Steve Apostolopoulos and Jason Sawyer - Two Robust and Innovative

Two Robust and Innovative Entrepreneurs To Watch Out

CanadianSME sat down with Steve Apostolopoulos and Jason Sawyer, co-founders of CAARY Capital, earlier this year to understand their vision for small and medium-sized businesses across Canada and what is their thought regarding the future development of SMEs in Canada. We also talked about the present state of FinTech and how it can help in creating tremendous efficiencies for businesses in the coming years. They also shared their purpose behind launching CAARY Capital and how they are helping SMEs in Canada in procuring the capital they need. We also talked throughout the interview about the roadblocks for SMEs in getting credit. Together, we explore Steve and Jason's journey and get to know their pieces of advice for startups of today.

Steve Apostolopoulos

Co-Founder of Caary Capital, Managing Partner of Triple Group of Companies and CoFounder and Chief Development Officer of Triple Properties, a privately-owned real estate investment, development, asset management and leasing company. Steve is also the founder of Six Ventures Inc., a private equity and venture investment company.

Jason Sawyer

Co-Founder of Caary Capital and a veteran of the alternative investment business. Currently, Jason is the General Manager of Access Alternative Group S.A., a Nassau, Bahamas based venture investment and advisory firm that has led and maintains investments in early-stage software, fintech, clean energy, natural resource, health & fitness, and consumer product companies.

What is your vision for SMEs in Canada? And how do you see SMEs evolving over the next few years in Canada?

Jason: Our vision for the sector is why we started Caary. We want SMEs to thrive. While it’ s been a very challenging couple of years, I believe the sector will be even more dynamic in the future. There has been a lot of contemplation by budding entrepreneurs over the last two years –about how they view their roles and new ideas emerging. I expect we will now get to see the execution of these big ideas from a more diverse set of entrepreneurs, including more womenowned businesses.

Steve: Not to mention businesses have learned how to be more agile and resilient as the world delivered these twists and turns throughout the pandemic. Many SMEs went digital and that accelerated change is likely to inspire even more innovation over the coming years. What are your thoughts on the current state of fintech? How do you think fintech can help businesses?

Jason: Fintech’ s progression and innovation have been largely focused on the consumer space until recently. That’ s due to a deep reliance on a concentration of large financial institutions in Canada. In the last couple of years, there has been a global focus on fintech and it’ s become, by far, the most investable space in the VC universe. As a result, Canadians and Canadian businesses are starting to take note. They are seeing their peers in other jurisdictions benefit from better fintech products and services and they are starting to turn their heads towards the possibility that there is more out there than what traditional financial institutions can offer.

Alongside that, fintech has become laser-focused on the business environment and the pain points that every business - from a startup to a fully functional, profitable, mid-size business -encounters. We expect to see fintech create tremendous efficiencies for businesses from those advancements over the next five years.

What inspired you to start Caary Capital? Can you give us an overview of Caary Capital and what it does?

Steve: We are both entrepreneurs and we saw firsthand the barriers facing small businesses when it comes to accessing credit. We saw the inability, inefficiency and unwillingness of financial institutions to support them. And we saw a massive unmet need in the market that we could do something about.

’ s aim is to finally give the 1.2 million SMEs in Canada the credit they deserve. We are delivering easy, accessible credit with no personal guarantees or credit checks required and no-fee physical and virtual cards, which SMEs can easily issue to their staff or dedicate to vendors. We are also simplifying expense and spend management for them, with a progressive financial platform that gives them control and visibility over card issuance, receipt capture and accounting integration. The time savings derived from this are enormous.

It’ s a huge step forward for SMEs. In fact, we are starting to hear from large businesses who want it to.

What is your take on the credit situation for SMEs in Canada? How important is access to capital for small businesses in Canada?

Jason: Credit is quite often not readily available to SMEs. If it is available for an SME’ s specific circumstances, it takes a lot to track it down, tremendous time to apply and process applications, ultimately require a personal guarantee anyway and after all of that, it’ s expensive. It’ s something that, without question, slows small businesses down.

Credit – access to capital - is a critical component of any entrepreneurial venture regardless of stage and it’ s the fuel that drives innovation and growth. The absence of accessible risk-priced credit is a significant and unnecessary obstacle for Canadian SMEs.

Why do you think it' s been so difficult for SMEs to get credit? What has been the impact of this on SMEs?

Steve: Traditional financial institutions haven 't known where

to put SMEs. They don 't fit in their commercial business.

They don ’t fit in the personal side of their business. And

they

’ ve never refined that. Their expectations of an SME – to have a corporate credit history that is telling of their ability to take on credit – are unrealistic. So, they rely on personal guarantees, which leaves small business owners carrying risks that really should be the burden of the business. ' s large financial institutions are, more often than not, very disconnected from the entrepreneurial experience. It’ s been 150 years since these institutions have been entrepreneurs themselves and had to live what SMEs live every day. They are not properly crafting products that meet the needs of this constituency, utilizing the vast array of modern, digital tools and data points to assess risk and properly adjudicate credit decisions for worthy businesses.

What are some of the ways that Caary Capital can help SMEs obtain the capital they need?

Jason: The leading component of our platform is the Carry business Mastercard. When an SME applies for a corporate card, we look at them differently than a traditional financial institution would. We look at their corporate tenure, cash on hand, historical business cash flow, any available credit history, industry/sector trends and growth, all in a seamless digital process that takes minutes. Through this proprietary process, we gain a comprehensive view of their ability to utilize credit and service debt, which usually means we are able to extend more credit that would otherwise be made available to them.

From there, we build a relationship. We get to know our customers so we can deploy capital in other forms, like revolving or installment loans, and in ways that are most helpful to them.

What advice would you give to startups that are looking to use Caary Capital for their funding needs?

Steve: Get signed up for Caary as quickly as you can. The demand for what we are doing in Canada was overwhelming before we built the product. Participate with us in shaping the future of SME credit, payments and expense management. Let’ s get to know each other, work together and, in a short period of time, you ' re going to have access to – not just credit – but other types of lending products. You ’ll find that Caary is going to be a one-stop shop for credit, payments, reconciliation and more. As your business evolves, we will grow with you.

Taking the Importance of Online Presence for Businesses to a Whole New Level

CanadianSME sat down with Anne De Aragon, Vice President and Country Manager for GoDaddy Canada, to discuss the present state of eCommerce in Canada as well as its development in the future. She also laid down some of the hottest eCommerce trends for small businesses across Canada and how they can put these trends to use in order to carve their name in the digital space. Throughout the interview, we also talked about the importance of having an online presence for small businesses to remain competitive. Finally, she gave out some important advice to small businesses in Canada for their success. Together, we explore Anne's vision and thoughts regarding the growing importance of eCommerce as well as what the future holds for the sector.

Anne De Aragon is the Vice President and Country Manager for GoDaddy Canada, the company that empowers everyday entrepreneurs. In this role, she is responsible for all GoDaddy operations in Canada, leading the charge on business strategy and growth. Throughout her tenure at GoDaddy, she has worked closely with Canadian small businesses to understand their needs to help them reap the benefits of having an online presence. Anne has also been a driving force behind GoDaddy’s partnership with the Toronto Raptors resulting in some of the most successful branding campaigns in the company’s history. This past year, she spearheaded the “Don’t Stop Being Unstoppable” campaign, highlighting real Canadian small business owners and Olympian Andre De Grasse.

What do you think of the current state of eCommerce in Canada? And how do you see it evolving in the near future?

Ecommerce is thriving in Canada today. During the global Covid-19 pandemic, more businesses adopted eCommerce tools to help their business make it through the challenging business environment, and these tools aren ’t going anywhere. In fact, Canadian retail eCommerce revenue jumped to over $50 billion in 2021 and is expected to increase to over $60 billion by 2025. Yet, as physical stores open back up across Canada, an omnichannel approach will be extremely important so businesses can cater to a variety of consumer preferences. What are the top eCommerce trends for small businesses in Canada? How can small businesses take advantage of these trends?

Canadians have never been online as much as they have over the last two years, which is why “ social commerce ” has become a real trend to watch. Businesses are looking to provide direct and convenient ways for consumers to purchase items on cell phones and tablets through social media platforms like Instagram, or marketplaces like Amazon. Small businesses can take advantage of this trend through GoDaddy ’ s Marketplace feature. Using items from their GoDaddy Website Builder product catalogue, customers can list products with Amazon and eBay in just a few clicks.

With the rise of platforms like TikTok, and features like Instagram Reels and Facebook videos, the use of video has become a number-one priority on social media. But the interest in video content doesn

Small businesses should consider implementing more video content onto their websites as well. Adding diverse, snackable and engaging video content about your business, along with your products and services to a website, can be a great way to provide consumers with more information on the brand and its offerings.

Another trend we

’ re seeing is personalization, but in this case, personalization will present a challenge for businesses over the next few years as Google announced it plans to end the use of third-party cookies in 2023. This means brands can no longer gather contextual information on consumers or run personalized ads with this information. To prepare and take advantage of this eventual shift, small businesses need to pivot and test new strategies to avoid losing traffic and ad revenue. Increasing Search Engine Optimization (SEO) or experimenting with social media marketing are good areas for small businesses to explore. Both strategies are included in GoDaddy ’ s Digital Marketing Suite to help small business owners stay connected to their customers.

Why do you think it’ s important for small businesses to have an online presence? And where do you anticipate small businesses will need to capitalize on in order to remain competitive? What do you think makes GoDaddy a one-stop-shop for eCommerce solutions? Can you tell us a bit about the eCommerce solutions that GoDaddy offers?

GoDaddy is not only a one-stop shop for eCommerce solutions but also a one-stopshop for entrepreneurs to build and manage their entire online presence. GoDaddy ’ s eCommerce solutions help entrepreneurs of all sizes and skillsets sell their products and services online.

GoDaddy Online Store is an easy-to-use platform that combines a sleek virtual storefront with powerful selling tools, customizable shipping, and flexible payment options. For a more advanced eCommerce option that requires highly customized solutions, GoDaddy offers Managed WordPress eCommerce Hosting with WooCommerce extensions. WooCommerce is the world’ s most popular open-source eCommerce solution, featuring powerful flexibility with easy-to-use extensions and client management tools, and over 50,000 plug-in features.

Having an online presence isn

’t just important for a business, it’ s crucial. A website is often the first place people go to learn more about a product or service. It’ s that first touchpoint for many potential consumers and can be a deciding factor in turning a potential customer into an actual customer. According to Adweek, over 81% of all purchases begin with an online search.

The eCommerce industry is evolving at a rapid pace so small businesses need to remain nimble to adapt to the changing landscape. It’ s crucial to have an online presence but it’ s not crucial to be everywhere all the time. Small business owners need to assess what makes the most sense for their brand. Are there any other comments or advice that you would like to share with small business owners who are looking to start selling online?

Setting up your own online store and selling online is easier than you think. Today, there are a variety of resources and support available. GoDaddy empowers the everyday entrepreneur and supports Canadian small business owners with an integrated suite of online tools and solutions, along with 24/7 support, to help them grow their business online.

RPAs are ready to serve small businesses for their post-covid economic recovery

RPA offers the pathway to Certification of Accounting Practitioner in Canada.

The Canadian Institute of Accredited Public Accountants (CIAPA) was established in 1938 and was granted a patent on May 7, 1946, under Part II of the Canada Corporate Act.

The Society of Professional Accountants of Canada (SPAC) was formed in 1978. The Society was granted a Federal Charter as a Corporation under the Provisions Part II of the Canada Corporations Act. Canadian Institute of Accredited Public Accountants, the oldest accounting institution and now under the control of the Society.

The RPA designation is an abbreviation of the term Registered Professional Accountant, awarded to individuals of recognized experience who have completed the obligatory professional examinations and requirements set by Society. The Society is an out-and-out professional organization formed for training and setting standards of qualification to ensure the professional competence of its members in the practice of accounting and the safeguarding of public interest. The Society has members in Canada and internationally with demonstrated skills in their chosen profession. The Society is proud of the unique distinction of being the premier Canadian accounting designation and is keenly focused on Canadian small and mid-sized enterprises.

To become an RPA, individuals should successfully complete prerequisite courses aligned to SPAC' s (Society of Professional Accountants Canada) 5 pillars of education with a diploma or degree from a reputable Canadian post-secondary institution. SPAC has accredited McMaster University and Sheridan College courses with RPA prerequisite courses. SPAC is in the process of accrediting other community colleges and universities to align their courses with RPA prerequisite courses. These courses are offered via convenient and flexible online self-study and learning formats in the virtual classroom.

Zubair Choudhry, RPA, APA, 2019, became the CEO and President of the Society of Professional Accountants of Canada. He has rewritten the Society ' s vision, values, and mission to reflect today ' s standards. Under new and focused leadership, the Society resolved to reform its educational program, build new skills, embrace new technologies, solidify its lifelong commitment to continuing professional development, and maintain the highest ethical standards inspired by the IESBA (International Ethics Standard Board for Accountants) to implement.

Why Is It Necessary for Professional Accountants to Attain the Canadian Accounting Designation and a Certificate of Accounting Practice?

Effective December 14, 2021, the Canadian Auditing and Accounting Standard Board (AASB) has developed the new compilation engagement standards (CSRS4200) for non-licensed accounting practitioners to follow. The decades-old “Notice to Reader '' report for the preparation of financial statements has been discontinued now. The Society of Professional Accountants of Canada embraced these new standards for Compilation Engagement. The Society launched its education and training program for RPA accounting practitioners to follow these standards and serve their business clients with confidence and quality management standards.

Becoming a Registered Professional Accountant is a great career choice. RPAs are robust leaders in various industries and companies, and some have even broken into entrepreneurial avenues and started their accounting practices to serve business clients.

After extensive research and consultation with industry leaders, head-hunters, the academic community and related technology experts, Society finalized its new education curriculum that will meet the needs of today ’ s job market and businesses. Society ’ s main goal is to offer choices to young students who dream of becoming professional accountants and meeting the needs of the industry in the space of SME. With the amalgamation of 3 accounting designations in Canada, there was a void that RPA is willing and ready to fill. The Society has reformed its curriculum to make it more relevant to the jobs and announced its RPA education program in 2020. The society also resolves that the accounting profession should be inclusive and work with a cognitive approach to problem-solving and decision-making. The Society has facilitated training and education with mentoring programs for the young accountants to play a major role in Canada ' s socio-economic system. Young accountants need to catch up since technology is evolving faster than professional organizations and educational institutions.

The Society

' s 16 prerequisite courses form the base of the accounting profession to procure the RPA accounting designation. After completing the prerequisite courses students write the Mandatory Professional Exam (MPE) where Society makes sure that students meet the competency required to become designated accountants as RPA. Once the students have received the RPA designation, they can pick the areas of interest for the specialization like Financial Accounting, Management Accounting, Internal Auditing, Forensic Auditing, Non-Profit Accounting, Cloud Accounting, and Taxation indepth or Blockchain Accounting.

RPA is the best choice for young accountants to secure Canadian accounting designation with relevant accounting knowledge focused on serving SME.

RPA Designation: The young graduates need it; the post-secondary institutions want it; the industry demands it, banks recognize it and the public is better served with it. RPA’ a are the qualified professionals who are widely recognized for their excellence and for maintaining higher standards. With this professional designation, you can be a practitioner and support the public as well as businesses with unmatched assurance. Although RPA is considered the oldest accounting designations across Canada, their training and education programs are the most updated and relevant to today ' s evolving industry needs. The Society has five diverse ways to become RPA:

1. Pathway for Foreign Accounting Designation Holders 2. Pathway for University Graduates 3. Pathway for College Graduates 4. Pathway for Non-designation holder practitioners 5. Pathway for Bookkeepers 6. Pathway for Mature Professionals

Here is a simple graph to help you understand the various pathways of RPA -

Upon attaining the RPA designation, members may enter public practice as practitioners. A member in public practice should earn a Certificate of Accounting Practice from the Society upon completion of the required obligations. An RPA Accounting Practitioner qualities to perform the Compilation Engagement and issue the compilation report for the SME clients.

How Small Businesses Can Benefit from the Cloud

As cloud services have multiple advantages, small businesses should consider moving to the cloud. We live in a digital and competitive society, and practically all organizations are concerned about data security. Cloud technology is here to help with the transition by offering a secure platform for storing and accessing vital data and apps.

As a small business owner, you may benefit greatly from implementing cloudbased technologies and using them as an alternative to hosting information in a data centre on-premises. Success depends on how you handle and organize information. Cloud services free up time and energy for small businesses to focus on more critical aspects of their business by eliminating much of the stress of management and organization.

This informative article will delve into the benefits of cloud technology and discuss the different options available for small and mid-sized enterprises.

The benefits of the cloud for small businesses include increased data storage and easier access to applications and operations. In addition, migrating to the cloud provides cost-effective alternatives to adopting smart small business tech while putting less strain on people and resources. Here are five compelling reasons small businesses should utilize cloud services to maintain business operations.

Benefits of the Cloud for Small Businesses

Cost-Efficient: One of the most significant advantages of cloud services for small enterprises is lower costs. Many startups and small firms cannot afford to purchase all the hardware and equipment needed for running their business, especially right off the bat, so cloud services can be a more cost-effective option. Also, migrating to the cloud eliminates the need for financial investment in installing and maintaining the infrastructure onpremises. Top-Notch Security: The growing number of cyberattacks and data breaches is a major concern source for small and large businesses. You can rely on cloud services to help secure your company ' s critical data. The cloud security pros at the most sturdy and dependable cloud services providers can increase data protection by utilizing the most recent tools and best practices to secure their environment.

There is no single sort of cloud computing appropriate for all situations. To suit organizations ' continuously changing technological demands, several different cloud computing models and services have been developed. Learn which model might be best for you.

Cloud services can be deployed in one of three ways: on a public cloud, on a private cloud, or a hybrid cloud, based on your organization ' s requirements.

Public Cloud: The most prevalent form of cloud computing is the public cloud. A third-party cloud service provider owns and operates the cloud resources (such as servers and storage) distributed through the internet. The cloud provider owns and manages the software, hardware, and other supporting infrastructure in a public cloud.

In a public cloud environment, you get to share the same storage, hardware, and network devices as other organizations or cloud "tenants. " You use a web browser to access services and manage your account. Web-based email, storage, online office programs, testing and development, are common uses for public cloud deployments.

Private Cloud: A private cloud is a collection of cloud computing services utilized solely by one organization or business. The private cloud might be physically situated in your company ' s on-site data centre or hosted by a third-party service provider. However, with a private cloud, the services and infrastructure are constantly maintained on a private network, and the hardware and software are exclusively dedicated to your organization.

A private cloud makes it easier for an organization to personalize its resources to meet unique IT needs. As a result, financial institutions, government agencies, and other mid-to large-size organizations frequently utilize private clouds, desiring improved control over their environment.

Flexibility: Cloud services aid small enterprises in maintaining a flexible work environment. They allow employees to work from any location around the globe, and access the applications and data they need to do so effectively. Cloud-based resources are extremely beneficial since they can be easily scaled up and down to match your specific demands and requirements.

Reduce Time-to-Market & IT Cost: Small businesses can deploy resources and execute changes faster with cloud technologies, leading to speedier manufacturing and a shorter time to market. It' s feasible to maximize uptime with minimum effort using cloud-based technologies, as your applications can be hosted by a reliable, third-party provider instead of living on your own servers. This also lowers operating expenses since cloud services require less upkeep, particularly in the public cloud, where maintenance is the cloud provider ’ s responsibility.

Disaster Recovery: Cloud services can provide peace of mind when calamity hits. Downtime is never beneficial to a business. However, if an unexpected incident occurs, it can often be quicker to recover data hosted in the cloud rather than on aging, faulty, on-premises infrastructure. Regardless of the tragedy or setback, cloud technology can help provide your firm with a sense of resilience. Any of the reasons listed above should be enough to persuade you to migrate your business to the cloud. Still, there are different types of cloud technology available, which you will need to consider when transitioning to the cloud.

Find Out Which Cloud Technology is Right for Your Small Business

Hybrid Cloud: A hybrid cloud platform offers several benefits to organizations, including more flexibility, additional deployment options, compliance, security, and extracting more value from their already existing infrastructure. When processing, computing and demand fluctuate, this disruptive model enables organizations to instantly scale up resources within the public cloud to accommodate any overflow while allowing critical applications to securely run onsite to meet demands or regulatory requirements.

Your websites or public-facing apps should be hosted in the public cloud to keep you as near to your clients as feasible. The private cloud is best suited for legacy apps that do not interact with customers, such as those that run machines within a manufacturing facility. On the other hand, a hybrid cloud architecture may deliver the best of both worlds by putting programs in the best possible place for both internal and external users. While the cloud may be incredibly advantageous to small organizations, having a cloud plan is essential. You face the danger of surpassing your cloud budget if you don 't have a clearly defined plan. Many firms may also lack the technological competence or workforce required to shift to the cloud successfully. And, with so many cloud services to select from, how do you know which ones to use and how to make the most of them?

CDW can assist you in understanding how your applications and services may be translated into cloudnative, secure, cost-effective, and highly available results. In addition, they can assist you in managing your entire cloud environment in the future by providing application modernization, proactive monitoring and problem resolution, and on-demand deployment. CDW also offers data analytics to uncover useful insights that may be used to improve the services you deliver to clients.

How CDW Can Help with Cloud Migration Challenges

To learn more about CDW’ s cloud services, please visit https://www.cdw.ca

Mary Jo Fedy

A Leader in its Truest Sense

CanadianSME sat down with Mary Jo Fedy, National Enterprise Leader, KPMG Canada, to discuss how it is important for small and medium-sized businesses to realize and invest in the latest digital innovations to better weather economic conditions while beautifully balancing investments in their overall infrastructure. She also shared some of the strategies that businesses can implement in order to mitigate cyber threats today since there is an increase in digitization. We also talked about the shortage of skilled labour which is turning a kind of risk to recovery, and how businesses can address this shortage. Finally, we talked about how business leaders and entrepreneurs can make their businesses thrive amidst the pandemic and beyond. Together, we explore Mary's vision and strategies to better the present condition, ensuring robust growth.

Mary Jo Fedy proudly holds the role of National Enterprise Leader of KPMG in Canada. She has more than 35 years of experience serving privately held Canadian companies and owner-managed businesses. Mary Jo provides proactive, hands-on service to address her clients’ needs, which include financing, budgeting, strategic and succession planning, attestation services, tax planning, and tax compliance. For more information, visit home.kpmg/ca/enterprise or email mfedy@kpmg.ca

Heading into the third year of the COVID-19 pandemic, what are you hearing from small- to medium-sized businesses across Canada?

If there is a silver lining to the pandemic on the business front, it’ s that many Canadian small- to medium-sized businesses proved their resilience. Although there were many challenges, it was inspiring to see and work with businesses that adapted and innovated. This positive momentum continues today, as we are hopefully nearing the finish line of the pandemic.

What I am hearing from my clients echoes what more than 500 businesses across Canada told KPMG Enterprise in our recent poll: Business leaders remain optimistic for the future, with the vast majority (nine in 10) expressing confidence in their company ’ s growth prospects. Of course, this optimism comes with concerns. Across sectors, businesses are faced with labour shortages and higher costs, as well as headwinds from the ongoing supply chain disruptions being felt around the world.

Digital transformation continues to be top of mind for businesses. In our poll, most business leaders (89 percent) indicated they must invest quickly in digital operations. However, skilled labour shortages remain a challenge. While the majority of businesses are looking to add to their headcount, 68 percent are struggling to hire people with the right skill sets—namely digital—to achieve growth.

How can businesses continue to invest in digital innovations to better weather economic storms while balancing investments in their infrastructure?

It’ s no surprise that many small- and medium-sized businesses had to pivot during the pandemic and focus on digital innovations to unlock new business opportunities and revenue streams. However, successful digital initiatives can require a fair amount of resources—both financial and human.

Finding a balance between digital and other investments today is a challenge.

The appetite for government support remains strong. In our survey, 82 percent of business leaders believe their industry is in “for a major shakeup ” and will require government support for them to invest in emerging and clean technologies. They also want measures that will support innovation and growth amid the latest risks to a global economy already struggling with rising inflation and supply chain issues.

We also found that 91 percent of business leaders believe businesses need more tax incentives/credits for investments in innovation; digital transformation; and research and development, such as software, automation, or patents, example.

As digitization has increased, cyber-attacks have also accelerated. What can businesses do to better manage cyber risks?

As business leaders are well aware, cybersecurity incidents can result in the disruption of business operations and cause severe financial and reputational damage. In KPMG’ s 2021 CEO Outlook, 94 percent of small- and medium-sized Canadian companies said they closely monitor for potential cyber-attacks, yet only 39 percent are “ very confident” in their ability to detect and respond to an attack.

To mitigate risks, businesses need a robust cybersecurity strategy that is aligned with their objectives and risk priorities. While no two cybersecurity strategies are alike, all facets of cybersecurity—from preventing attacks to responding to them in the event they do occur to recovering from an incident—require a plan. When implemented effectively, a strong cybersecurity strategy enhances product integrity, customer experience, operations, brand reputation, investor confidence, and more.

Skilled labour shortages continue to represent a risk to recovery. How can businesses address this shortage?

Businesses increasingly require more employees with digital skills, especially in cybersecurity and data analytics. However, that is a challenge given today ’ evolving needs—for example, flexibility, inclusivity, and a sense of purpose—by adopting hybrid work models and addressing climate, equity and diversity issues.

Given the rising awareness of environmental, social and governance issues (ESG), stakeholders are expecting businesses to take action. Customers want organizations to take the lead on societal challenges such as racial and gender equality and climate change. Employees also expect their employers to tackle these issues, and it has become a baseline expectation for talent that companies are trying to attract and retain. Investors are demanding a commitment, a plan, and a measurement of outcomes, and leaders expect that banks will start to insert loan covenants related to climate change.

Organizations are listening to their stakeholders and addressing these issues. The pandemic and other recent events have increased business commitment to making a difference on social and environmental issues, and it’ s important to ensure the workforce, too, is diverse.

The pandemic exposed many vulnerabilities in global and domestic supply chains. What can business leaders do to continue to grow their business amidst ongoing disruptions to supply chains?

The current supply chain disruption is on a scale most supply chain leaders have never experienced before. Canadian business leaders say they would source domestic supply if they could, but it’ s not available. However, many are hopeful that over the next three years this will change and they will be able to source more product inputs within Canada to avoid supply chain disruptions and improve their operational resiliency. The intention of Canadian companies to source more product inputs within Canada creates an opportunity for Canadian businesses and could bode well for future business investment.

About KPMG Enterprise

KPMG Enterprise is a dedicated audit, tax, advisory and law practice focused on supporting entrepreneurs, family businesses, not-for-profit organizations, privately held companies, and high net worth individuals and families. We are always looking at the big picture so we can strive to deliver ideas, provide insights and create opportunities to help businesses become even better.