CanadianSME Small Business Magazine December 2022

We're excited to share with you the last issue of this year, which solely focuses on small businesses, as well as insights from numerous business professionals and much more. The CanadianSME Small Business Magazine is a monthly publication for Canada’s entrepreneurs and small business owners. Our magazine will help you grow and succeed in business by giving you insights, strategies, and tips from Canada's top business leaders. From interviews with industry experts to roundups of company-specific initiatives, we cover a wide breadth of topics from both business and talent perspectives The content in each publication is created with the goal of helping entrepreneurs and executives navigate the latest business trends. We pride ourselves on providing clear, concise content that you can use to make informed decisions and improve your business. At the heart of everything we do is a belief that small business owners deserve more support, tools, and guidance to successfully grow their businesses.

This issue includes 7 Tips for Planning Your Business in the New Year 2023, Rob Bigler, General Manager, eBay Canada’s insights on “How eBay Empowers Canadian Entrepreneurs”; an article on SMEs in the New Canadian Market by Luc Godard, the VP of Marketing and Communications at Cubeler; “New GoDaddy Survey Finds Small Businesses Cutting Costs, Canadians Choosing Cost-Efficient Shopping”. Also, don’t miss out on our exclusive interviews that include, “Discussing Future of Work With Michelle Micuda”, President, Staples Professional, “Insights on Grant Strategy for Small Businesses” - An Exclusive Chat with Dieter Eisbrenner, the President of GrantMatch, “How Brands Can Actually Relate To People's Psyches, Emotions, And Complexities” with Hollie Boodram, Publicist at OtterPR, “Founder of Chiratae Ventures Shares How India Might Emerge As A Desirable Investment Location For Canadian Businesses,” and much more. Additionally, Amanda Schuler, the founder of Ember Wellness, has been featured as our businesswoman of the month.

The CanadianSME Business Awards is designed to recognize and applaud the contribution that small business owners provide to Canada’s economy We want to assist and recognize the business owners who work hard to make their small businesses successful since the SME sector is so important to Canada's economy 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 mediumsized businesses from across the country. Follow us on our social media channels for more information. Our monthly magazine will keep you up to date with the latest business trends. Check it out and sign up today!

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ISSN2562-0657(Online)

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Canadiansme Small Business M

Insights

on Grant Strategy for Small

An Exclusive Chat with Dieter Eisbrenner, the President of GrantMatch.

AWARDS

TheMitacsAwardsarean incredibleopportunityto celebratetheremarkable achievementsofsomeofthebest andbrightestresearchersand innovatorsfromacrossCanada,” saidtheHonourableFrançoisPhilippeChampagne,Ministerof Innovation,ScienceandIndustry “Thewinnersofthe12thannual MitacsAwardsshowcasethat Canada’sfutureisbrightwith theseyounginnovatorsleading theway

KPMGopensCalgary innovationlabfeaturingunique AI-informedartdisplay

INNOVATION ENTREPRENEURS

KPMGIgnitionCalgaryisakeypillar oftheexperienceatthePlatform InnovationCentre–helping enterpriseleaderscollaborateand innovate,”saysTerryRock,President andCEOatPlatformCalgary “This visionaryprojectwillcreatemore impactfulcollisionforfoundersand start-upsanddrivecorporate innovationacrossthecity

DeloittejoinsforceswithMakros tobolsteritscybersecurity practice

CYBERSECURITY

DeloittejoinsforceswithMakrosata timewhendigitaltechnologiesare increasinglypresentgloballyand theriskofcyberattacksare continuouslyontherise Thismove notonlyincreasesthefirm’sdepth ofcyberservices,butisinstrumental insupportingthefirm’spurposeful workbyincreasingcross-border collaboration,andcontinuingtohelp provideourclientswithsafeand reliableservices

MinisterNghighlightedthat,sinceitslaunch,theWomenEntrepreneurshipLoan Fundhasbeensupportingwomenentrepreneursacrossthecountryby distributing$55millioninloanstothosestartingupandgrowingtheirbusinesses, withamajorityoftherecipientsbeingunder-representedwomen WithEvolsetto distribute$7millioninloans,theGovernmentofCanadaisensuringthateven morewomencanaccesscapitaltostartorgrowtheirbusinesses

BANKING

Xerosetsclimatetargetstoworktowardsanet-zero future

FINANCIALSUPPORT

XeroCEOSteveVamossaid:“Theclimatecrisisisaffectingall ofus,andeverybusinesshasaroletoplayinsupportingthe transitiontoanet-zeroeconomy We’reproudtobeona carbonreductionjourney,andsettingthesetargetsprovidesa cleardirectionforustoreduceourgreenhousegasemissions, whilebuildingonourcurrentinitiatives

ByRobBigler GeneralManager,eBayCanada

For more than 25 years, small businesses and entrepreneurs have found success on eBay Whether small business owners are looking to bring brick-and-mortar stores online, grow global customer bases, or turn personal passions and pastimes into real professions, it’s our mission at eBay to empower entrepreneurs, connect communities, and create economic opportunity for all

Since the beginning, small businesses have powered the majority of sales on eBay and the relationship between entrepreneurs and eBay has never been stronger With our inaugural Small Business Report, we surveyed more than 2,600 sellers in Canada, the U S , U K , and Australia to learn more about how entrepreneurs around the world are leveraging eBay to build their businesses and achieve new heights of success

The survey results were resounding: eBay has become an essential economic driver and a key partner for small businesses globally. Here are just a few of the key findings of the report:

71 percent of entrepreneurs say eBay helped them start their business and 79 percent say eBay helped them grow their business

85 percent of those surveyed say eBay enables economic opportunities for small businesses and entrepreneurs

An overwhelming 95 percent of smallbusiness sellers say they rely on eBay, and almost one-third say that without eBay, their businesses wouldn’t exist at all

These responses reinforce what we’ve long known: eBay enables small businesses to succeed.

There are a number of reasons eBay is in a unique position to help Canadian entrepreneurs stay local and sell global Through our Up & Running program designed to help small businesses move their products online we offer world-class tools to simplify global shipping, powerful insights to optimize sales, and educational resources to help sellers make sure their online stores are set up for success

Of course, we also have a near three-decade legacy of building trust in our secure selling and buying experience that other platforms simply cannot match Another factor that differentiates us from other online marketplaces is that eBay doesn’t carry our own inventory and we don’t compete with our sellers In other words, we are truly here to help small businesses thrive

And that’s part of the reason we love sharing the success stories of the small business owners who have reached new heights with eBay. Recently, we celebrated several Canadian small business owners for their achievements on our platform with the 18th annual Entrepreneur of the Year awards.

The unique stories of each award winner illustrate the diverse ecosystem of entrepreneurs in Canada using eBay to sell to the world:

Swiss Watch Parts Distributors had a 70-year history as a brick-and-mortar store in Vancouver exclusively serving in-person and mail-order customers until the COVID-19 pandemic hit and owner Dorina Pasca decided to take her business online by adding listings on eBay. In its first year online, Dorina’s eBay business sold more than 1,500 items, earning her our 2022 eBay Emerging Ecommerce Entrepreneur of the Year honour

Sibtain Janmohamed and the team at ALectron have long used eBay in creative ways to grow their Richmond Hill, Ontario business, where they buy, sell, and repair used electronics goods. Recognizing eBay’s wide array of item conditions from new-in-box to refurbished ALectron joined our marketplace in 2008 and has sold more than 350,000 items on eBay since, while maintaining a 100 percent positive feedback rating That’s why Sibtain and his team were honoured with the 2022 eBay Canada Entrepreneur of the Year award

Just like the 83 percent of eBay sellers who say they have turned their passion into a business, Christian Kentie was inspired by a lifelong love of pop culture collectibles to open The Frugal Dutchman in his hometown of Ridgeway, Ontario in 2016. When Christian wanted to grow the store’s online presence, he set up an eBay store. By 2022, the Frugal Dutchman had increased its eBay sales 10 times over, with 75 percent of those sales coming from international buyers. Thanks to that new global customer base, Christian was named eBay Canada’s 2022 Micro-Multinational of the Year

Those are just a few of the entrepreneurs who inspire us, but there are countless more examples of Canadian small businesses that have leveraged the power of eBay’s 135 million active worldwide buyers to take their business to the next level

At eBay, we’re deeply proud to be partners in that journey. We know our sellers dream big and work tirelessly to reach their goals. It is our mission to do everything in our power to support the success of small businesses, make those dreams a reality, and ultimately help to create economic opportunity for all.

Business Staffed & Growing 4 Ways to Keep Your

Utilize contract or freelance workers

Anyone operating a small and thriving business has experienced the growing pains that come along with it … especially when it comes to appropriately staffing the team.

Hiring more people can seem like the obvious answer, but it’s a risk –what if growth slows? How do you balance staffing for both busy and slower seasons? When do you find time to train new team members?

From attracting top talent to utilizing contractors and giving your team the tools to manage their time more effectively, we’ve compiled four effective ways to help you create a business model that not only keeps your staff afloat, but facilitates growth, as well.

Chances are, you ’ re among the 41 percent of small business in the U S who report that labor shortages are currently impacting their businesses

One way to tackle hiring challenges is focusing on your seasonal needs These are times when your team needs additional support on a specific project or during the busiest months of the year, but you don’t need to drastically increase the size of your team year-round

Having a large roster of freelance and contract workers gives you the best of both worlds During busy times of the year, these trusted contractors can sign on for the entire season, or on a project-by-project basis.

While their hourly rates may be higher than a typical employee salary would dictate, your team will save money on benefits, incentives and bonuses Plus, freelancers are only getting paid in months when the extra support is needed

If finding the right freelancers to staff specific projects feels like a time-consuming endeavor, it’s because it is Between checking their availability, keeping track of additional schedules and balancing projects between both in-house employees and external partners can feel like a full-time job The solution? Make it one

While it may seem contradictory to hire a dedicated resource or scheduling manager, rather than one of the positions you need support on, they will save time and energy for the entire team

Rather than having each employee reach out to multiple freelancers or making the entire team scramble when a new project or deadline comes in, the resources manager is in charge of scheduling all work, both internally and with freelancers.

This will allow all employees to spend more time on their work – and less time requesting support

Utilize software to automate tasks

Unlike large corporations with hundreds of employees, each with specialized and specific job functions, small businesses operate with small, talented teams, full of people who wear many hats

Necessary but time-consuming tasks like staffing jobs, scheduling and sending appointment reminders, requesting payments, managing events and posting on social media, tend to fall on all employees, regardless of their specific role

To combat this, use business software to streamline those tasks that can be automated This will free up the time of your employees, placing their focus where it matters most, allowing them to feel less overwhelmed by mundane tasks

You’d be shocked by how much more effective and efficient your employees are when they aren’t spending half the day bogged down by tasks that, while necessary, don’t add to the bottom line The problem often isn’t understaffing, but an ineffective use of time

The upfront investment of CRM software may seem daunting – but it may just result in fewer employees on the regular payroll

Additionally, implementing digital tools will make your company more attractive to new talent that understands the benefits and convenience of new technology

Attract top talent.

Having an appropriately staffed business isn’t just about the number of employees you have, but who those employees are. One efficient, hardworking and quick-learning team member may be just as effective as two or three lessmotivated or inexperienced employees Hiring the right people allows your business to thrive with fewer people on the payroll

In order to hire top talent, your company needs to be seen as an attractive option – which can be a challenge when competing with large corporations with deep pockets and tons of resources. So, how can you gain top employees?

First, a competitive salary, hiring bonus and benefits package are key to winning top talent Even though the upfront cost may be intimidating, consider that hiring more experienced and highly recommended individuals may cut down on your overall number of employees and accelerate your growth, both making and saving you money in the long run

Today, many workers are enticed by flexible working conditions They want to work with companies that offer the ease of working from home, or who are willing to accommodate unorthodox hours or breaks needed during the day, so long as the time is made up and projects are completed on time.

Potential employees may trade off a slightly lower salary for a job that better fits their lifestyle

Retain top talent

When it comes to creating a scalable business, retaining top talent is key When a seasoned employee leaves, it’s not uncommon for employers to find that the learning curve for the position is more extensive than they thought

In fact, replacing an employee costs one half to two times their annual salary. So, if an employee earns $50,000, the cost of replacing that employee is anywhere between $25,000 to $100,000.

To be seen as a long-term career destination, start by promoting from within Most employees won’t stay with a company for long if they don’t believe they have opportunities to grow or make more money

When looking to fill a new or advanced role, think about who is on your team before hiring new staff, and consider what training or classes they may need to step into that role instead

Consider implementing an employee incentive program, like a growth bonus. As your business grows and scales up, your team will be eager to take on more work, knowing they’ll benefit financially from it

Finally, enforce healthy boundaries and work life balance Smaller businesses may not be able to offer the same raises or benefits packages as their larger counter parts – but for many employees it is worth it if their personal time is protected and respected

Scaling your business can be a daunting process Understaffing can lead to employee burnout and high staff turnovers, while overstaffing can lead to a heavy financial burden

Find the right balance by utilizing freelance or contract workers in busy seasons, retaining your best employees throughout the year, and utilizing business software to help automate whatever tasks you can to take the strain off of your employees as you grow

SMEs IN THE NEW CANADIAN MARKET

While the pandemic caused many issues for SMEs Canada-wide, and in truth, around the world, as we approach 2023, it’s time to focus on growth Sustainable, attainable, and profitable growth The pandemic was problematic for many small to medium-sized businesses, but it did create a lot of room for opportunity and growth, and that train is still very much on its way out of the station so you can still jump on and make the necessary adoptions to take advantage of these opportunities From digitalization to managing your cash flow, creating the right partnerships, and networking, focusing on the right business sectors for your industry, and focusing on global expansion while remaining local (we’ll explain that a little further on), all these elements are key to staying afloat during this period of growth and are essential to keep your business thriving into the new business norm

Digitalization has coincided somewhat perfectly with current world events Going digital isn’t so much about establishing a presence online anymore either, as everyone, even your neighbours' cat, now has either a website or social media profile What truly makes you digital as we approach on 2023 is having your digital presence known or to have gone as close to “viral” as possible And that doesn’t mean being a popular meme on social media either, despite the fact that things like that could help InfoQ put it perfectly when they described what being digital is these days, and while broken down into a long list, these are some of the main points they touch on:

A customer-first culture

going to cover some of that financial advice but also what we spoke about regarding reaching out locally Sourcing overseas regardless of materials having been cheaper, due to supply chain issues has not only gotten more expensive but getting shipments has become even more difficult as the delays are becoming longer and longer This is where networking, communication, partnerships, and maybe focusing more specifically on alternative aspects of your business come in handy As an SME, having the ability to adjust quickly and refocus on what’s most profitable is one of the greatest aspects of being small to medium-sized

You can refocus given all the uncontrollable circumstances you ’ re facing and adjust accordingly Given the global issues, shifting your business direction slightly and sourcing what you can locally to have that sector thrive may be your best step forward This concept aligns with how to digitize: the initial cost of going digital may be a higher one-time expense, but the benefit to your business in the coming future will more than make up for the cost Reaching out and making connections does not always cost SMEs however, Cubeler, for example, is a great platform to help all SMEs connect with other local and national SMEs to help source goods and services What’s even better is that it allows businesses to seek business financing with help from lenders across Canada. In truth, these networking opportunities will not only allow SMEs to find exactly what they need but form the right connections to either slightly alter the focus of their business, or if needed, completely shift gears and find a brandnew direction to start turning larger profits Either way, moving forward, SMEs across Canada need to redefine how they approach doing business They need to diversify where they spend money, and how much they spend on various avenues, and while figuring out how to adjust to the new reality of production and sourcing raw materials, learn how to sell and do it all online to reach an even broader customer base to maximize their profitability

Luc Godard, the VP of Marketing and Communications at Cubeler had this to say, “Marketing is more than simply talking to your customer, it’s also about creating your company ’ s entire personality and identity You need to communicate with consumers, vendors, suppliers, and future business partners, to present a holistic idea of who you are, what you stand for, and what are your values and commitment as a brand, and as a company That’s where a company will find success, so long as that message is consistent and honest Relationships and values are what allow a business to survive, and it is modern marketing ”

In today’s world of everything being visible and easily within reach, if you want to thrive as an SME you need to ensure everyone views your enterprise as a good place to do business One that offers above-board products and services, and from a “reach”

perspective, you want to be able to cast as wide a net as possible for both your potential customers, and networking opportunities making doing business simpler, and easier, and allowing for multiple ways to keep yourself afloat should anything happen to one of those avenues Simply put, diversify Again, small businesses are known to be fleet of foot, and able to deal with change as fast as it comes This is only true if you manage to plan accordingly Just because you ’ re not doing tremendous amounts of sales, does not mean you cannot maximize the sales you do make, and given the entire idea of what going digital can provide you as an SME, there is no shortage of ways to make the entire world a part of your customer base Keep this figure in mind as well as you decide whether you should or shouldn’t go digital As of 2021, only 33% of Canadian businesses have had or begun doing business online, which means the space is still far from being full and is still the perfect time to start your SMEs digital journey

With that in mind, be sure to visit Cubeler.com to get access to the fastest-growing network of SMEs across Canada and begin your journey to fast-track your SME success today.

“Marketing is more than simply talking to your customer, it’s also about creating your company’s entire personality and identity."

Luc Godard, the VP of Marketing and Communications at Cubeler

7TipsFor Planning Your Business

InTheNewYear2023

Beginning a dream project is always inspiring. However, it takes more than just passion to start your own business; you also need to be methodical, strategic, and innovative in your planning and evaluation. Entering an industry where the number of participants is increasing daily, there must be features that make you unique, an understanding of the market gap, and a study of the demographics of your target audience.

Here are seven tips for planning your business in the new year 2023

ConcreteBusinessIdea

An idea is the first requirement for starting a business A well-researched business idea examines all factors that provide a 360-degree perspective on the advantages and disadvantages of the niche you intend to explore, it's potential and opportunities, and the market players

Research helps you understand how your peers conduct business operations and the market's status and trends From this understanding, you can develop a unique selling proposition for your product and services that helps you stand out in the crowd and strategize to enhance brand awareness, visibility, and reach

ConductSWOTAnalysis

SWOT stands for strengths, weaknesses, opportunities, and threats It is a method of strategic planning, management, and evaluation that helps individuals and organizations determine where they have an advantage over competitors in their industry and where they need to improve

Analyzing your strengths and weaknesses is an internal evaluation while weighing your opportunities and threats is an external evaluation Businesses must understand that

there is always room for improvement in a competitive market and regularly assess their performance to plan for the future and grow.

BusinessPlan

From day one of conceptualizing an idea for your business, you must set milestones and goals for yourself that give you a focus on business operations and expansion Rather than going about with your routine business tasks, having a business plan helps you be accountable for each investment, decision-making, and incorporation of tools and technologies

The business plan must not be a rigid manifesto that you must strictly adhere to but rather a flexible guidebook with a roadmap for the future that is open to new incorporations and helps you streamline your operations more efficiently

FinancialManagement

Finance is a crucial component of business operations Capital investment is required to kickstart your business, funding to keep operations running, and savings to help you plan future expansion

Financial management is a competence one must imbibe before starting a business Either they must possess the skill and knowledge to invest money in tools and resources that ensure returns on investment or seek the assistance of financial coaches, who can provide personalized, professional advice on how to use your money effectively for the best results

NicheProduct

When planning a business, always evaluate your product's uniqueness, which helps it stand out in the market A detailed study of the product you are launching, the target audience, and the market will help you develop a niche for yourself. Understanding what your audience needs or identifying a market gap that needs to be filled enables you to create a product or service that makes you noticeable

Customers will be interested in a brand that can offer a product they were in need of but was not available in the market For example, offering highquality and tasty vegan substitutes can quickly become popular on store shelves where there aren't many vegan options

SocialMediaandWebsite

Having an online presence is the need of the hour for business As online platforms have become the first place where customers look for businesses, small businesses must invest in developing and curating an online platform where customers can get all the required information about the brand and its products and services, feel accessible to the brand for queries and order placement, and stay updated about the latest news

Developing a website and managing a social media handle offer details about the product, its origin, the sustainable and ethical principles it upholds, and the community initiatives the brand supports It also provides data and insights that help with future expansion

KnowingWhatYouNeed

Small businesses can access various tools and resources that make their routine tasks easier and more efficient For instance, there is software that makes accounting and inventory administration simple, cloud-based services for customer and marketing management, AI for data analytics, and many more Hence, it's crucial that you learn what suits your business operations and requirements from the pool of options available

Making the appropriate choice can help you achieve your goals Therefore, it's essential that you consider your target market's demographics, preferences, business operations, and the outcomes you hope to gain from these incorporations.

Clarity is key to beginning any new venture Especially in entrepreneurship, where you invest time, effort, and money, an intense study of all components that participate in your business operation is necessary The research and learning help you understand what suits your business and what does not These insights help you make better decisions for your routine tasks and judgments for the future

Small businesses must self-evaluate each step to achieve the best outcomes in a constantly changing market To get more tips on business, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.

TaxCycle from Xero makes tax preparation simple, usable and delightful.

Director of Communications and User Experience at TaxCycle

ElizabethKohl

We had the chance to speak with Elizabeth Kohl, TaxCycle's director of communications and user experience, who provided her insightful opinions about the company ' s background, how it joined Xero, and its first anniversary as a member She also discussed some of the most typical mistakes people make when preparing their own taxes, the advantages that Xero users will gain from this partnership, new tools or updates to existing integrations that she is excited about, and finally, her expert advice for people who are having trouble getting organized for tax season.

As Director of Communications and User Experience at TaxCycle, Elizabeth champions clear, concise communication. She applies her design skills to make TaxCycle simple, usable and delightful for Canadian tax preparers Elizabeth enjoys tackling tricky topics in TaxCycle webinars and online documentation, creating simple and beautiful instructional videos and writing, and helping preparers make the most of TaxCycle

Our overall goal is to build tools that improve the lives of tax preparation professionals, especially during the busy tax season. Because of this, we also created DoxCycle for source document management, TaxFolder for electronic signatures, and integrated with software partners like Xero (even before the acquisition)

Can you provide an overview of the benefits that Xero users will experience through this partnership? How does the integration work?

Last year, we first launched our Xero integration with import of GIFI (General Index of Financial Information) into T2 corporate tax returns in TaxCycle This provided a direct connection between the accounting data and the income statements used to prepare tax returns, reducing data entry and improving accuracy

Congratulations on TaxCycle's one-year anniversary as a part of Xero! Can you share some thoughts on the progress made over the past year? Can you provide some history on TaxCycle and how it became a part of Xero?

Thank you! It’s been an exciting year that has gone by quickly As with any acquisition, a lot of the progress over this first year was internal to the organization Bringing teams together and planning, all while retaining the TaxCycle culture and tight relationship with the accountants and bookkeepers we work with to keep delivering a great professional tax preparation software for the Canadian market

TaxCycle was founded in 2010 by Cameron Peters as his third professional tax software venture in as many decades I’ve been with the organization since 2012 and that was the first year we released a T1 personal tax product Over the years, the team has expanded the tax suite to cover all income return types required for jurisdictions in Canada – federal and provincial

This fall, were really excited to release the next phase of this integration, expanding it to T2125 statements of business and professional activity and T776 rental statements that form part of the T1 personal tax return This is a gamechanger for accountants and bookkeepers whose clients use Xero, as many small businesses still run as sole proprietorships and need to file these forms with their personal tax returns We’ve been wanting to do this for years but it required having a close relationship with an accounting provider to implement the nuances on both sides of the integration. Now that we ’ re literally on the same team, this was much easier to accomplish

Are there any new tools or updates to existing ones that you ’ re particularly excited about? How do you think the updates will impact user experience?

The T2125/T776 integration is the game-changer for this season and I’m excited to see it in action It is also the beginning of what’s to come Our focus with TaxCycle is to take the power of professional tools on the desktop and pair them with the speed and flexibility available in online tools, so the next year will be about expanding on that theme to keep making it easier for accounting professionals to work quickly and flexibly with their teams and clients

For people who are doing their own taxes this year, what are some of the most common mistakes that people make?

Waiting too long to bring in an accounting professional Small business owners are independent by nature and many want to take care of everything themselves. But keen business strategy is knowing when you need to bring in outside expertise

There are lots of different ways to engage in that accounting relationship, from one-time advice, to monthly bookkeeping or once-a-year year-end write-up Building the right relationship for your business can save you time and money

What is your best advice for people who are struggling to get organized for tax season?

The great part about working in tax is that there is always more work to do. For tax accountants, this year’s big ticket item is the immediate expensing of capital cost allowance that allows businesses to claim the full cost of certain assets in the first year after purchase We’ve just released the automated calculations for the T2 corporate tax returns and they are pretty slick The T1 personal tax and T5013 partnership versions are coming in the new year This measure is significant to Canadian businesses and I love that our work will make it easier for tax preparers to support them this season

Investing in the right tools year round to make it easier come tax time That’s why I’m so excited about Xero I know tax season is just around the corner, but there’s still time to organize for this year and slide into it with ease. My family has a side business and I now use Xero for our books (of course). Not only does it save time month-to-month with bank feeds and bank statement import but I can now easily move that data to TaxCycle when the time comes And that’s just one benefit The Xero app store also has integrations with other software you likely already use to help you import and track receipts, or bring in e-commerce transactions I like to think of it as a small cost to support efficient bookkeeping over the course of the year that will save hours of my time, or billable hours with an accountant, come tax time

Planning for 2023?

Discover how Canadian government grants can support your core objectives and help your business grow!

By Dieter Eisbrenner President of GrantMatch

For many business owners and professionals, understanding the sphere of government grants and decoding eligibility requirements can be overwhelming GrantMatch has already done the research to determine your best opportunities so that you can get back to the business of running your firm

Right now, there are four major priorities in government funding that may be relevant to your business goals:

Environmental and green investments Infrastructure, equipment, and facilities upgrades

Hiring and training

Technological innovation

Let’s explore these categories to consider whether your business is eligible for funding, and which types of investments increase your chances of success with exciting grant & incentive programs.

Environmental & Green Investments

The Canadian government has committed to reaching net-zero carbon emissions by 2050, which means that investments that you make in climate-resilient operations and environmental improvements are appealing to funding programs The types of projects that may qualify for funding in this area include sustainable construction using renewable materials, major building retrofits resulting in a reduced carbon footprint, green infrastructure, water use preservation, waste diversion and waste management innovations, as well as nature-based climate solutions, such as carbon sequestration through ecosystem restoration

Now is the perfect time to evaluate your business’s operations to identify any opportunities to make your processes or facilities more environmentally friendly. Staying up to date on available funding opportunities and their priorities will allow you to align your upcoming projects in a way that maximizes your success with grants & incentives

Infrastructure, Equipment & Facility Upgrades

Another current priority in the government funding sphere includes innovation and efficiency improvements through infrastructure, equipment, and facility upgrades Projects related to increasing climate resiliency, enhancing innovation, and improving process efficiency in manufacturing, as well as across other sectors, may have a high probability of receiving funding

The overarching intention of government funding programs geared towards supporting these types of improvements is to keep Canadian businesses competitive and to foster economic growth It is important to consider prioritizing any upcoming projects which may align well with these funding goals to increase your chances of securing grants & incentives to support your business goals

Technological Innovation

Canada has the potential to become a premier destination for investment in clean technology manufacturing, and new funding opportunities are supporting this possibility Technological innovation includes different measures across a variety of sectors, including things like efficiency improvements in cyber infrastructure, technology innovation research, collaborations to bring new products to market, strategic projects in research and development, growth acceleration for businesses, and commercialization of new technologies Available grants & incentives are meant to ensure Canada’s research and development ecosystem fosters healthy economic growth, sustainably developed technologies and goods, and globally competitive innovation.

Does your business have any upcoming projects that fit with this push towards technological innovation? Do not miss out on these technological innovation grants & incentives that may support these investments, getting you closer to achieving your overall business goals

What’s Next?

Understanding the different priorities that are driving government grants & incentives is a helpful first step But with so many funding programs opening and closing constantly, with differing eligibility requirements and complex guidelines, it can be difficult to know how to prioritize your upcoming projects accordingly

To simplify the complex world of government funding, we developed the GrantMatch Hub, our all-in-one platform that makes it easy to identify and apply for grants that fit your business. For as little as $25 per month (when you sign up for an annual subscription), you can access customized, continually updated program matches, clear program summaries, and more

Signing up takes less than 5 minutes.

The sign-up process is simple:

Click here to create your account.

Start by filling out some basic information about your business (sector, number of employees, revenue range, etc.).

Choose between a monthly or annual subscription and complete checkout.

Explore what the platform has to offer and begin reviewing curated grant program matches for your business

Receive new grant matches in your inbox as programs are introduced

The GrantMatch Hub gives you the tools you need to succeed in securing funding.

New GoDaddy Survey

As small businesses and consumers cope with postpandemic economic challenges, including inflation and rising interest rates, both are looking for ways to save this holiday season, according to a new survey In October, GoDaddy Canada commissioned Maru/Blue to explore how the purchasing behaviour of Canadians has changed The brand also ran a survey of Canadian small business owners to compare any differences in response to the post-pandemic economic challenges.

Unsurprisingly, cost-efficiency has a major impact on shopping choices for consumers Over two-thirds (72 per cent) indicated they are decreasing their everyday spending in response to interest rate hikes However, when it comes to holiday spending, the majority (61 per cent) of Canadians plan to keep their holiday spending on friends and family the same as previous years This reinforces the importance of the holiday shopping season for small businesses

The survey also revealed:

Convenience is top of mind:

Canadians 34 and under are relying heavily on the convenience and accessibility of a business when making shopping choices Features such as online shopping and delivery rank higher than price for this age group while only 4 per cent of Canadians plan to use curbside pickup, which was popular in 2021

Credit is king:

Over half of Canadians (54 per cent) prefer to pay for their holiday shopping by credit card this year The only exception to this trend is Gen Z who rely on debit cards due to their age Despite economic uncertainty, only 1 per cent of respondents plan to use “buy now, pay later” payment solutions this holiday season

Websites

are crucial:

Over half of Canadians (57 per cent) agree that a company is more trustworthy if it has a website and 59 per cent of Canadians prefer a transactional website to shop online versus in store Canadians 34 and under are most likely to visit a business’s website to learn more about the products and services prior to purchasing Security is undervalued:

Almost 60 per cent of Canadians will only shop from a website that they know is secure (SSL Certificates) Twelve per cent of Canadians admitted they do not know how to tell if a website is secure, potentially putting their credit or debit card information at risk

Tofindsmalllocalbusinessestosupportthisholidayseason, follow@GoDaddyCanadaforsomelocallovesinyourarea To learnmoreabouthowGoDaddycanhelpyougetonlineand growyourbusinessthisholidayseason,visitgodaddyca

We recently conducted an interview with Michelle Micuda, President of Staples Professional, who shared her valuable insights on Staples Canada’s Future of Work Trend Report in collaboration with Angus Reid Group, necessary measures that will aid employees in prospering, in view of the fact that the majority of respondents emphasize the value of work flexibility and support from employers, strategies employers should adopt to boost productivity, followed by the importance of maintaining a pleasant and secure working environment, and her expert tips for enhancing an inadequate workspace

As President of Staples Professional, Michelle Micuda is responsible for leading the Canadian business-to-business organization Michelle’s focus is on growing the organization by providing an outstanding customer experience delivered by a cohesive team of engaged associates across a wide variety of exceptional products and services

Michelle holds an MBA from Wilfrid Laurier University and an Honours Bachelor, Mathematics from the University of Waterloo. She is also an alumna of Rotman’s Judy Project and Queen’s Workplace Mental Health Leadership Program. Michelle is currently on the Board of Directors of Ontario Great Lakes Goodwill Industries.

How has your career been so far as an executive with a variety of backgrounds in both small and large firms, including Sales, Operations, Finance, and HR? What responsibilities do you have as Staples Professional's president?

I have been fortunate throughout my career to work across a breadth of industries, companies, and functional areas, giving me an appreciation for each area within a business and allowing me to genuinely value their contribution to the overall success of the company I enjoy being the generalist to help connect our teams to solve difficult problems, deliver customer value and lead our business to new heights.

I have the absolute pleasure of leading the Staples Professional team to deliver exceptional service to medium and large businesses from coast to coast when it comes to solutions for office supplies, facilities, furniture, technology, and print My role includes responsibilities for growth, operational excellence, and financial performance, as well as people side leading our teams by building culture, connections and belonging Today, another key responsibility is bringing together our recent acquisitions of Denis and Supreme, where our number one priority is growing together I couldn’t be more excited about the strong team we have in place today as we emerge, grow and adapt post pandemic

What do you have to say about Staples Canada’s Future of Work Trend Report in collaboration with Angus Reid Group?

The pandemic has accelerated a shift in Canadas workforce and until now, few have delved into how Canadians are thinking about where, when, and how they will work. Developed in collaboration with Angus Reid Group, The Future of Work Trend Report allows us to deeply examine what employees and employers across different industries are truly thinking and feeling about the future

With nearly seven-in-ten respondents stating the importance of flexibility with work, it’s clear we ’ re at a pivotal moment and that hybrid work is here to stay With employees counting on that flexibility and support from their employers, we ’ re here to equip them with the insights and the tools they need to thrive

It's clear that the current state of work has moved beyond being a function of the pandemic Lockdowns ended up generating a variety of modes of work

Now that we ' ve moved beyond the threshold of a temporary setup, companies and employees alike are deciding g what an optimal and productive configuration will look like

The survey reinforces that there is more to do to make employees productive, happy, and connected regardless of the nature of their workplace arrangements For those working from home, we confirmed that better equipped employees are happier By providing basic equipment needs like a chair, monitor, web cam, speakers and ring lights, the at-home experience can be improved upon Also knowing how to set yourself up ergonomically through basic ergo training or an assessment is a great option Remote work still challenges all our social connections – relationships, belonging and feeling connected Employers are looking for solutions for their workplaces to enable these connections including better technology in meeting rooms and improved collaborative furniture/workspace designs within their offices.

Our key findings from the Report include:

Most remote/hybrid employees feel good about what their employer has provided to allow them to work effectively from home.

Employees have mixed circumstances while working from home, and while not all have a dedicated office, most rate their working-from-home setup highly. Betterequipped employees are happier with their work-from-home setups overall, in particular those who say their setup is ‘good’ or ‘perfect’ are much more likely to have a dedicated desk, adjustable chair or proper lighting

Stipends for equipping home workspaces are not common, with only one-in-five employees having received one Furthermore, only half of those receiving a stipend say it covers what they need, leaving one-in-ten employees overall having received sufficient funds to equip their home office.

Improved equipment is the top thing remote/hybrid workers say would improve their experience working from home. In particular, those rating their employers lower in terms of providing them with what they need are substantially more likely to say they need better equipment for their home workspace.

The most common items employees are missing to make their home workspace more usable are more comfortable/ergonomic chairs or desks –over half of employees say they could use one of these Meanwhile, ergonomic assessments and basic training on ergonomic setups are seldom provided by employers

What are the necessary measures that will aid employees in prospering, considering that the majority of respondents emphasize the value of work flexibility and support from their employers?

As 50% of remote and hybrid workers express concerns about being distracted and losing productivity, what strategies could employers adopt to boost productivity?

These are a few strategies employers could adopt to boost productivity.

Being able to choose what hours of the day employees come into the office.

Having spaces that meet different needs when they arise, including dedicated office space free of distractions and dedicated collaborative, gathering spaces for connections and teamwork

Having more colleagues in the office on the same day(s)

Having a quieter overall office environment

Better defined structuring of collaboration time while in the office

Having dedicated in-office equipment so employees don’t need to bring equipment with them

Better technology in meeting/conference rooms for communicating with remote employees

I also believe, we need to ensure we are adequately valuing the time our teams spend on social interaction, teamwork, happiness at the same time we are evaluating productivity

Why is it crucial to maintain a pleasant and secure working environment? What are some tips for enhancing an inadequate or unsuitable workspace?

It's crucial to a have a supportive work environment to allow employees to flourish from both a productivity and happiness standpoint

The most common items employees are missing to make their home workspace more usable are more comfortable/ergonomic chairs or desks – over half of employees say they could use one of these Meanwhile, ergonomic assessments are seldom provided by employers

Below are some tips employees can follow for enhancing an inadequate or unsuitable home office spaces

More comfortable/ergonomic chair

Better/more ergonomic desk

Better Wi-Fi / internet connection

External monitor(s) Better laptop Printer Better lighting Better keyboard

Better microphone/headset for video conferencing Decorations/art for workspace

What recommendations do you have for employers that will help them keep a positive work environment?

About half of employers have offered incentives to encourage employees to return to the office more often, most notably, offering inoffice perks (such as free lunches); something employees say would be most likely to improve their in-office experience

Incentives offered to employees to encourage return to the office could include the below options

Offering in-office perks

Offering flex hours when in the office

Improving the office atmosphere Opportunity to connect with senior leaders

Improved social spaces in the office

Upgrading/purchasing new equipment in the office

Stipends for commuting Reducing workload to account for commuting time

Creating workspaces in the office that allow for collaboration and culture building is key.

Creating collaborative settings for varied sizes of gatherings (2,4,10 people)

Settings for casual discussion

Settings for formal planning sessions, brainstorming sessions

Breakrooms, coffee stations that perk up the day

We had the chance to speak to Dieter Eisbrenner, the President of GrantMatch He gave us some helpful information about how important grant strategy is for small businesses, the top trends in government grant funding for small businesses in Canada, the Canada Digital Adoption Program (CDAP), GrantMatch's services for small businesses, and his advice for small business owners

Dieter Eisbrenner is the President of GrantMatch, a software-enabled services firm that specializes in securing government grants and incentives for diverse North American businesses across many sectors.

What are the top government grant funding trends for small businesses in Canada?

Right now, there are four major priorities in government funding that may be relevant to your business goals:

Environmental and green investments Infrastructure, equipment, and facilities upgrades Hiring and training Technological innovation

Why do you think it’s important for small businesses to have a grant strategy?

There are numerous competitive grant programs, representing billions of dollars in funding, which support capital investments, job creation, innovation, and other key investments These programs offer an incredible opportunity for businesses to expand and grow, but with unclear guidelines and unpredictable intake intervals, the funding landscape in Canada can be complex This means that many businesses miss out on grant funding opportunities due to lack of awareness, understanding, or confidence One way to improve your chances of securing government funding is to create a grant strategy that aligns with the most prominent funding program themes for the year ahead This way, you can plan investments that are most likely to receive grant funding support

When making investments in the areas listed above, business owners would be wise to consider which government grant programs might be available to help their investments go further Keep in mind that grants are designed and administered by governments at all levels in Canada in an effort to positively influence and reward business practices that have positive impacts on society, the economy, and the environment

The Government of Canada has made $4 Billion available through the Canada Digital Adoption Program to help businesses get online and adopt digital technologies to increase their competitiveness What do small business owners need to know about this opportunity?

Giving Canadian small businesses and entrepreneurs access to programs and services that can enable them to digitize their business is a crucial strategy, especially given current market conditions that reward businesses that are agile, adaptable, and innovative The Canada Digital Adoption Program (CDAP) is an excellent opportunity, offering grant funding through two program streams For small businesses who have at least one employee (other than the owner) or can report at least $30,000 in annual revenue in the most recent tax year, up to $2,400 is available to help cover costs related to getting your ecommerce business online or improving your digital presence For businesses with at least $500,000 in annual revenue, CDAP offers a $15,000 grant to pay for the services of a digital advisor who will provide strategies to help achieve business goals and increase competitiveness in the digital economy Visit the CDAP page on the Government of Canada website and identify which grant you may be eligible for

Are there any other comments or advice that you would like to share with Canadian small business owners who are looking to pursue grant funding programs?

Understanding the different priorities that are driving government grants and incentives is a helpful first step But with so many funding programs opening and closing constantly, with differing eligibility requirements and complex guidelines, it can be difficult to know which programs to apply for, and when

To simplify the complex world of government funding, the GrantMatch team developed the GrantMatch Hub, our brand new, all-in-one platform that makes it easy to identify and apply for grants that fit your business For as little as $25 per month (when you sign up for an annual subscription), you can access customized, continually updated program matches, clear program summaries, and more

Signing up takes less than 5 minutes.

The sign-up process is simple:

GrantMatch is the industry leader in securing government funding for a wide variety of forward-thinking organizations Operating in Canada for more than 25 years, our proven approach to grants and incentives provides our clients with the greatest probability of funding success We tailor our services based on the unique needs of our clients Whether you are a small business or a fixture on the Fortune 500 list, we offer a range of professional grant writing services and software solutions to businesses at all stages of growth Our team of over 40 grant professionals is enabled by our industry-leading grant program database, containing intelligence on over 7,000 government funding programs across North America As an RBC Beyond Banking Partner, GrantMatch also offers exclusive service and software discounts to businesses who bank with RBC We are proud to have served over 5,000 Canadian businesses with over 50,000 grant program recommendations through our proprietary grant program matching algorithm.

Click here to create your account. Start by filling out some basic information about your business (sector, number of employees, revenue range, etc.).

Choose between a monthly or annual subscription and complete checkout

Explore what the platform has to offer and begin reviewing curated grant program matches for your business

Receive new grant matches in your inbox as programs are introduced

The GrantMatch Hub gives you the tools you need to succeed in securing funding.

What do you think makes GrantMatch a one-stop shop for grant support solutions? Can you tell us a bit about the small business grant support services that GrantMatch offers?

We had the pleasure of speaking with Paulha Sin, the Business Development Representative for SPExpress Canada, who shared her insightful knowledge about 3PL and how it works, the factors that small businesses should consider when choosing a 3PL, the reasons why people choose SPExpress as their 3PL third-party logistics partner, and the qualities that make it unique

Paulha Sin is the Business Development Representative for SPExpress Canada, a professional company with more than 10-year experience specializing in managing the complete supply chain. Over her time there, Paulha helped many small businesses to find the best solution to start the business by outsourcing logistics and warehousing so the business owners could focus on their marketing development

BusinessDevelopmentRepresentative atSPExpressCanada

Whatis3PLandhowdoesitwork?

3PL, known as third-party logistics, handles different duties from freight, shipping, picking and packing, and other services on your behalf to give you more time to focus on growing your business. Working with a 3PL provider, you can outsource your companys operational logistics from warehousing to delivery

3PL companies specialize in logistics and supply chain management They have the expertise to help you optimize order processing, fulfillment, distribution, and delivery for your business Working with a 3PL provider will allow you to focus on sales, marketing and product development instead of struggling with logistics and storage of inventory, or even wasting your valuable time worrying about delivering products to your customers Third-party logistics provides efficient services from packaging to shipping products and cost effectiveness It’s extremely important for businesses to stay competitive by working with a fast-acting 3PL partner, who can handle high volume orders and deliver fast shipping

Whyshouldsmallbusinessesconsider3PL?

Outsourcing your business’ logistics can be very beneficial no matter what industry and product you work with.

Small e-commerce businesses might benefit particularly from e-commerce fulfillment services. As 3PL logistics providers can assist organizations in managing high-volume orders and inventory management. While free shipping and fast delivery upgrades are popular marketing techniques for online merchants, E-Commerce fulfillment services can help small businesses keep shipping costs low, whether they absorb shipping and freight costs to offer free shipping or pass those costs on to customers.

The same thing will apply to warehousing and inventory management As e-Commerce fulfillment service providers have developed a mechanism to assist e-commerce businesses in managing inventory and tracking client returns With a strong dedication to eliminating waste throughout every step from the supply chain to the distribution process, a 3PL logistics provider helps reduce overall fulfillment expenses.

Whatarethethingsthatneedtobetakeninto considerationwhenchoosinga3pl?

To find the best 3PL logistics supplier for your eCommerce business, you must first determine what 3PL services you will require If you run a large firm that handles high volume orders, a full end-to-end solution that encompasses transportation, receiving products, warehousing, product storage, order distribution, and delivery may be beneficial While for a small business, on the other hand, is likely to simply need one or two of the services mentioned above Knowing which service works best for your company can aid you in finding the best 3PL supplier to fulfil your needs

The cost of shipping is one of the most important factors to consider when choosing an e-Commerce fulfilment provider However, while it can just go with the price tag and choose a fulfilment services provider solely on that, you need to think about more than that. You should always compare rates and evaluate multiple possibilities to find a good fit, as customers that are dissatisfied may end up costing you more in the long term

Your 3PL supplier should be your business partner, their capabilities must match your needs The fundamental benefit of collaborating with a tech-enabled 3PL is the ability to effortlessly integrate fulfillment into your present or future tech stack Can they work with clients’ e-commerce platforms? Organize dropshipping with large online merchants? It’s crucial to know if they use advanced technologies for warehouse and inventory management that can provide the services requested

A good 3PL partner should always strive to improve its warehouse operations. While a 3PL should be able to maintain the accuracy in choosing, packaging, and shipping by employing technology to give you greater control over how you want your products to be delivered. For every eCommerce business, is critical for the right orders to be sent out on time. It’s also crucial to understand how they handle disruptions, and whether they’ll be able to respond quickly when order volumes fluctuate or additional services are required.

At SPExpress, we are dedicated to meeting and exceeding customer expectations to the best of our ability We can help you streamline your ecommerce or brick-and-mortar distribution processes by using our unrivaled industry experience and knowledge SPExpress can help you monitor inventory levels, fulfill orders, process refunds, and improve customer service To learn more, please contact us at 888-812-8884

Breathing New Life into the Ontario Life Sciences Ecosystem

If there’s one lesson from the many offered up by the pandemic, it’s that prioritizing better health is here to stay. And while we ’ re still processing the pain, loss and ongoing effects of the past few years across the province, Ontario is in a unique position to develop innovative life sciences IP today that can become the world-changing breakthroughs of tomorrow

Already home to a remarkable cluster of top-ranked institutions, researchers, developers and manufacturers - not to mention approximately 100,000 workers in the medical technologies and life sciences ecosystem - there are so many fields within the sector primed to expand and scale

That’s why the Ontario Centre of Innovation (OCI) is excited and proud to announce the Life Sciences Innovation Fund (LSIF), which is an early-stage co-investment fund that supports companies in Life Sciences and Healthcare Technologies sectors related to human health.

The fund is aimed at addressing the unique challenges faced by life sciences entrepreneurs moving innovative and capital-intensive investments from a conceptual stage through to commercialization The objective of LSIF is to de-risk investments and attract privatesector capital to help scale made-inOntario solutions for global markets

Keep in mind, Ontario is already a world leader in the space, with many medical innovations in the identification of genes for cystic fibrosis, cancer stem cells in leukemia, the external cardiac pacemaker, and of course, insulin itself

But there are many other homegrown companies that are at the forefront of change all across the province Torontobased Synaptive Medical, which provides surgical planning and navigation, robotic digital microscopy and data platforms that are helping doctors see the brain and body in ways they never have before. Also in Toronto is Cyclica who integrate systems biology, medicinal chemistry, biophysics, and machine learning in the service of data-driven drug discovery Based in Ottawa, Abbott is a global point of care market leader and advancing innovation across a variety of fields, including diagnostics, medical devices, nutrition and branded generic pharmaceuticals In Sudbury, Rna Diagnostics is dedicated to improving the management of cancer treatments with its real-time therapy tool And last but not least, Cloud DX is leading the charge with their medically accurate, consumer/clinical vital sign platform out of Kitchener, Ontario

Interested in applying for the Life Sciences Innovation Fund? Here’s the criteria:

Sectors The area of focus needs to be human healthrelated/life sciences with a minimum addressable market size of $100M

Funding Investment up to $500K at the pre-seed and seed stages

Geography Companies need to be headquartered and predominantly located within the province of Ontario with a headcount of over 50% located in the province. Stage Investing in early-stage company with competitive IP from the conceptual stage through commercialization

From a financial perspective, the team at OCI is looking for interested start-ups that have raised less than $3 million from third-party capital, are seeking to raise Pre-Seed and Seed investments (total round sizes range from $1 to $5 million) and have Ontario-based accredited investors as part of the investment round

Ontario needs growth in high-value services sectors that can create high-paying, good-quality jobs The life sciences can deliver that, and so much more It’s one of the unique fields where the economic revenue potential is so high - as is the potential for improving millions of lives worldwide

To learn more about the Life Sciences Innovation Fund (LSIF), please visit the website

BusinessWoman OfTheMonth:

AmandaSchuler

BringingInnovationsIn MinimalistCleanSkincare The Innovator In Minimal Skin Care

FounderatEmberWellness

Amanda Schuler was searching for clean beauty products when she surprisingly realized that each 'clean' skincare consisted of more than 15 to 50 ingredients She didn't feel this right and was inspired to create her clean product line with minimal ingredients The result was Ember Wellness which is purposely crafted with no fillers and no water and honors the skin's natural barrier

Amanda Schuler is an innovator who loves design and wellness. She began her career by co-founding and building the furniture and design brand Gus Modern and worked there for 20 years. During the pandemic, she decided to exit the company and focus her attention on her passion for bringing natural beauty, health, and wellness to women the world over. Ember Wellness was thus established with the goal of helping women feel comfortable in their skin

The Mindful Skinimalistic Brand

Ember Wellness team is mindful skinimalists who take it slow They give themselves grace, embracing and delighting in the changes years and wisdom bring They are an eco-friendly brand that honors nature by using products that serve them and that tread lightly on the earth

Ember wellness is a collection of beautiful, clean, supportive skincare products, all carefully designed to be part of your daily ritual. She founded Ember because of her passion for natural and alternative therapies and commitment to creating sustainable, inclusive, and cruelty-free products and representing women throughout the different stages of their lives. Schuler has built her brand as an amalgamation of minimal aesthetics with transparent ingredient listings.

Ember is built on core values that give them a sense of purpose and direction to move forward. As a minimalist skincare brand, they emphasize wellness and beauty and believe that true beauty comes from taking care of ourselves from the inside out

They support your skin with effective products in the simplest form possible and do not provide products that damage the skin's delicate barrier

They use skin-supportive light therapy, a scientifically proven, painless, and noninvasive way to rejuvenate skin, reduce acne, and even boost your mood Their professional-grade, hands-free light therapy mask addresses these three concerns in a single device, all in the comfort of your own home

Their products are formulated using no harsh chemicals, including parabens like propylparaben and isobutylparaben, fragrances, chemical UV filters, octinoxate and oxybenzone, and diethanolamine (DEA), to name a few

Under the banner of Ember Wellness, Amanda Schuler launched the Ember Alchemy Fund It was created on the principle that we all burn brighter together A portion of all sales is donated to causes that nourish people, animals, and the planet

To discover everything you need for your natural skincare journey, visit their website at https://emberwellness.com/.

The Brand Ensuring Quality

Ember Wellness is an inclusive brand that makes products for all skin types, genders, and ages They are cruelty-free and vegan whenever possible In addition, Ember works within the supply chain to lobby and change current practices they find objectionable

As a sustainable brand, they strive to be completely transparent about their ingredients and where they are made and harvested For example, their raw argan oil is sourced from a women ' s cooperative that works within a UNESCO Biosphere Reserve, ensuring the protection and reforestation of argan trees as well as supporting the social and economic welfare of the women involved

In addition, they strive to make all their packaging recyclable, using only what is necessary to house the product and nothing more, avoiding excess lamination, inks, and inserts wherever possible that are challenging to recycle All shipping boxes, including shipping inserts and fill, are 100% recyclable or biodegradable

Small businesses must emphasize the importance of sustainable and responsible business To read more about these ethical businesses, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.

HowtoGrowYour BusinessDuringa Downturn

BySteveBuors CEOandCo-FounderatReshiftMediaInc

Everyone is talking about the likelihood of an upcoming recession and how that will impact the economy As a result, prudent businesses are reviewing their forecasts and costs to determine how best to adjust to changing market conditions

In times of cost reduction, marketing budgets are often one of the first places cuts are made While evaluating every expense line makes good sense during difficult times, there are some “do’s” and “don’ts” when it comes to right-sizing your marketing budget

Be clear on your

marketing objectives

To make informed decisions, it is crucial that your company is clear on what your marketing objectives are during a downturn Consumer buying habits typically change during challenging economic periods, so your marketing plan needs to also be adjusted to compensate.

Every business and their customers are different, so there is no one “right answer ” as to what the correct marketing strategy should be There are several different factors you should consider when deciding on your approach:

Customer acquisition vs. retention

In times of economic prosperity, many companies focus more heavily on customer acquisition to grow their business However, during more challenging times, this approach should be reviewed Typically, companies pursue some mix of acquisition and retention, the question is where the main focus of the marketing efforts should be

Customer retention:

Because it is more expensive to attract a new customer than it is to retain one, many companies choose to shift their marketing efforts towards keeping the customers they already have This can involve a wide variety of activities such as loyalty programs, customer incentives, advertising retargeting and social media engagement

Customer acquisition:

Companies that are already in a strong market position or have an innovative product or service offering often view tough economic times as an opportunity for growth. Because many of their competitors decide to pull back on advertising, this creates an opportunity for businesses to increase their market share In addition, the cost of advertising typically declines during economic downturns, which can reduce the cost of customer acquisition

Awareness vs. activation

Most companies pursue a balance of “ awareness ” and “activation” marketing activities In this context, “ awareness ” refers to outbound marketing efforts aimed at communicating a brand message to the largest possible audiences for the lowest cost In contrast, “activation” refers to advertising aimed at getting people to take immediate action, such as visiting your store or clicking an ad to make a purchase

During challenging economic times, this balance should be reviewed and modified based on your business objectives. Again, most companies simultaneously pursue both awareness and activation – the question is where the emphasis should be for your organization

Awareness: Because customers tend to spend less during a recession, many companies lean more heavily on an outbound “awareness” campaign to remain top of mind with current customers or to potentially create a brand impression with new customers This approach is meant to build brand affinity, so they are the first company consumers think of when they are ready to make a purchase This type of campaign typically employs organic social media and CPM-based advertising such as display, social media, video or online radio

Activation: If the company decides to pursue an “acquisition” strategy or is in an industry where customers make frequent purchases, an activation approach may make the most sense. Activation strategies typically focus on a smaller pool of targeted people who are in immediate need of your product or service. This type of campaign typically includes SEO, search engine advertising, social media conversion ads and retargeting awareness and activation – the question is where the emphasis should be for your organization

Be strategic in your reductions

When looking for cost reductions, companies often make “ across the board” cuts to their marketing budget – meaning that they reduce spending on all marketing activities by the same percentage amount While this is a quick way to arrive at an expense reduction target, it fails to recognize that during a downturn some marketing strategies and platforms will typically perform better than others

Instead, we recommend reviewing your marketing spend in light of your business objectives, campaign performance and expected industry developments

Your business objectives will largely determine where your marketing efforts should be focused. As an example, if your strategy is to focus on activation with your existing customers, then search engine advertising, social media conversion ads and retargeting should be high on your “keep” list, while display advertising and other “outbound” efforts could be reduced In fact, you may want to even increase your spending in certain areas to achieve your goals

One of the few bright sides of a cost reduction exercise is that it is an opportunity to review the performance of all aspects of your marketing campaign – both online and offline This is the time to go through every medium and platform in your marketing toolkit and evaluate their performance in light of your business objectives Again, if your objective is activation, the strategies that deliver a low cost-per-acquisition (CPA) should be your focus, while if your objective is to stay top of mind with customers then low cost per thousand impressions (CPM) strategies should be pursued. Be sure to evaluate the full cost of each area –including support cost, creative and advertising spend You may find that nonpaid strategies such as SEO, email marketing and social media are delivering more value than expected, or you may find that you are getting a strong CPA on paid strategies such as search engine advertising

You also need to be sure you are not making cost reduction decisions in a vacuum It is important to recognize that during economic uncertainty, people’s buying habits and the cost of advertising tend to fluctuate As an example, in 2020 during the height of COVID, consumer habits shifted significantly toward online purchasing while the cost of online advertising decreased substantially We at Reshift Media were able to find some major “bargains” when running social media and search campaigns for clients. Companies that were quick to adapt were able to gain market share and grow revenues, while slower-moving companies suffered losses

Analyze and adjust

Nobody knows exactly what will happen during a downturn, so it is important you set your company up to be able to recognize and adjust to changing marketing conditions This means being clear on what metrics are most important to your success and having a plan on how to measure and interpret that data on an ongoing basis Be sure to include both lagging indicators (such as sales) and leading indicators (such as email opens or social media engagement) in your analysis so you can be positioned to anticipate future changes If possible, create a short “scorecard” that summarizes your key performance indicators (KPIs) that can be frequently reviewed

Having the information is only one aspect of being prepared – ensuring you have the flexibility to make changes based on that information is critical This means ensuring you have the team, partners and media mix to be able to both recognize market shifts and quickly make changes to adjust your marketing approach This is a good time to review your media and agency agreements to ensure you have sufficient leeway to make quick changes to your marketing mix as necessary

During economic downturns, many companies shift marketing dollars into online advertising, as it is a costeffective, highly measurable medium In contrast, traditional marketing efforts such as outdoor signage and broadcast TV are more difficult to adjust “ on the fly.” For example, despite a deepening recession marketers spent 14% more on internet advertising during the first three quarters of 2008 than they did over the same period the previous year

Emphasize local

The last few years have seen a major trend towards people “buying local” which is a tremendous benefit to SMEs According to Shopify, 47% of consumers were more likely to purchase from a brand due to its local presence, and CFIB reports that 66% of consumers say they make efforts to buy from small businesses

To capitalize on the “buy local” opportunity, SMEs can pursue several initiatives:

Include local information in your marketing: Incorporate local information such as the location of the store, pricing, local offers or a photo of your storefront Not only does this gracefully emphasize the “localness” of the business, these types of posts and ads have been shown to work much more effectively as they are more relevant to the people in your area

Explicitly tell people: Don’t be afraid to explicitly tell people that your business is locally owned. This can be done in a number of ways, such as calling out how long the store has been part of the community (using “flashback” photos is a good execution of this), showcasing the owner and their team, or highlighting local sponsorships/affiliations. Local social media: If you haven’t done so already, create a local Facebook page and Instagram handle for your business. These pages can be used to publish locally relevant posts and social ads to create a local social media presence in your community

Be ready for the recovery

The economy will at some point recover, which will lead to increased consumer confidence and spending If you have implemented the recommendations in this article, then you should be well positioned to recognize when the recovery starts to happen and have the flexibility to modify your approach to capitalize on the opportunity

Be sure to have your recovery plan in place ahead of time so you don’t need to come up with it “ on the fly ” Think about how your media mix and spending levels should change based on your customer behaviours As an example, if you are a well-known brand with surging demand, then a search advertising approach could help drive sales. In contrast, a lesser-known brand with a niche product may want to focus on outbound social media advertising. You should also consider if you have specific products or services that you should emphasize during a recovery, or if perhaps you want to offer an incentive to help quickly capture market share The key is to understand your consumers and market position and have a plan in place that you can quickly activate

SMP - Specialty Metal Products Ramps Up Sales with Zoho CRM and Oracle ERP

‘Light’ Integration

SMP Specialty Metal Products, a family owned custom metal cutting and distribution business, has been in the market for over 26 years

SMP manages their key business data with a leading Enterprise Resource Planning (ERP) software, SM3 (Steel Manager III), which uses Oracle to host its database

However, there was one critical gap that their ERP could not fulfill: SMP could not utilize their Oracle database for customer level analysis Like many other ERPs, SM3 is just not a customer centric system and it s not structured to discover strategic and valuable customer insights, such as:

In addition, SMP needed a place to:

Record service issues by customer

Create and manage segmented marketing campaigns

Reduce repeatable work and increase productivity

Which clients bought what products

Whether they are big, small, profitable, high or low potential customers

Whether there is a possibility to upsell

Whether there is a possibility to secure a repeat customer

Not being able to organize data by customer and prospective customer information, or leverage customer level information into increasing revenue, SMP realized that they were dramatically limiting their growth

Legacy technology on its own became a road block for business growth.

"We really struggled with our ERP system’s lack of insightful built-in reporting and inability to create custom reports from the database. Without the flexibility, it was difficult to extract the customer data in an informative way to make logical decisions, view insights, and develop our sales strategy ”

After extensive research SMP realized they do need a CRM system to close thisgap Zoho One became the choice due to its customization flexibility andcommercial effectiveness as well as mass marketing functionality included in the same software bundle

There was a major challenge though SMP was concerned about integration and the effort required to pull a huge amount of Oracle data into Zoho CRMWould they have to start a huge CRM ERP integration project that can take

“When I first set out to begin this project, I was worried we would be taking on a huge undertaking by tackling so many business issues at once I had read quite a bit into Zoho One and was fairly confident the platform would be elective in bridging the gap for our lofty business goals, but I wasn’t entirely sure it would be possible with our existing ERP system and our budget. I really needed this integration to be as seamless as possible and not affect the workload of our team in any way”

—JulieWhiting,SMPSpecialtyMetalProducts|Ultralift

The Solution

With help from Customerization, an expert Zoho and digital transformation consultancy, SMP was able to overcome this challenge

Customerization suggested leveraging Zoho Analytics, an advanced Business Intelligence tool from the Zoho One suite that SMP was licensed for

In short, Customerization used SMP's existing Oracle ERP database as a data source in Zoho Analytics using the out-of-the-box Zoho Oracle connector This allowed a continuous synchronization of customer, sales, and product information from Oracle to Analytics Just the right data the sales team needed to achieve their sales goals without getting bogged down in integration issues of data they didn t need

This light integration allowed SMP to avoid the point to point integration via API between the two systems, which saved time and money and provided SMP with the immediate solution the sales team was looking for access to accurate, insightful customer data

To further enhance the sales team experience, Customerization embedded Analytics dashboards and reports directly into Zoho CRM so that the user sees all the information on the specific client level in one system/UI Zoho CRM.

As an integral solution, Customerization helped SMP to set up a customer marketing capability leveraging Zoho marketing suite (Campaigns) under the same Zoho One subscription Now Marketing could fully support sales within one unified, customer focused system

The Result

With Customerization services and strategic approach to Zoho One implementation, SMP has a solution for their sales team to drive more revenue! The sales team has the insights needed to manage their customer relationship profitability

KPIs

“Our sales team loves Zoho! They now have a CRM customized with SMP’s sales pipeline and workflows that allows them to manage their leads, built-in dashboards to see how they are progressing with sales goals, and most importantly, insightful reports to see their customers’ buying habits It is now possible for us to easily dive deep into sales data to make decisions that benefit our customers as well as define our sales strategy for the future”

JulieWhiting,SMPSpecialtyMetalProducts|Ultralift

Conclusion

For many businesses, it is not realistic to replace legacy systems due to the cost of an ERP replacement We want customers, like SMP, to have options

If you are looking for a quicker, less expensive route to driving more revenue while working with your existing ERP, Customerization will help you develop the right Zoho CRM/One solution you need so you can meet all the business goals you desire

KPIs

We had the chance to talk to Hollie Boodram, who is the Public Relations Account Strategist and Manager at Otter Public Relations. She gave us some very useful information about how OtterPR helps develop thought leaders and top-tier clients, how psychographics can be used to learn more about consumers, and how psychology affects marketing

Hollie Boodram is a publicist at OtterPR working with an array of industries spanning from business to lifestyle Her clients have been seen in top tier business, tech and lifestyle publications, Forbes, Bloomberg, Business Insider, the TODAY Show, and more She prides herself on building a trusting relationship with her clients and constantly evolves communication goals to support their evolving brand.

How Brands Can Actually Relate To People's

Psyches, Emotions, And Complexities

Previously, Boodram has worked in marketing, social media, professional sports and corporate communications and had her own communications business She has a passion for sports and fitness as she was a professional cheerleader for the Canadian Football League. She has a BA in English and Communications and Post Graduate Degree in Public Relations and Media Technology. She considers herself a foodie and loves to travel.

What is your role at OtterPR as a publicist? And how has your journey been in establishing a trustworthy relationship with your clients and continually evolving communication goals to support the evolution of their brand?

I’m an account strategist and manager I oversee strategy and Publicists in garnering clients' media coverage I oversee around 30 brands and businesses many of which have IPOs and are multinational I work with clients throughout an array of industries ranging from business, lifestyle, beauty, fashion, tech and emerging tech to strategically position them and communicate effectively to each of their stakeholders and the media I develop communications objectives

Hollie Boodram Publicist at OtterPR

and strategies to broaden and grow client brands through research and analytics and create media plans and campaigns

My role is to support Account Executives with all PR tasks including pitching media, media monitoring, ideation, networking with media, problem solving, client management, internal communications and effective stakeholder outreach strategy. I review and edit materials to be published and recommend revisions or changes in scope, format, content, and methods of dissemination and I review and analyze the client’s products and review or revise materials prepared by writers to adequately portray the company ' s vision and meet the creative strategy needs of the client.

In terms of developing a trusting relationship with the clients to evolve their brand. Clients are extremely passionate about their business and want to ensure the work we do is nothing but beneficial. Building a bridge of trust between ourselves and the client allows the flow of media to move faster and when a client trusts you and your decisions on their behalf it allows us more creative freedom to develop strategies and methods to grow their brand effectively You build trust by getting to know the person behind the brand, build a genuine relationship and friendship, be an outlet and connect with them in different ways, show yourself as a human being not just a professional

How does Otter PR, as one of the top 100 PR firms in the country, bring fresh content and perspectives, and assist in the development of thought leaders and top-tier clients?

Our diverse staff lends to our ability to draw from different perspectives Our staff all have extensive backgrounds, mine is in corporate communications in pro sports and also now more in lifestyle and consumer, some come from politics, lifestyle, business, finance, the list goes on Matching a team member's personal and professional expertise with a client in a specific niche allows us to understand them in a way that is more than just a “job” because we ’ re passionate about the industry as well

Also our staff range in experience, many of those who have been in the industry for decades have experience to lend to and those who are newer to the industry have their finger on the pulse of the newest industry trends. An amalgamation of the two ends of the career spectrum and knowledge does create teams and in turn work that benefits the clients goals whether that is thought leadership and credibility or anything else

As Psychographics refers to the social characteristics and statistics of a human population, how can this study of the size, age structures, and economics of various populations be applied to a variety of situations?

Psychographics aren’t meant to be applied to a “variety of situations” When working on a communications or PR campaign, psychographics are used as a research strategy to effectively connect with an audience. If we know an audience’s behaviors, not just their archetype, we can communicate in a way that connects and engages with them and better target them

At the end of the day our goal is to connect our clients' messages to their stakeholders and by understanding those stakeholders or demographics psychographics we can better do so

In a broad sense we’ll understand which publications to connect with and build a relationship with or where to host activations or partnerships throughout a client relationship.

How, in your opinion, is Psychographics useful for analyzing consumers based on psychological characteristics and traits such as values, desires, goals, interests, and lifestyle preferences?

For instance if our clients demographics are mothers aged 35-45 we need to under their psychographic indicators in order to one pitch the media in a way that shows we know their audience and two offer messages they will engage with to ultimately buy into our clients brand messaging So if we do research and find mothers aged 35-45 in a certain area typically grocery shop for their family after work, and a percentage of them pick their kids up from school or childcare then we know we can reach them by engaging with publications indicative of their lifestyle and in places where they spend their time this is a generalization but the purpose is to connect with a large part of a given demographic based on their behaviors. For a communication tactic an activation at a school event for kids would be a great way to reach mothers in the targeted demographic and for a PR tactic, reaching out to a publication often sold in the grocery store, or that working moms read Psychographics are meant for research on our stakeholders to better understand and market communications messages to them

To get into someone ' s head means you can understand them, know what they want and then create the guise of offering it to them through your product or client's product Simple as that: learn what people want and make them think you ’ re giving it to them Or spin your product in a way that does give them what they want or make them think it's what they want. Our whole job is creativity based on understanding people. The better you are at understanding audiences and what they want and when the more likely stories and campaigns will get picked up

What does it take to understand psychographics? And how is your brand relating to people’s actual psyches, emotions, and complexities?

Research, research, research Once you identify demographics, through research and educated understandings of archetypes you can create a list of psychographic indicators and behaviors Educated understanding of an archetype means you can make educated presumptions based on what you know of certain groups based on fact and experience Doing thorough research and also looking into the demographics of a publication, looking at the content a publication puts out and understanding who engages with it also helps in this

Once you know someone ' s behaviors and thought process, you can appropriate messaging in a way that speaks to their needs and wants If your demographics are young women and you ' re a beauty brand

What influence does psychology have on marketing? How will it contribute to a precise marketing strategy?

Being able to understand an audience is the difference between a client actually seeing ROI and a PR team being good versus great Some of the largest communication campaigns in the world were able to develop trends and change cultural thinking because the communications team were able to effectively identify the psychology of those being marketed to

Understanding what women of a certain demographic are interested in is important If you find they engage most with social media and certain celebrities on social media, understanding that celebrities behaviors and messages is important If Kim Kardashian's outfits are trending, then playing into that and marketing your beauty brand in a way that accentuates and complements the Kardashians trending outfit is how you’ll connect with that audience whether it is just for one campaign or on-going.

Preparing For The Holiday Season:

A Canadian Small Business Owner's Perspective

We recently had the chance to speak with Tabitha Osler, the founder, and CEO of fairechild, who discussed the recent Intuit QuickBooks study, effective strategies small businesses can use to help customers purchase online easily this holiday season, strategies she is currently implementing to minimize the impact of inflation, and tools and advice Intuit QuickBooks has offered in the QuickBooks Holiday Hub to support small businesses

Tabitha Osler, the director and founder of fairechild, is an ethical fashion designer and entrepreneur with a vision for a more sustainable future Tabitha is originally from Halifax, Nova Scotia She obtained a Masters in Fashion Design at Antwerp Royal Fashion Academy and later worked in the fashion industry in Canada and Europe Tabitha's growing awareness of the urgent need for change in the fashion industry led to the creation of fairechild in 2018. The end result is children's outerwear that is designed in Canada, completely waterproof, chemical free, made with 100% recycled materials and the finished pieces are also 100% recyclable. l'm an advocate for getting outside – an ambassador for puddle jumping, if you willbut those aren't the only hats I wear. I'm also a designer and most importantly, I'm a mother As a parent, I know that we all want the best for our children This includes a world with bounties of food, natural resources and access to clean water When I worked in luxury women ' s wear, I witnessed the wastefulness of the fashion industry I knew it wasn't sustainable and I wanted to be a positive force for change

Founder&CEO,fairechild

What motivated you to found fairechild? And what do you hope to accomplish through your work?

fairechild was born out of necessity it’s a response to the wastefulness I saw, while working for luxury fashion designers in my 20s I wanted to create products that support a deeper connection to the earth – not its devastation – and my heart pointed me towards children’s outerwear Their future is what drives me, especially now that I’m a mother of three We have since launched a unisex collection for adults, so families can explore the wilderness together

What do you think of the latest Intuit QuickBooks study that found holiday spending at small companies in Canada may reach up to $10 billion if customers purchase locally?

It’s incredible to see the power of shopping locally As a small business, I work to support fellow businesses and avoid Amazon and big box retailers.

What are the efficient strategies small businesses – like you –can use to help customers purchase online easily this holiday season, as most consumers want small businesses to make it simple for them to do so?

Free shipping at a low order value and easy returns are key It’s also important to have comprehensive descriptions and size charts onsite so customers are confident they are buying the right fit

Why do you believe customers will spend more money at small businesses over the holiday season in 2022?

I believe customers are seeking connection Small businesses provide an experience that is unparalleled with big box stores When you want to return an item or are not sure what to order, small businesses offer a bespoke experience, a conversation, a connection that is unparalleled in big box shopping

Have you experienced any effects of inflation on your inventory orders? If so, are there strategies you are currently implementing to minimize the impact?

We are taking a multi-pronged approach We have reduced our skus, simplified our systems, halted all R&D and have focused on sales every single day We are feeling major impacts but are strategizing for success

What are your thoughts about the tools and advice Intuit QuickBooks has offered in the QuickBooks Holiday Hub to support small businesses in achieving success this year?

We have already implemented most of the advice in the QuickBooks Holiday Hub, which is a great sign! It’s important to know we are on the right track

THE EXPERT OPINION

We had the chance to speak with Nusa Fain, Adjunct Assistant Professor & Director, MMIE, who shared her opinions about the biggest challenge that business owners face when expanding their side hustle while also working a full-time job, some mistakes people make when switching from side hustle to a full-time career, gave advice on how to have a work-life balance while also working a side hustle and a full-time job, and some examples of side hustles that her students have launched

Dr Nuša Fain is an Assistant Professor at Smith School of Business, Queen’s University, specializing in entrepreneurship and innovation management, and is currently the Director of Smith's Master of Innovation & Entrepreneurship program

Dr Fain has extensive consulting experience within the field of product development and innovation management with a wide diversity of firms including oil and gas, manufacturing and retail. She holds a PhD in Mechanical Engineering with a focus on process management within innovative organizations from the University of Ljubljana.

According to a recent study, three out of five Canadians are looking for a side hustle. Why do you think we are seeing more side hustles right now?

There are two main reasons – out of necessity and passion

The first is out of necessity for additional revenue streams The current post-covid environment is not very encouraging and people are struggling to make ends meet, which has led many to look for additional income

This is particularly evident in the rise of ride sharing and food delivery In fact, about 58 per cent of the world-wide gig economy is ride sharing

The other more hopeful reason is that people have realized there is more to life than just their day jobs Post-covid, there has been a move away from “work to live” traditional corporate environments and a move towards work that has purpose and meaning Many side hustles are born out of a passion to solve a problem and being driven to find a solution – which is very encouraging!

NušaFain,AssistantProfessoratSmith SchoolofBusiness,Queen’sUniversity

What is the biggest challenge that entrepreneurs face when growing their side hustle while also having a full time job? How do you overcome this?

The biggest challenge entrepreneurs face when growing a side hustle and working a full-time job is time constraints.

Time is your most valuable resource, so focus on managing your time effectively by planning, pacing, and outsourcing

Plan where you want your side hustle to be in the short term and identify how fast you want to grow the business Even if it is week by week, identify your vision and where you want to be in the short term and then plan backwards Having this roadmap will help you manage your time by understanding the exact steps you need to take

Remember to pace yourself It is important to stick to your plan, but give yourself downtime as well While the non-stop nature of a side hustle can be exciting it can also lead to burnout Always remember why you are doing it – when your side hustle empowers you, obstacles will be easier to overcome

Lean on the expertise of others and outsource some of the work. You can still maintain full control of your side hustle by paying them for this work versus giving out stake in your company Nowadays, you can subcontract everything from accounting to social media – you can even outsource a chief technology officer to build your platform

So, remember – plan, pace, and outsource This will make it easier for you to manage your time and progress faster

What are some of the mistakes that people make when transitioning a side hustle to a full-time career?

Trying to maintain too much control is the biggest mistake when transitioning your side hustle into a full-time career

As a side hustle grows and gets traction in the market, many feel the need to do and know everything However, if your side hustle has grown into a full-time business, you will need to give up some of that control in order to be successful and facilitate growth Focus on hiring new people and trust that they are as passionate about the business as you are.

Also, in MMIE (Smith’s Master of Management Innovation & Entrepreneurship program) we always say don’t quit your day job until your side hustle has a lot of traction You need to have market validation and establish your current and next set of customers in order to grow the business before going in on it fulltime Of course, there have been astonishing instances where business plans written on a napkin have quickly become a hugely successful venture - but that is simply not the case for all Take a step back and have perspective before putting all your eggs into one basket and quitting your job

Should you give up your social life for your side hustle? How can you have work-life balance while also having a side hustle and a full-time job?

The reality is that you won’t be able to socialize to the same extent when you have a side hustle, but you don’t have to – and shouldn’t – give up your life to be an entrepreneur

We need to bust the myth that side hustles mean no social life Socializing and taking time for yourself is critical. The things you do outside of work are what give you energy and keep you going.

As I mentioned earlier, time is your most precious resource Work life balance can be achieved if you plan your time carefully and pace yourself, which includes time for taking care of yourself and socializing Self-awareness is key – if you need a break, take one Burning out won’t do you or your side hustle any favours in the long run

Having the support of your family and friends is key to balancing your personal life, work and side hustle Make sure your loved ones are fully aware of your time constraints so they can support you

As Director of Smith's Master of Innovation & Entrepreneurship program you work with a lot of early-stage entrepreneurs. What are some examples of side hustles that your students have launched?

A lot of exciting side hustles have launched and are in the process of being launched by students at Smith School of Business For those who dont know, Smith’sMaster of Management Innovation & Entrepreneurship (MMIE) program is specifically designed for those who want to start, grow or drive new ventures whether in a startup or inside a corporation

Culture Snacks is a great example of a current side hustle, which just formally launched in November Culture Snacks is a start-up social enterprise that brings the community together through snacks; their goal is to create a sense of cultural diversity and inclusion through food, while creating a marketplace for small ethnic food vendors Co-founded by Esther Adewuyi and Aditi Uzagare, both MMIE’22, Culture Snacks tries to bridge the gap between people and ethnic food vendors While pursuing their MMIE degrees, they connected over the rich and mixed culture of Toronto, and decided to share their favorite international snacks with the rest of Canada Culture Snacks’ mission is to help small food vendors and women-owned ethnic food vendors grow their businesses, expand their market sizes beyond the ethnic food community, and give customers a marketplace where they can enjoy a healthier snack option or share their favorite taste of home with friends

Another great example is 1 Million Teachers, which started as a side-hustle and has since become a fulltime venture Co-founded by MMIE'17 grads Hakeem Subair and Rizma Butt, 1 Million Teachers (1MT) focusses on the most under-resourced communities across the world and empowers teachers to enhance learning outcomes for students through various reward-based teacher professional development programs

1MT currently facilitates the professional development of teachers in 17 African countries and Pakistan. In 2018, they formalized a partnership with Queen’s University’s Faculty of Education to leverage the university’s teacher education expertise and to help develop 1MT’s program framework and content.

ENVO-LeadingTheWay In Sustainable Growth And Innovation

AliKazemkhani, Founder&CEO,ENVODriveSystems

We had the opportunity to speak with Ali Kazemkhani, CEO of ENVO Drive Systems, about the measures that SMBs should take to guard against the risks associated with rising interest rates and cybersecurity, the benefits of the dealer programs offered by ENVO, the B2B green mobility program that ENVO has not yet implemented, and ENVO's upcoming initiatives and strategies for SMBs to grow and prosper in the e-mobility industry, as well as the company ' s plans for sustainable growth

With over 20 years of entrepreneurial experience with a special focus on microelectric mobility, Ali Kazemkhani founded ENVO Drive System in 2015 to offer people an alternative to fuel vehicles and develop electric micro-mobility solutions that reduce greenhouse emissions. A thought leader and pioneer in mobility design and development, Ali obtained his Master of Science degree in Mechanical Engineering from Iran University of Science and Technology.

Ali achieved his first patented Universal Electric Bike Conversion Kit using an SLA battery and direct electric hub motor in 2002 His company, ENVO Drive Systems, offers a wide range of clean-tech products including e-bikes, e-trikes, electric snow bikes/snow karts, waterbike, DIY conversion kits, etc to more than 20,000 riders through the B2B network of 120 dealers

As the adoption of alternative fuel vehicles continues to increase, Ali believes electric micro-mobility will be the future, and with support from his splendid in-house engineering team, continues to focus on designing and building affordable clean mobility solutions for everyone.

What was your motivation behind starting ENVO Drive Systems? And how will you describe your over 20 years of entrepreneurial experience as a thought leader and pioneer in mobility design and development?

I developed a passion for electric mobility at a very young age When I was only 8 years old, I had already built my first ebike using an electric motor from my father’s broken tape player

Although that bike never worked, it sparked my dream of creating a sustainable solution for how people move in their day-to-day lives. I believe in evolving electric mobility to offset the impact of fossil fuels on our planet, and electric solutions will be the future of personal mobility

With that in mind, I started a business developing one of the first electric bike concepts in 2001 before graduating from university There were not many people thinking of electric mobility at that time, and I achieved my first patented Universal Electric Bike Conversion Kit one year later using an SLA battery and direct electric hub motor

I dedicated my entire youth life to turning my dream into a reality The establishment of ENVO Drive Systems in 2015 realizes my passion and commitment to offering people electric micro-mobility alternatives that help reduce greenhouse emissions. We focus on making a difference in sustainable and environmentally responsible products to encourage a greener lifestyle in all communities

According to a recent survey by KPMG, the majority of businesses have been making efforts to take preventative measures based on lessons learned during the pandemic. What are the various precautions that SMBs must take to avoid the challenges associated with rising interest rates and cybersecurity threats?

Findings show that SMB leaders view rising interest rates as their topmost threat to growth in the coming years, followed by the heightened cybersecurity risks that have arisen as part of their digital transformations From the standpoint of an innovative engineering company focusing on electric micro-mobility, I may not be the best source to comment on interest rates or cybersecurity However, I understand the challenges they are facing and trying to overcome

The pandemic was a reality check for our global dealers, with shipping costs, staffing shortages, and major supply chain issues causing disruptions in their operations A majority of SMBs also consider themselves to have fewer advantages over large corporations in terms of engaging with vendors and suppliers With the rising costs as well, retailers in the industry are facing even higher pressures, doing everything they can to retain customers while raising prices out of necessity to stay afloat.

ENVO foresees the increasing adoption of alternatives to replace fuel vehicles. That’s why I always want to devote my experience of over 20 years in entrepreneurship and automotive and mechanical engineering to build affordable clean mobility solutions for everyone.

To stay healthy in the long term, SMBs should plan to grow from within to be prepared for any potential challenges SMBs need to evaluate their operating model to identify the advantages and issues that are impacting their productivity to unlock efficiencies and become more agile It is also important to understand the market and customers to create more opportunities and initiatives to enhance their organizations and supply chains ENVO always tries our best to be not only a partner but also a supporter for our dealers to enlarge their offerings, increase customer demands and approach more consumers to stay resilient

How beneficial are the dealer programs provided by ENVO in expanding the portfolios of nationwide dealers? How does ENVO help them reach more customers searching for an alternative micro-mobility solution?

Understanding the obstacles SMBs in the mobility industry face with supply chain disruptions and consumer expansions, ENVO supports our dealers to stand out of the market by helping them expand their sell listings to catch up with the market trend of green mobility

We offer an unparalleled range of electric micro-mobility products designed to fit many retail business models, from traditional bike shops and micro-mobility retailers to motorsport, RV, and marine retailers Through a complete spectrum of brand activities, from R&D and production to sales and customer service, we are confident that our affordable, innovative, well-engineered, easy-tomaintain, modern electric micro-mobility solutions are competitive in the market

Over the past year, we grew our B2B dealer network from 30 to 120 across Canada and the US This involves a drastic change from direct to consumer model to B2B Alone in 2022, ENVO transformed its revenue from 26% B2B to 64%

Besides helping them with our unique and competitive products, ENVO also provides strong digital marketing and online-to-store sales model support to help dealers reach out to more customers. ENVO delivers extensive digital marketing and PR campaigns for lead generation, allowing dealers to convert ENVO's local digital leads for either in-store pickup or we can ship direct-to-store through ENVO’s Online2Store platform

What are your thoughts on the B2B green mobility program that ENVO has yet to implement? How will this benefit organizations?

Despite the business size, SMBs have not lost focus on their environmental, social, and governance (ESG) ambitions Many of them are trying to make efforts for eco-friendly sustainable development Through our B2B green mobility program, we expect to help not only SMBs but also other organizations to lower their GHG emissions while also saving on high fuel costs for enterprises and their employees. We understand that many workers and business owners are struggling with increasing fuel costs, and we offer them our electric micro-mobility products like ebikes as an alternative

To realize the business’ environmental commitment, we give participating organizations e-bikes as a tool to empower daily commutes with a minimum carbon footprint. Besides the perks of discounts and nointerest installment payments, we offer free support from ENVO experts to consult on the most suitable product selections with excellent customer service for organizations Organizations can also choose the rental option to enjoy a rebate from CleanBC for this program

What are ENVO's upcoming initiatives and strategies for SMBs to grow and prosper in the emobility industry, as well as the company ' s plans for sustainable growth?

ENVO is a big supporter of developing a greener future community with electric micro-mobility solutions We will continue to expand our dealer network to encourage and empower them to contribute more to the electric mobility industry through our sustainable product series and dedicated support services On the other hand, our R&D team is devoting their time and effort to coming up with new initiatives to create joyful experiences through high-quality, cutting-edge technology and environmentally responsible e-mobility solutions

Innovations are always in our growth plan to achieve business sustainability Currently, we have electric solutions for transiting on different terrains, from our four-season interchangeable e-bike series on roads to SnowBike and SnowKart on snow We are entering the next phase of development of our latest innovation, the HYDRA Water Bike The data from our initial year of testing in and out of the water will be used to create key design elements and then soon, a prototype These product offerings will be continuously upgraded in design to adapt to market feedback and demands

E-mobility is premature Neither the community nor industry stakeholders do not have a clear picture of what urban traveling or transportation will look like in 10 years Being one of the pioneers, we need to create all the elements of the business and industry including defining demand and requirements, product design, manufacturing, distribution, retail, service and customer support The future multibillion-dollar industry with thousands of SMBs involved relies on the small steps we take today

We had the pleasure of speaking with Dharmesh Gandhi, Partner, SR&ED and Business Tax Incentives, EY Canada, who discussed his team's ability to address the credits, grants, and incentives available to Canadian clients, shared his insightful opinions on how small businesses can ensure that their work complies with the new SR&ED eligibility guidelines by demonstrating that it was done to address a technological uncertainty, and the most efficient methods for supporting creative developers

Innovation is only as strong as our collective ability to support it. An EY Canada Partner who leads our private business incentives practice nationally, Dharmesh’s team works hand-in-hand with Canadian clients to understand the credits, grants and incentives available to them, and translate those opportunities into leading-edge developments

Since joining EY’s dedicated SRED practice in 2011, Dharmesh has led business tax incentive credit engagements from coast to coast His team empowers clients to identify and tap into legislative and discretionary sources of government funding to fuel their innovation programs This group’s comprehensive approach enables practitioners to provide integrated support across a broad spectrum of areas, from compliance and assurance to tax advisory services Dharmesh brings expansive skills to that mix, including negotiation, business planning, risk management, and more

When did you join EY?

Since joining EY’s dedicated SR&ED and Business tax Incentives practice in 2011, I have led business tax incentive credit engagements from coast to coast My team is focused on working with and empowering clients to identify and tap into legislative and discretionary sources of government funding to fuel their businesses I take great pride in the fact that we work with companies of all sizes; from pre revenue start-ups, to some of the largest multi nationals in the world and everything in between.

SME’s often believe that EY doesn’t work with companies of their size, or that we would be too expensive for them. In reality, because of the size and experience of our team, we are able to work at scale, so we offer competitive pricing to SMEs when compared to boutiques, while having the quality of a Big 4 It’s our belief that everyone should have access to their fair share of the non dilutive funding which exists within the Canadian ecosystem

How will you describe your team's efforts to comprehend the credits, grants, and incentives available to Canadian clients and to translate these opportunities into cuttingedge innovations?

Having worked in the credits, grants, and incentives space for over 17 years, a recurring theme I have heard from Canadian Companies has been their challenge to identify all the different sources of funding available to them, comprehend the eligibility criteria for each, and then meet the documentation and filing requirements

Due to the vast array of credits, grants, and incentives available in the ecosystem, we identified this problem as one of data and scale

Over the past number of years we have spent a great deal of time building incentives expertise and developing cutting edge technologies to help our clients with identification, eligibility, and documentation, enabling them to understand and access the large array of funding that is available to them. This was accomplished by indexing the massive amounts of information available and enabling their use to make better business decisions for our clients

We bring together rich expertise, cross-sector understanding and vast experience as one of Canada’s largest dedicated SR&ED and Business Tax Incentives practices

This enables us to truly understand our client’s businesses, products and projects This knowledge combined with the support of AI based technology tools, we are able to ask the right questions and uncover the numerous funding opportunities which are available to our clients

Each Incentives discussion is broken down into 4 phases:

Phase 1: Identification of grant and incentives, and recommendations of available funding programs. As many of these programs are discretionary, discussion of opportunities and risk is a part of this process.

Phase 2: Facilitation or Preparation of the application process

Phase 3: Post approval compliance support

Phase 4: On-going support for past applications, reporting and new funding opportunities

Once identified, our sector expertise enables us to efficiently and effectively assist our clients with the application process, and the resulting compliance requirements for the funding programs

How does your team assist clients in identifying and accessing legislative and discretionary government funding sources to support their innovation programs?

How can small businesses ensure, in accordance with the new SR&ED eligibility guidelines, that their work was performed to overcome a technological uncertainty?

SR&ED can provide substantial financial support for companies that are completing eligible work But to take advantage of SR&ED it is crucial to ensure that your technical team understands how to identify and document technological uncertainties.

As well, by understanding the challenges with Technological identification we developed the Business Tax Incentives Hub, an AI tool that can help companies track project documentation, as well as, using a combination of machine learning and AI, helps to identify possible technological obstacles that arose during a project

It is important to note SR&ED does not exist in a vacuum, there are numerous considerations such as tax and corporate structure just to name a few, which are impacted or impact a SR&ED claim

A Technological Uncertainty is defined as; whether a given result or objective can be achieved, or how to achieve it, is unknown or uncertain due to an insufficiency of scientific knowledge.

A Technological Uncertainty can be a key marker to the start of a SR&ED project, but based on this definition, what qualifies as a Technological Uncertainty within a project varies by industry, and is ever changing as scientific knowledge advances; thus understanding the base principles of how to identify obstacles, and as a result document them is critical to the SR&ED process

We at EY understand how challenging identification and documentation of these critical points in any project can be. Our consultants understand how to work with innovation teams and utilize existing project documents to identify when the team encountered the obstacle, and as a result when the SR&ED project started

When comparing against a boutique, our ability to bring in the right professionals and think holistically about the company ’ s business, not only helps get the most out of their SR&ED claim but will also helps optimize other aspects of the business

What, in your opinion, are the most effective strategies for assisting innovative builders in constructing a better working world?

Supporting innovative builders with the right knowledge and skillsets to be able to overcome obstacles that slow their speed of progress, is in my opinion the most effective way to assist innovative builders The pace of change in the business world has been accelerating, and it is impossible for companies to keep up to speed with all the financial, technical, and people challenges that they face Thus ensuring that innovative builders have access to the skilled scaffolding and supports they need to help them navigate what’s next, so that they can focus on what they do best, and build the innovations to change the world

Leadership- Facing thePerfectStorm

Presently the Canadian Business environment is facing exceptional challenges. At the time of this writing:

The official inflation rate was recently reported as 8 1%, which is a 40 year high

The Bank of Canada increased its overnight borrowing rate to 3 75%,making interest rates the highest since 2008 Inflationary pressures may well see this rate increase

This rise has contributed to a shock in the all-important real estate industry with some dire predictions of devaluation

Our American neighbors are also facing challenges with high inflation and rising interest rates

Internationally there is tremendous instability The war in the Ukraine will have an impact internationally It is now estimated at 4 25 trillion dollars and it is far from over

The Bank of Canada predicts that Canadians will have a “rough winter”

ByTommyM.OnichBBA,CTP President,TCMILimited

While the financial experts may speculate about outcomes, this is certainly a setting for an economic perfect storm

In a custodial environment the Small Business can continue with good administration and management throughout its hierarchy, complemented by competent leadership at its top

The distressed organization must have competent leadership at all levels This is because they face an environment that is harsh, unforgiving, and ambiguous This environment is much different than the already demanding custodial environment

A transformation from crisis to prosperity is indeed possible Such a metamorphosis has prerequisites: financing for recovery, a viable core product and leadership

In over two decades of working with small business as senior officer, financier, or advisor I have come to learn that leadership is paramount, it is the sine qua non of recovery

Leadership is the ability of an individual to lead, guide, or influence other groups of people in a business or organization.

It entails a clear and communicated vision to stakeholders and team members, the ability to organize effectively and efficiently, to provide motivation and inspiration towards goal achievement, and to balance the inherent conflict of interest in all stakeholders.

Leadership is the essence of recovery. Only with leadership can the core of the business be leveraged, wise use made of scarce resources, threats made effectively, morale and motivation restored, and an essential culture of performance management be established

The leader is both the architect and implementer of strategy.

A leader’s ability to influence others is huge to the success of any turnaround Successful execution of any plan is entirely contingent upon the consent, anticipation, and agreement of others even while they face the real possibility of impairment to their interests

Without a doubt this ability is governed by what we now call emotional intelligence Whatever name we ascribe to this quality it has five components

1/ A sense of self. This is a deep understanding of one’s weaknesses, needs, emotions, strengths, and drives. People with this characteristic are honest with themselves and others. They know their path and are open and honest with both themselves and others.

2/ Discipline or self-regulation is the component of emotional intelligence that prevents us from being prisoners of our feelings. A leader with this quality can create an environment of trust and fairness Most of all it reinforces the notion that the leader has both strength and integrity The leader who “walks the walk and talks the talk “demonstrates both

3/ Drive is especially important in distressed organization The leader with drive is driven to achieve beyond expectations with tenacity and energy, again serving as a an example to others.

4/ Empathy. This is the ability to identify and understand another person’s feelings. Empathy is of particular importance. It is necessary to understand the effects that change, and compromise will have for all stakeholders before the leader can solicit their cooperation.

5/ Social Skill is the culmination of the other dimensions of emotional intelligence that we have explored It integrates the sense of one’s self, discipline and empathy to form a synthesis allowing the leader to gather consensus and build rapport

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, die 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

We had the honour of speaking with Rhodri Preece, CFA, Senior Head of Industry Research for the CFA Institute, who shared his insightful opinions on the new CFA Institute research report, the significance of artificial intelligence in the investment management industry and the advantages associated with it, elements that senior leadership of an organization must establish in addition to the ethical framework, their contribution to the organization's culture, and the spectrum of artificial intelligence applications

Rhodri Preece is Senior Head, Research for CFA Institute and is responsible for leading the organization’s global research activities and publications, managing the research staff and collaborating with leading investment practitioners and academics CFA Institute produces the highest-calibre research on issues and topics most relevant to the investment industry, including rigorous in-depth research, forward-looking thought leadership content, applied investment insights, and commentary on trending investment topics.

Rhodri previously served as head of capital markets policy EMEA at CFA Institute, where he was responsible for leading capital markets policy activities in Europe, Middle East and Africa region, including content development and policy engagement

RhodriPreece

SeniorHead,ResearchforCFAInstitute

Mr Preece is a current member of the PRI Academic Network Advisory Committee, and a former member (2014-2018) of the Group of Economic Advisers of the European Securities and Markets Authority (ESMA) Committee on Economic and Markets Analysis.

Prior to joining CFA Institute, Mr Preece was a manager at PricewaterhouseCoopers LLP in the investment funds group (2002-2008) He has a BSc and a MSc in Economics and is a CFA charterholder since 2006

When did you start your career? And how will you describe your role as a Senior Head, Research for CFA Institute, being responsible for leading the organization’s global research activities and publications, managing the research staff, and collaborating with leading investment practitioners and academics?

I began my career in the finance industry in 2002 at a professional services firm where I oversaw a range of investment funds and financial services clients I studied for the CFA Program at the same time and obtained my CFA Charter in 2006 In this role, I became well-versed in investment fund strategies and asset classes, products and business models From this role, I moved to CFA Institute in 2008 where I initially served as Director of Capital Markets Policy, and since 2018, I have headed the organization’s research activities and publications

In my current role, I am responsible for leading the global research team and overseeing the creation of research and thought leadership content on key investment industry themes, including data analytics and technology, sustainability, capital market structures, and others

What are your thoughts on the new CFA Institute research report, Ethics and Artificial Intelligence in Investment Management, a Framework for Professionals?

The use of artificial intelligence is rapidly increasing across a broad spectrum of finance and investment applications. AI has enormous potential and when used in an investment context, it can empower professionals with the technology needed to enhance their work and deliver improved outcomes However, the adoption of AI also brings new ethical challenges and considerations to light

Our report sets out a framework for implementing ethical AI practices across organizations and provides a starting point for the industry to refer to as adoption becomes more widespread The ethical framework is comprised of principal considerations and professional standards that provide guidance to investment teams as they approach the brave new world of AI By embracing this approach, firms can ultimately ensure that client interests are best served by demonstrating their ethical commitment to the advancements of such technologies

What are the various elements that the senior leadership of an organization must establish in addition to the ethical framework, and how will these elements contribute to the organization's culture?

Beyond these complex ethical considerations, firms must put in place a broader framework to manage the risks and opportunities brought about by AI, encompassing organizational culture, risk management, skills, and competency It’s important that the senior leadership of investment organizations establish a vision and strategy for the development and use of AI in the firm’s business model. Creating a culture conducive to the collaborative development of AI across functions and teams with different skillsets will help ensure the success of an AI initiative

Since artificial intelligence is utilized by numerous industries, how do you believe it is essential for the investment management industry, and what are the benefits?

The investment management industry is really starting to recognize the benefits and potential risks that come along with the implementation of AI in the investment process Firms are now able to bolster investment strategies with new insights that are borne out of the incorporation of big data and new tools to parse information

Firms now incorporate machine-learning applications including artificial neural networks, deep learning, and other non-linear methods supporting a variety of investment strategies At the same time, big data is becoming increasingly commonplace, including alternative and unstructured data such as earnings-call transcripts and company filings, social media, satellite imagery, and others

The organizational culture should also encourage an appropriate degree of innovation and risk-taking within an ethical and client-centric context The risk management framework should encompass the responsibilities and ultimate accountability of senior management and establish appropriate governance structures, such as approval bodies or cross-functional expert oversight committees for AI development, along with ongoing management supervision

Finally, firms should ensure the relevant business units possess sufficient knowledge, skills, and abilities in the areas of AI and data science, since these fields are sufficiently distinct from the investment expertise of core staff The scale and complexity of AI projects necessitates a collaborative approach to AI development, with professionals working effectively in what we call T-shaped teams – the combination of specialists in data science and investments, respectively, joined by an innovation function comprising product specialists, knowledge engineers and others. This T-shaped team should overcome the knowledge barrier regarding technology deployment and ensure that ethical considerations are understood across the respective functions

What are the spectrum of issues brought about by AI tools and big data in investing? And what are the possible solutions to those issues?

The availability of AI tools to harness big data can introduce more complexity in the investment management process Potential risks include how data is sourced and processed by AI tools, where issues of data integrity and potential biases exist, as well as transparency and accountability, with potential limited ability to observe or explain the decision-making process of an AI application to clients or supervisors The AI tools described in the framework cannot yet think and act analogously to humans, which is both a strength and a weakness in their use. Because AI algorithms do not intrinsically possess fundamental ethical attributes of honesty, fairness, loyalty, and respect for others, they must be imbued as design principles by the professionals responsible for their development and use Therefore, the HI (human intelligence) + AI (artificial intelligence) paradigm is important, as HI provides supplemental cognitive capabilities that, combined with AI, provide for a more effective and robust overall solution

The use of big data in machine-learning applications can comprise vast petabytes of data, and models may undergo numerous iterations before being finalized for client portfolio use Firms need to ensure they establish an appropriate framework and accompanying systems to support record retention and data storage, including descriptions of datasets used, model specifications and results from testing and deployment

What specific recommendations do you have for investment management organizations planning to implement AI Technology?

The following principles apply to the ethical design, development, and deployment of AI in investment management:

Data integrity – Data needs to be checked and cleansed so that it is fit for use in an AI program, and firms must respect and adhere to data privacy laws and protections in the sourcing and use of data where applicable globally, especially where developers use unstructured and alternative data Users must also be aware of existing biases to avoid discrimination against certain groups of people arising from classification of incomplete or biased data training sets

Accuracy – The AI application needs to be reliable and perform as intended Professionals must also balance the complexity of models with the need for accuracy

Transparency and Interpretability –The AI model should be comprehensible so that firm staff can interpret and explain to clients and supervisors when appropriate, and investment professionals need to understand the key features of any AI program that informs investment decisions.

Accountability – There needs to be sufficient human oversight, governance, and accountability mechanisms in place to ensure accurate and appropriate AI program outcomes while managing risks Accountability begins with senior leadership establishing a strategic vision and ethical culture for AI development within an organization