business has been exciting From finding the right team members to experiencing cash flow constraints and then dealing with Covid, it has been demanding but rewarding at the same time Dealing with the unknown is a big part of being an entrepreneur, at the same time understanding the fact that uncertainty and change are constant.
Why do you think that financial independence and self management should be a goal for every individual, especially women? And how are they benefitted from these goals? It's a very personal decision, but in my case, it's a core value I strongly believe that financial independence allows other types of independence and helps in making informed decisions (about business, career, relationships, etc Plus, it also sets a great example for the next generation as our children are keenly watching how we are leading our lives and dealing with financial pressures I want my kids to have a positive financial philosophy and learn from my experience
For entrepreneurs, while they spend time growing their business, should never forget to keep their personal finances under control It’s important for them to keep it simple because business owners have everything but time If they have too many pieces to look after, it may render the task over clarity, making the control over finances very complicated. Hence, it’s essential not to neglect your financial plan and have a succession plan in place. It’s something they owe to their clients, family and business, plus keeping them honest Furthermore, while building a business, entrepreneurs also need to consider the exit strategy Do you keep it in the family? Do you sell? A combination of the two? Every case is different, and it's key to get in front of it before the issue becomes a problem (e g death of the entrepreneur) These are just a few of the many issues that need to be addressed
What were the challenges you faced on your entrepreneurial journey? Were you successful in overcoming them?
Another finding is that 57 percent of SMEs say it’s currently challenging to manage cash flow this is significantly higher than pre pandemic (which was 41 percent). It’s clear that SMEs aren’t receiving the support they need to stay afloat, even in the wake of a very difficult two years.
John Mackinlay - CEO of Caary
What was the motivation behind launching Caary? And what goals are you hoping to achieve? At the heart of Caary is our desire to help small and medium sized businesses succeed We have 1 2 million SMEs in Canada, but they struggle to access corporate credit and other key financial tools from traditional lenders and financial services companies Caary was founded by lifelong entrepreneurs, so we have first hand experience of how difficult it is to fund and grow a small business in Canada In fact, our co founders Steve Apostolopoulos and Jason Sawyer were turned down when they approached their bank to get a credit card for Caary, and we had 1.6 million in the bank! This is the reality of so many SMEs in Canada, and it just adds to the stress of the COVID 19 pandemic We built Caary to provide SMEs with the corporate credit and financial tools they need and deserve Our fintech platform delivers corporate credit that doesn’t require a personal guarantee, as well as spend management tools tailored to the daily needs of running a small business We officially launched in Canada at the end of June, and we ’ re excited to be making a difference for the SME community
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John Mackinlay is CEO of Caary Capital, a credit and spend management platform for small and medium sized enterprises in Canada John is a 25 year veteran of the investment, financial services and technology space Prior to joining Caary, he held executive roles at PwC and IBM and served as an advisor to National Australia Bank and OMERS
And this is especially impacting young SME owners The report shows that those aged 34 or younger find it significantly more difficult to access both business credit (46 percent) and key financial products and services (40 percent) That’s a major barrier to innovation in Canada if our young entrepreneurs don’t feel they have access to the financial tools needed to start a business
What are your thoughts about the Léger study commissioned by Caary in partnership with Xero and the Canadian Lenders Association? What were some of the key findings of the study?
The study illustrates that accessing business credit is a slow and complex process full of personal risk for small business owners I was especially struck by the fact that 70 percent of SME owners have to put their personal and family finances at risk to fund their business, either by relying on a personal credit card for business expenses or providing a personal guarantee to access corporate credit
How is Caary Capital helping SME owners to fund their business without putting their personal and family finances at risk?
It was important to us that the Caary card has no fees, including no foreign transaction fees, and comes with 1 5% cash back on all spend And it’s very easy for our customers to manage the entire card program from a self serve dashboard They can issue or cancel virtual and physical cards, set spend limits and expiry dates, track spend, and lots more So in addition to corporate credit, SMEs get tools to help them automate expense management and stay in control of spending
Fintech is offering an alternative to traditional financial institutions and creating much needed competition, which is especially important for SMEs And we’ll see even more fintech emerge once we have a proper open banking regime in Canada For anyone unfamiliar with open banking technology, it allows you to securely share financial data with a third party organization that offers financial services you find valuable, such as spend insights or better accounting integrations Basically, it puts the power of choice back in the hands of consumers and small business owners
And the demand is there, too The Léger study found that 54 percent of SMEs would consider a provider that used open banking if it meant easier access to corporate credit, and nearly half (47 percent) would exchange more of their data for better access to superior financial products and services
Open banking is alive and well and supported by a regular regime in progressive economies, including the UK, Australia, and the European Union We’re a bit behind in Canada, but the federal government recently appointedAbraham Tachjian to develop a made in Canada approach to open banking, so the early signs of adoption are there
It’s a difficult time, so I’d tell small businesses to hold your powder Look for alternative sources of financing Look at credit or charge cards as an option to strategically manage cash flow And consider alternative service providers like fintech with creative solutions to meet your needs Traditional financial institutions are not your only option and are not the only solution out there
How is fintech disrupting the financial sector and impacting Canada’s economy?
Expense Management
What are some strategic tips through which small businesses can control their spending and automate expense management?
Most Canadian banks look at business credit history to assess credit worthiness, which many SMEs don’t have At Caary, we use alternative data to evaluate a business and determine a deep understanding of credit capacity; we look at cash flow of the business, we run our own sensitivity analysis and seasonality analysis, and we look at industry trends and growth As a result, we can extend corporate credit to SMEs with no personal guarantees required, backed by the Caary Business Mastercard® This allows entrepreneurs to build business credit while leaving their personal credit untouched. And the entire process is digital, so the business owner never has to set foot in a branch
So fintech is really putting pressure on Canada to progress with open banking, which is an important next step 98 percent of Canada’s businesses are SMEs, and they employ 70 percent of the workforce When this segment has the power to choose which financial tools and products best serve their needs, we all stand to benefit.
Aren has been working in fintech/insurtech since 2011, where he was first exposed to glaring problems, yet immense opportunity He then joined Omnicom Group, working his way up to becoming a seasoned executive and leading multiple technology, user experience, content, and media initiatives for some of the world’s largest brands like McDonald’s, Apple & Volkswagen Group Having finally gained the experience, skillset, and network necessary to solve big problems in financial/insurance technology, Aren co founded Mychoice ca, with a goal to save Canadians $1 Billion Dollars!
Developing a successful fintech company requires an aptitude, and a certain level of mastery, for user acquisition During my experiences, I was able to witness how some of the best of the best target desirable clients across digital and traditional platforms, cost efficiently and at scale More importantly, I saw the type of meticulous planning that goes into creating user experiences that are designed to reduce friction and convert users into customers As far as Mychoice ca, the inspiration came to my co founder and me when we noticed that the United Kingdom, where he is from, has established comparison engines and that Canada was lagging behind Our experiences working in fintech and insurance gave us the confidence that we had enough of an understanding of the industry landscape and the right network to be competitive in the space with our own offering
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Aren Mirzaian - CEO, My Choice How was your experience working in fintech and for some of the largest brands in the world? What inspired you to establish Mychoice.ca?
How does postal code discrimination affect auto insurance rates? And what steps must drivers take to receive the best rates tailored to their driving needs?
Although there are other factors including driving history, age, gender, and vehicle make and model influencing auto insurance premiums, postal codes drive up these prices quite significantly Premiums tend to be higher in areas with more claims and payouts This means even if you have not made a claim, you could still be paying a higher rate just by living within a certain postal code.
Lastly, we ’ re able to provide auto insurance quotes from the top providers in three minutes because we have worked hard to get the right partnerships in place, and our experience in fintech/insurtech has enabled us to build a truly frictionless quoting process Give it a try for yourself!
Financial Services
How will the recent announcement by Ontario Premier Doug Ford to end postal code discrimination by insurance companies throughout the province benefit all Ontarians?
It’s a double edged sword If this goes through, the implication is that you will not be personally penalized for living in an area with higher claims While some pockets of the GTA may decrease, insurance companies will need to offset risk, and we may see an increase in rates in rural areas as they move towards a new established provincial average This could also be a move to push for more personalized risk calculation, like using credit scores, where precedents have been set in Alberta and New Brunswick
Drivers need to know that although the process of finding affordable car insurance can be confusing, there is a key to getting the best deal available for their needs My Choice makes the process easy and unbiased by offering drivers a selection of car insurance rates from top providers to help save them cash What, in your opinion, distinguishes My Choice from its competitors in the brokerage industry? Is this proving advantageous to the customers?
What specific role does an Ontario postal code play in determining auto insurance premiums, given that so many factors influence them?
My biggest recommendation would be just because your neighbour or friend has a good rate at one company; it doesn’t mean that specific company is going to be the best for you or the cheapest Different companies have different ways of assessing risk, and specific factors may be more important to some than others! For example, if your neighbour tells you they have a cheap rate with Company A, that company might place much more weight on age and insurance history rather than another company, resulting in a much higher rate for you than someone in your postal code. That’s why it’s important to shop around and not wait for regulatory changes!
Because of this, My Choice’s primary goal to match users with both brokerages and direct insurers at the best price for their specific needs is truly unbiased
There are vast differences in rates across postal codes, and the effects are due directly to the number of claims and payouts that occur within that area fraud rates in the area could be a factor as well Areas like the GTA have more people and more collisions, increasing insurance premiums.
The difference is simple yet extremely significant for the consumer Brokerages are our clients, not our competitors! The brokerage model is fantastic because it ensures that users are getting the service they need at no additional cost We work with some of the country's largest brokerages to ensure that our users get quotes from a wide range of providers in one place, rather than having to call different brokerages Apart from brokers, we can also work with direct insurance companies, providing more choice and transparency for the user. We act as an extension of the marketing team to our broker and direct partners, ensuring that we give our users plenty of choices
What specific recommendations do you have for the residents of Ontario regarding the selection of an insurance company? How is it possible for My Choice to provide auto insurance quotes from the top providers within three minutes?
To Melissa, Indigenous entrepreneurship is a mutually beneficial relationship between community and the environment.
When Futurpreneur launched its tailored programming to support budding Indigenous entrepreneurs, its vision was to streamline the startup process, address community specific challenges and help break down barriers that prevent Indigenous youth from starting their own businesses
Nearly three years since its establishment, this vision has been realized, with more than 100 entrepreneurs enrolled in the Indigenous Entrepreneur Startup Program (IESP) across Canada The program is curated and led by a team of ambitious entrepreneurial minded Indigenous professionals with lived experience and a genuine passion for empowering others to reach their full potential
“Understanding and respecting the importance of how both can affect each other and how being
Commenting on what entrepreneurship means to him,
Under the direction of a Cree Saulteaux woman, Holly Atjecoutay, and supported by a group of business development managers Jason McDonald, Melissa Gladue, and Noah Wilson the team works closely with the entrepreneurs to help them navigate the startup journey Jason McDonald – a member of the Akwesasne Mohawk Territory, where he also currently resides – spent most of his professional career assisting Indigenous people with disabilities, helping them secure employment or pursue their entrepreneurial dreams. Today, he is a business development manager with IESP, where he continues to employ his skills working with budding entrepreneurs.
Jason explained the entrepreneurial spirit has always been an integral part of Indigenous community life and that he’s grateful to Futurpreneur for continuing this tradition “Our culture will show entrepreneurship is not new to Indigenous people,” Jason said, “I am proud to say my grandmother was Mary Adams from Akwesasne She was a world renowned basket maker Her baskets are sitting in the Smithsonian institute, the Vatican, in the New York State Governors office to name a few places ”
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Jason is also the treasurer of the Hogansburg Akwesasne Volunteer Fire Department In his free time, he enjoys camping or watching motorsports In 2019 and 2022, he volunteered for the Montreal Formula 1 Grand Prix as a firefighter Melissa Gladue is nêhiyaw iskwêw (Cree woman) and a proud member of Saddle Lake Cree Nation in northern Alberta Her mother is of Métis heritage and her father Plains Cree Melissa was raised in a small rural farming community in northern Alberta; brought up with the traditional knowledge and lived experience of the local Cree people Outside of her volunteer activity Melissa likes to spend a lot of time travelling in Alberta by exploring new lakes for kayaking, fishing, and finding new hiking trails A fun fact, Melissa is also a plant mom to over 200 tropical house plants; a love she feels is inherently Indigenous
Reflecting on what changes she would like to see being made to empower the next generation of Indigenous entrepreneurs, she said the introduction of “economic education to youth ” “Our youth are our future we need to target them at an early age and teach them about the importance of finances so that when they are ready to pursue entrepreneurial endeavours, they are not being discouraged about how tedious the process is and how difficult it can be to rebuild credit to meet lenders’ requirements for capital,” Melissa said.
Through his role at Futurpreneur, Noah is working directly to resolve these issues and equip entrepreneurs with the skills and tools they need to succeed He added, “The most exciting part of my role is being able to work solely with First Nations, Metis, and Inuit Entrepreneurs and Potential Entrepreneurs to smash through these barriers with our financing and mentorship program by helping them build their business plans and connecting them with the larger Indigenous business development ecosystem It is exciting to be able to help build an Indigenous business community with every Indigenous entrepreneur who goes through our program, as well as watch their business grow as they get off the ground and the countless accolades our Indigenous entrepreneurs receive as they inspire the next generation of Indigenous entrepreneurs ” To learn more about IESP and register for upcoming webinars and events, visit our website: futurpreneur.ca/indigenous
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Indigenous Entrepreneur environmentally responsible is taking care of my community, and being community orientated means taking care of the land we call home for my generation and the generations to come, ” she said When joining Futurpreneur, Melissa was most excited to play a first hand role in bridging the gap of economic resiliency within the Indigenous population, specifically among the youth
Noah Wilson, a Cree man with French/Ukrainian heritage on his mother's side of the family, is also a community member of Peguis First Nation which is the largest Treaty 1(1871) community located in the province of Manitoba
“I believe in the importance of lived experience, especially when talking about my Indigenous Culture I am the second generation removed from the residential school, but I was blessed to have still been raised in the traditional cultural ways of my people Having qualifications and education is great, but nothing replaces lived experience First hand knowledge and experience are what will equip you and give you the necessary means to be successful in a role,” Melissa said She added, “It is through my lived experience I can relate and empathize with others, and it is through my career and educational experience that I can walk dual worlds working in tandem for the betterment of my people ”
Commenting on what continues to fuel their passion for supporting Indigenous entrepreneurs, Noah explained that “two of the biggest barriers facing Indigenous entrepreneurs across Turtle Island is access to capital and the lack of access to mentorship and peer groups that help in growing their business.”
How can a Managed IT Services Provider help small businesses? What are some of the benefits of using a managed IT services provider?
Another problem business owners face is having someone trustworthy they can rely on to help them through the modern, complex IT landscape Small businesses must find a trusted partner to evaluate what IT models will work for their business, which models will give them the best value, what vendors are making the most reliable hardware, and what software is out there to help them manage the business more productively
A good Managed IT Services Provider should be available 24x7 to help a business in the event they have an issue A business with an experienced Managed IT Services Provider sees many benefits Some of these include reducing downtime of critical systems, being available when staff needs help, advising on the best mix of hardware and software, and generally acting as or working with the internal IT department to support business on the technology side of things
Attilio Commisso is the President and co founder of CG Technologies Corporation For over 25 years, he has been a champion to small and medium sized businesses in the Greater Toronto Area, helping them navigate the ever changing technology landscape CG Technologies' mission is to provide exceptional technical and domain expertise with their Managed IT Services and consulting solutions at an affordable rate. Their 95% customer retention rate over that period is a testament to their success and customer satisfaction. What are some of the common problems that small businesses face when it comes to technology? Technology is ever changing, making it difficult for small businesses to manage some of the day to day issues that crop up. Regardless of the type of business, we see a few common challenges.
Lastly, managing data risk Small businesses are vulnerable, especially in cases of disgruntled employees on their way out the door, accidental data loss or corruption, ransomware, viruses, phishing attacks, etc
First, small businesses often have trouble managing hardware and software related risk Today's complex hardware and software provide tremendous value when they work However, troubleshooting problems is not always straightforward when they don't work
A Managed IT Services Provider like CG Technologies can help a business by putting automated systems in place to monitor the environment and catch many issues before they get to the point where they interrupt the business. In the area of security, we can advise a company on the best security systems for their specific needs, such as firewalls, intrusion prevention, antivirus, antispam, and the best practices for employees to protect themselves as much as possible
What is your advice to small businesses during this challenging time?
Why is it important for small businesses to have reliable IT support?
Having reliable IT support benefits every aspect of a business From an executive standpoint, it offers peace of mind that business critical functions are expertly maintained From an operational perspective, it ensures systems run smoothly to enable staff to complete their tasks as seamlessly as possible Finally, from a financial standpoint, IT support can deliver the best and most efficient system to optimize IT spending. How can CG Technologies help small businesses with their IT needs? We’ve been a Managed IT Services Provider for a very long time, from the very earliest days of the transition from break/fix models to managed models, so we ’ ve developed a lot of expertise in helping to ensure our clients have the best possible IT experience Our service desk, which is in the greater Toronto area, is available whenever our clients need us to provide them with the inevitable hardware and software support every business requires from time to time Our advisors can help ensure you ' re spending your IT budget as efficiently as possible, so you ' re not making costly mistakes concerning IT systems We understand that IT supports your business, even though it’s not necessarily your business
Experience in the managed model Look for at least five years of experience as an MSP with a good mix of small, medium, and larger clients
A serious customer service focus They need to be available, take ownership, provide timely support and solutions, and be customer focused How can a small business owner be sure they're choosing the right provider? What are the top 5 Things to look for in a Managed IT Services Provider? If you are looking for a Managed IT Services Provider to serve your business, the top 5 things to look for are:
Think security first, make sure your staff has basic security training, ensure your systems are reasonably modern and up to date, and have an IT partner you can trust to provide you with appropriate advice and guidance and who is there for you when you need them.
A broad range of experience with different IT models break/fix, client/server, remote desktop, virtual desktop, cloud Experience running their own data centre environment so that they can provide you with real world consulting on securing your IT environment effectively and with appropriate cost efficiency
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A locally run service desk where the technicians are not simply working their way through a series of scripts but can actually troubleshoot effectively
With over 30 years in various leadership roles in the software industry and technology related businesses, William Goddard has seen and learned a lot along the way. He is a seasoned veteran of the sales and marketing trenches. For over 12 years, he has led GoTo Marketers Inc., an award winning digital marketing agency based in Canada, with customers globally.
For paid campaigns, we always begin by tracking click thru rate (CTR), cost per click (CPC), and conversion rate
RecognizedLeaderinDigitalMarketing
o Is our content getting clicks, and is the percentage of clicks increasing?
o Is our content getting more impressions in the search engine?
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Depending on the ad spend budget and other factors, the different areas we look at are focused on KPIs such as cost per lead and conversion to opportunity rate in the sales funnel Most small to medium size businesses usually do not have the budget and time to do campaigns with more granularity However, these KPIs give our customers and us a solid foundation to build upon, and once we start seeing success, the opportunities to scale will be visible
WilliamGoddard
Key Performance Indicators (KPIs) are essential to identify and track Which KPIs we use depends on the type of campaign we are running For example, if we execute a Search Engine Optimization (SEO) plan for a client, we look at organic traffic in the following ways:
Can you share the importance of accurate and timely reporting for a marketing department? Reporting can be a black hole for many organizations. One of the most common causes is that a company ' s leadership doesn't always know what they should look for in their reporting Without the data and understanding what the data tells you from your efforts, you could be wasting marketing investment on things that do not drive positive business outcomes The return on the marketing investments you make comes in many forms And it depends on where an organization is in its marketing maturity and the tactics it uses What are some key performance indicators that your team looks at to measure the success of your marketing campaigns?
o What keywords are we ranking for, and in what position do we rank in the SERP?
Do you have any tips or advice on how businesses can streamline their reporting process?
This is an excellent question because so many companies look at vanity metrics instead of the ones that matter and are aligned with sales goals I advise people new to the processes to start slow, ensure their data is clean, and improve as they go along.
The things you measure must be critical to your business's success Meet with a professional who can help you navigate the reporting challenges to identify the things that are working, where there are opportunities to improve, and what you really need Reporting is a team sport that requires a data coach to help you win the digital game How does effective reporting help to improve the ROI for marketing investments?
It is a very old and often used saying that is still true today "If you can't measure it, you can't improve it " Peter Drucker is often credited with saying this Here is the challenge: there are too many things to measure in digital marketing The trick is to measure the right things that deliver the ROI from marketing investments. We once had a client ask us for SEO help. We produced almost 500,000 words of content around a specific industry vertical Their goal was to generate 10,000 new leads at the top of the funnel for their sales teams by the end of the projects second year We achieved the goal 75% of the time They reported on organic traffic and volume of traffic to net new leads, two simple and measurable metrics Which aspects of marketing are most effectively tracked and reported on? This is a trick question The most effective for us is the digital signals we receive from specific actions on the website, in an email campaign, or in paid advertising campaigns or programs Website Traffic Volume This gives you a baseline to determine if people are coming to you online and whether the traffic is going up or down. Where is your traffic coming from (Organic, Direct, Referral, Paid, or Social)? What channels are helping you, and where do you need help? Website traffic to a new lead or e commerce sale conversion rates How does your website traffic convert and drive business growth and opportunities for the sales team? Measure something as simple as a contact form filled year over year or phone calls
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Marketing
Website traffic, bounce rates, time on page, and behaviour flow are all important metrics However, having goals and understanding what is working on your website in your sales funnel and advertising efforts cannot be ignored
What are the top 5 things every marketing department should report on (and two they should stop)? It is hard to pick just five things, but here it goes:
What is your advice to small businesses during this challenging time? Marketing is part science and art; it takes time to achieve the desired outcomes Take your time, understand where you rank online against your competition and get some good advice on what it will take to grow from people who have done it There are a lot of marketing snake oil salespeople out there Find a partner if you are a marketing rookie or want to take marketing to the next level Develop a plan, and stick to it There is plenty of help out there You can look for government grants to even help with funding that plan Two excellent resources are CanExport for international expansion and the Canadian Digital Adoption Program (CDAP) As long as you are measuring the right things, making the right improvements to your tactics, and closely monitoring your marketing investments, you should get better results and give whatever tactics you choose to deploy the appropriate amount of time
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Secondly, If you can't tie a metric to business outcomes, like some vanity metrics that don't move the needle, rethink your approach to what is valuable to your business and what is driving better results
Marketing SEO and important website page rank in the search engine results page (SERP) Are you on page 1 or page 20 on Google? People search for the problems you solve or the products you sell In organic position 1 (excluding any ads you see on Google for your search term), this position gets approximately 1/3 of all traffic for that search term
The higher you rank, the more people will see your company o Return on ad spend (ROAS) Whether you are spending $300/month on Facebook or $10,000/day on Google ads, you need to know what your spending is actually delivering to the business's bottom line If you are spending $1000/month and closing $5000 per month in profit, you should spend 10x if you could handle all the new business However, if you are spending $1000/month and only making $100/month in profit , you get the picture, I hope.
When it comes to two things marketers should stop reporting on, the first and probably the most important is, DON'T report anything where the data is suspect The better your data quality is, the more accurate the reporting will be, and you can make more informed decisions
My vision for Peninsula Canada is to expand into every corner of the country. Small businesses are the backbone of the economy they are the majority employers of Canadians, and their entrepreneurial spirit drives innovation in a country. But they aren’t experts on the details of provincial legislation or OHS. Peninsula helps them achieve their goals by taking care of all the small stuff so they can focus on the bigger picture. No one succeeds alone, and Peninsula is the support system business owners need to put their time into what matters.
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Peninsula Canada is a leading human resource (HR) and occupational health & safety (OHS) firm We are committed to helping Canadian business owners simplify their HR and OHS to ensure they stay compliant with ever changing legislation We launched in Canada in 2017 and are helping 5000 business owners save time & money across five provinces while letting them focus on what they’re best at running and growing their businesses
A n E x c l u s i v e I n t e r v i e w W i t h
My plan for achieving this is to expand across the country As we build the expertise in house to manage each province’s employment legislation, we will expand into every province to provide the support business owners need We are always hiring the best talent, from HR advisors to business support personnel, to help us reach every business owner in Canada
Chief Executive Officer at Peninsula Canada
Tony is a champion of small businesses across Canada. He understands they are not only job creators and the employers of many Canadians but that small businesses are the backbone of the economy. He firmly believes that giving them the support they need to grow is critical to ensuring a better future for all Canadians. Whether it's to navigate ever changing legislation or setting up policies that will keep their staff safe and help them succeed, Tony is driven every day to help them grow This drive and vision to help small business owners are why he is the perfect leader for Peninsula and has led to new growth across the country Could you tell us a little bit about Peninsula Canada? What is your vision for the company, and how do you plan on achieving it?
As the Chief Executive Officer at Peninsula Canada, Tony Rosati is responsible for the national operations of the company He brings more than 20 years of experience to the role. Tony is a guiding force in providing outstanding client service, driving profitable results, and growing the company to new heights.
My own experience working with SMBs stretches over 20 years Im really proud to have been able to make a career out of helping Canada’s entrepreneurs The everyday struggles business owners face are something I deal with at work and at home When I’m not keeping my team focused on improving the working experience of Peninsula’s clients, Im lending advice to the business owners I personally know to help them
Top of mind is the current rate of inflation This impacts their bottom lines directly, from product costs and rising salaries to lower consumer spending This is exacerbated by the employment standards in each province and the federal set of rules above those Navigating these regulations is challenging for any one person it takes a team of experts to understand how it all works together so you can run a successful organization I also don’t think there is enough support for SMBs in Canada I won’t discount there is support, government grants, programs to digitize and such But the bigger issue is that business owners are overworked, stressed, and usually underpaid. Most SMBS put their profits back into their businesses instead of their own pockets. They’re working 60+ hours a week and time is their most valuable commodity, and it’s non renewable Peninsula prides itself on saving them time Every hour they don’t spend on paperwork, HR, or OHS is time they can put back into their business or use it to rest HR and health & safety services
Do you believe that leadership is a skill that can be learned or is it something that people are born with? I think it’s a mixture Some people are born with charisma and empathy to help those around them That is what leadership is, organizing people to achieve a goal. These natural traits need to be refined with training and learning. I’m still learning what it takes to be a good leader And not just from my own staff, on whose expertise I lean, but from my kids, their sports coaches It’s a continual process, and I’m lucky to be able to learn from people like Peter Done and Allan & David Price, owners and managing directors of a global company for over 40 years
Small business owners don’t have time to think of new strategies or service offerings when they’re under a mountain of paperwork
The best way to support any small business is to give them the time to focus on growth
What do you think are the best ways to support small businesses to grow? Can you tell us a little bit about your experience working with SMBs?
Having the time to plan, prepare, and execute is critical to success
What would be your advice for aspiring leaders out there?
What do you think are the unique challenges facing small businesses in Canada? Do you think there is enough support for SMBs in Canada? Why or why not?
I have three simple pieces of advice for any aspiring leaders out there: Learn and absorb as much as you can. Whatever your role, whether you’re selling a service or starting a new job, you need to go 100% into it and become the subject matter expert. Learn everything you can, even if it seems trite. It WILL come in handy one day. Ask questions. People have solved every problem you’ll face; ask and find those solutions. Find mentors. Having access to mentors with whom you can bounce ideas, both for your professional and personal life, is important In the last 15 years, I’ve made myself available for mentorship and coaching to help young leaders reach their goals
It’s no secret that the past two years have been challenging for small business owners in Canada
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In May 2020, GoDaddy Canada surveyed small business owners to see how they felt moving into the first phase of re opening Prior to being shut down, approximately half of the small businesses had a social media presence, and roughly the same number had a website The top challenge businesses owners faced at that time were navigating changes in consumer spending behaviour, ensuring health and safety standards and dealing with issues in the supply chain
As a follow up to the 2020 survey, GoDaddy wanted to find out how small business owners were feeling more than two years into the COVID 19 pandemic The 2022 survey, conducted by Logit Group, revealed that more than two thirds of small businesses made changes to their online presence during the pandemic, and more than 40 percent credit the growth of their business during the pandemic to digital solutions
41 percent of respondents said they would continue to maintain their online presence post pandemic, an increase from 37 per cent in 2020
The survey revealed: Digital adaptations, including improvements to online tools and social media accounts, are here to stay: Two thirds of respondents said they will continue to shop local and purchase from small businesses beyond the pandemic. There is ongoing support and love for local Canadian businesses: In particular, business growth is the leading reason for optimism among all survey respondents, followed by expanding products and services and maintaining an online presence Optimism is most prominent among the micro small business segment, with 42 percent of those who employ five to nine people reporting confidence in the future of their business Optimism is strong among small business owners who see value in digital tools and maintaining an online presence:
In recognizing these challenges, GoDaddy has implemented enhanced customer support with GoDaddy Guides and expanded its integrated product suite to help small business owners. As the pandemic nears the third year, GoDaddy is helping small businesses move forward for the next three years with a domain name for only 1 cent for the first year when they sign up for a 3 year registration To learn more about how GoDaddy can help you get online and grow your business, visit godaddy.ca.
Although the survey showed signs of resilience among small business owners, there are still challenges ahead More than half of respondents said the rise in inflation is a top business concern, followed by cash flow and changes in consumer spending behaviour More than half of small business owners reported that they had incurred COVID 19 related debt since March 2020, and one third of small business owners said they intend to raise their prices to offset the increase in inflation
Digital Tools 41 CanadianSME August2022
As a company owner, you have likely been dealing with all the effects of inflation as of late the prices of raw materials have skyrocketed, shipping costs are way higher than usual, and business commutes now weigh much heavier on your bottom line due to astronomical gas prices, and the list goes on You have likely been hoping for a respite from it all, but unfortunately, there may be another big problem on the horizon: a possible recession
Periods of vast inflation are oftentimes followed by a recession, where consumers spend much less because they dealt with increased prices for too long A drop in profits can really hurt any business, so how can you prepare for this possible scenario? In my experience as the CEO and founder of CMA Exam Academy (a Certified Management Accountant exam review program), I have discovered these must know ways to prepare a business’s finances for a recession: When your usual customers choose to cut back on spending, this means you will likely see a lot less monthly sales than you ’ re used to However, your business will still need to be able to afford all of its monthly overhead expenses, such as payroll, utilities, payments for software subscriptions, rent for an office (if you have one), etc So it is absolutely essential to ensure your company has strong cash flow and cash reserves to sustain it during a recession. Funds will need to be readily available to keep your business running smoothly if sales drop.
This means that there is no better time than now to start directing a much greater portion of profits into your cash reserves If you ' re considering long term capital investments, it would be in your best interest to evaluate the level of cash outlay you'll need to commit and its impact on your day to day cash flow requirements
As stated above, a positive cash flow and strong cash reserves will be pivotal to help keep your business running well during a recession And if cash inflows drop in a recession, then it will be paramount to focus on decreasing cash outflows this will keep much more cash in the company ’ s coffers in case of an emergency One way you can do this is by cutting operating costs as much as you can now rather than later This will look different for every business, but start by looking at what is absolutely necessary to keep your company running smoothly This could include a CRM platform, SEO tools, accounting software, and the assistance of all of your employees and/or contractors Then decide which expenses you can lower or get rid of. Can you ship products with materials that cost less? Can you eliminate a cloud based file drive you no longer need? Can you switch to less expensive raw materials without affecting your products’ quality?
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Finance
One surefire way to cut operating costs is by implementing software applications that can automate processes, thus lowering expenses in the long run
Nathan Liao is the founder of CMA Exam Academy, a top Certified Management Accountant exam review program. As a CMA and CMA coach, Nathan mentors accounting and finance professionals in over 80 countries to earn their CMA certification in as little as 8 months. The unique review framework in CMA Exam Academy has proven to be the key to his students’ outstanding success in attaining their dream of earning the Certified Management Accountant certification. www.cmaexamacademy.com
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However, it will be paramount to be absolutely transparent about the situation with all employees who are affected so that they understand the need for the freeze This can help prevent frustration, a drop in employee morale, and costly turnover Explain that the freeze on bonuses and raises is only until the economy gets out of the recession and the company is able to afford it again. Also, see what other benefits you can offer to employees in the meantime, such as half days on Fridays
For example, rather than paying for a pricey call center to answer customer service phone calls, you can implement an automated phone answering system that can answer every single incoming call, answer basic questions, and direct calls to appropriate personnel Or, instead of paying an assistant to send invoices, you can automate the invoicing process with software like Procurify.
There are SO many software solutions that can be used to automate your processes, so start by doing a basic Google search on the process name + “automation ” You will likely see a lot of ads for a number of software apps, so do your research to see which one is the least expensive, has great reviews and can handle your business’s needs You can chat with representatives to see if they offer any potential discounts Also, it wouldn’t hurt to see if there are any online promo codes you can use for a software purchase
A recession is truly the time to optimize operations, accounting, customer service, and all other departments So find ways to streamline processes and cut costs across the board but ensure that they won’t impact company growth, customer service, or employee morale This may mean switching up all projects so that every employee is in charge of tasks they would truly excel at Or, you can implement a new weekly video meeting to help keep everyone in the loop about project deadlines and allow team members to ask each other questions and get immediate feedback This would help eliminate time wasting back and forth emails
If you foresee your business struggling during the recession, then you may have to revisit and put a temporary freeze on all bonuses and salary raises
A recession may be just around the corner, but you can ensure your business’s profitability stays strong with a bit of planning Prepare your company ’ s finances by making sure you have positive cash flow and strong cash reserves available for an emergency Also, cut overhead expenses now, automate processes with software, and optimize every department as much as you can Finally, as a last resort, revisit and put a temporary freeze on all bonuses and salary raises just until the recession is over Taking these precautionary steps should help your business’s finances and bottom line stay strong throughout a possible recession
Franchisees are small business owners from all backgrounds who are actively involved in their communities
Do You Know
Myth: Fact: Although that isn’t necessarily false, franchising is so much more than large food service brands It’s a very diverse landscape made up of small businesses, creative entrepreneurs, and a broad range of people, products, and services. While the franchise landscape does include many food franchises, from quick service restaurants (QSRs) to full service dining, food only makes up 40% of the overall industry, paving the way for a wide variety of other sectors, including real estate, health & fitness, retail, education, and everything in between
Franchises are very expensive Here are some of the most common franchise myths explained for anyone looking to pursue franchise opportunities.
Franchise ownership is risky
Myth: Fact: While there’s always some level of risk associated with owning a business, even a franchise, the pandemic showed that the franchise model was uniquely positioned to withstand some of the stresses of lockdowns and economic challenges Unlike going into business on your own, new franchisees receive training and extensive education and have access to a large support system that’s with them every step of the way Despite the endless challenges faced over last few years, the strength of franchise businesses was
ByMeenaNowrattan Public Relations Consultant. Bubblegum Canada When you stop to take a closer look, you realize that franchises are all around us, in every industry and in every community But do you really know to franchise? When you hear the word franchising, you may think of well known, established brands and large scale corporations, and you’d be correct But franchising is much more than that.
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Myth: Fact: This isn’t entirely true There are options out there at every price point, some starting as low as $10,000 It’s important to explore all available opportunities, as you may be surprised by the diversity of sectors and the range of start up costs Plus, there are several funding options, institutional grants, and other programs available to help with financing your franchise
Myths
Franchises consist of mostly big chains and food businesses
Franchising: The vs. The Facts
There has been a recent spike in budding entrepreneurs exploring franchise ownership as a way to be their own boss (especially throughout the pandemic) Before making an investment decision, it’s important to do your research and conduct the proper due diligence to ensure you ’ re making the most informed decision possible The Canadian Franchise Association (CFA) can help by offering a glimpse into what franchise ownership is really like, and by dispelling the biggest myths and misconceptions This will help those interested in exploring the world of franchising better understand the industry so they can determine whether it’s the right fit
Myth: Franchisors provide the framework of a successful business concept and practical policies to support franchisee growth In many cases, franchisors also support by providing marketing, lead generation direction, and more, all to ensure their franchisees’ success It’s this type of structured support that exists within the franchise landscape that gives franchisees the confidence and ability to run their locations with ease And while brand standards are always a top priority to ensure franchise consistency, most franchise concepts value the expertise and insight their franchisees bring to each location
With more than 71,000 franchise locations already operating and a national average growth rate of 2 1%, franchising is an economic and social powerhouse and has an enormous impact on the Canadian economy Canadian franchising is the 12th largest industry in the country, bringing in more than $120 CAD billion annually and creating jobs for nearly two million workers, according to David Druker, Chair of the CFA Board of Directors and President and CEO of THE UPS STORE, Canada.
Learn more at www.cfa.ca or www.FranchiseCanada.online.
Understanding what kind of business owner you want to be and finding a model that you have confidence in are key in your decision making process While there are a lot of factors that go into selecting a franchise, those looking to explore this channel of business ownership aren’t alone on the journey Part of the process includes connecting with other franchisees who have found success in the industry or similar concepts, discussing realities and asking the big questions.
After all, franchising is about growing together and being in business for yourself, but not by yourself According to the CFA, entrepreneurs interested in owning their own business can look to franchising as a viable and well supported option. Franchising is a community, and potential entrepreneurs should take every opportunity to explore, learn, and connect Despite economic uncertainties, you’ll find that entrepreneurs are choosing franchising over starting a business from scratch due to the industry's many inherent strengths
Franchisees have the local knowledge of understanding the communities they serve, and as the ones with boots on the ground, maintain control over day to day management of their location, including hiring, staffing, and marketing.
It’s better to pick a franchise that matches your interests Myth: Fact: It’s important to research all available options and to ask questions to make sure that you not only align with a franchise concept but that it also fits into your lifestyle While having an interest in a franchise will only add to your success, don’t be afraid to explore industries outside of your comfort zone, as training and support will be there to guide you every step of the way
Meena writes on behalf of the Canadian Franchise Association.
The Canadian Franchise Association (CFA) helps everyday Canadians realize the dream of building their own business through the power of franchising. CFA advocates on issues that impact this dream on behalf of more than 700 corporate members and over 40,000 franchisees from many of Canada’s best known and emerging franchise brands Beyond its role as the voice of the franchise industry, CFA strengthens and develops franchising by delivering best practice education and creating rewarding connections between Canadians and the opportunities in franchising Canadian franchises contribute over $100 billion per year to the Canadian economy and create jobs for more than 2 million Canadians
In fact, even throughout the pandemic and looking ahead, the economic forecast of franchise growth only continues to climb steadily
Franchise one of the few success stories that came out of the pandemic
Fact:
Franchising is an ever evolving industry that continues to grow and innovate, maintaining its relevance and strong positioning nationally and at the local level And it’s only expected to grow going forward
For more information about franchising, the Canadian Franchise Association provides education and a range of resources to the franchise community for both franchisors and franchisees The CFA aims to help everyday Canadians realize the dream of building their own business through franchising
There’s no creative freedom, as the franchisor is always in charge
Productivity gains in employees can be ensured through workplace management solutions
Businesses that invest in cloud based services enjoy a high degree of flexibility. Remote cloud servers provide nearly unlimited storage space, enabling businesses to instantly scale up or down their capacities to support growth while reducing the cost of purchasing, installing, and upgrading equipment on site Regardless of the task, a cloud based application can help you complete the work more efficiently Applications such as Quickbooks simplify accounting management by automating inventory, payroll, tax filing, and invoicing processes
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The cloud enables network based accessibility to communication tools such as email, where all messages and data are stored on the service provider’s hardware Cloud computing services can be categorized into three types Infrastructure as a Service (IaaS), Platforms as a Service (PaaS), and Software as a Service (SaaS) IaaS offers physical computing services, PaaS provides a development platform, and SaaS offers software services
Customer Relationship Management solutions like ZOHO CRM allow companies to keep in touch with their customers worldwide at an affordable price
TheBusinessBenefits ofCloud 01 - Business Flexibility
The Benefits Of Cloud Computing
For Small Businesses
Cloud computing is an advantage for small businesses and their employees Cloud computing offers increased workplace flexibility to employees as they can access data on a remote server located off site from anywhere with an internet connection and the correct login credentials
Cloud computing provides computing services, such as servers, storage, databases, networking, software, analytics, and intelligence, via the Internet or the cloud, enabling rapid innovation, customizable resources, and cost advantages It reduces your operating expenses by allowing you to pay only for the cloud services you require, facilitating the efficient operation of your infrastructure and enhancing the expansion of your business
This improves employee collaboration and coordination, which can be advantageous for small organizations with a limited number of skilled workers In the Cloud, small businesses can achieve work with greater productivity, increased efficiency, streamlined business management, and quicker results within their budget
04 - Business Costs Cloud offers two types of services.
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Small businesses more commonly use an outsourced solution, as a service provider delivers the hardware system and is responsible for the system's routine checkups and maintenance This is a recurring cost where the company pays the bill amount to the service provider for the services rendered
02 - Business Scalability
Most small businesses are ambitious in their pursuit of growth Any scale up plans necessitate capital and investment
The cloud is a great way to meet the development needs of today, keep up with growth, and aid in the completion of tasks for tomorrow Cloud technology is designed to meet the evolving IT needs of businesses As the business expands, it will inevitably require more storage space and bandwidth to accommodate growing website traffic Cloud servers can be automatically deployed to assist businesses with scaling up and down and ensure optimal performance under heavy loads. In addition to increasing website speed, cloud computing also reduces downtime If a small business intends to expand its operations, it will need to procure additional IT hardware to support the new employees However, in the event of downsizing, all capital expenditures incurred to acquire the additional hardware will be rendered futile With cloud solutions, scaling becomes simpler, faster, and more affordable
When data is stored in the cloud, each employee can pick up tasks where the previous employee left off 03 Business Collaboration
Cloud computing offers critical cost saving benefits for small businesses They can reduce expenditure by saving on computer hardware and software equipment Cloud computing offers small businesses easy and affordable access to otherwise expensive tools, programs, and applications
In house solutions refer to the digital solutions that the company develops with their own investment and for their own use The company ’ s maintenance team is responsible for the system's routine checkups, designed specifically to meet their personal requirements This is a one time investment with no extra charges in the future
Cloud Computing
The cloud environment facilitates increased collaboration between employees who have access to the same files The limits of traditional models are eliminated in a cloud service and allow team members located in different places to access information and work together. It cost effectively improves efficiency and productivity
Cloud computing keeps small businesses immune to disruption caused by either man made or natural events Through the Disaster Recovery service, an organization receives backup for its data and IT infrastructure in a cloud computing environment via a SaaS solution and is assisted in regaining access to its IT infrastructure
Business continuity is an organization's capacity to continue delivering products or services at predetermined acceptable levels after a disruptive event
Cloud Computing
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05 -
Unlike big enterprises, small businesses are more susceptible to business interruption, and cloud computing can provide a solution for it
Small businesses with limited budgets choose cloud computing IT operations because it is cost effective, and the pay per use system is a significantly less expensive option because businesses only pay for what they need
Business Continuity
The cloud is designed so that data stored within it is mirrored across multiple servers and, in the event of one server failure, data is instantly backed up and can be accessed quickly, helping minimize website downtime and productivity loss
Cloud computing can provide small businesses with access to otherwise unaffordable tools, programs, and applications The low upfront costs of adopting cloud computing, combined with these other advantages, make it a viable option for all small businesses Cloud based applications can keep the office connected to the communication systems used by employees, clients, and customer service representatives, improving efficiency and productivity
To read more articles on cloud computing and the latest trends affecting Small Businesses in Canada, subscribe to CanadianSME Small Business Magazine https://lnkd in/dbqmSKN
For the latest updates, visit our Twitter page at @canadian sme. Cloud computing and small businesses
For many small businesses, disaster recovery plans and data backups can be expensive and time consuming
If the foundational aspects are not given priority, then further development might not be lasting
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In the market analysis, customers and competitors come first Targeting new customers while maintaining the satisfaction of existing customers is important The competitors create the momentum of the business Their presence is vital to the growth of your business as it creates healthy competition that influences the scaling up decision
The functioning of a small business market is unique, and those features and characteristics that constitute the market trend should be understood while planning to grow a business
Create a strong foundation for your business01
For a business to succeed, it is essential to assemble a strong team Good teamwork of diverse voices, backgrounds, and opinions that can provide fresh perspectives and positive criticism is required for the company ' s development
Small businesses should be ambitious enough to plan for growth and expansion, franchise the business, and increase the reach of the brand While planning such a business scale up, a strategic approach with no room for hasty decisions is required Success depends upon the market choice and strategy, along with the selection of the appropriate combination of technologies
ForGrowingYourSmallBusiness
Top 5 Tips
For business growth, it is crucial to build a brand that consumers will be able to recognize the company based on the logo, advertising campaign, and product packaging
Growth can be measured by the increase in the number of customers, improved sales and profit, and a strong brand name. With so many options for expansion, small businesses should not be afraid of competition. But entering the competition without preparation is unwise. Here are five tips to help small businesses prepare for business expansion.
Thorough research into everything that is part of the market that you are part of is important before taking the steps for growth and expansion
Customer service success requires expanding your customer base while maintaining the satisfaction of your current clientele Customer retention is an indicator of customer loyalty, which impacts sales
With customer demand for socially responsible products, most small businesses have taken measures to be organic, ethically sourced, eco friendly, and cruelty free Social responsibility is a part of the value you add to your product or service, which can enhance your brand's reputation It creates a positive impression of the company and generates media coverage, which functions as advertising and raises awareness of the company ' s commitment to the cause Businesses use this as a marketing strategy, as they can earn profits from investing time and money in actions that benefit the community Choosing sustainable, eco friendly, and recycled resources, treating stakeholders with respect and paying them their rightful earnings, and donating to charity are some of the CSR activities that can facilitate the company ' s growth
Positive or negative, consumers today are quick to provide feedback, which must be addressed expeditiously.
02
Technology enables small businesses to function remotely, allowing employees to work from home, the office, or any other convenient location It allows business owners to hire globally based on the performance and talent of employees This dispersed workforce is easily traceable with the support of workplace management tools that quantify employee output Blogs, social media, and email technology help maintain customer connections
Small businesses should take advantage of this to establish a more personal connection with their customers for growth
Small businesses should always prioritize customer service by providing discounts, offers, and quick and effective services to make them feel valued Optimal use of customer relationship management solutions to keep track of customer information and data that can later be used for sales opportunities
Maintain constant customer communication through your social media presence
Be socially responsible04
There is an increasing number of customers willing to spend more on businesses with a social conscience and stay loyal to them These customers' word of mouth advertising can provide small businesses with numerous expansion opportunities
Small businesses should invest in the development of websites and online stores to expand their reach and visibility while reducing the cost of maintaining their physical stores
Small Business Expand customer base with satisfaction
Small businesses should always be on the lookout for technological advancements that can facilitate work and boost sales.
Financially, retaining customers is simpler than acquiring new ones
Regularly conducting surveys to gain insights into customer preferences and feedback for improvement will contribute while planning for a business expansion No advertisement is equivalent to the word of mouth publicity of a loyal customer Adopt technology to ease the work03
Small business enterprises should set expansion goals beyond what they think they are capable of achieving and devise strategies for attaining them
For the latest updates, visit our Twitter page at @canadian_sme.
It recognizes that many Canadian businesses are already well positioned to expand into international markets and helps companies get more international orders, sign new contracts, and make global connections
Exporting is one of the most effective means of expanding a business by entering the international market, which exposes the company to new customers and opportunities while enhancing its competitiveness and boosting its bottom line Export Development Canada (EDC), a Canadian government enterprise that promotes and develops trade between Canada and other nations, offers a project titled The Export Impact
Small businesses should use such project funding and programs to enter the overseas market, which can help them increase their customer base, brand reach, and revenue
Small Business Export the products and services05
If proper planning is conducted, the execution of business expansion is considerably easier, waiting for the right moment to seize an opportunity is an exciting process that requires patience Small and medium sized enterprises (SMBs) should cease operating within their comfort zones and begin exploring the frontiers awaiting them.
Consistent growth is required for any business at all stages, and small businesses should always keep looking for opportunities that help them to be competitive with the changing market trends.
To read more on business growth and strategies, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN.
Increase profits:
International trade may be the key to overcoming current economic obstacles, and it can assist businesses, especially small businesses located outside major cities, to increase their profit potential by expanding their opportunities and market reach
A myth revolves around the idea that international markets are inaccessible to small businesses However, almost any small business can become competitive in global markets with consistent effort A small business can successfully enter the export market by strategizing market options and technological applications
Increase customer base: Export provides an opportunity to increase customer relations beyond your local surroundings and widens your business's value by maintaining constant contact with prospective and existing customers
Reduce company vulnerability:
By selling products and services overseas, small businesses can take advantage of lower production costs in other countries This can help them to keep their prices competitive and increase their profits
Exporting is essential to any business's growth strategy as it increases earnings and creates jobs
AGuidetowards Development as a Small Business
Extend product life cycles: Exports extend the product's life cycle from the time of its introduction through its growth, maturity, and eventual decline
Small businesses become resilient to going out of business during economic crises, political unrest, and natural disasters when they create an extensive geographic reach through export
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Reduce production expenses:
Government funding for export projects should be seen as an opportunity for small business enterprises to reach new horizons in international markets
Exports contribute to the growth of small businesses by expanding their access to new markets and consumer opportunities such as:
Many small and medium sized businesses (SMBs) operate within their comfort zones, never exploring the frontiers that await them However, if they want to stay competitive and keep growing, they need to start thinking outside the box
Government Initiatives to Help SME Exports The Export Impact
Small and medium sized businesses have up to $50,000 in funding to assist with international market development activities. The program reimburses up to 50 percent of export marketing costs for products and services.
The campaign emphasizes the value EDC can bring to businesses as a partner and how it can assist them in achieving global success
The strategy also aims to inspire Canadian business owners to enter new markets by showing the potential benefits to their lives and livelihoods.
The Trade Commissioner Service (TCS) helps Canadian women owned and women led businesses expand into global markets by opening doors and creating opportunities.
The Canadian government owned enterprises help companies enter new markets confidently by reducing financial risk It helps companies get more international orders, sign new contracts, and make global connections, thus aiding the growth of their businesses
A lack of awareness of export possibilities keeps many small businesses from expanding into export trade
CanExport funds activities like gathering market data and information, applying for intellectual property protection and certification in international markets, seeking expert legal and business advice, translating, adapting, or creating marketing materials, along with attending virtual trade shows, networking functions, meetings, or conferences
Business Women in International Trade Export: The Essential Principles
A systematic approach to export development is essential to achieving commercial success abroad Here is a guide to help you learn the essential principles of export
As a part of the initiative, TCS helps women entrepreneurs explore new markets and meet potential buyers and partners on a women focused international business delegation with the Trade Commissioner Service In addition, it provides monetary access support to fuel the company ’ s international growth through business loans and government contributions
CanExport SMEs is a funding program intended to promote and enhance the diversification of Canada's trade, which started in the fiscal year It provides grants and contributions to Canadian businesses to aid them in preparing for and establishing a presence in international markets where they currently have minimal or no sales
The CanExport SME project
To affirm the belief that export trade is feasible for small business enterprises, Export Development Canada (EDC) came up with a project titled The Export Impact. EDC is a government owned enterprise that serves as Canada's export credit agency with a mission to promote and develop trade between Canada and other nations and to enhance Canada's international competitiveness
Export Development
To promote the Business Women in International Trade, TCS provides export help by connecting with the right information, people, and programs to gain insights that will guide smart export decisions In addition, giving supplier diversity opportunities that help women ' s businesses access exclusive contracts with governments and Fortune 500 companies
SMEs passing the eligibility criterion of being for profit, being an incorporated legal entity, limited liability partnership (LLP) or cooperative, having a Canada Revenue Agency business number, employing fewer than 500 full time equivalent employees, and having $100,000 to $100 million in declared revenue in Canada during their past fiscal year (or 12 months for quarterly filers) can apply for the project
The Free Trade Agreement with 49 countries provides 1.5 billion consumers worldwide. Small businesses can use this opportunity to establish a presence in multiple as the FTA provides lower or no tariffs, making it cost effective to export their products and services to new markets Bureaucratic agreements alone cannot ensure improved sales Small businesses should strengthen international customer relations through better advertisements and increased quality of products and services that help create a better brand name overseas Time and Risk Management
Export Development
If you ' re looking to expand your business internationally, or are just curious about the various export development and government policies available to you, be sure to subscribe to CanadianSME Small Business Magazine https://lnkd in/dbqmSKN For the latest updates, visit our Twitter page at @canadian sme.
In the initial phase of exporting, it is wise to apply tried and true export strategies Even while following the conventional procedures, a small business should be able to provide customers with products and services of superior value and quality
It should illustrate sustainable competitive advantages that distinguish the company from its competitors
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Since the pandemic, customers have shown a shift in shopping as more prefer the digital space to look for variety cost effectively
The signing of international free trade simplifies the legal process of export trade, helping small businesses reduce border crossing delays to member countries, which gets your product to market more quickly. However, increasing market presence can be risky due to the fact that different economies function differently and sociopolitical factors govern financial changes Small businesses with FTAs safeguard against such unprecedented changes as they provide small businesses with better predictability, protection, and transparency in foreign markets
The government is taking a holistic approach to support small businesses to take advantage of the benefits of international trade to improve their sales and profits, thereby boosting their presence in the international markets Small businesses should leverage such measures to their best advantage to support the growth of their businesses and the economy
The Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable acknowledged that small and medium sized businesses are the backbone of the Canadian economy Hence, the government proposed new measures in Budget 2022 to support small and medium sized businesses to grow, innovate, and stay competitive
Customer base
Competitiveness
Small businesses should realize that free trade agreements are reciprocal. Under the free trade agreement, just as Canadian firms have access to foreign markets, so do foreign firms to the Canadian market, thereby increasing competition Small businesses can increase their resilience to economic downturns by adding value to their products and services and entering the international market Market Presence
Small businesses are improving their digital presence through websites and social media accounts Investments in digital innovations should be taken as a means to target global online buyers
Developments in e commerce and online marketing enable Canadian small businesses to exist solely in the digital space and to expand internationally without the need for physical stores Due to the high quality, originality, dependability, and eco friendliness of their products and services, Canada's exports have significant international appeal Small businesses can utilize this branding to establish a solid presence in international markets with a larger customer base.
The pandemic has been overly cited as the threshold before which the world functioned in a set of systems and after which a new normal has been established. It has been a revelation to open up to the digital world and technology's possibilities, especially for small businesses
Each year, the pace at which technological trends change is beyond our prediction Artificial Intelligence (AI) is the most invested in technology worldwide, with companies like Amazon, Microsoft, and Facebook competing to invest in its development. Though the pandemic did not change the priority of AI investments, companies have begun to look at how AI and similar technological advancements can be incorporated to support their new normal working culture
The pandemic made small businesses realize that technological incorporation is inevitable in creating internal coordination of employees and external communication access to customers This was just the tip of the iceberg that needed to be tackled due to the paradigm shift that increased software development and the proliferation of online platforms had brought about in the modes of shopping, customer behaviour and preferences, payments, and invoices
The time for technological incorporation and advancement has passed Small businesses have no choice but to become digital, offering various services that can attract customers and meet their current needs Small business owners should adopt digital technology that uniquely offers quick and innovative solutions in all areas of business management, including workplace administration, marketing strategy, customer relations, and sales Only a business willing to transform anything physical in a business environment to digital can survive the present competition
IsSoImportantfor SmallBusinesses Here'sWhy Technology
Utilizing the benefits of high speed internet and automation software, small and medium sized businesses can operate more efficiently and perform vital tasks more effectively Adoption of administrative tools will help better manage the workforce by keeping a check on each employee’s punctuality and productivity
Adopting marketing technologies quickens the team's execution of plans and strategies to attain the company ' s goal and target It also provides rapid feedback on how the market and customers respond to the strategy. By incorporating data analytics and CRM tracking, it is possible to generate a clear picture of prospective customers and the behaviour of existing customers Technology also improves your digital presence and customer engagement
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Thus, technology is a key factor in the expansion of small businesses It improves the production processes, creates value, and reduces operational expenses Newer inventions create a one of a kind digital experience that significantly impacts productivity and sales Why technological solutions in small businesses?
Technology enables small businesses to be aware of the most recent market innovations, to react quickly to these changes, to adopt if appropriate, and to adapt to achieve greater business flexibility Incorporating technological solutions will help small businesses stay updated on market trends, improve business strategies and ensure an optimum result
Adopting technology solutions in the business allows small enterprises to efficiently run their businesses by creating coordinated teamwork and improved communication With remote working in the new work culture, the use of communication technologies like Zoom, Google Meet, and Webex makes it easy for Technology makes it easy to calculate what once was considered unmeasurable With workplace management software, employees' productivity and strategic input results can be calculated This allows small businesses to identify which employees contribute most to the business, which areas require better handling of vital tasks, and how business can be improved It also allows the company to receive feedback in the form of data that provides insight for better decision making businesses to stay connected with their team while producing high quality work in the comfort of their houses The incorporated technology also allows small businesses to work from anywhere while increasing their customer base
Technology
Protection of data is a serious responsibility of any business
Customers increasingly prefer to conduct business online. It is essential for small businesses to establish a web presence by developing customer friendly websites and social media platforms that foster a sense of connection with the brand
Technology
To know more about the recent technological trends and their importance in small businesses, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN.
Technology is easing off every tedious task that business once posed as a hurdle Small business enterprises can be supported by technological aids throughout their business operations, from pitching an idea to generating profit
The inevitability and potential of technology aid in business should be taken up seriously by small business owners and timely invest in digital solutions to reap the multifaceted benefits it has to offer
For the latest updates, visit our Twitter page at @canadian sme
The digital platforms should be user friendly with the right design and functionality, making it easy for customers to navigate the site The website should be responsive and have mobile support as most customers use the web on their smartphones rather than PCs
The proliferation of data in the digital space and constant cyberattacks by hackers worldwide creates a huge threat
The judicious incorporation of various business software solutions, digital marketing strategies, and customer relationship management technologies can help boost the small business's ability to reach a wider customer pool to improve sales
Most of the time, small businesses fall prey to such fraud games as they demand hefty ransoms to recover hacked data
With technological advancement, small businesses can now take the lead in protecting their data from cyberattacks by installing firewalls, anti virus software, and data encryption
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TheBirthofLohnwas Predestined
The tales of the birth of brands can be strange and interesting Coincidences and destiny make them walk a path that ultimately leads to creating a product that brings change The personal story is closely intertwined with each step of its growth and development Ultimately, it is a product that spreads a fragrance of nostalgia to all its users Lohn has one such story to tell Katerina Juskey and Victoria Mierzwa crossed paths frequently and shared a lot in common Both met in high school, attended the same college, and graduated with degrees in Chemical Engineering After four gruelling years at university, they felt that traditional engineering was not their cup of tea Adding all these shared experiences and their love for beauty and scent led to the birth of Lohn
After her four years at Queen’s University, Victoria landed a job that allowed her to explore the world of cosmetic formulation and manufacturing She collaborated with extraordinary brands such as Byredo and Le Labo, as well as with raw material suppliers, packaging designers, buyers, production teams, and R&D chemists She was happy with her job because she discovered a passion for which she knew she would remain forever She eventually landed her dream job in the Sales & Marketing department at L'Oreal Katerina continued her studies and moved to France to pursue a Master's in Cosmetics and Fragrance at Guerlain's Perfumery School, ISIPCA, in Versailles After completing her education at Guerlain, she joined Estee Lauder, where she worked in R&D for brands such as MAC and Tom Ford. She is regarded as a walking encyclopedia of perfumery knowledge
Katerina and Victoria have been in constant touch for six years since graduation, discussing their profession and passion. During one such conversation, they shared their idea of starting a business of their own. They deliberated and discussed their brand's values and vision for months. Katerina and Victoria narrowed their pursuit to candles after realizing their shared interests in candles, scents, and the nostalgia they evoke.
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BusinesswomenOfTheMonth
The Crossroads before Lohn
The Road to Lohn
The Join called Lohn
In naming their candles Lohn, which means 'scent' in Estonian and 'reward' in Old High German, the duo drew inspiration from their personal backgrounds Victoria's Polish and Katerina's half Estonian and half Lithuanian ancestry helped them discover the ancient trade route known as the amber road that traversed these countries Inspired by the historical and geographical relevance of the area, they imagined the smell of mountains, seas, forests, and fields to design their scent collection with Katerina's expertise in perfumery
The scents and formulations for the candle were finalized after two years of intensive research and development, which included testing various types of waxes, wicks, and vessels and collaborating with industry experts In the meantime, their friend Joanna was involved in the packaging's design Eventually, they successfully came up with a clean, organic coconut & soy wax candle packaged in recyclable glass and carton, which is non toxic and made with a lead free, cotton core wick
Katerina Juskey and Victoria Mierzwa show that passion can be turned into a successful profession with constant perseverance With their step by step growth in business and minute detailing in everything they do, including finding their dream, researching for the right fragrance to creating scents that elevate their customer experience, Katerina and Victoria pave a path of lesson and inspiration for future entrepreneurs
Women Entrepreneurship
There are no better entrepreneurs than Katerina Juskey and Victoria Mierzwa, who rightly deserve the Women of the Month award for their consistent work in building a brand Lohn which is a lesson of how passion brings profession and profit home
Katerina and Victoria decided to use their chemical engineering education and years of experience in the beauty industry and their obsession with scent to better use by creating sophisticated, high quality candles at an approachable price. They felt that scents have the power to evoke a time, place, or journey to tell a deeper story
To read more inspiring stories of women entrepreneurs marking a difference in small business enterprises, subscribe to the CanadianSME Small Business Magazine! The perfect place for you to clear all your doubts regarding small and medium businesses in Canada
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Lohn was launched in 2018 with four candles poured into their kitchen With 15 different scents, Lohn is a handmade scented candle enterprise made up of a small team of makers in a 2,000 square foot studio, including a custom scent design studio located just outside of Toronto, Ontario They make candles in small batches that are scented with essential oils, natural fragrances, and clean synthetic fragrances
To know about the works and products of Lohn, visit their official website https://shoplohn.com/.
TheSustainableHeritage ofShadesofGray
Founder,ShadesofGray IndigenousPetTreatsCo.
The amount of animal meat waste generated by this business was excessive, and Keri knew that it violated her hereditary principles This prompted her to consider making pet treats from this discarded meat Keri conducted research and attended classes to become a Certified Raw Nutrition Specialist, initially testing the market at events like local dog shows
People soon became interested in the humane, animal wellness centred approach to farming and the superior quality of treats
Following her children's birth, Keri changed jobs and took the Learning Coordinator position on the Alderville First Nation reserve Meanwhile, she also got involved with her partner, Brian, in establishing their farm Her daughters' medical conditions compelled her to learn organic and high quality healthy food growing techniques and methods for raising meat that they could eat
Shades of Gray Indigenous Pet Treats Co. was registered in 2019 to provide healthy treats to pets across Canada that are of high quality and federally inspected with no antibiotics. and adheres to the core Aboriginal principles Keri holds so dearly.
The Algonquins of Pikwàkanagàn First Nation adhere to the sustainability philosophy of taking only what is necessary, giving in order to receive and be grateful for it, recognizing ones place in the universe, and establishing a personal relationship with the Creator When the human food market resulted in a large amount of waste animal meat being discarded, which violated the heritage philosophy of using all of an animal's sacrifice, Keri Gray stepped in to make a difference, beginning a journey that was rooted in her cultural identity as a First Nation woman and a member of the Algonquins of Pikwakanagan The result of it was Shades of Gray Heritage Keri was raised on a farm in Lakefield, Ontario, where she helped her parents run a butcher shop Throughout high school, she worked both on the farm and in the shop She attended the University of Manitoba, graduated with a degree in Agriculture, and completed a business program at Red River College before returning to Ontario. Back home, she worked for nine years as an administrator for the Indigenous Studies Department at the Metis Nation of Ontario in Toronto at Trent University
In 2012, Shades of Gray Rabbitry was established for the Gray family Over the years, it expanded and served local chefs, grocery stores, butcher shops, and friends who wished to eat more healthily or offered such options to their customers
Shades of Gray is a healthy treat for both your pet and Mother Nature, as it ensures that your pet receives a nutritious diet by repurposing animal products that would otherwise be wasted Keri Gray effectively utilizes the cultural values she was taught to make significant changes through small initiatives Seeing a problem with meat being wasted after being used in the human food industry and finding an ingenious way to reuse it to benefit another creature was a brilliant step from Keri, making her a socially responsible entrepreneur who gives back to society
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To read more on such Indigenous success stories based on sustainability and growth, visit our website http://www.indigenoussme.ca/ and for the latest updates, check out our Twitter page @IndigenousSme
Along with her business, Keri is also a part of many initiatives committed to furthering her heritage and is passionate about supporting the youth and education to foster employment opportunities that can help in empowerment Keri believes that every difficulty one faces should be viewed as an opportunity to learn something new and to repay the community for the resources it has provided. She also believes in the transformative power of education in empowering women and youth and encourages farming and eco friendly sustainable practices
The Canadian Council on Aboriginal Business has certified Shades of Gray Indigenous Pet Treats Co as an Indigenous Canadian business 100 percent owned and operated by women and engaged in First Nation business Their gluten free, antibiotic free, and preservative free pet treats are made from the single ingredients of various free range animals, such as rabbits, beavers, and bison The natural pet treats to improve the pets' health and dental hygiene, promote healthier coats, reduce the likelihood of allergic reactions, and keep them hydrated and energized
Keri continues to be a leader and innovator among the Canadian First Nation community and is actively involved with several organizations and committees, including the Trent Hills Chamber of Commerce
Senior Vice President of Sales, Growth Markets at SAP Canada
Gina Izumi
Gina leads the SAP Canada Growth Segment with a client first, customer obsessed mindset and a proactive approach to change Gina’s teams have achieved unprecedented growth, and she is determined to ensure all her clients become the best run versions of themselves quickly and efficiently How has the climate for sustainability changed over the past few years? Do you see sustainability becoming more important in the years to come? Sustainability has become both a mega trend and a global challenge Businesses realize that it’s not enough just to talk about it They are really thinking about how to approach sustainability efforts overall and opting for strategies that truly impact how they run and operate their business, from all aspects, with tangible results.
To make sustainability easier for businesses, they need to become more data centric, with a centralized, easy to use, end to end system Companies can’t afford to spend time finding the data They should be spending their time using it to impact meaningful change SAP found that 86 percent of companies still use spreadsheets to measure emissions data and don’t know how to integrate sustainability into their core
To address this challenge, companies must adopt new solutions that allow business and their ecosystem to be transparent Consumers, stakeholders, and investors are now taking extra consideration and putting thought into whom they do business with, based on how they are addressing sustainability If a business is not willing to transform, they are finding that clients and partners are shifting and moving their spending in favour of businesses that are taking these efforts seriously
In the retail space, we have seen H&M, Patagonia, Ikea, and North Face incorporate recycling programs that directly impact their customers In the automotive industry, Tesla paved the path for electric vehicles, resulting in many auto brands following suit to create electric versions to meet market demand These companies have shifted their business, and sustainability is now a core part of their operations
What do you think is the most important part of sustainability in business?
We know that there has been a 44 percent increase in talk of sustainability on earnings calls over the past five years, and it is being included in a company ’ s financial reporting We are now seeing that non financial sustainability indicators, such as emissions, waste, workplace environments and inequality within the business chain, are having a financial impact and are being considered risks if they are not managed properly This means that companies need to incorporate sustainability into their business practices
SAP is focused on transparency We are enabling everyone to share data and collectively improve upon the sustainability challenges we face as a society
Sustainability
SAP solutions for sustainability are helping to deliver environmental, social, and economic impact We are helping businesses create a future with zero emissions, zero waste, and zero inequality Our enterprise solutions deliver company wide functionality that helps drive sustainability at scale by embedding operations, experience, and financial insights into your core business processes
business strategy This problem can create a chain reaction impacting transparency and accuracy… and ultimately, preventing them from moving forward on this important agenda.
For customers that want to track their carbon emissions and minimize greenhouse gas (GHG) emissions from their products and operations along the value chain, we also use embedded analytics and transactional capabilities to allow them to understand and control their footprint throughout the entire process
We understand that SAP has several business sustainability practices in place Can you tell us more about them?
For example, SAP offers ESG (Environmental, Social and Governance) intelligent sustainability reporting It gathers data from a business system and processes to find where they excel and/or can do better with their sustainability efforts We are helping businesses to enable a sustainable supply chain with circular economy solutions designed to eliminate waste and build a sustainable supply chain by integrating ethical and environmentally responsible business practices
Why do you believe sustainable business practices are important for SAP? Do you think that other companies are beginning to adopt similar practices? Sustainability is no longer a ‘nice to have It has become a business imperative Not only are stakeholders demanding better accountability, but clients are also too There has been a power shift Customers and consumers are demanding to work with brands they trust They are not afraid to break ties with organizations that aren’t supporting climate change or turning a blind eye to unethical working conditions.
Society demands ethical business practices It’s important to ensure that the companies and sources businesses invest in and work with share the same goals and objectives in reaching sustainability These are joint efforts that won't succeed unless everyone works together SAP is responsible for setting standards that help our clients and enabling ourselves and others to do so with transparency
What challenges does SAP face regarding implementing and maintaining sustainable practices?
Implement a sustainable business strategy: This works best when sustainability is centralized and progress is measured and reported transparently and regularly. Prioritize people across your value chain: Invest in the people who drive your business by investing in diversity and inclusion efforts, training and growth opportunities, and leveraging your financial power to make sustainability a priority
Adopt a circular business model: This model reduces waste by mimicking nature, where the waste of one process is the resource input to another To avoid falling into a linear model, your business can adopt solutions that help track sustainability progress, calculate product carbon emissions, and manage plastic tax, for example
Become a data centric business: At the heart of sustainability, the journey is transforming into a data centric business Businesses can’t act on something they can’t measure To identify the next steps in their sustainability journey and measure success, businesses must collect and analyze the right data
Do you have any recommendations on how to make sustainability a priority for businesses?
Sustainability
One major challenge is the evolving need for change With the expectation from our clients to continue building a better future with new technology, we need to combine that with other efforts such as sustainability, transparency, and ethical practices As business leaders, we need to focus on the economic value of bringing these needs together so we can bridge the current sustainability performance gap among businesses
One thing that experts agree on is that a delay on climate action will lead to devastating results Every organization is focused on sustainability in some way, whether they are a large enterprise or an SME These organizations all face challenges in how they analyze and understand their sustainability issues. While improving sustainability efforts or simply starting the journey can seem daunting, it is necessary. Ultimately, it will pay off culturally, morally, and financially Businesses need to define their journey and build a plan Here are a few tips on how to get started:
Growth Gin rowth in
The company seeking growth must have given much clear thought to the essential and fundamental reasons for its desire to grow If these reasons indicate an effort should be made to launch a growth strategy, there are many issues to be included in the preparation This will likely start with the choice of internal growth or growth from the acquisition It is important to understand how the target will relate to the existing business if it is an acquisition. The target may be a going concern or a company in distress, or even bankruptcy. The target may be a new start up or even a restart. The restart is of special concern because it may have significant and unknown legacy issues See the case below on Yacht Company
By: Tommy M.Onich BBA,CTP
The first step is to determine if a growth strategy should be executed This begins with a true understanding of the existing business Very often, I see a business facing difficulties that desire to recover by buying something else One sick entity combined with another one just creates a bigger entity which is still sick Any aggressive growth strategy requires monumental effort, and the existing company must be operating on all cylinders It may need its infrastructure to support the effort and cannot be a drag upon strategic execution
Small SBusiness mall Business
The potential benefits of growth for small business owner are numerous. They include increased sales and profits, a better valuation, benefits of scale, a greater market share, and increased strength vis a vis the competition.
President,TCMILimited
The purpose of this article is to bring the reader some useful information concerning business growth and its perils. This information is derived from my many years of financing and M&A experience with Small businesses of many types.
This company was one of my first assignments, it was a well known yacht company in Ontario. It had been the target of a much larger shipping company a few years ago. At that time it was a restart. Its current condition was abysmal, in fact it represented a restart of a restart.
The potential downside of a growth strategy gone wrong is disaster. This result is a common outcome.
There was no fit or synergy in terms of growth There was also no internal management available in the Acquirer capable of such a turnaround They were also 10,000 miles away
5. Have a competent management team before any Growth Strategy is launched.
Tom is a specialist in interim and crisis management with 20 years of senior management experience in financial, operational and statutory restructuring He has served as Chief Restructuring Officer, Chief Executive Officer, and Chief Financial Officer in a wide range of business sectors, including health care, structural steel, garment manufacturing, yacht building, dies cast, railroad repair and food processing. He is recognized for his achievements in the following areas: statutory restructuring, cash flow management, creditor negotiations, management assessment, performance management, corporate strategy or business planning, organizational assessment, and corporate due diligence. Tom has successfully restructured organizations through informal arrangements with creditors and by statute He is one of the few turnaround professionals experienced with the insolvency regimes of both Canada and the United States Prior to his work in corporate renewal, he was engaged in corporate lending with a major Canadian Bank winning several awards for innovative solutions tailored to client’s needs
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This single and simple example of a failed Growth strategy is not uncommon The following points will be of use to the small business seeking growth;
4. The target must provide a fit or a synthesis.
The turnaround manager hired by the Acquirer was woefully inadequate He had no direct turnaround experience or Yacht experience The manufacturing staff of the target was poorly led, and cost overruns were common without explanation. The yachts were probably underpriced in the market
The Acquirer had done nearly everything wrong that was possible A brief list of salient points includes The Acquirer was a large shipping company seeking to expand by purchasing a small yacht company that was a restart of a restart One of the most difficult targets
The company had lost about 7M in the last few years, losses continued and the company constantly needed outside injection of funds from off shore.Sales had dropped and the company no longer had effective product distribution. On some sales gross margin was actually negative, this reflected on a poor production team. The company had a fire for which it was underinsured. This further impaired working capital and adversely impacted reputation. Legacy issues such as the fire, poor costing,and a lack of competent production staff made an actual turnaround very difficult to execute. The Board accepted my recommendation to liquidate. Although I was able to make some recovery with the sale of assets, total losses were somewhere between 8 and 10 million dollars
2. Fix current problems before launching an effort to expand Growth 3. Understand the motive for Growth.
1. Understand your existing business. This understanding will be based upon data that is; transparent, accurate, relevant and reliable.
Small Business
In his free time, Drew has volunteered as a medical assistant and as a suicide prevention counsellor
Drew Boshell ExecutiveDirector,FINCACanada
As Executive Director, Drew Boshell is responsible for the successful leadership of the institution in accordance with the strategic direction set by the Board. He has overall strategic and operational responsibility for FINCA Canada’s staff, financial performance, program development and expansion, and execution of FINCA Canada’s mission.
He has over 20 years of experience as a senior global development executive delivering high social impact programs, including global health, poverty reduction, community development, education, youth development and environmental initiatives in the U S , Asia, Africa, Middle East, Latin America and Eastern Europe His deep knowledge of current and future challenges that can impact the revenue streams and programmatic focus of international development programs and his successful track record in developing and stewarding multiple partnerships have resulted in significant programmatic growth and impact in the organizations he has worked for.
Drew graduated from the University of British Columbia with a Bachelor of Science/Animal Biology/Human Physiology degree and the University of Queensland with a Master of Development Planning degree. He has taken extensive training in strategic management leadership, organizational effectiveness, program management and evaluation, project management, board development and governance, and media training, including crisis management and conflict resolution in the workplace He speaks fluent English, intermediate French, basic Spanish and beginner Bahasa Melayu, Vietnamese
Prior to joining FINCA Canada, Drew worked as a Senior VP, Health and Sports at Special Olympics International. Previous positions he has held include Director, Community Development/Conservation with Forest Solutions in Malaysia; Global Director for ORBIS Flying Eye Hospital; and Country Director (Mongolia, Namibia, Malaysia) for Raleigh International in UK
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The same inflationary concerns and recession risks facing Canadians are being felt around the world too, and Haiti and the DRC are even more affected due to the volatility of local markets and the high cost of importation Fortunately, FINCA Canada’s products and services adapt alongside financial transformations on both a global and localized level, in order to best serve its customers in all market conditions When the COVID 19 pandemic struck in 2020, we became acutely aware of the need for our digital banking channels to create opportunities for our clients in the new digital and economic landscape The financial impacts of the pandemic still linger, and coupled with the current inflationary environment, many individuals and families face a challenging financial picture. By transitioning to and increasing our digital offerings, the usage of mobile technology in combination with different mobile products and banking agents’ networks, FINCA DRC and FINCA Haiti were able to continue serving our clients throughout the pandemic Today, through online training, we have been able to alter our financial education and services offerings to reflect rising inflation and provide updated products to the individuals and communities in these countries to meet their changing needs
Economic Inclusion
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Over the last 20 years working in the global development sector, I have realized that the people that have the solutions to the world’s most pressing issues like poverty are the people that are living with those issues. Unfortunately, many development initiatives are top down, with the Western expert determining what is needed This is where FINCA is different This is why I was thrilled to join FINCA as Executive Director in March 2020, as the organization recognizes that people know what they need to succeed and by empowering them and providing them knowledge and access to resources, they will thrive This is especially true for women who are too often economically excluded and not given an opportunity despite their potential
How would you describe your experience working at FINCA Canada? And what are you hoping to achieve through your work?
Previously in my career, I have implemented social impact programs in the U S , Asia, Africa, Middle East, Latin America and Eastern Europe At FINCA Canada, I have been able to narrow my focus to countries with the greatest need, including Haiti and the Democratic Republic of Congo In doing so, we have been able to offer families and individuals the opportunities to start and build small businesses, allowing them to achieve sustainable sources of employment and income In light of recent world events, going forward, FINCA Canada will be implementing a new strategy to strengthen the financial health and resilience of the people and communities we serve to better prepare them for future crises. The pandemic has forced tens of millions of people into poverty, especially women, but with access to financial tools, insurance, training and savings products, people will be able to prepare and plan for the future
Since inflated prices and financial uncertainties continue to impact Canadians across the country, how will FINCA Canada help them overcome these issues?
The Financial Inclusion Project aims to increase economic prosperity for low income individuals, particularly women, in both Haiti and DR Congo by helping them grow their small businesses and increase their incomes. Specifically, the project sought to increase the number of female clients and overall use of, and access to adapted financial products that suit gender centric and low income needs
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Economic Inclusion
What are your thoughts on the Financial Inclusion Project, a five year partnership between the Government of Canada and FINCA Canada? How will it contribute to the elimination of financial inequality?
As the project has shown a distinct need for gender centric infrastructure, we have implemented Gender Action Plans to better strengthen women ’ s financial inclusion. Courses also cover gender equality in the financial sector, diversity, equity and inclusion in the workforce, and basics of personal financial health and gender related barriers
As a result of the project, to date, we have seen a four percent decrease in poverty among repeat clients in Haiti and an eight percent decrease in poverty among repeat clients in DR Congo Two of our loan products saw significant success, one being the revised agricultural loan product that had tremendous success in Haiti At the end of the third year of the project, FINCA Haiti had 1,023 clients, 75 percent were women, surpassing its target of 900 clients The financial education program for the Village Banking (VB) loan product in Haiti was also revised to include improved thematic areas, including managing income and business, budgeting, saving and understanding the suitability of products offered by financial services
Providing access to basic financial resources can change lives, sustain communities, and fight poverty, and through this project we are on our way to accomplish a great deal in these areas
Overall, the project continues to increase economic prosperity for low income individuals in Haiti and the DRC, improve gender equality and access to financial services as well as increase the use and access to mobile savings and medical insurance services
Working in partnership with the Government of Canada on this project provided us with the increased financial means to create access to financial services Though there remains a long road to eliminating financial inequality on a global level, efforts like the Financial Inclusion Project have made significant progress in improving the livelihoods of individuals and communities throughout Haiti and DR Congo In the last 5 years, we have had some impressive results How successful was FINCA Canada in creating access to financial services for low income individuals and entrepreneurs, which was one of the project's pillars? To date, the project has provided 575,000 low income individuals and entrepreneurs access to financial services, with 363,000 being women Almost three quarters of all clients were satisfied by the products offered through this project, with 47,684 loan clients in Haiti (89% of which are women) and 350,272 loan clients in DR Condo (28% of which are women)
As mentioned previously, the COVID 19 pandemic presented great challenges to the application of our services Displaying a clear need for improved digital channels, we adapted the use of mobile technology, mobile products accessed from normal phones as well as digital phones, and worked with the banking agents’ network This enabled FINCA DRC and FINCA Haiti to efficiently continue to serve customers during the pandemic crisis as well as today In addition to supporting microfinance services and new digital channels, FINCA Canada working together with FINCA International, also delivers programs that address pressing social issues including clean energy, water and sanitation, and healthcare and nutrition We believe in fostering a culture that empowers people to promote economic opportunity and justice for all
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As mentioned, based on this year ’ s mid year report, there are 47,684 loan clients in Haiti, 89 percent of which are women and 350,272 loan clients in DR Condo, 28 percent of which are women These countries face tremendous gender inequality in both business and society at large, and through our loan education programs, the project has been effective in reaching our intended clientele As we enter the fifth year of the project, we hope to see an increase in the percentage of female clientele and involvement As the availability of basic financial resources plays a crucial role in transforming lives and combating poverty, what additional assistance does FINCA Canada provide to acquire these resources? At FINCA Canada, we believe that having access to basic financial resources and education can change lives, sustain communities, and fight poverty in developing countries One of the major challenges when launching the Financial Inclusion Project was making the initial contact with prospective clients and determining the best ways to provide the financial resources most needed by individuals and communities of Haiti and the DRC. Over the last few years, we have adapted to provide various in person and digital access points that include branches, agents and mobile banking
How effective was the project in reaching the intended customers? How many new clients did FINCA Haiti acquire in its first days?[1] The goals of the Financial Inclusion Project focused on increasing the number of female clients' use of and access to adapted financial products that suit gender centric and low income needs.
Economic Inclusion
By the end of March 2022, there were four financial access points for every 1,000 clients in the DRC and nearly two branches and service outlets for every 1,000 clients in Haiti Year over year, FINCA Canada continues to expand these access points to provide more opportunities for efficient service and direct access to our financial resources Most recently, we have also developed new training modules translated into French for language accessibility in Haiti and the DRC
Bankingpartner Shippingpartner SMALL BUSINESS SUMMIT 2022 26th October, 2022 www.smesummit.ca Metro Toronto Convention Centre, Toronto Embracing Digital Disruption Register Now