CanadianSME Small Business Magazine - November 2023 Edition by CanadianSME

ISSUE NO. 60 NOVEMBER 2023

CANADIANSME Empowering Canadian Small & Medium Businesses

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All the reasons why a .CA domain is the perfect fit for your website PAGE: 29

18 From Local to Global: Unveiling SMEs Digital Transformation with Natasha Walji Managing Director at Google Canada for Google Customer Solutions All Images, trademarks, service marks and logos referred to or appearing in this magazine are the property of their respective owners.

Dear Readers, As the amber hues of fall set the horizon ablaze with their brilliance, we at CanadianSME Small Business Magazine are thrilled to unfurl the pages of our November issue to you. In the spirit of the season, synonymous with change and reflection, we've tailored this edition to mirror the vitality and resilience of the SME tapestry that weaves the fabric of the Canadian economy. Each page within this edition has been serving as a reflection of our dedication to providing a rich tapestry of insights, guidance, and inspiration. We aim to resonate with the unique aspirations and challenges faced by Canada's thriving SME community and burgeoning small businesses—your stories, successes, and challenges are echoed throughout these pages. This November, our compelling theme revolves around the intricacies of "manufacturing and digital health"—two spheres that are both distinct yet increasingly interlinked in the fabric of modern business. We delve into essential topics that matter to you, from strategies to optimize your operations to insights on embracing technological advancements in the health sector. Our contributors, a cadre of industry forerunners, have poured their expertise into articles that serve as your navigational stars. From exploring Business Solutions to Help Canadians Thrive in Remote Work Environments with insights from Grand & Toy to addressing the challenges of a Skilled Trades Retirement Wave alongside Colleges and Institutes in Canada, we leave no stone unturned. We're thrilled to feature Natasha Walji, Managing Director at Google Canada, in our cover story, "From Local to Global: Unveiling SMEs Digital Transformation." Discover valuable insights from a leader at the forefront of SME digital evolution. Natasha's expertise and dedication to SME empowerment make her a standout in the digital realm. Dive into her wisdom, and explore our other articles and interviews, offering you the latest in tech and business trends. Prashant Ganti's Perspective on Navigating SME Billing Complexities with Zoho provides a clear roadmap for financial management. Meanwhile, CIRA's exposition on why a .CA domain is the quintessential fit for your website and puts a spotlight on establishing your digital presence. Do not miss out on our exclusive feature of manufacturing startups in Canada and the thought-provoking perspectives in interviews by experts from CDW Canada, Zoho, RBC, Google, and many more. And, it is with great honour that we highlight our Business Woman of the Month, Karen Lai, President and Founder of KPM Power Inc. Her story is not just inspiring—it's a testament to the power of visionary leadership in the face of ever-evolving landscapes. With a heart filled with gratitude and eyes gleaming with excitement for what the future holds, we cordially invite you to engage, subscribe, and connect for a continual stream of insightful and enriching content. To a future teeming with innovation, resilience, and boundless possibilities. Warm Regards, SK

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IN THIS ISSUE CanadianSME Small Business Magazine

Efficiency Capital’s Innovative

Mia Fiona Kut’s Journey

How Samsung display technology is helping businesses to improve the customer experience

Canadian Manufacturing Startups:

Navigating the Digital Transformation: A Roadmap for Canadian Small Manufacturers

Revolutionizing the Retail Industry in Canada: Top POS Systems in 2023

RBC's Take on the Evolving Landscape of

Rising to the Clouds: Canada's Thriving Cloud Startups

Canadian Entrepreneurship Don Ludlow, Vice President Small Business, BFS Strategy & Partnerships Royal Bank of Canada

Energy-as-a-Service Model

to Sustainable Solutions with Luna Nectar

Forging the Way Into the Future

IN THIS ISSUE Canadiansme Small Business Magazine

All the reasons why a .CA domain is the perfect fit for your website

CDW Canada’s Strategic Approach to Improving Cybersecurity Response Times

40 Karen Lai

Business Woman of the Month President and Founder of KPM Power Inc.

51 Four challenges facing small businesses in Canada

Adapting and Thriving Amidst a Skilled Trades Retirement Wave

IN THIS ISSUE Canadiansme Small Business Magazine

Business Solutions to help Canadians Thrive in Remote Work Environments

Proactive Career Resilience: Tips Tips from Dr. Candy Ho

How Micacchi Architecture moved from structural pains to financial gains

How to boost cyber resilience based on what cyber criminals want

66 From Olympic Tracks to Classroom Impacts: Steve Mesler's Journey

23 Customer-centric billing Building loyalty through billing experiences

News Startup Canada Announces Startup Global Pitch Competition 2023 Winners STARTUP

More than half of businesses concerned about meeting new modern anti-slavery law obligations: KPMG poll

Today, Startup Canada announced the 2023 winners of the Startup Global Pitch Competition Grand Finale. Amidst the full house crowd of the ﬁnal Startup Canada Tour stop in Brampton, Hamilton-based startup ImaginAble Solutions was named the ﬁrst-place winner, taking home $30,000. Liza Akvhledziani of Chexy Co. took home the second-place prize, winning $15,000. Rashmi Prakash of Aruna Revolution, the third-place winner, collected $7,500.

TELUS Pollinator Fund invests in three new clean tech startups:Climate Robotics, erthos and Plentify

CHILD LABOUR

Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act requires public and certain private companies to review and assess working conditions in their overall supply chain and first report on their efforts to eliminate these practices by May 31, 2024. Companies will be required to report annually to show continued progress in reducing forced and child labour practices.

TECH STARTUPS

As a global leader in sustainability, TELUS’ readiness and capability to swiftly deploy capital to help scale clean tech innovations will contribute to promote adoption of zeroemission solutions,” said Blair Miller, Managing Partner, TELUS Pollinator Fund. “That’s why the Pollinator Fund is investing in Climate Robotics, erthos and Plentify: to play an active role in sequestering CO2, solving the plastic crisis and addressing the global pressure on electricity grids, thereby contributing to climate resilience and the circular economy.

PacifiCan announces launch of new pilot aimed at helping B.C. businesses realize their growth ambitions BUSINESS GROWTH

Minister Sajjan also announced over $3.6M in Business Scale-up and Productivity funding to help Lucent Bio increase its marketing capacity and optimize its manufacturing processes. This innovative B.C.-based company is pioneering climate-friendly, sustainable agriculture solutions.

RBC's Take on the Evolving Landscape of

Canadian Entrepreneurship Don Ludlow Vice President Small Business, BFS Strategy & Partnerships Royal Bank of Canada

CanadianSME Small Business Magazine recently

Small businesses have navigated more than three

spoke with Don Ludlow, Vice President of Small Business, Strategy & Partnerships at RBC, about

years of economic volatility – but even for the most agile and resilient, the current macro environment is particularly challenging. How do you see the

the evolving entrepreneurial landscape amidst economic challenges. Despite these hurdles, RBC's survey highlights a persistent Canadian spirit of entrepreneurship, with a notable surge in Quebec and among younger generations like Gen Z and Millennials. Amidst advice on navigating financial challenges, Don emphasizes the importance of thorough planning, leveraging digital tools, and seeking expert advice, recommending entrepreneurs to explore RBC’s Starting a Business online hub for resources. Don is the Vice President Small Business, Business Financial Services Strategy and Partnerships at RBC. He is responsible for leading RBC’s Small Business segment and teams. In his role, Don provides strategic oversight in delivering marketleading client experiences through innovative partnerships and differentiated, beyond-banking solutions to help aspiring entrepreneurs and Canadian business owners start, manage and grow their ventures.

sentiment towards entrepreneurship changing or adapting in response to these challenges? Our recent RBC Small Business survey revealed that despite the many hardships that small business owners have faced over the past few years, Canadians continue to be encouraged by entrepreneurship as being a viable path to financial security and professional fulfillment. Two in three business owners and aspiring entrepreneurs say they’ve peaked in their career, and business ownership was or is their next step to thrive professionally, while 88 percent believe that due to the rising cost of living, a secondary income is critical for achieving financial freedom and security. Furthermore, 94 per cent of respondents say ‘being one’s own boss’ is the main incentive for starting a business, while 78 per cent feel entrepreneurship is a suitable alternative to traditional nine-to-five desk jobs.

Economy

This shows that the drive towards securing one’s future is propelling entrepreneurial aspirations and people are looking to

take more control over their lives and careers as the economic environment continues to evolve. Furthermore, the availability of

new tools and technologies to support business ownership - either full-time or as a side hustle, is significantly lowering barriers to entry, making entrepreneurship more accessible and effective in generating additional income - which can be a stabilizing force in the face of a slowing economy and a way to prepare for retirement.

Can you share any region-specific or demographic trends in the survey responses that piqued your interest? The survey revealed a high drive for business ownership in Quebec - significantly above the national average. This points to a thriving entrepreneurial and innovation ecosystem in the region where 94% Québécois reported that they are increasingly looking to convert passion projects into side hustles; 59% say they are continuing or considering entering family businesses and 80% believe entrepreneurship is the logical next step to thrive in their career. Quebec is a world leader in several cutting-edge sectors – from agriculture, mining, and forestry to IT and aerospace and has a diverse and multicultural population with a strong and highly skilled workforce that significantly contributes to its development – especially for entrepreneurship. We believe this diversity creates opportunities across various sectors and makes the region highly attractive for business owners. 15 - CanadianSME - November 2023

It was also interesting to see that the desire for entrepreneurship continues to trend high among Gen Z and Millennials. For most of them, entrepreneurship isn’t just a curious side hobby, it signifies a forward-thinking approach to securing one’s financial future while advancing professionally. Among Canadians, aged 18-34, 84 per cent believe that entrepreneurship is a suitable alternative to a traditional 9 to 5 desk job; 67 per cent have aspirations to scale their small business into a large enterprises and 39 per cent believe that starting a business mid-career is ideal for transitioning from a conventional job. This sentiment shows that younger Canadians are increasingly contributing to a more dynamic and diverse entrepreneurial ecosystem in Canada with their creativity, innovation and willingness to challenge traditional norms.

Economy

My advice for aspiring business owners would be: don’t do it alone. The most important resources are often the people around you - your accountant, lawyer, mentor, or other trusted members of your professional network who can all be valuable for honest feedback, advice, and support. Don’t hesitate to reach out! At RBC, our advisors are always happy to help you manage and grow your business, offer solutions to simplify your day-to-day processes and connect you with other professionals to help you achieve your business goals. Entrepreneurs can access solutions and business advice online through the RBC Starting a Small Business Hub at www.rbc.com/startingabusiness.

Furthermore, I would encourage anyone looking to be an entrepreneur to start with a strong and

sound business plan and a good understanding of anticipated cash flow scenarios as early as It can be difficult to know when the time is right to start a business. Did the survey uncover any key indicators on the best time to consider entrepreneurship and what advice do you have to anyone looking to start a business or a side hustle? While the answer to this question really depends on an individual's own circumstances and needs, nearly one-third or 31 percent of the business owners who responded to our poll agreed that ‘mid-career’ was a good time to start. This phase of life often brings with it some wisdom on managing and navigating a business along with the passion and time to building something new and meaningful.

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possible. Start planning, even if it’s just a part-time side hustle today. This will make it a lot easier for you to have exploratory and more advanced planning conversations down the road with your bank, suppliers, other business partners, and even prospective customers. Having a plan will give you more control in guiding conversations, improving your credibility as an owner, and instilling confidence in your business. Business owners can use the RBC Business Plan Builder to get started with building a framework for success.

Finally, follow a steady approach to creating a digitally-enabled business model that can be sustained over the long term. Think about digitizing your supply chain, leveraging data to support decision-making, and streamlining accounting processes using software such as RBC's PayEdge to keep track of cash flow, forecasting, and automating bill payments.

Economy Faced with rising costs and interest rates, many small businesses may be facing a cash crunch or contending with tighter finances. What advice do you have for them? For those looking to more closely manage their business's financial health, consider the following three tips:

Regularly monitor and forecast your cash flow Now, more than ever, you need to be reviewing your cash flow frequently. It's a good idea to implement a cash flow forecasting process on a 13-week cycle to help drive your short-term decisions as they relate to payables, receivables, and inventory. To help you monitor your cash flow, RBC offers tools like NOMI for Business, which offers a snapshot of the money going in and out of your accounts, as well as

the RBC Business Cash Flow tool which small business owners can use to get an analysis of their current cash flow position.

Digitize your payments to help get funds into your business faster Credit and debit card payments, Interac e-transfers, and mobile payment options enable you to speed up

payments and these digital options can also minimize fraud and make reconciling your accounts faster and easier.

Consider solutions such as RBC's PayEdge which facilitates funding from multiple sources and provides access to all payment types in a single solution. Integrate a range of e-commerce services and payment solutions with Moneris to power your business with customized solutions that meet your unique needs.

Government grants and

incentives may be available to support your business’ projects and plans and GrantMatch can help you identify and apply for relevant grants.

If your business is looking to

setup e-commerce, increase online sales, reduce costs or better manage inventory the Canadian Digital Adoption Program could help with funding.

I encourage business owners to speak with their business advisor to work on tailored solutions that meet their unique circumstances.

Explore avenues for financial support Futurpreneur provides financing, mentoring and support tools to aspiring business owners age 18-39 to help them manage and grow their business.

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Entrepreneurs can also access many of our tools, resources and business advice at RBC’s Starting a Business hub online.

From Local to Global: Unveiling SMEs Digital Transformation with Natasha Walji Managing Director at Google Canada for Google Customer Solutions

In a recent conversation with the CanadianSME Small Business Magazine, Natasha Walji, Managing Director at Google Canada for Google Customer Solutions, delved deep into her commitment to bolstering Canada's SME ecosystem. Reflecting on her personal connection to SMEs through her parents' businesses, she passionately champions digital transformation for them, using Google's AI-powered advertising solutions. Discussing trends, Natasha noted the merging realms of online and in-store shopping, with 92% of Canadians researching online before in-store purchases. The expansive reach of ecommerce has also transformed local retailers into global entities. Speaking on AI in retail, she emphasized how Google's AI tools, such as Performance Max, enable SMEs to achieve their campaign targets effortlessly. Despite the potential intimidation of AI for small businesses, Natasha stressed its role as an indispensable asset, with a vast majority of Google's clientele already harnessing its power. She encourages SMEs to cultivate a culture receptive to AI, advocate experimentation, and remain agile. For the upcoming holiday season, she highlighted the Google Holiday Hub as a pivotal resource for SMEs to capitalize on the festive demand.

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Natasha Walji is the Managing Director at Google Canada for Google Customer Solutions focused on helping small & medium businesses grow & thrive. Natasha has actively served the community for 20+ years focused on poverty alleviation, public health and co-founded an organization for children with disabilities. She is an angel investor and is an Investment Committee member for Blue Ivy Ventures. Natasha is recognized as one of Canada's Top 100 Most Powerful Women (WXN).

Women Entrepreneurship Tell us about your role at Google and your focus on supporting Canada’s SME ecosystem. I’m the managing director of Google Customer

What are some of the trends you’re seeing in retail and how Canadians are shopping this holiday season?

Solutions Canada, where I have the pleasure of helping small and medium businesses (SMEs) grow, reach new customers, and build out their online presence using Google’s AI-powered advertising solutions. I have a soft spot for small businesses because they are not only the lifeblood of the Canadian economy, but the heart and souls of their communities. I know this first hand, as both my parents were

Canadian shoppers have faced a tough couple of years, dealing with the pandemic, inventory challenges, and ongoing economic uncertainty. For SMEs, these constant shifts make it harder to predict what’s next. However, we’re seeing some trends that will help retailers stand out during the holidays.

business. That’s a big part of what makes me

over nine weeks. That means shoppers are present

small business owners, so I’ve seen the grit and hard work that goes into running a

so inspired to drive digital transformation for Canadian SMEs.

First, last-minute shopping is a thing of the past. According to our research, last year only 13% of

Canadian shoppers waited until the last minute to shop for the holidays, with most doing their shopping throughout the holiday season, and retailers need to show up not just for Black Friday and Cyber Monday, but throughout the whole season. Second, there is no longer a separation between instore and online shopping. Digital is not just contributing to a business’s digital sales, it's

contributing to all their sales. Our research shows that 92% of Canadian shoppers search online before

visiting a store, and 86% discover products and brands

while browsing online. This shows that while consumers still love to go to stores, those visits are more informed and more influenced by digital than ever. Digital is effectively the gateway to all commerce.

Finally, with the rise of ecommerce, Canadian retailers, large or small are now global businesses. Cross-border ecommerce is expected to grow 8% in 2023, meaning retailers need to think about their customers beyond their neighborhoods and understand shoppers are looking for conveniences, such as free international delivery, easy returns, and customer reviews. Additionally, the majority of retail searches globally are in non-English languages, so ads and landing pages need to be localized to reach and resonate with the appropriate shoppers.

Women Entrepreneurship We’re hearing a lot about how AI is transforming retail, but for resource-strapped SMEs, AI is a big undertaking. What is the biggest value for SME owners?

What advice do you have for SME owners who are interested in AI but don’t know how to get started?

AI may feel daunting to SMEs, but it’s

AI is the single most powerful tool in your toolkit to drive predictable outcomes. And at Google, our product teams have integrated AI into our ad products for years. You may be surprised to know that today, 80% of our customers are already using AI-

business, adapt to changing consumer behaviors, and drive profit.

their campaigns. These advances in AI have leveled the playing field for SMEs.

an amazing tool to level the playing field and empower them to grow their

powered Search ads products, and more than 25% of all YouTube video advertisers have an automatically generated video asset in

With our AI-powered advertising tools like Performance Max, SMEs can simply

To start, any business should begin by creating a culture of experimentation and viewing AI as a competitive advantage.

technology uses AI across Google products to drive that ROI. By using

your partners, including media and creative agencies, to evolve your ways of working for the AI-first future. Lastly, stay agile.

tell us what their campaign goals and ROI are, and provide us with creative assets, and our AI-powered ads

this profit-driven approach to marketing, SMEs can find new

customers and capture sales throughout the holiday season. Businesses can also use imageryfocused AI developments to help save

Remember, you are not competing with AI, you are competing with other businesses and marketers using AI. Second, lean into your partners – this is not a road you need to travel alone. Work with

Staying nimble allows you to follow consumer demand, however, and whenever it comes, so you can capture these opportunities to drive more profit and revenue as they arise.

What resources can small businesses use to stay on top of holiday shopping demand this season?

time and money on creativity. Things like re-shooting a campaign or testing

The one-stop shop for small businesses during the holiday season is our Holiday Hub, which features free tools, resources, and

budgets. Businesses can use AI to generate new scenes for their product images, like positioning them in a seasonal campaign, or even just increasing the resolution of an image.

On the hub, businesses will find out how to stand out on Google Search and Maps with a free Business Profile, how to show their live store inventory with Pointy, and how to promote products across Google with free product listings.

new creative can get expensive, and time-consuming and inhibit experimentation for SMEs with limited

recommendations for small businesses to capture holiday demand.

Lastly, merchants shouldn't have to feel around in the dark - or waste their budget - to get access to helpful insights about their ecommerce decisions. AI-modelled data can deliver powerful, predictive insights - like how to optimize your advertising spend or your pricing strategy. SMEs can use tools like Audience insights, Google Trends, Market Finder, and Demand forecasts to understand and adapt to market changes and act.

How to boost cyber resilience based on what cyber criminals want By Suzy Clarke, Executive General Manager of Security at Xero

Over the last few years, consumers around the world have been impacted by some of the biggest data breaches in history. For a small business, this can be quite daunting to think about as you work with sensitive personal and financial information every day. So, how can you protect your business? It all starts with understanding the mindset of a cyber criminal. What are they looking for? Why are they stealing information? And how do they get it?

What’s the ultimate prize for a cyber criminal? Data - This could be anything from the personal information of staff and customers, to confidential business information like sales and inventory records, credit cards and banking information, or account credentials used to access company systems.

Personal information can be used to commit identity fraud like scam campaigns, or payment fraud like transactions on stolen credit cards. Business information can be sold to competitors or state sponsors, and used to gain access to company accounts. Cyber criminals steal this data by gaining control of the accounts that access it. Once they have access to your accounts, cyber criminals can change your password and lock you out, then use this account to access other online services. For example, imagine if a cyber criminal was able to access your email account. They could intercept a PDF invoice and edit the payment details, to trick your customers into paying a fraudulent bank account instead of you.

ways you can improve your business resilience to cyber crime

Do a risk assessment on your business, to identify any gaps. This might involve thinking about what data you store, which technology you use to store it, and what obligations you have to manage it.

Get the security basics sorted, like having strong and unique passwords on each account, and switching on multi-factor authentication wherever possible. Password managers are a good option as they do the hard work for you

How do cyber criminals access your accounts?

tactics to gain access to your accounts.

allow them to guess or break passwords that are weak. If you’ve used that password

across multiple accounts, the damage could be wide ranging Phishing and social engineering, where cyber

criminals trick people into handing over their details using links or requests in emails, texts, phone calls and other communications Malware, which is malicious software that can infect your device to monitor your activity, and provide backdoor access to your systems Ransomware, which spreads across your devices to lock them, so the cyber criminal can threaten to expose or erase your data unless you pay a ransom

team maintain clear and consistent cybersecurity

habits. This should outline how your business or practice handles account security, device security and data security.

Cyber criminals use a number of

Direct attacks, using tools that

Develop strong policies and processes to help your

Buy from organizations that adhere to data security standards, like ISO 27001 and SOC2. Use secure websites (the ‘s’ in https is the key) and make sure that accessing and sharing data is limited to staff that need the information to do their jobs.

Don’t forget to consider the human element of security. Staff should understand how to safely use the accounts, devices and data that belong to your business. They should also feel confident about where to go for help, and how to respond if an incident occurs.

Cyber criminals are a growing threat to all of us. The best way to make sure you keep your data safe is to look at your business through their eyes, and consider what gaps or vulnerabilities might exist. That way, you can enjoy peace of mind, knowing the data you’re holding on your business and customers is safe and secure.

Suzy Clarke is the Executive General Manager of Security at Xero, responsible for improving the technical security of the global small business platform, as well as its customers and partners. She has worked in the technology sector for 24 years, both in England and New Zealand, and prior to Xero held senior technology roles across a range of industries.

Customer-centric billing Building loyalty through billing experiences By Zoho In today's fast-paced and customer business landscape, the power of customer billing takes centerstage. The art of billing is far more than just a transactional necessity—it's the bridge between your businesses and your customers. Imagine a billing experience that's not only seamless and eﬃcient but also personalized and deeply attuned to your customers' preferences. It is the way to build strong connections with your customers, nurturing lasting loyalty.

In this blog, we will understand the importance of "customer-centric billing", a transformative approach that goes beyond invoices and payment processes to create extraordinary billing experiences. We can deﬁne customer centricity as an approach that places the customer at the heart of all decisions related

to product and service delivery. It's the crucial element that transforms transactions into meaningful interactions, ensuring your customers aren't just content but genuinely delighted.

The importance of billing experiences Billing has evolved from being part of a usual sales process to being a crucial component of the customer journey. This applies to organizations that follow any business model, whether one-time or subscription-based. This transformation underscores the compelling reasons why billing experiences matter:

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First impressions matter: Billing is often the ﬁrst post-purchase interaction a customer has with your company. A smooth and transparent billing process can start the customer relationship on a positive note. The customers should ﬁnd it effortless to

Technology understand what they are being charged for, the payment methods, any associated terms and conditions. An ideal invoice should be clear, concise, and easy to understand with all the charges, due dates, and payment options presented in a straightforward manner.

Personalization: Tailoring invoices to match your brand helps you create a more professional and cohesive brand image at

every touchpoint. Integrating billing speciﬁcs into customized invoices facilitates a straightforward billing process, ultimately enhancing customer satisfaction.

The link between billing and customer loyalty Billing experiences have a huge impact on customer loyalty. Your invoicing, billing statement clarity, and payment preferences impact customer perception. Positive billing experiences boost customer loyalty and referrals. On the contrary, a poor billing experience can lead to frustration, churn, and negative word-of-mouth. A comprehensive billing solution can ensure that the invoices are clear and easy to understand and offer ﬂexible payment options, all of which foster positive customer experiences. There are several ways to build customer loyalty through billing experiences:

Tailoring billing for ultimate convenience and flexibility One of the most effective ways to improve the billing experience is by offering customers the ultimate convenience and flexibility. Every customer is unique, and their preferences may vary. To cater to their specific needs, consider the following strategies.

Tailored and ﬂexible pricing Convenience: For one-time transactions, an accessible payment process and clear invoicing ensures that customers can swiftly make the payments without any friction. In subscription based models, convenience goes further, encompassing automated billing, and selfservice account management. Offering a range of payment options also plays a vital role, allowing customers to choose how they want to pay and contributing to a seamless billing experience.

24 - CanadianSME - November 2023

Offering personalized pricing can make your customers feel

valued. Supporting different pricing mechanisms, allowing you to stay competitive, and adjusting prices with discounts and coupons will ensure customer satisfaction.

Billing frequency for subscription-based businesses Not all customers would prefer monthly billing. Some might prefer quarterly, annual, or even payas-you-go options. Giving customers the ﬂexibility to choose their billing frequency can improve their experience and cash flow management. Furthermore, a robust billing solution eﬃciently manages different billing models, from one-time invoicing to recurring invoices and project-based billing, enhancing customer satisfaction while offering businesses the ability to choose the most suitable model for their unique needs.

Customer Portal An intuitive portal is valuable for both businesses and their customers. Business owners beneﬁt from reduced administrative workload and improved customer service. Customers, on the other hand,

benefit from easy access to their quotes, transactions, payments, and information from one place. This self-service approach enhances convenience and customer satisfaction.

Scheduled reminders Set up automated reminders to notify customers

about upcoming payments, overdue invoices, and payment conﬁrmations. These reminders can be sent via email, SMS, or even within your customer portal.

Seamless and optimized payment process In the realm of billing and payments, one of the most critical aspects of ensuring a top-notch customer experience is offering a seamless payment process. Here's how to do it.

25 - CanadianSME - November 2023

Diverse payment methods Customers have diverse payment preferences. By providing a wide array of payment methods including cards, ACH, mobile payments, and other popular regional methods, you cater to various customer choices, making it easier for them to pay you. This ﬂexibility not only reduces friction in the payment process but also showcases your commitment to customer convenience.

Technology Failed payment retries

Final thoughts

To ensure a seamless billing experience, you can consider implementing an automated payment retrieval process for recurring invoices. This includes an automated process that kicks in whenever online payments fail. The billing notiﬁes the customer of the failed payment, and the system retries for payments after a speciﬁed interval. This minimizes disruption to services and helps reduce involuntary churn.

Businesses are realizing that every customer interaction is a chance to strengthen loyalty. From ﬂexible pricing to multiple payment options, billing plays an important role in improving customer relationships. The demand for a billing solution offering these capabilities arises from the necessity to enhance customer interactions and cultivate lasting loyalty, making them an indispensable asset in today's customer-centric landscape.

Payment receipts Send automated payment receipts as soon as a payment is received. This not only conﬁrms the transaction but also provides customers with a sense of closure and professionalism.

Payment terms Payment terms are a critical component of any business transaction, as they help the business owners and the customers understand their ﬁnancial responsibilities

and expectations. Clear and well-deﬁned payment terms contribute to smoother

ﬁnancial transactions, mitigate disputes, and enhance the overall ﬁnancial management of a business.

Zoho Billing is one such solution, tailored for growing businesses, addressing billing complexities with utmost flexibility. It empowers businesses to experiment with pricing strategies, adapt to changing market dynamics, and efficiently manage product catalogs. With the ability to define various billing parameters, such as product types, services, bundled offerings, and billing frequency, Zoho Billing accommodates diverse business models. In summary, Zoho Billing is a comprehensive end-to-end billing solution designed to meet the dynamic needs of growth-focused businesses.

In the end, it's not just about billing and payments, it's about creating experiences that retain your customers. Begin this journey today, one bill at a time, with Zoho Billing as your trusted partner. Your customers deserve nothing less than the best, and so do you.

Get started with Zoho Billing today!

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How Samsung display technology is helping businesses to improve the customer experience Amid the rising cost of living across Canada, businesses feel the crunch in a myriad of ways, including through labour shortages. In an effort to address some of these challenges, businesses have been using technologies like self-service kiosks and other digital displays, including Samsung Canada’s popular Business TV and All-in-One Kiosk.

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The Samsung Business TV allows businesses to elevate their customers’ experience by giving them the ability to personalize and develop their own customized marketing tools. This TV offers vibrant and eye-catching digital displays and features over 100 pre-loaded templates for users to create their own content. With promotions that display alongside TV programs, motionembedded solutions, seasonal sales, and other pre-designed layouts, the Samsung Business TV allows businesses to create professional visuals, as well as upload their own creations for a customized experience.

Technology

Plus, with Tizen Zero Config remote management, businesses with multiple Business TV units in different locations can register and install new apps remotely via Tizen Business Manager, saving both time and money. The Samsung Business TV is also equipped with security capabilities, allowing businesses to lock their TV with a pin-code system to prevent unauthorized users from tampering with the screen.

As businesses head into the busy holiday season, staffing can become increasingly difficult for many small- and medium-sized businesses. The Samsung All-in-One Kiosk can help businesses that are otherwise shortstaffed to serve customers.

When businesses are understaffed or in a busy season, it’s easy for employees to forget to promote the latest limitedtime offers or new product offerings. The Kiosk can suggest add-ons or related items based on a business owner’s configurations. It can also encourage consumers to join a store loyalty program with the click of a button.

The All-in-One Kiosk is available in two operating systems options—Tizen

and Windows. It supports enhanced compatibility with third-party devices via USB ports and also has a modular design that provides a variety of payment options including credit card, barcode, QR code, and NFC, along with a built-in printer. This allows businesses to efficiently integrate their technology, without requiring additional peripherals.

As the business landscape

continues to evolve, so does the need for proficient tech solutions. Samsung is wellequipped to outfit smalland medium-sized

businesses in Canada with some of the latest tools for

increasing efficiencies and customizing the tools they need to meet the demands of today's market.

To learn more about Samsung Display Solutions, visit samsung.com/ca/business/displays.

All the reasons why a .CA domain is the perfect fit for your website Great business idea? Check. Memorable earworm of a name? Heck yes. Domain name ending in .com? Wait—what? .com!? Hang on, hang on—are you a Canadian business building a website for a Canadian audience? Then let us show you all the reasons why .CA is one of the most powerful pairs of letters you can put to the right of the dot in your website domain name.

The first reason why you should get .CA? Canadians love their Canadian websites in a big way. Call it patriotism, call it true north love, but our latest research shows that six in ten customers prefer making their online purchases from Canadian retailers when given the chance. And according to 2022 research conducted by the Strategic Council, 85% of Canadians prefer to be on a .CA domain than a .com when supporting local businesses. Another related benefit? A .CA tells your potential shoppers that your site is more likely to show prices in Canadian dollars and offer shipping within Canada.

.CA means exclusively Canadian By choosing to go with a .CA domain, you’re entering an exclusive club of

confirmed Canucks! What do we mean? Well, CIRA enforces a Canadian Presence Requirement, so not just anyone—no matter whether they’re in Cameroon,

Croatia, or Cambodia—can register a .CA. This provides peace of mind that when a site has a .CA domain, it’s actually owned by a Canadian individual or business.

.CA drives superior local search rankings Search engines, like Google and Bing, prioritize local domains for users searching within that country. So, if you’re a Canadian searching for shoes within Canada, you will get served Canadian shoe retailers first and foremost.

How does it all work? That’s the magic of geotargeting, friends. Google aims to provide the best answer to your search query—which can mean serving up localized search results. After all, it might not be the most useful to you, the searcher, to be presented with a shoe store that only ships within the U.S. and displays prices in U.S. dollars. So, how does Google “know” where a business is located? We know that the search engine uses a website’s ccTLD, or country code toplevel domain (.e.g., ”.CA,” “.uk,” etc.) to

determine geotargeting. So, if you operate with a .CA domain, Google will prioritize your websites in Canadian search results over websites that don’t display .CA.

Ah, but the search benefits of .CA domains don’t necessarily stop there. Because—as we established earlier—Canadians tend to prefer.CA websites, they’re that much more likely to click through on a .CA listing in a

search result. Search engines see this and will actually rank pages that get more clickthroughs in search results pages.

The .CA truth is out there! Sure—we’ve thrown a bunch of (hopefully persuasive) facts and figures at you. But what about real-life Canadian businesses that chose .CA? What was their reasoning? Let’s look at three quick examples, shall we: Local Laundry (locallaundry.ca), a proudly Canadian-made clothing company saw their choice of .CA as a way to showcase their Canadian values and focus on all things local.

The Copper Bell (thecopperbell.ca), a handmade scented soy candle business, saw .CA as the way to put their Canadianness front and center for their overwhelmingly Canadian customer base.

Artist and creator Katrin Emery

(studiopeachy.ca) launched her

online accessory shop with .CA as a way to communicate that her business was local, and that she prioritized handmade items from home.

Curious if your business domain name is available as a .CA? Use our free domain name search tool today! Visit: www.choose.ca

How Micacchi Architecture moved from structural pains to financial gains Robert’s passion for architecture took him to cities like London, Vancouver, Rome, and finally, Toronto. After years of experience working at established firms, he launched his own venture, Micacchi Architecture, in

2018. From creating permits for basements in the early days to now designing 24-storey condos, Robert has scaled his business to a team of eight, handling around 30 projects each year.

The journey of running his own business has not been without its challenges, especially when it came to managing the finances. Robert initially struggled with tracking everything in Excel, a tedious task that would eat up hours every month. As Robert recalls, “It would take two or three days a month just to reconcile everything and created anxiety around wondering where my business was at.”

A switch to a web-based software, Wave, improved things but was still not ideal. This was until Robert’s friend and accountant David introduced him to Xero. Robert said that Xero stood out with its sophisticated reporting, integration capabilities and innovative approach. “Xero is more passionate and innovative than the previous accounting software we were using. The business report, summary of a project or a statement of accounts that Xero produces is much more sophisticated.”

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Real Estate While Robert leans on David for the in-depth financial analysis, Xero has allowed him to stay connected to the broader financial picture of his business. With Xero, he feels a sense of reassurance, being able to get a comprehensive picture of his firm’s financial health anytime he needs.

With the real-time financial insights provided by Xero, Robert is able to make more informed financial decisions, including hiring staff and transitioning to new office space to support the firm’s growth. As Robert said, “Xero is feeding us the information and that helps us make decisions about everything.”

“Each month David creates custom reports that show the cash flow in and out of the business. We also have full visibility on the accounts receivable and invoices owed, and can send payment reminders. Xero takes the anxiety out of it. Whether it’s good or bad, the most valuable thing to me is to be able to just know accurately what’s happening in the business, and Xero helps me do that much better.”

Robert believes other small business leaders and entrepreneurs should prioritise their financial health, as it goes hand in hand with their own personal health and wellbeing. “Protect your mental health. A good part of that is understanding your financial situation so you can take back control.”

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Having a good accountant also makes the difference, as Robert shares, “I call David our micro-CFO. Our business is very tech-forward and I like that David is the same when it comes to accounting.”

Business Solutions to help Canadians Thrive in Remote Work Environments

Samira Amin,

Director of Marketing at Grand & Toy

In recent years, work culture has

undergone a great deal of change, especially with regards to how and where Canadians work. Businesses continue to re-evaluate their organizational structures, identifying ways to increase employee satisfaction and retention, recuperate dollars lost during the pandemic and adapt to the evolving needs of their employees.

Chris Henwood,

Senior Director, Digital Marketing & Merchandising at Grand & Toy

Canadians have welcomed opportunities for remote work, in fact, a 2021 Statista study conducted among Canadian employees in 2021 revealed that only nine percent wished to fully return to work from the office once the COVID-19 pandemic was over. For many Canadians, remote work has allowed them to reclaim some of their daily schedule for personal use, as time normally used for commuting can now be swapped for more energizing morning and after-work routines. Inspired by the ever-changing landscape of work and the ability to provide business solutions that help clients work from everywhere, Grand & Toy created a mobile workspace that traveled across the GTA for three days, to demonstrate all the possibilities of work from anywhere. We collaborated with realtor Demetres Giannitsos, podcaster and recruitment expert Emily Durham, and singer/content creator Elijah Woods who each spent time working in the space throughout the week.

As the Director of Marketing at Grand & Toy, a leading Canadian business solutions provider, Samira is currently driving the company's next wave of growth. In this role, she oversees the company's marketing, brand & creative, media, digital, content & social, demand generation, and sales strategy. Throughout her career, Samira has demonstrated an exceptional ability to inspire teams to achieve bold ambitious goals.

Grand & Toy has been a trusted provider of business solutions helping to build better workspaces for more than 140 years. With more companies providing opportunities for remote work, we help provide business solutions to ease the transition for their teams. Typically, customer requests for work-from-home

setups start with seating. What we’ve seen over the last threeplus years is that people who worked from home for one to two days per week and later transitioned to fully remote quickly figured out that their chair wasn’t suitable for eight or more hours a day, five times a week. After seating, monitors, and height-adjustable desks or laptop risers are next in high demand.

Beyond work-from-home workstation setups, Grand & Toy also has products and business solutions for people who are constantly on the go, including laptops and notebooks, cell phone batteries and power adapters, and privacy screens.

CONCLUSION: It’s important for companies to realize that work environments look different for everyone. For some, it can be a corporate office environment. For others, it might be a seat on public transit or a table at a library or coffee shop. Whether remote, in-office, or hybrid, one thing is certain: if you provide employees with the necessary tools to accomplish their work, they can truly Make Work, Work Everywhere. To learn more about Grand & Toy’s products and services visit grandandtoy.com.

Samira Amin, Director of Marketing at Grand & Toy Samira is an accomplished business and marketing leader with extensive experience managing complex portfolios, transforming brands, and building high-performing teams in commercial global organizations. Her expertise encompasses a range of disciplines, including brand marketing, performance, category management, innovations, and P&L management in both B2C and B2B contexts.

Prior to joining Grand & Toy, Samira held highly sought-after marketing roles at toptier companies such as Molson Coors, Weston Foods, Jamieson Wellness, and Colgate-Palmolive.

Chris Henwood, Senior Director, Digital Marketing & Merchandising at Grand & Toy Chris leads the creation of Marketing and

Product strategies that support Grand & Toy’s business objectives. As the leader of the Marketing and Product Management

teams, this includes building and delivering innovative products, services, and solutions that exceed customer expectations. Since joining Grand & Toy in 2006, Chris

has held a variety of leadership positions in Merchandising, Sales, and Strategy for

growth lines of business. His diverse experience within the company allows him to bring associates together to deliver innovative solutions for businesses of all sizes. Supporting the growth and development of others is an area Chris is passionate about. This is evident in his commitment to creating a high-performance culture within the organization and developing teams that feel empowered. Chris is also a certified leadership coach and a member of the International Coaching Federation. Prior to joining Grand & Toy, Chris spent several years in merchandising, strategic sourcing, and brand management roles in the retail and CPG Industries.

Adapting and Thriving Amidst a Skilled Trades Retirement Wave Harnessing Untapped Talent and Leveraging Partnerships for a Future-Ready Workforce

By Denise Amyot, President and CEO of Colleges and Institutes Canada

Career Launcher Apprenticeships by Colleges and Institutes Canada, helps reduce financial barriers for construction and manufacturing businesses looking to invest in new talent by offering $5,000 for hiring a new apprentice or $10,000 if they’re from an underrepresented group. It's worth noting that these incentives are on top of the many provincial or regional grants available.

The impending retirement of over 700,000 skilled tradespeople by 2028 will be a pivotal challenge for the construction and manufacturing sectors. With a projected shortage of at least 10,000 workers in nationally recognized Red Seal trades alone, small and medium-sized enterprises (SMEs) are at a critical juncture. The time to adapt and rebuild our workforce is now. In this landscape, apprenticeships emerge as a strategic solution. These structured programs offer a dual advantage – enabling experienced workers to pass on their wisdom and expertise to the next generation while providing new workers with a hands-on, practical approach to learning the trade. By bridging skills gaps and helping meet labour shortages, apprenticeships ensure the continuity and sustainability of these essential industries.

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Growing your business despite labour shortages requires a strong recruitment strategy. Canada is a diverse country with huge untapped potential for labour. For example, did you know that women and newcomers, despite making up a significant portion of the population, represented only 12% and 8.7% of new apprenticeship registrations in 2019? Tapping into this talent pool could be your solution.

Manufacturing Sectors To open your recruitment plan to more diverse applicants, organizations can host targeted events and workshops in collaboration with community centres and groups that support underrepresented populations. Looking beyond resumes and experience, hiring managers can also consider attitude and a genuine willingness to learn.

Complementing these talent outreach efforts, it’s vital to build an inclusive work environment for diverse candidates. This not only ensures their retention but also promotes their well-being once on board. It is about creating an environment where every employee feels valued, heard, and respected. Implementing diversity and inclusion training,

To help navigate the apprenticeship process, construction and manufacturing businesses can access our ApprenticeConnect platform. It provides comprehensive resources, from hiring strategies to mentoring tips and access to funding, as well as tools to cultivate an inclusive work culture, mitigate injuries and burnout, and enhance employee well-being.

celebrating diversity, proactively addressing harassment and bullying, and encouraging open communication are crucial steps in this direction.

The looming retirement crisis

Moreover, for a successful recruitment strategy, the benefits of forming partnerships with local colleges and institutes cannot be

tapping into diverse talent pools, and building strong partnerships

overstated. Colleges and institutes are experts in hands-on learning and offer over 300 pre-apprenticeship programs in over

20 skilled trades. Over 80 of those programs are designed to support underrepresented and vulnerable groups. Businesses can connect with diverse new talent, ensure potential hires are equipped with foundational skills, reduce training costs, and accelerate the onboarding process.

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demands immediate action. By taking advantage of initiatives like Career Launcher Apprenticeships,

with colleges and institutes, businesses can not only adapt but thrive. The opportunity to build a more resilient and diverse

workforce is at our fingertips – let’s embrace it together.

Prashant Ganti's Perspective Head of Product Management, Zoho Finance and Operations Suite.

During a recent dialogue with CanadianSME Small Business Magazine, Prashant Ganti, Head of Product Management, Zoho Finance and Operations Suite, offered deep insights into the billing challenges that small and

Canadian SMEs often face unique challenges when it comes to billing operations. Could you share some key insights into the specific pain points that small and medium-sized businesses encounter in this area, and how Zoho Billing addresses these

medium-sized enterprises (SMEs) face, highlighting Zoho Billing as a solution that

challenges?

addresses these issues with adeptness and ingenuity. He emphasized the software's flexibility, allowing businesses to swiftly adapt their billing to align with market demands and customer preferences, all while ensuring compliance with tax regulations. Zoho Billing simplifies the billing process, providing a customizable and automated experience that ranges from pricing adjustments to payment collection, aimed at keeping Canadian SMEs competitive and efficient. Prashant reassured that with robust security protocols and seamless integration with the broader Zoho suite, Zoho Billing stands as a guardian of financial data and a catalyst for operational harmony, perfectly poised to meet the evolving needs of the digital economy. Prashant has over 20 years of experience in the software industry with a deep focus on financial technologies. In his current role as the Head of Product Management, Zoho Finance and Operations Suite, he is responsible for revenue growth, product direction and drives improvements and enhancements to the products across regions. In addition to this, he oversees the global advisor program that focuses on building alliances with audit and advisory firms.

When it comes to billing operations, there are a couple of common challenges that most SMEs face. Firstly, businesses often need to be able to keep up with competition and follow market trends to be successful. This requires complete flexibility in their billing operations. Secondly, they should also be able to tailor their offerings according to their customers' needs. For

example, providing special pricing for a high-value

customer, or extending the trial period of a promising prospect.

SMEs

Another aspect SMEs often find challenging is staying compliant with the tax and regulatory requirements.

Zoho Billing is a comprehensive, tax-compliant billing solution that solves any level of complexity of growing businesses. The application offers flexibility to experiment with different pricing, and define what they want to charge; product, services, bundled, and usage, how they want to charge whether it is onetime or recurring, and when they want to charge; yearly, monthly, or anniversary. This enables SMEs to go to market with any changes, helping them stay ahead of their competitors.

Billing processes are becoming increasingly digital and automated. How does Zoho Billing leverage technology to help Canadian SMEs streamline their billing operations, reduce manual effort, and enhance accuracy? Zoho Billing helps Canadian SMEs streamline workflows and automate many of their routine tasks. With a consumer-grade UI, businesses can easily customize the look and feel of their

invoices, and send them to their customers. The end customers have the option to make payments through the payment links

found in the email, or through the customer Additionally, they can customize their offerings to their

customer's needs with price lists, offering discounts, and extending trials as required. Zoho Billing also helps manage the entire lifecycle of their customers. Subscription-based businesses can offer trials, adopt the freemium model, and manage their customer's

journey from trial to conversion. The software also provides a frictionless payment experience for end customers. Overall, this is a comprehensive solution that helps

businesses manage their billing operations end-to-end.

portal. If they make an online payment, the system automatically updates the status of the invoice as soon as it is paid. Additionally, through the customer portal, the end customers can accept or decline estimates, make payments, track their

projects, and if they have subscribed to a service, they can upgrade, pause, or

cancel. They can also collaborate with the business through the live chat option. On the automation side of things,

businesses can automatically send payment reminders for invoices, helping them follow up with customers, and get paid on time. They can also automate recurring invoices and offer an auto-debit facility with cards, ACH, or SEPA payment options for customers. Whenever a payment fails, the system will automatically send an email notifying the customers and will retry recovering payments based on a preconfigured frequency.

These capabilities help SMEs streamline their billing operations, and automate many of the repetitive tasks, not only saving time but also enhancing accuracy.

SMEs Financial security and data privacy are paramount concerns for businesses today. Can you elaborate on the security measures and data protection features that Zoho Billing offers to ensure the safety of sensitive financial information for Canadian SMEs?

Overall, these integrations aim to help Canadian SMEs streamline their back-office, and front-office processes with contextual data sync, reducing manual entries and the resulting errors.

Zoho takes data protection and security very seriously. As a company, we ensure that all the

applications we use follow strong security measures that are built-in and automated. All our solutions use two-factor authentication with secure logins, and password management tools to safeguard not only our own business but also our customers. Moreover, Zoho Billing complies with international data protection regulations, including GDPR, HIPAA,

PCI, and ISO, ensuring that Canadian SMEs can trust us to manage their financial information with the highest security and privacy standards.

Zoho has a wide range of software solutions. How does Zoho Billing integrate with other Zoho products, and what advantages does this integration bring to SMEs in Canada looking for comprehensive financial and operational solutions? Zoho Billing serves as a powerful middle-office solution connecting both front-office and back-office functions. Zoho Billing offers built-in integration with front-office apps like Zoho CRM, a customer relationship management app, and Zoho Projects, a project management app providing a contextual flow of data related to customers, transactions, projects, and timesheets.

On the other hand, Zoho Billing provides seamless integration with back-office solutions like Zoho Books, an accounting app, and Zoho Analytics, a selfservice business intelligence software to automate accounting entries and provide comprehensive financial reports. Additionally, Zoho Billing's integration with Zoho Desk enriches customer support empowering SMEs to sync customers' billing information with their customer service software to provide contextual information to support agents.

As someone with extensive experience in the software industry, what trends do you see emerging in billing and financial technologies for small businesses in Canada, and how is Zoho positioned to stay ahead of these trends to support its customers effectively? In the ever-evolving landscape of billing and financial technologies for small businesses in

Canada, I foresee several emerging trends. One crucial trend is the integration of AI into online

billing and subscription models, which allows businesses to optimize pricing strategies and personalize customer experiences based on preferences and behavior. Additionally, businesses can detect inconsistencies in transactions early on, preventing potential revenue loss. On the billing and finance side, businesses can identify trends and outliers in transactions with advanced analytics. This allows organizations to identify the root cause and swiftly rectify issues. On the whole, we as a company, actively invest in leveraging AI technology. Our commitment to innovation and customer-centric solutions ensures that Zoho remains a reliable partner for Canadian SMEs in their financial technology journey.

Business Woman of the Month

Karen Lai

President and Founder of KPM Power Inc.

Karen Lai: Pioneering Clean Energy Solutions and Empowering Women in STEM Karen is the President and Founder of KPM Power Inc, a Toronto-based company, focused on lithiumion battery solutions, and specializing in Battery Management Systems. She is an ardent supporter of the advancement and implementation of clean technologies and is committed to fueling these initiatives to get to market. Karen is a mechanical engineer with over 20 years of experience in supply chain and program management. She is also passionate about encouraging and empowering more women and other underrepresented groups in STEM, and supporting initiatives and programs that remove the barriers to affordable food, shelter, and education so that every individual can have the right to focus on reaching their potential.

In an era marked by the growing significance of environmental sustainability and diversity throughout STEM disciplines, Karen Lai emerges as a prominent figure embodying inspiration and pioneering advancements. This is why the CanadianSME Business Magazine has decided to acknowledge Karen, the President and Founder of KPM Power Inc., as the Business Woman of the Month. She is strongly committed to promoting clean technology and advancing the representation of women in STEM fields, achieving notable progress in both domains.

Technology Driving the Clean Energy Revolution Karen Lai embarked on her venture into the field of renewable energy with a deep-seated dedication to the search for sustainable solutions. KPM Power Inc. is a company that offers tailored lithium battery systems, with a particular focus on Battery Management Systems. The organization aims to facilitate the transition towards a more environmentally sustainable future, focusing on the gradual use of lithium-ion batteries. Karen's commitment to promoting environmental sustainability and renewable energy is evident not just in the stated goals of her organization but also in her tangible efforts and behaviours.

Karen understands that addressing climate change and environmental issues requires a comprehensive approach. KPM Power Inc. is not just another clean energy startup; it is a company deeply rooted in

ethics and values. Karen’s vision is to contribute to a more sustainable and equitable world by offering innovative battery solutions to industries seeking to reduce their carbon footprint.

A Visionary with 20 Years of Expertise Karen Lai is KPM Power's President and Founder and has an outstanding amount of relevant expertise. The

organization is in good hands with her since she has almost 20 years of experience in areas like global supply chain management, design for production and validation, and vendor management. Her knowledge and expertise guarantee the effectiveness, efficiency, and dependability of KPM Power's lithium battery solutions.

Her focus on battery management systems showcases her dedication to developing comprehensive solutions for industries and organizations looking to transition to cleaner energy sources. This level of commitment is a driving force in her recognition as Business Woman of the Month. Karen is not just leading in the business world; she is changing the game by advancing the clean energy sector.

Technology Karen's success as President and Founder of KPM Power Inc. exemplifies the transformative potential of dedication to green technology and broadening participation in the STEM fields. All of us may take inspiration from her astounding accomplishments and unyielding commitment

to sustainability and women's empowerment. CanadianSME

Business Magazine rightly recognizes Karen Lai as their Business Woman of the Month for November for her groundbreaking work in the

Achieving Gender Parity in STEM Karen Lai has accomplished much in her life outside the realm of

business. She is also an outspoken supporter of women's advancement in STEM fields. Her work with York University's BEST Program demonstrates her dedication to inspiring young women to seek professions in STEM fields. Startups and other extracurricular activities with a STEM concentration are encouraged via this program. Karen's dedication to breaking down gender barriers in STEM fields is vital. It is well-known that women are underrepresented in science and technology sectors, and Karen believes that this gender imbalance must be addressed. She has also started a $10,000/yr bursary to help remove the financial burden for two female-identifying students in engineering programs. She not only talks the talk but walks the walk, serving as an inspirational figure for women looking to make their mark in STEM.

fields of renewable energy and STEM diversity advocacy. To learn more about Karen’s projects and products, visit www.kpmpower.com.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine,

please visit https://canadiansme.ca/sub scription/. If you want to stay ahead with the latest news, try following us on Twitter at https://twitter.com/canadian _sme.

We encourage you to join our community of businessenthusiastic individuals.

In his interview with CanadianSME Small Business Magazine, Ivo Wiens, Field Chief Technology Officer, Cybersecurity at CDW Canada, shed light on the evolving cybersecurity landscape. He emphasized the crucial role of timely threat detection and response, addressing the challenges brought by the COVID-19-induced digital transformation. Wiens stressed the need for organizations to adopt automation tools while defining clear orchestration processes. He highlighted the risks associated with delayed detection, including customer trust erosion and increased recovery costs. To bolster defenses, Wiens advised integrating security into cloud migration, implementing a zero-trust approach, and partnering with third-party cybersecurity experts to proactively address evolving threats.

Ivo Wiens Field Chief Technology Officer, Cybersecurity at CDW Canada

Ivo Wiens is the field Chief Technology Officer of cybersecurity at CDW Canada, in

As the Field CTO for Cybersecurity at CDW Canada,

this role, Ivo helps set the strategy for the

could you provide an overview of your primary roles and responsibilities, and how they cater to the dynamic challenges businesses encounter in today’s cybersecurity landscape?

CDW organization, including partnerships with vendors, and the development of services to best protect the Canadian market. Ivo believes that organizations are best served when information security goals are aligned with the goals of the business and that at CDW we are constantly striving to bridge the gap between these two areas. Ivo has worked in the security industry across Canada for the last 17 years; with experience in professional services (technical/risk/compliance), managed security services, and technical solutions. Ivo is a SABSA-certified architect and has held a CISSP for over 12 years.

It is my job to ensure that CDW Canada customers are operating in a way that maintains the security of their sensitive employee, client, and financial data. This means advising on and implementing technologies and best practices from the top of organizations, down to each employee. As we know, COVID-19 changed how many businesses fundamentally operate and cyber threats changed along with them. During this rapid digital transformation, employers had to quickly pivot to provide employees with a functional digital workspace. This forced a rapid and often rushed cloud migration strategy where moving business processes to the cloud came first and security to protect these processes came later.

With these new digital offerings came a larger attack surface due to the increased use of personal devices and unsecured cloud workloads. The cybercriminals of today are increasingly sophisticated and have taken advantage of hybrid work models.

CDW Canada’s 2023 Cybersecurity Study highlights that nearly 29% of Canadian organizations take over a week to detect a cybersecurity incident. What do you believe are the main reasons behind such prolonged detection times, and what proactive measures can be put in place to address this? This was one of our most eye-opening findings as it speaks to the reality of how Canadian organizations manage cyberthreats.

Further to that statistic, the study found that the mean time to respond to a threat is 14 days. Paired with a mean recovery time of 25 days, the total time needed by Canadian organizations for incident management was an astounding 48 days. This offers attackers over a month and half to easily access valuable enterprise resources and sensitive data, giving them more context for attacks and the ability to extract important information from your organization.

The consequences of these situations are very serious. While delays in detection and response have the potential to negatively affect customer trust and invite regulatory fines, working proactively to improve threat detection and response can be difficult. This can especially be true for small and medium-sized organizations that don’t have the time and resources to build a robust cybersecurity posture.

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The most effective first steps are for organizations to continue to educate their employees on how to identify and avoid suspicious communications and to make sure that devices (servers, laptops or mobile devices) are regularly patched. The best means of improving threat detection and response is partnering with a third-party IT provider. It is their job to monitor your network with an expert eye, dealing with cyberthreats as they occur, allowing you to focus on running your business.

Cybersecurity Modern threat detection tools like security orchestration, automation and response, and threat intelligence offer promising solutions. Why do you think there’s a hesitancy among organizations in adopting these tools, despite their evident advantages? Automation is going to be key for the future of cybersecurity, not only to fill the resource gaps but also to keep up with rate of growth in attack sophistication. However, organizations have not yet made the jump to automation because true automation doesn’t work without first spending time to define true orchestration from a technology and process perspective.

Organizations need to first stop relying on manual processes, which make them dependent on the “security heroes” of their team to do all the

The first step in transitioning to automated systems is taking stock of your processes, technologies and creating a strategic plan for security modernization. With a forward-looking vision in mind, organizations can see quantifiable improvements to their day-to-day processes.

work. Then, employ frameworks such as the MITRE ATT&CK framework to facilitate continuous asset monitoring and threat detection

With 62% of Canadian organizations still depending on manual security processes, how do these manual interventions exacerbate the delay in threat detection, and how can organizations transition more effectively to automated systems? The reality is that a lot of Canadian organizations are still using relying on a number of teams and systems that are not fully integrated, and this manual work takes longer as it uses antiquated methods of communication that could (in most cases) be scripted. So, if a security breach occurs, whoever is responsible for network security must first identify the breach and then figure out how to fix it. This leaves an opening for delayed detection and response if an internal IT team is small and under-resourced. Automated processes allow IT teams to focus on the bigger picture.

For organizations that don’t have the internal resources to see this process through, partnering with a third-party IT provider like CDW Canada is the best way to plan for and implement automated systems. We work with organizations to develop a roadmap for maturing security solutions and, from there, oversee the development and maintenance of these automated systems. This ensures they are up to date and aligned with the ever-changing threat landscape.

Cybersecurity

Considering the rising success rates of cyberattacks, how do you perceive the correlation between delayed detection and amplified risks, such as eroding customer trust and surging recovery expenses?

Based on your extensive experience in cybersecurity, what advice would you offer to Canadian organizations looking to bolster their defence mechanisms against these increasingly successful cyberattacks?

Poor threat detection and response time leads to greater risk and costly recovery solutions. This exposes organizations to four primary

My top three tips for Canadian organizations looking to bolster their defence mechanisms against cyberattacks are:

areas of risk: detailed reconnaissance, reinfection, evidence tampering, and recovery backlog. The more time an attacker has in an

organization’s network, the more time they have to conduct detailed reconnaissance. This means locating sensitive employee, customer, and financial information as well as making lateral moves throughout an organization’s network.

When it comes to reinfection, with enough time on their side, attackers will find ways to create easy pathways for re-entry.

One of the most serious outcomes of slow

response time is evidence tampering. This is when attackers remove evidence, which makes efficient recovery even more difficult.

Ultimately, slow detection and response

creates a waterfall effect for resolution. A slow response results in a slower recovery and ultimately more backlogs that organizations must face. This causes significant increases in costs to mitigate and fix issues. Another impact on cost is user experience. From a customer point of view, if an organization’s website or payments system is slow or non-functioning, they will naturally turn to an alternative provider. This can be detrimental to small and medium-sized organizations who don’t have the internal IT resources to keep up with enterprise organizations. Additionally, if news of a security breach that jeopardizes customer financial information goes live, customers may lose faith in an organization entirely.

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Integrating security as a key component of the organization’s cloud migration strategy. Most of the critical information for Canadian organizations is currently housed in the cloud. Because of this, it is essential to convey the potential risks associated with these assets in a manner that is clear to key stakeholders. This involves articulating these risks clearly and concisely throughout the organization

while selecting appropriate controls to safeguard this valuable data. Also, in light of the persistent trend toward hybrid work

environments, it is evident that cloud migration is an ongoing process, necessitating the integration of security as a foundational aspect of the plan.

Implementing a zero-trust approach within the

organization at all levels. Everyone from executive leadership down to junior employees must acknowledge that cyber threats exist both inside and outside their network, meaning that users, devices, and network components cannot be blindly trusted. Zero-trust security architectures should be able to prevent, detect, and contain security incidents effectively.

Partnering with third-party cybersecurity solutions providers is a surefire way to ensure IT environments remain secure. IT experts intimately understand the threat landscape and work with organizations to develop proactive and reactive plans to meet security threats, no matter how sophisticated they get.

The Future of Healthcare: Digital Health Companies in Canada With technology evolving every half-yearly,

every field is slowly shifting toward digitalization, specifically Canada's health and wellness sector. This is precisely the reason why digital health companies have emerged as trailblazers, ushering in a new era of patientcentered, technologically advanced services.

These innovative enterprises harness cuttingedge digital solutions to enhance patient care,

streamline medical processes, and improve the overall healthcare ecosystem.

The digital health industry in Canada is characterized by a robust and vigorous network of enterprises that are committed to revolutionizing the provision of healthcare services. These firms use a diverse range of technology, such as telemedicine platforms, electronic health records, wearable devices, and artificial intelligence, in order to provide healthcare solutions that are tailored to individual needs and easily accessible. From the province of British Columbia to the province of Newfoundland, these individuals who are at the forefront of their respective fields are dedicated to enhancing the results seen by patients, enhancing the effectiveness of healthcare delivery, and spearheading advancements in the healthcare sector. Digital health enterprises in Canada are expected to significantly impact the future of healthcare, enhancing its responsiveness, convenience, and patient-centeredness.

As we move ahead to the testimony of the above-mentioned claims, here are five top digital health companies in Canada:

AiZtech AiZtech, spearheaded by Co-Founders Mohamed Sheta and Benjamin Fonooni, is a pioneering deep tech company at the forefront of AI innovation, notably through its groundbreaking digital health platform, The iSelfie Test™. This ingenious technology leverages cutting-edge AI research to screen for various medical conditions, including the early detection of COVID-19 by identifying its distinctive manifestations on the ocular surface.

Digital Health

Dialogue Dialogue, a globally recognized telemedicine leader and the foremost provider in Canada is on a mission to ensure that individuals never compromise on their wellbeing. Founded by Cherif Habib, the chief executive officer, and Alexis Smirnov, the chief technology officer, Dialogue is the driving force behind this transformative approach to healthcare. This platform provides a premium healthcare experience that is expertly delivered with unmatched ease and a caring touch, according to the feedback of millions of Canadians. Dialogue's executive team is a potent mix of healthcare and technology professionals with vast experience in growing businesses and holding executive positions at large corporations. Dialogue is committed to transforming healthcare since they firmly believe that one's health is everything. For more information on this platform’s innovative health services, log onto www.dialogue.co.

AiZtech is unique because its contactless method can determine a COVID-19 infection an astounding seven days before the beginning of pulmonary symptoms. Results from this unique method can be obtained in as little as 30 seconds, and it has been shown to achieve a target accuracy of 86% in adults. The genius of AiZtech's method is that it can be accessed online, meaning that anybody anywhere in the globe may use this game-changing technology by downloading an app to their smartphone. Learn more about this company’s digital health services and solutions at www.aiztechlabs.com.

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LifeSpeak Inc. LifeSpeak Inc. stands as the preeminent whole-person wellbeing solution, catering to employers, health plans, and various organizations with an unwavering commitment to simplifying the journey towards holistic wellness. Founded and led by Michael Held, the Chief Executive Officer, LifeSpeak Inc. offers an array of digital solutions that enable organizations to deliver top-tier content and expertise on a large scale, empowering individuals to lead their healthiest lives.

Digital Health

League League is the leading force in transforming healthcare experiences, serving as the preferred customer experience platform for healthcare providers who want to provide patients with comprehensive, individualized care. Consumer discontent and disengagement with their health-related problems are expected outcomes of the antiquated infrastructure and fragmented solutions that constitute a substantial obstacle to the healthcare industry's ability to provide a positive customer experience.

League takes a direct approach to fixing this problem by providing a specialized interface that enables a revolutionary change in how consumers interact with a product. Their IT system is intended to encourage accessible communication in the healthcare industry, which leads to unparalleled participation. League is reshaping the healthcare landscape by redefining how individuals engage with and find satisfaction in their healthcare journeys. League was founded by Michael Serbinis, CEO, and is led by the vision of Dan Leibu, Chief Product & People Officer, and Dan Galperin, Chief Technology Officer.

LifeSpeak Inc. provides all-encompassing wellness assistance via its diverse array of services, which includes LifeSpeak Mental Health & Resilience, LIFT session Fitness, ALAViDA Substance Use, Torchlight Parenting & Caregiving, and Wellbeats Wellness. Based on more than three decades of work with Fortune 500 companies, government agencies, insurance providers, and international entities, LifeSpeak Inc.'s data-driven solutions reveal opportunities to boost individual and organizational well-being, leading to better outcomes in the workplace. Check out LifeSpeak’s mental health services at www.lifespeak.com.

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You can get more details about League’s healthcare provisions at www.league.com.

Digital Health Digital Health Canada As a not-for-profit professional organization funded by its members, Digital Health Canada is an integral part of the future of healthcare in Canada by bringing together, motivating, and enabling digital health professionals. One of their main goals is to help the healthcare industry as a whole become more interconnected and collaborative. Digital Health Canada is a leading contributor to

Canada's digital health industry because it serves as an incubator for and advocate for ground-breaking concepts. In addition, the

association is committed to its members' growth and provides invaluable assistance in the form of possibilities for personal and institutional growth via professional development programs. Digital Health

Canada's advocacy for Canada's digital health business is at the forefront of a revolutionary trend that is transforming the healthcare system and propelling advancements in the field of digital medicine.

Find out more about this organization’s healthcare services in Canada at www.digitalhealthcanada.com.

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Innovative digital health startups in Canada are transforming the future of healthcare. These firms are leading healthcare delivery innovations, such as AiZtech's AI-driven ocular manifestation detection for early COVID-19 identification or Dialogue's complete wellness solutions that simplify holistic health. League's platform enables next-generation healthcare experiences, while LifeSpeak Inc.'s portfolio covers all wellness needs. As a non-profit group, Digital Health Canada connects, inspires, and empowers experts to shape digital health's future in Canada. These firms symbolize transition and advancement, pushing limits to establish a patient-centric, efficient, and technologically sophisticated healthcare environment that strengthens Canada's leadership in the digital health revolution. They demonstrate that health is everything by improving healthcare for everybody.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit https://canadiansme.ca/subscription/. If you want to stay ahead with the latest news, try following us on Twitter at https://twitter.com/canadian_sme. We encourage you to join our community of businessenthusiastic individuals.

Four challenges facing small businesses in Canada It’s tough being a small business, and tougher still in the aftermath of the pandemic. Many of the challenges small businesses face — labor shortages, regulatory complexity, cybersecurity — were exacerbated in the past three years. And while we may be on the other side of the pandemic, half of

small businesses are still in recovery and making below-normal revenues. Every October, Canada recognizes the economic importance of the 1.2 million small- and medium-sized enterprises (SMEs). A month-long observance is a great way of spotlighting this

sector, but it’s critical we remember that small businesses face year-round challenges that require year-round support.

Robin Guy

Vice President & Deputy Leader, Government Relations at Canadian Chamber of Commerce

Given how significant they are to the Canadian economy — they contribute over half of Canada’s GDP and represent 63% of all employees — small businesses need to have the best chance at success and be rewarded for their contributions to society. We’ve identified three significant challenges facing small

businesses and how a shift in government policy will help businesses overcome them to stay ahead in today’s competitive global marketplace.

Labour shortages Most of the job losses that occurred due to the pandemic were caused by SMEs. According to the Q3 Canadian Survey on Business Conditions released by the Business Data Lab, labour challenges are still a top-of-mind concern for small businesses. Government can help meet labour market needs by increasing its collaboration with provinces and territories to upskill and reskill workers. Providing Canadians with flexible, accessible, and navigable education and skills development options will foster a culture of lifelong learning and create a talent pipeline through targeted matchmaking programs.

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Small Businesses

Regulatory complexity More than half of small businesses are microfirms (less than four employees). Time is tight when the responsibilities of a business are shared by four people, which is why Canada’s complex regulations and tax system can feel especially burdensome on small businesses. Trying to comply with rules for interprovincial or international trade and pay the right amount of tax requires a significant amount of resources. Easing the burden of doing business through regulatory modernization and tax reform is something we talk about a lot at the Canadian Chamber of Commerce. A comprehensive independent review of the tax system, with several specific considerations for small businesses, will make it simpler and fairer. Manageable regulations that support

economic growth, consider our competitiveness in the global marketplace, and ensure alignment across provinces and with international trading partners will make it far easier for small business to get their goods and services into the hands of Canadians and global customers.

Access to data The best business decisions are informed by timely, futurefocused data, but getting that data isn’t easy and can be expensive. Without it though, small businesses won’t be able to operate at their maximum potential. Democratizing data will help small businesses thrive. The Business Data Lab is a key go-to for economic trends. Through new offerings like the Business Conditions Terminal, businesses of all sizes in all regions have access to a

constant flow of local, futurefocused and timely insights. To continue to provide this critical

data to small businesses, there must be an expansion of the

Cybersecurity and the digital transformation In today’s digitally enabled world, small businesses can’t afford to fall behind — but they often do. Researching and implementing the

technologies necessary to enable better business operations can be time consuming and expensive, and there is often hesitancy around adopting newer technology, like AI. Despite AI’s powerful potential for increasing productivity and efficiency, the adoption rate for AI among small businesses is less than 6%.

Alongside the adoption of AI and the transition to remote or hybrid work comes an increased risk of cyber-attacks. Yet only 12% of businesses across all industries are planning to adopt new security software tools in 2023. With more small businesses expected to be targeted by cyber criminals in the next two years, small businesses need to prioritize their cybersecurity. Unfortunately, security is often of secondary concern to business and there is a widespread employee-knowledge gap, even when it comes to the basics of cybersecurity. The Canadian Chamber recommends that government create an SME Cyber Defence Fund that provides SMEs with the support necessary to improve their cyber resilience and close the cybersecurity investment gap.

Business Data Labs’ partnership with Statistics Canada.

Rising to the Clouds: Canada's Thriving Cloud Startups Cloud computing is a game-changer in today's innovative digital age, altering how

organizations function and store data. Canada is quickly becoming a hub for cloud companies due to its technologically advanced terrain. These startups are tapping into the vast potential of cloud computing by serving a wide range of sectors and providing dynamic solutions that offer organizations more mobility, adaptability, and scalability.

Exploring the environment of Canadian cloud companies, we find an atmosphere of invention, creativity, and a drive to impact the future of technology. These agile businesses aren't simply getting about in the cloud; they're flying above the boundless possibilities there and leaving their imprint on the world. In this writing piece, the CanadianSME Business Magazine explores the dynamic Canadian cloud startup community.

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Authenticating this very premise, here are three promising and emerging cloud startups in Canada to watch out for:

Pilotcore: Pioneering Agile Cloud Solutions for All

Founded by Nelson Ford, the owner, and principal solutions architect, Pilotcore provides businesses of all sizes with easy access to cloud consulting and installation services that are both agile and adaptable. Pilotcore Systems Inc., situated in Ottawa, is a provider of information technology services that targets clients in a wide variety of sectors. Nelson Ford, an IT veteran of over 25 years, helms the firm, specializing in cloud design, engineering, and consulting, and has been an AWS Select Services Partner.

Cloud Startups Pilotcore's primary goal is to empower SMBs and startups with competent cloud solutions. Solution architecture design, secure network design, data protection, IAM, and DevOps automation are among their specialties. Their experience spans education, financial services, health, and information technology, assuring customized solutions for each customer. Pilotcore's rapid approach and cloud adoption make it stand out. Pilotcore is a Canadian cloud startup leader, revolutionizing cloud solutions for organizations of all sizes with its exceptional track record and drive to innovation. To learn more about their tech solutions, log onto www.pilotcoresystems.com.

Waterbear Cloud: Simplicity in AWS Cloud Management Waterbear Cloud, a Canadian cloud business, was

established by Karen Smecher with the aim of streamlining the intricacies associated with constructing and overseeing cloud infrastructures on Amazon Web

Services (AWS). Waterbear Cloud was based on meeting the urgent need faced by small firms, who often find themselves in a difficult situation due to the limited options available to them. On the one hand, they have to contend with inflexible, shared-resource platforms, while on the other hand, they are confronted with the daunting challenge of constructing complex cloud installations from scratch.

At its core, their solution is "Paco," a cutting-edge AWS cloud orchestration tool that has been polished via the process of deploying a large number of AWS instances for use in various fields. The natural beauty of Paco is in the way it automates the complex interdependencies of AWS resources, therefore converting them into fully functioning, efficient ecosystems. Paco's "glue automation" simplifies the provisioning process, reducing time and resources wasted on inconsistencies and human mistakes and maximizing the likelihood of success.

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For small businesses desperate for simple, lowcost AWS hosting options, Waterbear Cloud is here to be their savior. They are changing the face of cloud management with groundbreaking technology that helps organizations succeed in the cloud without a long learning curve, a large team of developers, or a significant financial outlay. Check out the positive client reviews and Waterbear Cloud’s tailor-made solutions for scaling your business today! Visit www.waterbear.cloud.

Cloud Startups

Autimo: Revolutionizing Cloud Strategy and Education

Warren Uniewski and Will Sheldon, the company's founders, wanted to take cloud strategy consulting in a new direction by emphasizing the importance of cutting-edge technology and its clients' empowerment. They came up with the idea for Autimo, a Canadian firm that changes the way cloud consulting is done by focusing on innovation, education, and ethics. The team at Autimo believes that it's only when a comprehensive strategy is taken—one that involves retraining and education— that automating procedures to empower people is morally justified. They are committed to more than just cloud consulting; they want to be long-term allies interested in their customers' success. Innovation is key to Autimo's methodology. They were the first to use a novel model that fundamentally changes how

To conclude the above, Pilotcore, Waterbear Cloud, and Autimo are just a few of the Canadian cloud firms that are making waves in the SMB sector. Their creative uses of cloud computing result in solutions that are both scalable and inexpensive, giving small firms a fighting chance in today's competitive digital market. These companies are more than simply vendors; they are strategic allies that help modern businesses utilize cloud computing effectively, ethically, and sustainably.

cloud engineering teams approach and value education.

Autimo significantly improves delivery times, productivity, and cost-effectiveness via the use of DevOps and automation

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and

technologies, methods, and procedures. This allows its customers to allocate their resources better and concentrate on what they do best. In today's ever-changing digital market,

established. To subscribe to our magazine, please visit https://canadiansme.ca/subscription

Autimo stands out as an innovative leader in cloud strategy consulting, where cutting-edge tools and methods are

/. If you want to be up to date on the latest news, try following us on

combined with human expertise to benefit enterprises. For more information on their services and technology, visit

Twitter at https://twitter.com/canadian_sme.

www.autimo.com. We encourage you to join our community of people who are enthusiastic about business.

Decoding Economic Disparities: A Chat with Professor

Ufuk Akcigit Professor of Economics at University of Chicago During an enlightening conversation with CanadianSME Small Business Magazine, Professor Ufuk Akcigit, a renowned global economist, and Arnold C. Harberger Professor of Economics at the University of Chicago, delved into the intricacies of economic growth and entrepreneurship. His interest in economic disparities highlighted the pivotal role of technological innovation in driving growth. Addressing post-pandemic challenges, Professor Akcigit noted the reliance of small businesses on credit cards due to stricter lending norms. He emphasized the transformative power of digital tools in today's business realm and advised policymakers to invest in digital infrastructure, offering robust support to businesses navigating the complexities of the contemporary economy.

Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the University of Chicago. He is an elected Research Associate at the National Bureau of Economic Research, Center for Economic Policy Research, and the Center for Economic Studies, a Research Professor, and the Head of the “East-West Germany Economic Gap” Research Group at the Halle Institute for Economic Research in Germany. He received a BA in economics at Koc University, 2003, and a Ph.D. in economics at Massachusetts Institute of Technology in 2009. As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics.

Throughout your distinguished career, spanning from your early days at Koc University to your pivotal role at the University of Chicago and various research institutions, what motivated you to focus on economic growth, innovation, and entrepreneurship? How has this journey shaped your perspective on the challenges and opportunities faced by small businesses today? I have always been intrigued by the disparities in income among nations. Today's leading nations have consistently maintained a trajectory of steady economic growth, while others find themselves caught in stagnation. This stark contrast prompted me to delve into the determinants of economic growth. The economics literature extensively underscores the fact that, over the long term, the sole driver of economic growth is technological progress and innovation. Small-business entrepreneurs and large-business entrepreneurs contribute distinct forms of innovation, and this distinction is very important to understanding economies and designing effective industrial policies. Thus, my quest to answer the question of income disparities led me into the realms of economic growth, innovation, and entrepreneurship.

Entrepreneurship The report indicates a significant increase in credit card expenditure for small businesses postpandemic. How do you interpret this trend, and what implications might it have for small business growth and sustainability?

The report highlights a notable link between digital tool adoption and business expansion. Can you delve into the nuances of this relationship and its ramifications for small businesses maneuvering through the present economic landscape?

Rising economic uncertainty in the wake of the COVID-19 pandemic has prompted lenders to adopt stricter

Digital tools help small businesses in several important dimensions. First, digital tools automate tasks and processes, reducing manual effort and increasing productivity. This enables small businesses to do more with fewer resources. Second, many digital tools and software are cost-effective, enabling small businesses to

Small businesses have been perceived as a high-risk group by lenders, thus bearing the brunt of these challenging

connection, allowing small businesses to work remotely and serve customers more flexibly. Finally, digital tools offer data analytics capabilities, allowing businesses to gather insights about their

lending standards to mitigate the increased risk of borrower defaults.

financial conditions. Consequently, small business owners have been

forced to seek alternative financing options. In many cases, this has led them to rely on personal or business

credit cards. While credit cards offer accessibility, they also come at a cost with high-interest rates and potential debt accumulation.

Considering the funding challenges emphasized in the report, particularly for emerging businesses, can you elucidate the reasons behind the pronounced difficulty younger enterprises experience in obtaining financing compared to more established ones? Small businesses typically have a limited credit history, especially if they are young. Banks rely on credit histories to assess the risk of lending, and a lack of credit history can make it difficult for small businesses to qualify for loans. In addition, banks perceive small businesses as riskier borrowers compared to larger, more established enterprises. They often require collateral to secure a business loan. Small businesses may struggle to provide valuable assets as collateral, which can be a barrier to obtaining loans.

streamline their operations without significant upfront expenses. Third, these tools can be accessed from anywhere with an internet

operations, customer behavior, and market trends for better decision-making.

Based on Intuit QuickBooks' insights and suggestions, which key areas would you identify as paramount for policymakers and industry leaders to prioritize in order to foster a more conducive environment for the growth of small businesses in Canada? Small businesses are vulnerable to macroeconomic shocks. They often serve as early indicators of impending economic changes, much like canaries in coal mines. Therefore, it is imperative for

policymakers to closely monitor the small business sector in nearreal-time using modern economic indices, such as the Intuit QuickBooks Small Business Index. In addition, it's important to recognize that high levels of inflation and interest rates can severely undermine the prospects of small businesses. Our research demonstrates that small businesses face considerable limitations in obtaining bank loans during such economic conditions, often resorting to credit cards for survival. This necessitates the provision of additional financial support for those who have incurred substantial debt during the turbulent aftermath of the pandemic. Finally, policymakers should appreciate the transformative potential of digitalization for small businesses. To expedite this process, investing in digital infrastructure, including high-speed internet access, is essential. This ensures that even small businesses located in remote or underserved areas have the connectivity required for efficient digital operations. Moreover, they could offer training and educational programs, focusing on digital skills, cybersecurity, and data management through workshops and online courses. These initiatives can empower small businesses to thrive in an increasingly digitized economy.

Navigating the Digital Transformation: A Roadmap for Canadian Small Manufacturers The digital transformation journey is rapidly reshaping the landscape of Canadian small manufacturing businesses. Transitioning from traditional labor-based operations to embracing technology-driven innovation has become a critical imperative. While some have made significant strides, there remains a gap between more prominent manufacturers, global corporations with Canadian

facilities, and newer small to medium-sized businesses and their long-established, labor-intensive counterparts.

However, a recent study conducted by KPMG reveals that 80% of Canadian manufacturing companies are committed to aggressive digital investment strategies.

They understand that digital transformation is vital to attracting and retaining talent and customers and securing a first-mover or fast-follower status in the market. With a focus on key technology enablers like AI and RPA, IoT and 5G Technology, 3D printing, and Robotics, this article discusses how small manufacturers in Canada can successfully undertake the digital transformation journey.

Developing the Right Strategy A well-articulated strategy is the first step in the process of digital transformation. In order to reap the benefits of adopting new technologies, small Canadian firms must first assess their present processes. Focusing this reflection on areas that are failing relative to industry standards and on the unique obstacles that are preventing the achievement of strategic objectives is essential. For instance, it's crucial to consider things like reducing operating expenses, boosting productivity, improving product quality, increasing process visibility, dealing with growing raw material prices, optimizing inventory management, and increasing customer base.

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Once these pain points and growth drivers are identified, manufacturers can map out a clear strategy. This strategy should be detailed and actionable, and it should serve as the foundation for subsequent decisionmaking. In the digital transformation process, companies must aim for realistic, achievable milestones. Breaking the strategy into smaller, attainable projects can help navigate the complexities of the transformation journey. Furthermore, focusing on digital tools that offer quick returns can provide early wins that inspire further confidence in the transformation process.

Manufacturers Leveraging Emerging Technologies The use of advanced technologies is the foundation of digital transformation in the context of small-scale manufacturing enterprises in Canada, potentially leading to significant operational upheaval. The following key technology enablers play a pivotal role:

The use of 3D printing technology may provide a financially advantageous approach to both product development and manufacturing processes, therefore establishing it as a crucial instrument for facilitating digital transformation.

d) Utilizing Cobots or Robots in Manufacturing a) Leveraging RPA and AI to Scale Operations In the industrial sector, AI and RPA have quickly become game-changers. These tools help firms streamline procedures, improve decision-making, and automate mundane chores. AI-powered

analytics provide insightful findings, while robotic process automation (RPA) expedites mundane tasks. Manufacturing businesses of any size can benefit from using AI and RPA due to the former's ability to boost productivity while the latter cuts down on overhead expenses.

b) Taking Advantage of 5G Tech Integrated Internet of Things (IoT) The Internet of Things (IoT), in conjunction with 5G

technology, provides the capacity to establish realtime connections and monitor various objects and equipment. The establishment of connection enables the implementation of predictive maintenance, the optimization of supply chain management, and the improvement of quality control. Canadian small manufacturers can use the Internet of Things (IoT) and the fifth generation of wireless technology (5G) to acquire a competitive advantage and guarantee uninterrupted connection throughout their operations.

c) Harnessing the Power of 3D Printing The advent of 3D printing has emerged as a transformative technological innovation, enabling expeditious prototypes and personalized production capabilities. The use of this technology allows smallscale producers to enhance their production capabilities by achieving higher levels of efficiency and accuracy in the manufacturing of intricate parts and components.

The automation of industrial processes can be achieved via the use of robotics, including both collaborative robots (cobots) and autonomous robots. These robots have the capability to effectively

manage repetitive duties, hence enabling the allocation of human resources towards more intricate and innovative responsibilities. The use of robots by small enterprises may lead to enhanced productivity and a heightened level of competitiveness in the production process.

Thus, small businesses in Canada must embrace digital transformation or risk falling behind. A successful transformation may be achieved by adopting cutting-edge technologies like artificial intelligence (AI), robotic process automation (RPA), the Internet of Things (IoT), 3D printing, and robots. If they want to succeed in the dynamic, everchanging Canadian manufacturing sector, Canadian manufacturers must seize the prospects of the digital era. The route to digital transformation success may be paved with the appropriate strategy and the right technological enablers. CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit https://canadiansme.ca/subscription/. If you want to stay ahead with the latest news, try following us on Twitter at https://twitter.com/canadian_sme. We encourage you to join our community of business-enthusiastic individuals.

Revolutionizing the Retail Industry in Canada:

Top POS Systems in 2023

This revolution is not limited to big cities; it's a nationwide phenomenon. From quaint boutiques in Quebec to bustling markets in Vancouver, POS applications are rewriting the

retail playbook. In this digital age, the power to modernize and maximize business potential has never been more accessible. So here are the top five POS systems or applications in Canada that small businesses look out for:

With the advent of cutting-edge innovations, POS software has become an indispensable tool for modern businesses throughout Canada. These novel technologies have surpassed conventional cash registers, introducing a new age characterized by enhanced efficiency and customer service. With the click of a button, retailers across Canada are streamlining their operations, from inventory management to sales tracking. As small businesses and large enterprises alike embrace this digital transformation, the impact is undeniable. Canadian retailers now have access to a plethora of POS applications, each catering to their unique needs. These cutting-edge tools offer a seamless checkout experience, mobile payment options, and invaluable data analytics to understand consumer behaviour. The result? Enhanced customer satisfaction and increased profits.

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Shopify POS: With its ability to interface with Shopify's comprehensive e-commerce platform, Shopify POS is a formidable Point of Sale solution. Created with SMBs in mind, it streamlines the handling of both online and brick-and-mortar transactions. With Shopify POS Go, companies are no longer limited to their brick-and-mortar locations; instead, they can bring their wares directly to their consumers. This flexible platform offers a number of valuable tools, such as customer profiles, in-depth reporting and analytics, intelligent inventory management, and omnichannel sales.

POS System Businesses with up to a thousand shops can utilize Shopify POS to manage both their brick-and-mortar locations and their online storefronts from a single interface. It makes

managing employees easier, guarantees smooth checkouts, and even works with contactless payments and mobile commerce. The system includes Shopify Payments, a CRM, and built-in advertising components. Shopify POS is a onestop shop for up-to-date shops with various hardware solutions to choose from. There is a 2.7% cost for processing payments in person and a 2.9% fee + 30 cents for processing payments online. If your firm wants to increase its revenue streams,

Shopify's POS functionality (which requires a subscription Shopify membership) is a complete and

reasonably priced option to consider. To learn more about this application, visit www.shopify.com/pos.

Real-time reporting, enterprise administration, self-service kiosks, and inventory management distinguish Revel Systems. It enables loyalty programs, payment processing, and offline mode. Revel POS also integrates APIs, accounting, labour management, and hardware for a complete hospitality solution. Revel Systems helps

companies meet various consumer demands with tableside ordering, split bill features, adjustable user permissions, and ecommerce connections. The payment processing price associated with Revel Systems POS is 2.49%, in addition to a transaction fee of 15 cents. The pricing structure entails a monthly cost beginning at $99.99 per terminal, making it a compelling choice for enterprises seeking to adopt contemporary point-of-sale technology. Check out the monthly package of Revel System at www.revelsystems.com.

Clover POS: Clover POS is a point-of-sale system that can be customized to fit the demands of small companies in a wide range of sectors. Clover is useful for a wide variety of businesses since it offers various functions, including inventory management, customer

relationship management, and compatibility with several payment gateways. It gives small companies the freedom to modify the POS system to suit their needs better.

Revel System: A complete cloud-based point of sale system for small hospitality organizations, including restaurants, bars, and cafés, Revel Systems POS meets their demands. Revel POS is great for businesses trying to improve customer experience and optimize operations since it supports CRM, loyalty programs, and online ordering. Digital outdoor display gear for drive-thrus and delivery features like driver tracking and text message updates are Revel Systems' highlights. Revel POS provides powerful features, but installing it requires two terminals and may be costly.

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Clover POS stands out due to its many features, such as its ability

to accept mobile payments, manage employees, keep track of inventory, process orders, and handle internet orders. Additionally, Clover offers robust security and fraud prevention, enables multilocation businesses, and connects easily with customer relationship management systems. In addition to real-time reporting and e-commerce connectivity, companies can now access round-the-clock customer service. Clover POS provides a full-featured answer for enterprises in the hospitality and retail sectors, including bar code scanning, table arrangement and management, and a digital menu board. The API access it offers is also helpful for customization and expansion. Clover's payment processing fees exhibit competitiveness, starting at a base rate of 2.3% in addition to an additional charge of 10 cents for the majority of their plans. The monthly subscription for Clover POS starts at a competitive rate of $14.95 per month, making it a compelling choice for firms seeking to augment their point-of-sale functionalities while efficiently controlling expenses. Browse their official website for more details at www.clover.com.

POS System

Square POS: Square POS is an all-in-one solution for small companies that is simple to use, affordable, and feature-rich. It's an excellent option for organizations looking to save money and time thanks to its low price and user-friendly layout. The free version of Square POS allows you to take payments and monitor sales even when you don't have an internet connection. This is a great benefit for mobile enterprises or those working in places with spotty internet service. Square's flexibility allows it to integrate with a wide variety of services, including payroll, making life easier for company owners and their staff. Among the many capabilities available in Square POS are customer profiles, third-party app connections, inventory management, mobile access, shift scheduling, a loyalty program, and full-staff administration. It's also easy for both the company and its consumers since it accepts electronic payments. Square POS is a cheap choice since its processing costs are 2.6% plus 10 cents for in-store purchases and 2.6% plus 30 cents for online purchases. In addition, there is no need to pay a subscription fee every month, making it a valuable option for small firms that want to expand their POS capabilities without increasing their regular outgoings. Check out Square’s services and POS solutions at www.squareup.com/us/en/point-of-sale.

Toast SOP System: If you own a small restaurant or café, you should seriously consider Toast POS, which stands out as a specialist point of sale system carefully built for the food service business. Toast aims to improve the eating experience by providing a suite of tools adapted to the specific requirements of restaurants. Toast's point-of-sale (POS) features include but are not limited to, digital menu boards, fast gift card handling, complete reporting and analytics, and online ordering and inventory management. Features like personnel management, delivery monitoring, tableside ordering, loyalty programs, and mobile ordering are just some of the ways in which Toast helps companies improve their productivity and the quality of their service to customers.

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Toast's unique selling point is its capacity for multi-location management, which enables chains to oversee several restaurants and create special menus and pricing structures for each. Depending on the package, Toast POS allows you to add features like online ordering and customer loyalty programs. Payment processing rates are competitive, with companies able to choose between 2.99% plus 15 cents per transaction for monthly hardware purchases and 2.49% plus 15 cents per transaction for outright hardware purchases. Toast POS is a low-cost alternative to other point-of-sale systems for small businesses and cafes since there is no ongoing monthly subscription. Log onto https://pos.toasttab.com/ For more information on Toast’s solutions.

Summing it up, the use of point-of-sale (POS) technology has brought about a significant transformation in the worldwide retail industry. This technology has not only facilitated the efficient administration of sales inside businesses but has also propelled them toward unprecedented levels of achievement. The aforementioned point-of-sale (POS) systems provide customized service packages designed for small enterprises, presenting cost-efficient solutions that align with their individual requirements and existing resources.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit https://canadiansme.ca/subscription/. If you want to stay ahead on the latest news, try following us on Twitter at https://twitter.com/canadian_sme. We encourage you to join our community of people who are enthusiastic about business.

Canadian Manufacturing Startups: Forging the Way Into the Future In the expansive landscape of Canadian entrepreneurship, a promising and dynamic wave

of innovation has emerged, gaining prominence as it redefines the nation's industrial landscape. Manufacturing startups in Canada have emerged as catalysts of a revolutionary shift, demonstrating their innovative prowess and unwavering will to begin on a disruptive trajectory inside a longstanding sector. Canada's technical, solid infrastructure and highly qualified workforce have positioned it as an advantageous environment for the emergence of manufacturing startups. This favorable setting fosters innovation, adaptability, and long-term development. The entrepreneurs are motivated by a shared ambition to revolutionize the manufacturing industry by incorporating advanced technologies such as artificial intelligence, 3D printing, and automation while also prioritizing sustainability and environmental awareness.

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The process of conceiving, designing, and producing things is being redefined,

disrupting conventional manufacturing paradigms and positioning Canada as a significant player in global innovation. The emerging industry not only contributes to the economic advancement of the nation but also exemplifies the limitless nature of the invention, positioning Canada as a center for groundbreaking manufacturing companies. Through this feature article, the CanadianSME Business Magazine will explore five different manufacturing startups rising in Canada:

Manufacturing Startups ESG Analytics: Illuminating ESG Investment Insights with AI

Poka: Transforming Manufacturing with Real-Time Knowledge Sharing

ESG Analytics is a pioneer and knowledge hub in the dynamic,

Poka is a platform designed exclusively

With this plethora of data at hand, investors can make better, more lasting choices. In order to ensure that stakeholders may

company. During this period, he saw the tangible difficulties arising from

sustainable, and responsible investment field. Whether via their straightforward online interface or API, made especially for asset managers and investment businesses, you may investigate a company's ESG sentiment, engagement in different activities, and more with the help of their state-of-the-art ESG Analytics AI engine. To help the world's leading asset managers, asset owners, wealth managers, and consultants identify risks and opportunities, ESG Analytics provides them with award-winning data and analytics.

use ESG insights to drive sustainable and responsible investment strategies, ESG Analytics, as an alternative data supplier, crosses boundaries to painstakingly monitor and evaluate environmental, social, and governance (ESG) policies throughout the world. You can learn more about their AI solutions by browsing www.esganalytics.io.

Vention: Engineering Innovation from Childhood Dreams to Industrial Reality Vention, led by its visionary founder and CEO Etienne Lacroix, has

come a long way from its beginnings as a firm dedicated to the dreams of young engineers. They've made a profession out of their childhood hobbies, which range from fixing VCRs and making model aircraft to building suspension motorcycles. As they matured, they saw that engineering tools like I-DEAS and Mechanical Desktop gave way to more modern programs like Catia and Pro/Engineer. Today, Vention tackles a major issue in the manufacturing sector: the lengthy and challenging procedure of developing, modelling, acquiring, and putting into service industrial machinery. Their goal is to streamline this procedure so that anybody, not just specialists, can use it, thus accelerating its wider use. Vention's devotion to long-term customer relationships, openness to input, and emphasis on providing easy-to-use, high-quality products all indicate the company's basic principles. The path of Vention, driven by creativity and technical prowess, opens the door to a more prosperous industrial future. Check out Vention’s solutions for streamlining industrial machinery at www.vention.io.

for manufacturers, established by Alex Leclerc, a former director in the field of manufacturing continuous improvement. The phrase "Poka Yoke," which refers to mistake-proofing in Japanese, is the basis for the name "Poka." Alex's involvement with Poka started during his stint as a Director of Continuous Improvement (CI) at a multinational food manufacturing

irregular operational performance, which led to issues such as wastage, quality deficiencies, and safety hazards.

Poka functions as a catalyst for transformation, facilitating manufacturers in enhancing their

operational efficiency by allowing their workers to engage in real-time learning, troubleshooting, and knowledge-sharing activities directly inside the factory premises. The

platform has been carefully crafted to facilitate the connection between

workers and digital manufacturing activities, therefore promoting a culture of ongoing improvement. The innovative strategy used by Poka has positioned it as the preferred option for digital manufacturing executives who want to augment the knowledge, performance, and productivity of their factory personnel. Manufacturers are able to envision a future in which the use of Poka facilitates the dissemination of information in realtime, therefore fostering excellence across all facets of their operations. You can learn more about this platform’s services at www.poka.io.

Manufacturing Startups Squint: How Artificial Intelligence and Augmented Reality Are Changing Business As We Know It Founded by Devin Bhushan, who is also the CEO of Squint, a company that has pioneered a transformative mobile app that harnesses the power of AI and AR to revolutionize data entry, procedure generation, and operator expertise. The roots of Squint can be traced back to the world of manufacturing, a $7 trillion behemoth that supports the contemporary economy. Squint was developed in response to market demand for innovative technology that might help close the skills gap

All of these companies have a vision for the future, from ESG Analytics' data-driven insights that are guiding responsible investments toward a more sustainable future to Vention's efforts to streamline intricate manufacturing procedures. Both Squint and MetaOptima demonstrate the potential of technology to improve healthcare and well-being

between the retiring and entering the workforce.

via their respective uses of artificial intelligence (AI) and augmented

The scope of Squint extends beyond the realm of manufacturing, indicating its ability to surpass limitations. Squint aims to democratize digital information and facilitate its use in diverse industries such as

reality (AR). Also, the commitment of people like Vention's creator Etienne Lacroix and MetaOptima's

is to enhance human capabilities by effectively incorporating digital information into the routine activities of individuals. This commitment entails redefining the operational processes of many sectors and

visionary leadership.

Energy, Healthcare, Hospitality, and others, with the overarching goal of empowering workforces. The primary objective of the organization

transforming the way in which individuals become experts in their respective fields.

For more information on their mobile application and its services, visit www.squint.ai.

Maryam Sadeghi and Majid Razmara shows the transforming power of

In their own right, these

businesses are forces for positive transformation because of the creativity, efficiency, and agency they've brought to their respective industries. They are representative of the forwardthinking mentality. As they

MetaOptima: Trailblazing Health Tech for a Brighter Tomorrow The objective of MetaOptima, a fast-growing digital health company based in Vancouver, Canada, is to equip people with state-of-the-art technology so that they may live longer, healthier, and more fulfilling lives. In 2012, CEO Maryam Sadeghi and CTO Majid Razmara set out to create a company that would revolutionize the dermatological and skincare industries via the use of cutting-edge technology. MetaOptima's mission is both audacious and consequential; the company wants to improve healthcare and save lives. Beyond making a profit, the firm is dedicated to improving the lives of its customers and the world at large via the creation of employment, the advancement of valuable technologies, and the provision of services. Aiming to improve healthcare, empower individuals, and make a positive impact in people's lives all around the world, MetaOptima's path is a shining example of the union of ambition and purpose. Lear more about them at www.metaoptima.com.

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continue to challenge norms and upend established ways of thinking, they serve as examples for others to follow.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit https://canadiansme.ca/subscri ption/. If you want to stay ahead with the latest news, try following us on Twitter at https://twitter.com/canadian_s me. We encourage you to join our community of businessenthusiastic individuals.

From Olympic Tracks to Classroom Impacts:

CanadianSME Small Business Magazine recently sat down with Steve Mesler, CEO of Classroom Champions, to discuss the parallels between elite sports and entrepreneurship. Steve Mesler, an Olympian, drew from his experiences in athletics to establish Classroom Champions, an initiative that merges sports and education. This unique program taps into the wisdom of

How did your entrepreneurial path lead to the creation of Classroom Champions? What drove you to uniquely combine the realms of athletics and education? From my experience, elite athletes tend to be naturally

entrepreneurial in some way. To get that far, especially on the Olympic side, you need to be able to sell yourself –

just like starting a business. You're seeking sponsorship to fund your journey, all while aiming to impress coaches and teammates with your performance and personality to align

Olympians and Paralympians, teaching

with or shape the team's culture.

children vital life skills such as perseverance and goal-setting. With the

Then, there are the common characteristics: the discipline

recent support from The Energizing

required to adhere to a plan while remaining open to

Community Collective, Steve's vision is poised to make a significant impact, particularly in underserved communities,

enthusiasm and setbacks, and the drive to continually seek

highlighting the transformative power of combining passion with purpose.

identifying and implementing necessary adjustments, the capacity to navigate the continuous shifts between

opportunities for self-improvement and the betterment of your team or company.

Steve Mesler is the Co-Founder and CEO of Classroom Champions, a non-profit that brings together children and the world’s best athletes to mentor and teach kids the skills they need to succeed in and out of the classroom. After breaking a 62- year drought for Team USA by winning an Olympic Gold Medal in the 4-man bobsled at the 2010 Vancouver Olympic Games, Steve was inspired to bring the values, lessons, and experiences he and his fellow Olympic and Paralympic athletes had gained through sport into classrooms. Since creating Classroom Champions, over 200 athletes have taught more than 1 million students about decision making, goal setting, perseverance, and teamwork to support their mental health, wellness, and academic achievement.

Co-Founder and CEO of Classroom Champions

Mentorship seen over 300 Olympic, Paralympic, professional and collegiate athletes lend their experience to millions of kids across North America in partnership with thousands of schools and school districts.

Dr. Quintina Bearchief-Adolpho MS PhD (L) with Steve Mesler, Champion Chats event, Calgary

My entrepreneurial path has allowed me to see Classroom Champions as much more than a classroom program, that’s how it’s been able to expand, garner partnerships and break moulds like it has today.

For me, transitioning from sports to entrepreneurship felt like a natural progression. While training for the Olympics, I realized the importance of various skills, as mentioned earlier, and many others. I believe that if we could instill these skills in kids from a

young age, we would have a real opportunity to positively impact both their life paths and society as a whole. That’s the basis of Classrooms Champions: Taking the journey and experience of Olympians and Paralympians to teach kids the mindsets and skills they need to succeed in life. Skills that we often refer to as “traits” - that are often fixed like grit, perseverance, goal-setting ability, mental health coping

strategies, and emotional regulation - are teachable skills that

can simply be learned and implemented, and are life-changing. In order to teach these skills and mindsets to kids, to make them come to life in each and every one of these students, we leverage Olympians, Paralympians, and more to both talk about them, but also to tell their personal stories of success and failure in implementing them. And then we needed to wrap that in an easy-to-use program for teachers, which eventually evolved into options for schools and districts that include full-blown curriculum, virtual mentorship programs, and more. I’m incredibly proud of where Classroom Champions is today. What started as just me, the Olympian mentoring, with my PhD educator sister Leigh supporting, a handful of classrooms around the country a over a decade later has

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Classroom Champions recently secured a significant funding amount from “The Energizing Community Collective.” How do you anticipate this will transform the outreach and impact of Classroom Champions, particularly in underserved communities like First Nations Reserves and Métis Settlements? The support The Collective has provided is no less than transformational. The need for stronger support in First Nation and Métis communities post-COVID is likely as high as it’s ever been. The resources are already at work as we’ve seen a 10x increase in support to provide to Indigenous communities in Canada that are asking for programming with the goals of improving mental health outcomes, grades and attendance for students, and building the socialemotional skills that are required to enter the workforce in the future.

Mentorship Classroom Champions’ ability to bring on not only experts, but Indigenous people as experts, to run the outreach programs into these communities, coupled with the ability to continue to build the Classroom Champions Circle program and curriculum to meet the needs of communities is unlike anything we’ve done in the past. We are capturing elder stories, hiring Indigenous educators and animators to bring those stories to young students, and then gifting that content to the originators/Nations and communities is monumental. The Collective’s financial support in threeyear blocks is allowing these communities to bring on programs at no cost to them,

train and support the teachers, and improve the programs. Then our team will be working with the communities, the

sponsors, and the government in the future to ensure stability of funding lines.

The connection between Classroom Champions and the communities where your supporting energy companies operate seems profound. How have these local ties influenced the strategies and priorities of Classroom Champions? That’s a great question. Simply put – the energy industry has influenced some of our strategies, but not our priorities. When we expanded the organization and opened up the Canadian Charity in 2013, we set out to identify the areas of need and where there was an opportunity to make the biggest impact based on what we had been seeing in our research from the first couple of years in the U.S. The Board of Directors identified that as low socio-economic urban, rural, and Indigenous communities. And because of the virtual nature of our programming and impact, the organication can deliver to the most remote areas as long as they have internet, or cell service – which is very unique. 68 - CanadianSME - November 2023

Team Canada speed skater Alison Desmarais has been conducting regular lessons and seasonal video calls with students from Chief Old Sun School and Chief Crowfoot School on Siksika Nation.

From there we began to identify funding sources and being based in Calgary, the energy industry was first in. Crescent Point Energy, who was actually Classroom Champions’ first corporate partner (in the U.S. in 2012, actually) helped us

learn how to work with the industry to understand their needs to improve the communities they live and operate in. We have learned, and then developed and continue to evolve a strategy over the years to help be a single-source provider for companies who have wide geographic needs to invest in their communities.

Before Classroom Champions, any company, whether in the energy sector or not, that operated in ten communities and aimed to invest in education for a skilled future workforce and improved schools for employees' children would typically need to collaborate with ten separate charities. This approach required significant resources and coordination on the corporate side. Moreover, there was a risk that 50% of these charities might face challenges in effectively delivering their programs.

Now, Classroom Champions can fulfill our priorities and mission to empower kids socially, emotionally, and academically in rural and Indigenous communities while aligning with the delivery and logistical needs of sponsors.

Mentorship Geri Greenall’s (Spartan Delta CFO and corporate lead of the Energizing Communities Collective) idea, to aggregate the industry to work together to help Classroom Champions reach scale and thus amplify everyone’s investment, was brilliant. Instead of working with numerous charities, we offer a centralized solution. This approach maximizes efficiency, reduces administrative burdens, and ensures that our programs effectively reach and benefit the communities we serve. Seeing everyone working together has been just fantastic.

And I’ll also say this – yes, we ensure alignment between the communities and corporate sponsors as much as possible, but in my experience working all across North America, there isn’t one industry that is as generous and supportive of their communities as this industry.

The people who lead these companies, on the whole, get it. They get the need and they get the incredibly crucial role they play in these communities. And that’s been really refreshing to be a part of.

interpersonal abilities to be second only to technology skills in importance of the future workforce. The skills and mindsets Classroom Champions teach kids will set them up for the utmost success. Thanks to this new funding, Classroom Champions is already providing in-person training and professional development to teachers in Western Canada, for the first time in our history. And research shows that it is more effective than virtual for teachers. As I’ve mentioned, deeper work with Indigenous communities is happening through the Classroom Champions Circle program, and more communities will meet their Olympic or Paralympic mentors in person than ever before. In fact – I’d love to have readers join us this coming spring for one of those community celebration events! *Classroom Champions 2022 Report to Community https://links.classroomchampions.org/HKY1

Team Canada speed skater Alison Desmarais lives and trains in Calgary, but is originally from Vanderhoof, B.C., and is of Métis descent.

With the new funding, tens of thousands of children in Western Canada are set to benefit. Can you provide some insights into the expanded educational programming and the kind of skills and knowledge these children will gain? I touched on this a bit above, but when kids are involved with Classroom Champions programs attendance rises, grades improve, and teachers enjoy their jobs more.* The cascading effects of that are invaluable. When kids are motivated (and excited) to show up for school, the trajectory of their lives could change. On top of that, they’re learning skills like perseverance, goal setting, leadership, empathy, and mental health strategies that they can use beyond just their lives in the classroom. McKinsey & Company foresees solid

Classroom Champions offers a unique opportunity for athletes to mentor schools through technology. How has this athletementorship model influenced student achievement and mental health, and what are the feedback and experiences of athletes participating in the program? In today’s world, there’s no shortage of role models, but there is an outnumbering of positive role models. Kids can jump on TikTok and get insight into the minds of influencers and celebrities, but they’re rarely talking about things

Mentorship that will improve the lives of our youth. In fact, both research and common sense tell us part of the current youth mental health crisis can be attributed to social media

and these outside influences from the traditional model of kids learning from their families, close community members, and teachers. Instead, kids today are comparing themselves to what they see on the internet. And we all know that isn’t real. With Classroom Champions,

kids have direct access to a world that does improve their self-esteem and mindset. The direct access to

their Athlete Mentor allows for growth and development in the right areas; allowing kids to understand

The Energizing Communities Collective Establishment Recognition, Calgary - May ‘23.

their worth, build their value set, and stay focused on their goals.

We’re also seeing fascinating results from district-led research showing 3-4x improvements in student mental health and wellness

outcomes compared to other

programs. This is connected to longterm research that shows people high in goal-persistence (stick to

those goals!), perseverance, and positive reframing (take a bad and make it a good) have lower levels of anxiety and depression. And those are the exact skills and mindsets Classroom Champions programming is teaching through these athletes and curriculum. In terms of athlete impact: 100% of athlete-mentors report that participating in the program helped them prepare for life after sport. They not only feel the power of the emotional impact they have on kids, but their participation truly sets them up to feel confident in their abilities and skills after sport.

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What guidance or piece of advice would you give to individuals looking to embark on their own entrepreneurial ventures, especially in the realm of education or social impact? I would say, first and foremost, make sure you are energized by it. The hours are long and you will need that passion to get you

through the chorus of nos, the failures, and the challenges that lie ahead. That goes for entrepreneurs overall, but doubly on the charitable side because there is no “exit” plan in the sense of selling the company that may keep you engaged during the hard times.

From there – prioritize what you want your outcomes to be. What do you want the people who use your idea to think, feel, and or do once they engage with you? Too many people focus on some awesome way of doing things that can be accomplished through simpler or cheaper means.

Lastly, and I could go another 10 points but we’ll keep this tight if you’re the only one who thinks it’s a good idea… you might be onto something! If it was obvious and easy, someone’s likely already doing it. Go out and find your people, your funders, and your users – they’ll be out there! For more information, log on to: www.stevemesler.org

Chair of the Board of Directors of CERIC

Dr. Candy Ho, Chair of the Board of

Dr. Candy Ho is the Chair of the Board of Directors of

Directors at CERIC, recently shared insights in an interview with CanadianSME Small Business Magazine.

CERIC, a national charitable organization advancing education and research in career development in Canada. She is also the inaugural Assistant Professor,

She discussed her career journey from volunteering as a peer educator to her current role as an assistant professor of careers at the University of the Fraser Valley in BC. Dr. Candy highlighted the 10 megatrends expected to shape the future of work in Canada, emphasizing the need for adaptability and lifelong learning. She also provided valuable tips for individuals to proactively prepare for career resilience while stressing the importance of employers embracing flexibility, continuous learning, diversity, and inclusion to meet changing workforce expectations and maintain positive work environments.

Integrative Career and Capstone Learning at the University of the Fraser Valley in British Columbia, teaching courses that help students consider their educational and life experiences, and how these experiences can help them achieve their short- and long-term goals, ultimately helping them design the life they want to live. In addition, she also holds teaching positions in Kwantlen Polytechnic University’s Educational Studies Department and in Douglas College’s Career Development Practitioner Program. With a doctorate in Education, Candy is keenly interested in the convergence between career education and development, teaching and learning and student success.

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Women Entrepreneurship Could you begin by sharing your journey as a career professional and how you've come to be an assistant professor of careers at the University of the Fraser Valley in BC? What inspired you to focus on career development? I’d like to think that I am a good example of how one can ‘volunteer their way into a career.’ During my undergraduate studies, I signed up to be a peer educator

at my university’s career centre. I fell in love with helping students explore their possibilities, articulate their skills and experience in their applications and during interviews, and reflect on how their studies connected with their professional goals and aspirations. Upon graduation, I continued working at my alma mater and served in various capacities including new student transition, campus life, student engagement and leadership,

The 10 megatrends described in the report that are expected to shape work in 2040 are:

eventually return to a career education role. Fast forward, I now hold two faculty positions teaching my dream

graduate studies and/or starting entrepreneurial ventures.

What in your opinion are the major changes impacting the future of work in Canada? And how they are expected to shape the Canadian job market in the coming years? The organization I chair called CERIC – a charitable organization whose mandate is to advance career development and education in Canada – recently commissioned Creative Futures Studio Inc. to explore what career development might look like in 2040. To inform the report, Career Development in 2040, they interviewed career development practitioners across our country on the changes they see in the field. They discovered 10 megatrends that are expected to affect the job market in significant ways in the years to come. Whether they are employers, employees or job seekers, Canadians need to take note and get ready for the changes ahead.

Living with Climate Change: The impacts of climate change, such as wildfires, heat waves, droughts, and storms are likely to increase, with impacts on air quality, food production and diseases.

courses in career development at the University of the Fraser Valley and Kwantlen Polytechnic University, where I get to help students think about how they want to

leverage their talent, knowledge, and skills to achieve their goals, such as applying for their dream jobs, continuing to

AI & Automation: Artificial intelligence and automation is exploding across the labour market, with significant investments across all industries.

residence and housing, and university advancement. In

every capacity, I found myself feeling curious about how I (and my institution) could better help students with their career possibilities. That’s when I knew I was meant to

Work Anywhere: COVID-19 accelerated a transition to remote work, creating conditions for working from anywhere – across borders, with greater mobility and for any company.

Geopolitical Conflicts: Shifting global powers, conflict and natural disasters are creating complex political and economic dynamics with local impacts.

Reconciling the Impacts of Colonialism: There is a growing awareness of the intergenerational impacts of colonization, the pervasiveness of systemic racism embedded in institutions, and truth and reconciliation as a national project.

Economic Precarity: Cost of living and affordability is increasingly a challenge for many Canadians, exacerbated by the housing crisis and increasing the number of residents who are food insecure.

Women Entrepreneurship

Globalization Under Pressure: COVID-19 and global conflicts have challenged principles of globalization, which may provide the conditions for a localized economy or, conversely, accelerate the power of global corporations.

hone these skills I have identified? By staying up to date on in-demand skills and adaptable to the changing labour market, you can enhance your value to employers and position yourself as a valuable asset.

Education, Disrupted: Employers and hiring practices are focusing on skills over credentials, and the rising cost of post-secondary education and the availability of free online learning platforms may transform the post-secondary education sector.

Network and Diversify

Declining Mental Health & Well-being: Mental health challenges and drug and addiction rates have all grown significantly in recent years, in part due to COVID- 19, economic precarity, climate anxiety and increased use of technology.

Continually building and maintaining a robust professional network is essential for career resilience. Having a broad professional network – one that expands beyond your immediate field – can provide you with valuable insights, job opportunities and support throughout your career journey, especially during challenging times. Attend industry events, join online communities, serve in leadership roles in professional associations and use platforms like LinkedIn to connect with professionals in your field and beyond.

Generational Shifts: New generations are taking power with different values than previous generations, while older workers are working longer.

As indicated by the megatrends from the report, the future

of work in Canada will be shaped by technological advancements, changing work arrangements, social and economic events, sustainability, diversity and inclusion, and

a heightened focus on well-being. Adaptability and a commitment to lifelong learning will be key for individuals seeking to thrive in our continually evolving labour market. Ultimately, ensuring an inclusive future for our workforce will require collaborative efforts between our government, industry, professional associations and educational institutions.

Many Canadians are concerned about the anticipated labor market shifts. What are your top three tips for individuals to proactively prepare for these changes and ensure their career resilience?

Develop a Career Mindset A career mindset is a strategic approach to career development that is deliberate and focused on how the individual seeks to shape their future and see their career develop and unfold. Embracing a career mindset can help you adapt to changing circumstances and overcome setbacks, as you remain receptive to feedback and view missteps as learning opportunities, all while continuing to navigate toward your long-term goals. Cultivating resilience and embracing hope will help you weather the storms of career change and emerge stronger on the other side.

In these uncertain times, it's crucial for Canadians to maintain career resilience. Can you share some strategies and practices individuals can adopt to navigate their career development effectively despite the challenges?

Continuous Learning and Upskilling Seek out opportunities to acquire new skills, whether through formal education, online courses, microcredentials, workshops, mentorships self-study, etc. Ask yourself: What are the skills that are in high demand in the roles and industries I’d like to pursue? How can I gain and

In my previous response, I shared the strategies of continuous learning and upskilling, diversifying your network and having a career mindset. Here are some other ways Canadians can remain resilient in a turbulent labour market.

Women Entrepreneurship Be open to change and adaptable in your career choices. The job market is evolving and it's important to be flexible. Consider pursuing opportunities in related fields and be willing to pivot when necessary. Consider, for instance, working on side projects or freelancing to gain additional experience and income. These endeavours can provide a safety net and expand your skills and network. Furthermore, seek out mentors and advisors who can provide guidance and support. Learning from the experiences of others can help you make informed decisions and navigate your career more effectively.

Regularly reflect on your goals and priorities, at work and in life, to see if they have shifted. Recent phenomena such as the Great Resignation and “quiet quitting” indicate people are shifting from prioritizing work to focusing more on their other life roles and responsibilities. Being career resilient means that you are aware of what’s important to you, the resources that you have (or need to attain) to sustain yourself and your family, and how you can act in congruence with your values and priorities, even when facing setbacks.

And finally, seek support from trained professionals. In uncertain times, it can be overwhelming to continually monitor industry and labour market trends, while also exploring your evolving goals and priorities. Career development professionals are trained to provide

guidance and expertise in these topics including: helping you find and interpret labour market information; devising strategies to help you pivot from one industry to another; helping you explore your context, values and goals; and considering how to make career decisions that align with these life elements.

As the workforce continues to evolve, employers face new challenges in meeting employee expectations. How do you suggest employers adapt to these changing workforce dynamics while maintaining a positive work environment? Adapting to changing workforce dynamics while maintaining a positive work environment requires a proactive, individualized approach from employers. Employers need to initiate conversations with employees about what they need from their managers and the organization to be successful. These conversations should be ongoing, as employees’ needs and priorities shift over time. Embrace the notion that employees have different circumstances and needs, so personalized approaches will be needed to help each employee thrive in the workplace.

Some additional suggestions to navigate the evolving workplace: Flexible work arrangements: Embrace flexible work options such as remote/hybrid work or flexible hours. This accommodates the changing needs and expectations of employees, especially in a post-pandemic world where remote work has become more prevalent. Not all employees will opt into these work arrangements. However, for those who are seeking a better balance of their personal and professional commitments, this can be a key retention strategy. Continuous learning and development: Create a culture of learning and growth within the organization. Remember that not everyone aspires to “climb the career ladder” and that career development comes in different forms. Engage employees by offering a variety of opportunities for upskilling and reskilling that align with their individual professional goals and that adapt to changing job requirements. This can include online courses, workshops and mentorship programs. Diversity and inclusion: Promote diversity and inclusion within the workplace. A diverse workforce not only brings a variety of perspectives but also meets the expectations of modern employees who value equality and inclusivity. For instance, employers should recognize that different generations may have distinct expectations when it comes to work. Tailor your approach to attract and retain talent from various age groups, understanding their unique values and work styles.

In a revealing interview with CanadianSME Small Business Magazine, Jean Barrett, the Manager of the Community Micro Finance Program at Alterna Savings, illuminated the essence

Jean Barrett has over 25+ years in banking with Retail and Commercial experience. Jean is currently the Manager for Alterna Savings' nationally acclaimed Community Microfinance Program. Here she manages and oversees nine community microloan portfolios and manages the portfolios of over 250 plus small business borrowers in the Greater

of microfinance and its significant role in advancing financial inclusion in Canada. Microfinance,

Toronto Area and Ottawa Region every year. With a certificate in financial literacy, Jean provides advice to entrepreneurs and community organizations. Jean regularly

as Barrett explains, is more than

speaks on business planning, credit building, budgeting, and

just small loans; it's a lifeline to those traditionally excluded from conventional financial systems. In

financing options to entrepreneurs to organizations such as ACCES Employment Services, Toronto Business Development Centre, Toronto Library and Youth Employment Services. She

a country marked by prosperity yet shadowed by pockets of poverty, Alterna Savings'

also lends her expertise to ACCESS Community Capital Loan Fund and the Ottawa Community Loan Fund Team.

Community Microfinance Program is a beacon of hope, actively removing barriers for those

Jean has been a mentor to young entrepreneurs in the local community and has been recognized by the Ministry of Economic Development and Trade for volunteering and

embarking on the journey of entrepreneurship. Offering more

supporting Ontario Young Entrepreneurs through the Provincial Summer Company program. Jean is currently a

than financial support, the program encompasses education

volunteer with RISE Asset Development Investment Committee, where she lends her expertise in microfinance

and holistic services, aiming not just for business success but for

and small business loan reviews.

the establishment of financial independence. Jean highlights the transformative impact of microloans at both the individual and community levels, fueling small businesses, generating jobs, and enhancing local economies. Distinguishing Alterna, Jean elaborates on its Community Impact Department and its suite of initiatives designed to foster financial resilience and inclusivity. For those seeking to learn more or engage with the program, Alterna Savings welcomes inquiries through their website and invites personal discussions with their dedicated microfinance team.

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Jean Barrett Manager, Community Micro Finance Program at Alterna Savings

What is Microfinance? Microfinance is a transformative approach to financial inclusion that transcends borders, designed to empower individuals and groups that lack access to conventional financial services. While it is often associated with developing countries, it is relevant in prosperous nations like Canada. In Canada, a segment of the population faces additional barriers when trying to start a business. The financial barriers can impede individuals trying to escape poverty through entrepreneurship.

Beyond individual empowerment, microloans also exert a macro-level influence by contributing to local community development and job creation. These loans not only elevate the financial well-being of individual entrepreneurs but have a ripple effect, fostering economic growth and stability within their communities.

At Alterna, we’ve developed a proactive approach to assessing small business loan applications, epitomizing our commitment to addressing socioeconomic inequalities. Our Community Microfinance Program’s mission is to foster financial independence and break down barriers that exclude underserved communities from vital financial resources.

Our Community Microfinance Program extends beyond

What makes Alterna unique?

We strive to make a meaningful impact on poverty alleviation. Through this program we contribute to a more inclusive and equitable financial landscape in Canada.

What distinguishes Alterna is our steadfast dedication to community impact, a cornerstone of our identity. We are deeply committed to giving back to the local communities we serve through our branch network. Here’s what sets us apart:

loans, offering wraparound supports and financial education. These services empower individuals with the knowledge and tools needed to succeed.

How have microloans impacted small businesses? Microloans can play a pivotal role in transforming lowincome individuals' economic and social prospects. Our firsthand experience has shown that microloans are instrumental in building assets and ensuring future financial security for small business owners and entrepreneurs. At the micro level, these loans boost productivity, enhance personal assets, increase income, and foster selfsufficiency among individuals and their households.

Specialized Community Impact Department: Alterna boasts a dedicated Community Impact department that goes beyond traditional banking. This department offers comprehensive support to entrepreneurs and small business owners, serving as a catalyst for community upliftment.

Support for the Nonprofit Sector: Our Community Impact team extends support to co-operatives, nonprofits, and charitable organizations. We provide tailored initiatives and programs to cater to the needs of the sector, recognizing the pivotal role of nonprofits in community development.

Key Initiatives: Within our Community Impact Department, four pivotal initiatives drive community economic development and forge stronger

Alterna has an unwavering commitment to providing financial services and making a tangible and positive impact on the communities we serve. We actively foster economic development, financial inclusion, and social wellbeing, making a meaningful difference in the lives of individuals and communities alike.

community bonds:

a. Community Microfinance Program – Empowering underserved individuals and communities through microloans. b. Community Financial Resiliency Program – Helps improve the capacity and resilience of the nonprofit and charitable sector to build equity and strengthen their financial sustainability.

Where can someone get more information about Alterna’s Community Microfinance Program? You can visit our website at: Alterna Programs & Resources Book an appointment at: Contact Alterna's Microfinance Team | Alterna Savings

c. Community & Financial Inclusion Granting Programs – Tackling social, financial, and economic exclusion by offering grants to underserved communities. d. Community Financial Education Program – Financial education tailored to the specific needs of individuals, organizations and communities.

Inclusive Approach: At Alterna, our mission is to combat the social, financial, and economic exclusion experienced by underserved and underrepresented individuals, organizations, and communities. We provide a holistic, wraparound approach to all Community and Community Microfinance members and partners, emphasizing the importance of financial education and support.

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or scan the QR code below.

Founder of Luna Nectar In a recent interview with CanadianSME Small Business Magazine, Mia Fiona Kut, the visionary founder of Luna Nectar, shared her transformative journey from the film realm to pioneering sustainable beauty solutions. Driven by personal experiences and a passion for natural alternatives, Mia crafted Luna Nectar’s groundbreaking waterless formulas. These products not only prioritize safety and potency but also champion sustainable practices. Her brand, infused with adaptogens inspired by Traditional Chinese Medicine, has seamlessly blended innovation with responsibility. Mia’s commitment to holistic beauty and sustainable practices shines brightly in an industry on the cusp of change. Mia Fiona Kut is the founder of Luna Nectar, a Canadian sustainable adaptogenic haircare company with the mission to kick the stigma of women’s hair loss. Growing up on Eastern traditional medicinal herbs to ease her health issues, she aims to share the power of adaptogens with the world. During an 8-year stint in the film industry as a director of multiple award-winning short films (including a nomination for Best Canadian Short Film at the Vancouver Asian Film Festival), Mia launched Luna Nectar and earned the 2019 BC Business 30 Under 30 Award. Her all-natural, waterless innovation (an alternative to harmful chemical-based,hormonedisrupting lash enhancers), the Moon Boost Lash & Brow Enhancing Serum has been named as ‘Best Vegan Lash Serum’ in Vogue and ‘Top 10 Lash Serums’ in Women’s Health Magazine, and has garnered a ‘Best Hair Treatment’ nomination for the CertClean Awards, and ‘Best Haircare Innovation Award’ from BeautyMatter’s Next Awards.

Women Entrepreneurship Can you walk us through your entrepreneurial journey that led to the inception of Luna Nectar? What were some of the key challenges and milestones in the clean/natural haircare industry? I was in the film industry for 6 years as a director and screenwriter but always harbored a love of mixing up my own natural skin and haircare potions. I was particularly struck when my sister came home one

day with long eyelashes that had doubled their length overnight! She had been using a chemical, hormonebased lash serum which worked, however, it gave her adverse side effects including chemical burns, and eczema on her eyelids, and her lashes would fall out in clumps. Horrified, I did more research and saw that women of all ages were using lash products like this (that contained the ingredient bimatoprost, which was originally meant for treating glaucoma).

I spent about a year and a half experimenting with an all-natural lash and brow density alternative, and

finally launched our first product, the Moon Boost Lash & Brow Enhancing Serum, in 2017. Following that, we came out with a hair-density version, the Atmosphere Hair Density & Scalp Serum. This expanded into a line of haircare which are formulated with hair-boosting adaptogens and peptides, and are also waterless to save precious global resources, and not dilute the

formulas – for more potent, powerful, quicker results.

The key challenges and milestones in the clean/natural haircare industry are getting education and knowledge to our consumers. Historically, traditional haircare formulas haven’t changed in decades – for example, shampoo is mostly 80-90% water and only 10% or less of active ingredients, and dry shampoo still comes in aerosol cans and contains benzene. Our mission is to innovate the next generation of haircare where formulas are more sustainable and all-natural, but this will take time before this is the ‘norm’ in the haircare industry. A huge milestone is the new regulations for the cosmetic industry, in particular FDA approval for cosmetics. There is a higher standard now for lab testing and clean ingredients, and we see this as a win for personal care as a whole.

Luna Nectar is known for raising standards in the beauty industry. What sets your brand apart, and what advice would you offer to emerging startups aiming to make a positive impact in this sector? Our brand follows UN’s Sustainable Goal of

Responsible Consumption and Production. The majority of our formulas, including our bestsellers Moon Boost Lash & Brow Enhancing Serum, and

Atmosphere Hair Density & Scalp Serum, are waterless. In fact, we are grateful to announce that Moon Boost was recently nominated for the ‘Best

Haircare Innovation Award’ by Beauty Matter’s Next Awards for its waterless formulation! Our Mars Sand Volumizing Dry Shampoo has also been nominated for Best Breakthrough Haircare Product by Beauty Independent’s Beacon Awards. We are Plastic Neutral+, and use recyclable packaging. We also are partnered with Pact, which upcycles hard-to-recycle packaging bits into other products. Our formulas are dermatologist-tested, and trichologist approved.

Image Courtesy: lunanectar.com

Our advice to emerging startups aiming to make a positive impact in this sector is to create products that can actually make a difference. There are already many face serums, mists, and toners out there – how will yours differ and contribute to a better industry as a whole?

Women Entrepreneurship

Image Courtesy: lunanectar.com

As an Asian woman in business, how have

Luna Nectar products incorporate a distinctive blend

your personal experiences shaped the philosophy of Luna Nectar? What initiatives or practices has the company adopted to

of adaptogens and draw inspiration from Eastern beauty rituals. Can you share the benefits of these elements in haircare, and how have they been

advocate for diversity and inclusion within the industry?

received by consumers?

I blend a lot of my Asian background into our formulas – they take from the adaptogen theory used in Traditional Chinese Medicine. Minimalism and resourcefulness are also part of my culture, we take a less-is-more approach, with multi-purpose products that create beauty routines that require as few steps as possible. We also emphasize balance – creating homeostasis within your scalp and skin with our formulas. We also practice balance within our workplace. Our team is 80% PoC and 80% women, and we encourage work-life balance, in which our team can come in on their own hours for their shifts.

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We use hair-boosting adaptogens such as He Shou Wu, Skullcap, Angelica, Gotu Kola, Horsetail, and Red Clover that encourage scalp circulation, prolong the growth phase of the hair cycle, strengthen hair follicles, and reduce scalp inflammation.

Consumers are used to taking adaptogens internally to balance out their health, and with us flipping that idea to be applied topically, this has been well received by consumers. We hear from many consumers that they do have difficulty finding haircare that doesn’t strip their hair, or create more shedding, and they find that our all-natural formulations do work for them.

Chandra Ramadurai, CEO of Efficiency Capital, discussed his journey from renewable energy to a focus on energy efficiency in an interview with CanadianSME Small Business Magazine. Strategic partnerships are pivotal in achieving their mission, connecting

Chandra brings over two decades of experience in sustainable energy, construction and banking in Canada, the US, Europe, the Middle East and India. He has led or been part of various investment deals worth billions of dollars. Previously, he was the CEO at IT Power, one of the world’s oldest clean energy

financial expertise with technical capabilities to deliver tailored retrofit

companies based in the UK and has held senior-level positions at Suzlon Energy, a large

solutions. Their holistic approach to energy retrofits contributes to decarbonizing commercial facilities,

wind energy company, Cemex, Standard Chartered Bank and PWC.

while also creating local jobs and benefiting communities, particularly in emissions-heavy regions like Alberta

Chandra is an experienced Board Member and holds an MBA from Duke University, a Chartered Accountancy qualification and an

and Saskatchewan. Efficiency Capital is

engineering degree.

not just a contributor but a catalyst in Canada’s journey towards achieving net-zero emissions by 2030. Chandra Ramadurai is the Co-Founder and CEO of Efficiency Capital, an Energy-as-a-Service (EaaS) company that works with building owners and operators in the multi-family, commercial and industrial segments to undertake large scale retrofits of their buildings with no capital contribution from the owners – and creates financial, environmental, and social outcomes. Efficiency Capital has investment partnerships / funding commitments with Toronto Foundation, McConnell Foundation, TAF, Canada Infrastructure Bank and various other impact investors.

Chandra Ramadurai Co-Founder and CEO of Efficiency Capital

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Entrepreneurship Can you begin by sharing a bit about your professional journey and what led you to your current role at Efficiency Capital? About fifteen years ago, I was appointed to run one of the businesses I had invested in. The business was one of the oldest in sustainable energy / development in the UK and I gained extensive experience in renewable energy, which at the time

was reliant on government procurement contracts. During the 2009 global financial crisis, we saw those contracts dry up or get renegotiated and so we moved away from businesses heavily reliant on such government subsidies, and pivoted to focus on energy efficiency, which can pay for itself.. This decision remained true to our sustainable energy background but emphasized a sub-segment where governmental support was not required. This was a turning point for me and since then my focus has been on the energy efficiency and net-zero market segments.

The $75 Million initiative in collaboration with CLEAResult offers no upfront costs for energy efficiency upgrades. Can you elaborate on how this model works and what inspired this approach? Building retrofits are one of the most cost-effective ways to reduce operating costs and carbon emissions. They also increase building values and

overall returns to owners, but they are complex and capital-intensive to undertake. There has never really been a comprehensive solution to meet the pent-up demand for unfunded and unrealized retrofit projects. EC bridges this gap by offering

Energy a Service, which addresses the three major barriers to undertaking these retrofits:

Now our business provides an energy efficiency

solution that achieves triple bottom line outcomes – namely financial, environmental, and social outcomes. Energy efficiency as an industry offers several benefits and provides market returns financially. It reduces environmental and carbon

footprints, and by upgrading older buildings we significantly increase thermal comfort, boost fresh air supply and improve health outcomes such as

fewer doctor visits and decreased absenteeism at school and work. I have worked in various businesses, but none have given me the same level of pride and fulfillment as my current one, thanks to this ability to impact the people, planet and profits at the same time.

Limited capital: Building owners often prioritize capital spending for more urgent requirements and kerb-appeal upgrades, limiting the amount available for large-scale portfolio-wide energyefficient investments.

Time/capacity: Project management and expertise can be challenging to handle internally due to a lack of expertise and serious time constraints with other priorities to focus on.

Risk/Reward: Without a clear understanding of project possibilities and how to maximize their value, projects either aren’t undertaken or expectations aren’t met if started.

As a performance-based investment solution, EC partners with each building to design, fully fund, and manage their low-carbon retrofits. We do this in exchange for a fee that is based on the savings or value created from the retrofits themselves. By removing the complexity and the capital burden, EC enables building owners to reap the benefits of modern equipment and newer technologies, higher valuations and financial returns, and improved ESG performance without impairing their balance sheet or limiting their business priorities.

Entrepreneurship Efficiency Capital has a history of forming partnerships for energy upgrade projects. How crucial are these strategic partnerships in achieving the company’s objectives, especially with the new collaboration with CLEAResult?

How was the decision-making process structured when selecting specific energy retrofits, and what contributions are they expected to make toward decarbonizing commercial facilities?

Our nation needs as much help as possible to reach our 2030 and 2050 emission targets; efficiency retrofits offer a great opportunity for decreased emissions. Buildings are responsible for more than 50% of greenhouse gas (GHG) emissions in metro areas in Canada and globally, with older buildings contributing greatly through the use of inefficient or outdated technology—a significant issue when you realize the

Efficiency Capital uses a meticulous and customized process to decide which energy retrofits to apply to any building, including commercial facilities, that starts with a comprehensive baseline audit. As each building and business has unique needs and characteristics-–from building age to service requirements for its tenants—we avoid a one-size-

Having said that, building owners have been used to

tech solutions that is tailored to each building’s

age of our nation’s building stock.

doing things in a particular way for the past many years – so, when you are asking them to change how they approach and fund retrofits (own capital vs third party capital, etc.), that involves building trust. The

building owners need to be confident that this changed retrofit approach will not impact their business outcomes. While Efficiency Capital has this new

innovative EaaS model, our partners have the local inmarket presence and credibility with these building owners – that’s why these partnerships really make sense.

fits-all approach and instead optimize a combination of high-value proptech and climate

requirements. Qualifying projects undergo diverse energy retrofits, including everything from improvements to building envelopes, on-site

renewable energy generation, heating and cooling systems, airflow regulation, fuel switching, waterrelated upgrades, and much more. This holistic vision for building efficiency cultivates a

comprehensive sustainability program that addresses challenges and potentials at the heart of a building’s functionality.

Our latest partnership with CLEAResult demonstrates the combination of disciplines and services needed to deliver turnkey retrofit solutions. Our financial and project management expertise, combined with CLEAResult’s technical capabilities and local market relationships, connects the dots between private impact capital and the technical performance of these assets.

Similar partnerships with organizations in Alberta, Quebec and Nova Scotia aim to amplify our outreach to help owners across the country adopt low-carbon solutions. EC’s model – a first of its kind in Canada – has an excellent track record of success in over 55 installations, saving over $30 million and reducing 25,000 tonnes of GHGs.

Through this holistic strategy, Efficiency Capital aids in decarbonizing commercial facilities, aligning with Canada’s sustainability goals and proving that it’s both economically viable and environmentally responsible for investors and building owners.

Entrepreneurship Drawing on the idea that energy efficiency aligns with economic stimulus, could you explain how this initiative aims to benefit building owners, stimulate job growth, and positively impact communities in Alberta and Saskatchewan?

The benefits of Efficiency Capital’s green building upgrades extend to the broader community in several ways. By reducing greenhouse gas emissions, the upgrades result in cleaner air, which contributes to

Energy efficiency and economic stimulation are inherently interdependent. According to a study by the International Energy Agency (IEA), due to the labour-intensive nature of many energy efficiency upgrades, USD 1 million spent on energy efficiency is estimated to generate between six and 15 jobs on average, depending on the sector. And because a majority of the jobs involve construction, ongoing maintenance, etc, most of the jobs are local, which

the overall well-being of residents. Additionally, the reduced operating costs from energy efficiency measures can have a trickle-down effect, with savings being reinvested in community-enhancing projects like gardens or improved shared amenities. These upgrades cater to the increasing demand for green spaces and provide tangible health benefits through

Efficiency Capital fosters these low-carbon development/

building health and energy efficiency

significantly drives up economic activity.

retrofits through strategic investments in cash flowpositive projects. By reducing a building’s energy expenses, these projects alleviate building owners’ financial burdens while promoting job creation and supporting the

development of healthier, more vibrant communities.

improved ventilation, lighting, and heating/cooling systems. Improved

foster a more engaged and productive community while significantly reducing absenteeism from work and school. In this manner, we are not just a contributor but

a catalyst in the journey towards Canada achieving its net-zero emission targets by 2030.

Though all provinces can benefit from Efficiency Capital’s investment model, targeting those that significantly contribute to Canada’s greenhouse gas emissions is crucial to amplify efforts for a greener future. In 2020, Alberta and Saskatchewan were responsible for a whopping 74% of the country’s total emissions from power generation. Efficiency Capital’s focus on energy-efficient projects in these regions aims to make the most significant positive impact on the environment and economy. These projects also create job opportunities related to each building and beyond, ranging from construction to green technology innovation. As buildings are retrofitted, demand for a robust workforce inevitably follows. Alberta and Saskatchewan can foster job growth through these energy upgrade initiatives while transitioning to a lowcarbon economy.

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Empowering Entrepreneurs and Business Owners: Alterna Savings’ Innovative and Inclusive Financial Solutions

For 115 years, Alterna Savings (Alterna) has been a leader in the Canadian Cooperative Banking landscape. Ranked among Canada’s top 10 credit unions, Alterna is not just a financial institution; it’s a member-owned cooperative with an unshakeable commitment to its 217,000 members. Operating across a network of 43 branches across Ontario, with a call centre, and robust digital platform, Alterna has become synonymous with accessible, reliable, and community-focused banking.

A Holistic Financial Institution Alterna’s commitment to its members goes beyond profits; it’s about delivering good, caring, and transparent advice and financial services. They aim to help members set and achieve their financial goals while reinvesting profits into member services and local communities.Together, with like-minded organizations and their members, Alterna strives to make a positive collective impact, promoting community economic development and ensuring that their profits serve a higher purpose.

Entrepreneurship

Breaking Barriers, Creating Opportunities: Community Microfinance at Alterna One of Alterna’s most remarkable initiatives is the industry leading Community Microfinance Program. This program focuses on addressing socio-economic inequity by providing opportunities for financial independence and helps to dismantle barriers to banking for marginalized individuals. Thanks to Alterna’s strong community connections and partnerships with local organizations, they can identify and work with individuals who can benefit most from the program.

The Community Microfinance Program targets

underserved individuals and organizations, including low-income individuals, self-employed individuals, business start-ups, new Canadians, and individuals transitioning into the workforce.

Within this program, Alterna offers various types of loans, each designed to address specific challenges:

Income Builder Loan: Bridging the income gap for low-income individuals and the working poor through self-employment. Success Accelerator Professional Development Loan: Supporting new Canadians and individuals entering the workforce by providing funds for training, exams, licensing, or essential tools. Skilled Professionals and Trades Loan: Empowering self-employed entrepreneurs with the resources to purchase tools, equipment, or market their services.

Alterna’s Community Microfinance Program partnerships are built on shared goals and a commitment to community development, enabling strategic resource pooling to reach diverse communities. Together, their collaborative objective is to empower members to become self-sufficient, self-empowered business owners who contribute to economic growth.

Supporting Entrepreneurs and Business Owners at Every Stage Beyond its pioneering Community Microfinance Program, Alterna offers a diverse range of

products and services tailored to support small and medium-sized businesses throughout their

lifecycle. Drawing on their wealth of experience, they provide professional advice for for-profit

and nonprofit organizations. Their product offerings span business accounts and payment processing to commercial mortgages, all

underpinned by a steadfast commitment to their members' well-being. Innovative and inclusive, Alterna Savings stands

as a testament to the power of financial institutions to drive positive change in the lives of individuals and communities. Through their unwavering dedication to empowering entrepreneurs and business owners, they are not just delivering financial services; they are delivering the future of finance – one that’s inclusive, sustainable and community-centric.

To learn more about Alterna visit us at alterna.ca or contact our Community Microfinance team at microfinance@alterna.ca.

Social Impact Entrepreneurship Loan: Backing both for-profit and nonprofit initiatives that use business strategies to create positive change. Working Women Business Loan: Supporting women entrepreneurs seeking selfemployment for greater job flexibility.

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Alterna Savings & Credit Union Limited operates as Alterna Savings. Alterna Savings is a credit union operating in Ontario. For information on deposit insurance, please ask for a brochure at the credit union or visit the FSRA’s website at www.fsrao.ca.

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