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Empowering Canada's Entrepreneurs: Minister Rechie Valdez's Vision for Small Business Success
Minister of Small Business
In an exclusive interview with CanadianSME Small Business Magazine, The Honourable Rechie Valdez, Minister of Small Business, shared her vision for fostering entrepreneurship in Canada. As a former small business owner, Minister Valdez highlighted the significance of Small Business Month, celebrating the contributions of entrepreneurs who form the backbone of Canada’s economy She discussed recent government initiatives aimed at reducing costs and supporting growth, including lower credit card fees and tax cuts, while also emphasizing the importance of inclusive programs like the Women Entrepreneurship Strategy and the Black Entrepreneurship Program With a focus on creating a more inclusive and supportive business environment, Minister Valdez is committed to empowering Canadian entrepreneurs to achieve longterm success.
Empowering Canada's Entrepreneurs: Vision for Small Business Success
The Honourable Rechie Valdez was elected as the Member of Parliament for Mississauga Streetsville in 2021 She has been a member of various parliamentary committees and associations, including the Standing Committee on Veterans Affairs and the Canadian NATO Parliamentary Association, as well as the Chair of the Canada-Philippines Parliamentary Friendship Group Minister Valdez is a Canadian entrepreneur, television personality, and community advocate She is the first Filipino-Canadian woman elected as a Member of Parliament and appointed to Cabinet, and is committed to ensuring the diverse voices of her community are heard. Before entering politics, Minister Valdez owned and operated a small business and dedicated herself to growing her online business avenues. She was also the host of a television show that shares the stories of entrepreneurs, creators, and artists Prior to that, she worked in corporate banking for 15 years, where she developed her expertise in change management and strategic initiatives Drawing on her longstanding advocacy, Minister Valdez also sponsored the National Women’s Entrepreneurship Act in 2022 A sports enthusiast, Minister Valdez has used her love for basketball to raise funds for children’s charities She has made numerous media appearances, was a public speaker, and is a mentor dedicated to the empowerment of women, girls, youth, and diverse and marginalized groups. Born and raised in Zambia, Minister Valdez immigrated to Canada with her family in 1989. She is married and the mother of two children.
As we celebrate Small Business Week/Month, what does this occasion mean to you personally, and how do you see it impacting Canada's small business community?
Happy Small Business Month, everyone!
As a former small business owner, Small Business Month is deeply personal for me I know firsthand what it is like to hustle to put in the long hours, take risks, and juggle multiple responsibilities to make your dream a reality I remember what it felt like to take that leap, leaving behind the security of a steady job to build something from the ground up
For so many entrepreneurs across Canada, this is their reality, too And that is why this month is so important It is a time to shine a light on the contributions of small business owners who are at the heart of our economy and our communities. Small businesses account for more than two-thirds of the private sector jobs in Canada, and they generate more than one-third of our national GDP That is no small feat, and it does not happen without enormous dedication and sacrifice
The federal government has implemented several measures to help small businesses save money. Could you elaborate on the most impactful initiatives, such as reducing credit card transaction fees and tax cuts?
Our government is committed to making life easier for small business owners, cutting costs so you can focus on what matters most your success and growth.
We delivered on our promise to reduce the small business tax rate from 11% in 2015 to 9% today, and then went further by raising the income threshold for the small business deduction from $15 million to $50 million This means more small businesses can benefit from lower taxes
Small Business Month is a moment to celebrate the resilience, innovation, and hard work of entrepreneurs across the country It is also a chance to recognize how essential small businesses are in creating jobs, building vibrant communities, and driving Canada’s economic growth I am honoured to be your Minister of Small Business, and I am excited to continue working with you all to support the future of Canada’s entrepreneurs.
On October 1st, I announced that small businesses will see up to 27% decreases in their credit card interchange fees with Visa and Mastercard, effective October 19th. This is going to save small businesses up to $1 billion over the next five years a significant win for business owners across Canada.
On top of that, we will soon be rolling out the Canada Carbon Rebate for Small Businesses, which will deliver over $2 5 billion directly to up to 600,000 small and medium-sized businesses These savings put more money back into the pockets of hardworking entrepreneurs, allowing them to reinvest in their businesses and their futures
Inclusive entrepreneurship is a key focus of your government. How are programs like the Women Entrepreneurship Strategy and the Black Entrepreneurship Program changing the landscape for underrepresented entrepreneurs in Canada?
As Minister of Small Business, my priority is creating an inclusive economy where every entrepreneur has the chance to succeed, no matter their background Our Women Entrepreneurship Strategy (WES) has supported over 110,000 women entrepreneurs, including 60,000 from diverse and underserved communities The Black Entrepreneurship Program (BEP) has also been a game-changer, supporting over 14,000 Black entrepreneurs through mentorship and loans
We are also empowering young entrepreneurs through our $60 million investment in Futurpreneur, which will help over 6,000 youth start their or grow businesses. And our 2SLGBTQI+ Entrepreneurship Program, the first of its kind in the world, is breaking down barriers for 2SLGBTQI+ entrepreneurs by providing access to crucial resources and mentorship.
These programs are helping to build a stronger, more inclusive entrepreneurial ecosystem for all Canadians
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In an insightful interview with CanadianSME Small Business Magazine, Don Ludlow, Vice President of Small Business, Strategy & Partnerships at RBC, shared his thoughts on the surge in entrepreneurial interest across Canada. Based on findings from the 2024 RBC Small Business Poll, Ludlow delves into the diverse pathways Canadians are taking to start their own ventures and the evolving landscape of small business ownership. With a focus on flexibility, meaningful work, and the rise of "blended careers, " he highlights the factors driving this shift and offers advice for aspiring entrepreneurs looking to turn their passions into successful businesses
Don is the Vice President Small Business, Business Financial Services Strategy and Partnerships at RBC. In this role he leads a team that is responsible for RBC’s small business segment, as well as leading the strategy, partnerships strategy, client experience, CRM and data analytics for Business Financial Services.
Previous roles at RBC have included Regional Vice President Business Financial Services for Southwestern Ontario, National Head of Specialized Sales, Vice President, Commercial Markets, Director of Corporate Strategy and Development and Senior Manager in the Corporate Marketing Department
Prior to joining RBC in 2001, Don served as an Infantry Officer in the Canadian Army where he led soldiers on a number of domestic and international operations and worked in both staff and training roles Don has an MBA from McGill University, an MSC from the London School of Economics & Political Science and a BA from the Royal Military College of Canada (Kingston).
Don also believes in giving back to the community and helped co-found the Treble Victor Group (3V) a network of ex-military leaders who work to support one another in their post-service careers, as well as help military leaders transition to new careers He’s also on the Board of the Ontario Chamber of Commerce and Goodwill Industries (Ontario Great Lakes)
Outside of work Don enjoys playing sports, travelling and skiing with his wife Fiona and son Max
The RBC Poll shows that more than half of Canadians are considering starting their own business in 2024. What factors do you think are contributing to this surge in entrepreneurial interest?
The rise in entrepreneurial interest can be attributed to several key factors First, there's growing recognition of the diverse opportunities in today's economy, as reflected in the 5% increase in Canadians considering starting their own business Many are exploring different paths to gradually transition into business ownership, driven by a desire to pursue their passions, gain flexibility, and control their financial futures
Additionally, the shift towards valuing meaningful work over financial gain has become more pronounced, with 93% of respondents prioritizing fulfilling work as a key motivation for entrepreneurship This change in mindset is encouraging more Canadians to view starting a business as a viable and satisfying career path
What are the different pathways that Canadians are taking to enter the world of entrepreneurship?
Canadians are taking various routes to entrepreneurship, often starting with gradual steps According to the RBC Small Business Poll, 31% are looking for ways to monetize their passion projects or hobbies About 28% are exploring ways to earn extra income on the side of their regular jobs Additionally, 19% are managing side jobs to boost their income as needed, and 15% have side hustles they’re serious about turning into full-time businesses Another 13% are considering a shift from full-time work to freelance or contract roles, though they haven’t made the leap yet Finally, 8% are testing business ideas separate from their current jobs
These findings illustrate how the pathway to business ownership is much more diverse than it used to be, and the ability to start something to supplement income or test out as a side hustle is allowing Canadians to make the jump thoughtfully and gradually to full-time entrepreneurship
At the same time, the uncertain economic environment has prompted people to supplement or diversify their income streams. In the past, this may have meant taking a part-time job at an existing business. However, today’s digital economy has made entrepreneurship more accessible to a wider demographic, and many have adapted by exploring side hustles, freelance and contract work. This gradual transition into entrepreneurship reflects the growing model of "blended careers, " where individuals balance both traditional employment and entrepreneurial pursuits.
What do these findings say about the future of Canada’s small business landscape?
Entrepreneurial spirit is alive and well among Canadians. Our 2024 RBC Small Business survey found that over half of Canadians have started or are considering starting their own business in 2024.
With Canadians increasingly prioritizing flexibility and meaningful work, it’s no surprise that many are eying entrepreneurship as a way to chart their own path The poll highlights that a substantial proportion of small business owners launched their ventures to achieve more flexibility, with 46% stating they wanted to spend more time at home with their children, and 40% aiming to care for aging parents
Gen Z and Millennials are particularly drawn to the autonomy and sense of purpose offered by entrepreneurship, indicating a steady pipeline of aspiring entrepreneurs for the generations to come 60 per cent of Gen Z respondents and 46% per cent of Millennials cited meaningful work as a motivation for owning their own business, compared to 44% of respondents across all ages
Though interest in entrepreneurship is strong, Canadians are aware of its potential challenges, and many are taking a thoughtful and gradual approach to full-time business ownership To ensure that entrepreneurial aspirations translate to a growing number of viable small businesses, Canadians will need continued support to acquire the skills and resources they need to make their ideas happen
We know from the survey that there are many aspiring entrepreneurs out there. What advice do you have for these individuals looking to turn their passions or side hustles into successful businesses?
Start by developing a solid business plan. The process will help you think through your idea and clarify both your personal motivations and business purpose and objectives. Discuss that plan with people you respect and trust, like mentors, family and friends, and other professionals in your network.
Use that plan to have a conversation with a business advisor at your financial institution. Working with them early on to assess your financial needs allow you to develop tailored solutions together Proactively approach the bank with a plan demonstrates that you’ve thoroughly considered your business strategy, building their confidence in your venture You can also consider contacting non-profits such as Futurpreneur to see what support they could offer
Explore digital and e-commerce solutions to streamline operations, and save time on time and costs. As an entrepreneur, you often juggle many responsibilities. Digital solutions can make it easier to manage back-office activities like invoicing, payroll, and cash management. For example, Moneris can help you set up convenient payment options for your customers whether in-store, online, or on-the-go.
At RBC, we offer tailored advice and resources that address the unique challenges faced by current and aspiring entrepreneurs. Our digital tools and platforms are designed to simplify many aspects of business ownership, while our advisors provide personalized guidance to help aspiring entrepreneurs navigate the transition from side hustle to a full-time venture. We also support established entrepreneurs in the growth and success of their business. Entrepreneurs can also access many of our tools, resources and business advice at RBC’s Starting a Business hub online.
It’s hard to believe that October is here, and the holidays are coming quickly. Tell us more about how important the holidays are to small businesses and entrepreneurs?
The holiday season is absolutely crucial for small businesses and entrepreneurs, especially those in the retail and eCommerce sectors For many, this period can make or break their year In fact, in Canada, 21% of small businesses say the holiday season accounts for at least 50% of their annual revenue, highlighting just how significant this time is
It’s also a stressful time when owners are trying to manage rising costs, inflation, and increased customer demand The pressure to hit revenue goals is real, which is why early planning and a strategic marketing approach are more important than ever
What trends are you seeing impact small businesses at this time of year?
Inflation and price sensitivity are two of the biggest trends we ’ re seeing in our research Many small businesses have had to raise prices or cut back on expenses to stay afloat, while at the same time, consumers are becoming more cautious with their spending In Canada, 56% of consumers have reduced their spending at small businesses this year due to inflation Still, it’s clear that Canadian shoppers are eager to support small businesses! Constant Contact’s latest Small Business Now report shows that 77% of Canadian consumers plan to buy from a small business that is new to them this holiday season
This means that SMEs need to balance price increases with strategies like focusing on product quality, convenience, and personalized service factors that can set them apart from larger retailers and keep customers coming back.
How can Canadian SMEs combat any economic pressures they may be feeling ahead of the holiday season?
Canadian SMEs are feeling the longtail effects of inflation, but they know customers are sensitive to price right now as well. So, many are doing everything they can not to raise prices In fact, just 35% of SMEs in Canada have increased their prices as a way to battle inflation, which is the lowest we observed in our research We recommend that SMEs focus on delivering value instead of competing on price alone
Small businesses should highlight their unique strengths whether thats the quality of their products, the personalized experience they offer, or the convenience of shopping locally O
Offering bundled deals, loyalty programs, or targeted promotions can also help encourage spending without slashing prices
Building
strong customer relationships throughout the year will also ensure that by the time the holiday season rolls around, they have already established trust and loyalty.
What are you seeing from shoppers in Cana influence when SMEs should begin thinking holiday plans, and when is it too late?
It’s very clear that shoppers are thinking abou before Black Friday While SMEs in Canada are best to match that shift, 43% either wait until a November to get started, or don’t do any holid preparations at all
Finally, small adjustments like holidaythemed campaigns, personalized promotions, or product bundles can make a big difference without overwhelming your resources
Waiting that late into the season can put SMEs at a disadvantage Many shoppers are looking for deals throughout the year, and they don’t always wait until the typical holiday rush to make purchases anymore Getting ahead of the curve by starting their holiday prep as early as September, or even sooner, allows SMEs to capture early shoppers and reduce the stress of last-minute marketing
What can SMEs in Canada do to put themselves in a better position to succeed this holiday season?
There are a few key things Canadian SMEs can do to improve their chances of holiday success. First, start planning early shoppers want to support small businesses all year long, so don’t wait until the holiday rush begins to think about marketing Segment your audience, set up automations, and get your promotions ready to go
Second, focus on efficiency Streamlining marketing efforts and focusing on high-impact strategies, like email marketing or targeted social media campaigns, will help you save time and money
Any other tips that SMEs can use to finish the year strong?
One thing we always stress is not trying to do everything at once It’s easy to feel like you need to be everywhere during the holiday season, but it’s more effective to focus on the strategies that will give you the best return email marketing, social media, and SMS marketing give you great value with powerful results.
For example, instead of spreading your time and marketing budget thin by trying to manage lots of marketing channels, concentrate on the ones that resonate most for your audience And don’t forget to keep measuring and adjusting Monitoring what’s working, whether it’s a specific promotion or email campaign, will help you refine your strategy and finish the year on a high note
ImageCourtesy:Canva
Safeguarding Success: LeveragingImportant Tipsfor
Cybersecurity inSmallBusinesses
Empirically, technological innovations are exerting a significant influence on the operational dynamics of companies in the contemporary, fast-paced digital environment Innovations such as AI-driven customer care chatbots and blockchain-based supply chain management systems are facilitating operational efficiency and augmenting the competitive advantage of organizations Nevertheless, the advent of these emerging technological frontiers concurrently exposes a heightened susceptibility to cyberattacks In this article, the CanadianSME Business Magazine examines the critical significance of cybersecurity for small organizations and provides essential recommendations to guarantee their safeguarding.
Many small business owners mistakenly believe that cybersecurity is a concern reserved for more giant corporations This couldn't be further from the truth In fact, recent statistics reveal a grim reality – 76% of cyberattacks target enterprises with fewer than 100 employees. Furthermore, every year, one out of every ten small enterprises will be the target of a cyberattack Nearly 60% of businesses that suffer a severe breach leave within six months
The fallout from a data breach is not limited to monetary damages. The company ' s credibility, popularity, and patronage plummeted as a result Data breaches have lasting effects in a world where people are becoming more wary of where they provide personal information For this reason, it is crucial that even the most minor organizations make cybersecurity a top priority and a needed investment
Ensuring Continuous Delivery of Proactive Software Updates
Maintaining the currency of software and systems is a fundamental and essential measure in enhancing cybersecurity Cybercriminals often use vulnerabilities included in obsolete software to get unauthorized access illicitly It is recommended that small firms embrace a proactive stance towards software updates, therefore assuring the frequent installation of security patches to operating systems, antivirus programs, and all software applications
The Digital Dilemma
Establishing a Resilient Password Culture
Passwords continue to serve as a primary means of defence against cyber attacks, yet several small firms exhibit deficiencies in their approach to password security It is not unusual for workers to utilize readily predictable passwords or reuse them across many accounts To address this issue, it is advisable for enterprises to adopt robust password regulations It is recommended that workers be encouraged to generate passwords of a complicated nature, using a combination of capital and lowercase characters, numerical digits, and special symbols
Moreover, it is advisable to use multi-factor authentication (MFA) as an additional security measure A multi-factor authentication (MFA) protocol requires users to provide a minimum of two forms of verification to get entry into a given system This heightened security measure substantially increases hackers' difficulty when compromising user accounts.
Use
Employee Preventative Education
Cybersecurity is still vulnerable to the connection of the human element Phishing attempts, in which fraudsters attempt to deceive people into divulging critical information, are still a significant problem today Employee training programs instructing workers to identify and report phishing attacks are an excellent way to lessen this danger Employees may be the company ' s first line of defence against cyberattacks if they get regular cybersecurity awareness training
Utilize a Virtual Private Network to Maintain WiFi Security
As remote work becomes more common, small companies must take precautions to protect their WiFi networks from hackers Virtual private networks (VPNs) encrypt data transfers, making it very difficult for bad actors to intercept private information Implementing a VPN for all remote connections, whether from workers working from home or clients using your network, is vital
A solid cybersecurity defence relies on a wellarticulated policy This policy should spell out the criteria for managing confidential information, permissible use of corporate resources, and other security measures Small organizations may foster a security culture by establishing and communicating clear standards and procedures
Establish a Contingency Plan
Despite all preventive measures, no system is entirely immune to cyber threats That's why it's crucial to have a backup plan ready In the case of a breach, a well-prepared company will have a clear response strategy in place This plan should include damage control, informing concerned parties, and data restoration The damage caused by a cyberattack may be mitigated if measures are taken quickly and effectively
In today's interconnected world, small companies must recognize the need for cybersecurity Cybercriminals are ready to take advantage of the vulnerabilities caused by the fast technological changes, even though these changes bring enormous potential Small companies may protect themselves from cyber threats and ensure their continued success by using the procedures as mentioned earlier. Considering how interdependent our modern society is, the next cyber attack is not if but when
CanadianSME Magazine is a valuable resource for small businesses in Canada, including nascent and wellestablished enterprises To access our magazine, kindly go to the following website: https://canadiansme.ca/subscription/. If you want to stay informed of up-to-the-minute news, consider following our Twitter account at https://twitter.com/canadian sme. We invite you to join our community, comprised of individuals passionate about the field of business.
Business Woman of the Month Kristin Gale
Revolutionizing the Beauty Industry, One Spot at a Time
The beauty and personal care industry in Canada is a substantial and rapidly growing sector Valued at approximately CAD 11 7 billion in 2023, the industry encompasses a wide range of services and products, including skincare, haircare, and spa treatments This growth highlights the increasing consumer interest in wellness and personal grooming Within this thriving market, THE TEN SPOT, a pioneering multi-service beauty bar, has made significant strides Kristen Gale, the CEO and Founder of THE TEN SPOT, has been recognized as the Business Woman of the Month by CanadianSME Business Magazine for her outstanding contributions Kristen's pioneering work in the beauty business has set new standards for quality, consistency, and customer experience She has revolutionized the beauty services landscape in Canada with her innovative multi-service beauty bar concept
A Visionary of Beauty Services
In 2006, Kristen Gale identified a gap in the beauty industry that had been overlooked Beauty treatments were generally confined to either highend luxury spas or lower-end salons, which sometimes fell short in terms of quality or hygiene Kristen’s innovative concept was to create a beauty bar offering high-quality services in a clean, welcoming, and unpretentious environment, all at a reasonable price Thus, THE TEN SPOT was launched on Queen Street West in Toronto and quickly gained widespread recognition
As a matter of fact, Kristen's method was groundbreaking in that it integrated the most desirable features of luxury retreats with the affordability of salons that were priced lower THE TEN SPOT was distinguished from its competitors by its dedication to hygiene, consistency, and a welcoming environment. THE TEN SPOT has expanded into the largest and fastest-growing multi-service beauty bar in Canada, with more than 45 locations in the United States and Canada
Expanding the Service Offering
It should be noted that Kristen has meticulously broadened THE TEN SPOT's service offerings over the years, consistently prioritizing her customers' requirements The establishment of nail and waxing services has expanded to encompass a diverse array of cosmetic treatments The addition of professional skincare treatments, such as dermaplaning and custom facials, laser hair removal with state-of-theart technology, and brow and lash services has further solidified THE TEN SPOT's reputation as a comprehensive beauty maintenance destination
A Promising Future
With astute experience and industry know-how, Kristen has demonstrated no indication of slowing down as THE TEN SPOT continues to expand The brand is expected to expand further in 2025, with the addition of numerous new locations in the United States and Canada This expansion is a testament to Kristens capacity to innovate and adapt in a competitive industry and the fortitude of her original vision
At the end of the day, Kristen Gale's transformation from a 24-year-old entrepreneur with little experience to the leader of a successful international franchise is a story of perseverance, passion, and vision. A genuine expert in the beauty bar industry, she is dedicated to empowering female entrepreneurs and ensuring that every client leaves feeling like a ten. Given Kristen's unwavering commitment to excellence and THE TEN SPOT's ongoing expansion, the future looks more promising than ever.
Check out THE TEN SPOT’s beauty bar service offerings by clicking here.
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Championing DEI in Marketing with
Barry Alexander's Insights
In a discussion with CanadianSME Small Business Magazine, Barry Alexander, Chief Marketing and Diversity Officer at the Canadian Marketing Association (CMA), shared key insights from the 2024 DEI in the Canadian Marketing Sector report Barry highlighted significant challenges faced by marketers from marginalized communities, including workplace polarization and systemic discrimination. He emphasized the need for businesses to adopt inclusive leadership and implement effective DEI strategies to foster better employee engagement, innovation, and overall business success Drawing on his extensive experience in senior marketing roles across various industries, Barry also shed light on the future of DEI in marketing and the steps organizations can take to build more inclusive cultures
Chief Marketing & Diversity Officer at Canadian Marketing Association
The CMA has been at the forefront of DEI initiatives within the marketing industry. Can you share some key insights from the 2024 DEI in the Canadian Marketing Sector report, particularly regarding the challenges faced by marketers from marginalized communities?
Barry is a passionate, data-driven marketer who has served as a senior marketing and strategy leader on a diverse set of consumer brands As Chief Marketing and Diversity Officer, Barry is responsible for all marketing, events, thought leadership and media efforts as well as spearheading our DEI impact initiatives and partnerships. Prior to the CMA, Barry held senior marketing roles with Knix, Iovate Health Sciences, the Hamilton Tiger-Cats, Maple Leaf Foods and Molson and has served as a member of the Humber Business Program Advisory Committee and as a mentor with the Black Talent Initiative
Our 2024 DEI in the Canadian Marketing Sector: Polarization, Ageism and Mounting Frustration report highlights several significant challenges faced by marketers from marginalized communities, particularly around workplace polarization and the lack of diverse leadership The report found that polarizing discussions about politics and values are common, with 49 per cent of marketers witnessing or participating in these conversations, often leading to employees being visibly upset This issue is especially prevalent in organizations without diverse leadership, where it can cause increased anxiety, reduced social interaction, and a decline in overall employee engagement
Notably, our report also found that marginalized women are disproportionately affected, with 60 per cent reporting disengagement due to systemic discrimination Moreover, microaggressions remain a pervasive issue, with nearly half of marginalized women experiencing them and feeling the need to work harder to be treated equally compared to their peers
These insights underscore the pressing need for more inclusive environments that value diverse perspectives and foster respectful dialogue, ultimately benefiting team dynamics and innovation
Besides promoting employee engagement and retention, what are some additional benefits for businesses that have a clear DEI blueprint in place? How does this impact overall business success?
Having a clear DEI blueprint offers businesses numerous benefits beyond employee engagement and retention For instance, companies with diverse leadership teams are more innovative, generate better ideas, and are better equipped to understand and cater to diverse customer bases In fact, our report found that 93 per cent of respondents believe that diverse teams lead to better ideas and solutions, highlighting the strategic advantage of inclusivity.
Additionally, organizations with diverse leadership are less likely to experience preventable employee loss, which directly impacts productivity and financial performance. Inclusivity also enhances employee morale and loyalty, fostering a dynamic workplace where individuals feel valued and supported.
With the release of the CMA’s discussion guide on DEI, what steps can organizational leaders take to create a meaningful and individualized approach toward fostering a more inclusive workplace?
The CMA’s DEI in the Workplace Discussion Guide provides a valuable framework for leaders to create a more inclusive workplace The guide provides practical conversation starters to help leaders articulate a commitment and define the scope of DEI activities they will undertake to create a more inclusive and equitable work environment By using this guide, organizations can implement comprehensive DEI training programs, set clear and measurable diversity goals, and ensure that senior leadership reflects a diverse range of perspectives.
Leaders should also actively support employee resource groups and mentor underrepresented talent, helping to address career growth barriers Regularly reviewing leadership diversity and addressing gaps is crucial, as diverse leaders set the tone for inclusive workplace cultures Transparent communication about DEI initiatives and progress fosters trust and reinforces inclusivity as a core organizational value, rather than just a box to check
The CMA’s new mentorship program for newcomers to Canada is a significant initiative. How does this program help address the challenges newcomers face in the marketing industry, and what are some strategies businesses can use to support their integration?
The CMA’s Mentorship Program for Newcomers to Canada aims to address the barriers newcomers often face in the marketing industry, such as a lack of professional networks, unfamiliarity with the Canadian market, and potential biases in hiring The program connects newcomers with experienced marketing professionals who can provide guidance, support, and valuable industry insights, facilitating their integration into the workforce To help, businesses can support this effort by offering targeted internships and scholarships for diverse populations, advertising job openings through diverse channels, and creating inclusive hiring practices, such as using diverse hiring panels and seeking diverse referrals These strategies not only help newcomers establish themselves in the industry but also contribute to a richer, more inclusive workplace
As DEI marketing continues to evolve, what trends do you foresee in the future of DEI within the business landscape, and how is the CMA positioning itself to lead these developments?
As DEI marketing continues to evolve, we expect to see a stronger emphasis on intersectionality and addressing systemic barriers that uniquely affect different demographic groups. Trends such as ageism and the disproportionate impact of layoffs on marginalized communities, particularly older women, are gaining more attention and require ongoing attention
In response to these trends, companies recognize the importance of diverse leadership Diverse leaders play a crucial role in driving innovation and mitigating workplace conflict, helping to address the systemic issues highlighted earlier
The CMA is committed to leading these developments by promoting inclusive hiring practices, supporting diverse leadership, and continuously refining DEI strategies. By advocating for genuine DEI actions and transparent policies, the CMA is helping organizations build inclusive cultures and providing resources that not only enhance business performance but also ensure equitable opportunities for all.
Small Businesses:
The Key to Thriving Communities and Economies in Canada
As we celebrate Small Business Month, it's essential to recognize the critical role small businesses play in our communities and the national economy. In Canada, small businesses make up 98% of all employer businesses in the country, employing nearly 70% of the private sector workforce These figures alone highlight the incredible influence small businesses have When small businesses thrive, so does the broader economy They are the backbone of innovation, job creation, and contributing to local communities
Despite their substantial contributions, many small businesses face significant challenges that can hinder their growth and sustainability As an HR and health and safety company, we believe that supporting small businesses is not just a community responsibility, it’s a key investment in the future of our economy
The backbone of the Canadian economy
Small businesses are often described as the backbone of the Canadian economy, and for good reason By providing unique products and services, small businesses boost the nature of our communities, making them vibrant and diverse Small businesses tend to reinvest in their local economies, supporting other local businesses and contributing to greater community development
However, the path to success for small businesses has its challenges Economic changes, and the rapidly evolving technological landscape can make it difficult for these businesses to thrive As a community, we must come together to support them, ensuring they have the resources and tools necessary for success
Key factors for success
1)
Access to capital
One of the biggest challenges small businesses encounters is securing access to capital Many business owners find it difficult to secure loans or funding for startup expenses or growth It’s essential for Canadian financial institutions, government programs, and private investors to recognize the potential of small businesses and provide customized financing solutions.
2)
Access to professional services
Many small businesses cannot afford to hire fulltime HR and health and safety professionals. As an HR and health & safety services provider, we ’ ve seen firsthand the impact effective systems can have on small businesses Many owners become so focused on daily operations that they overlook employee wellbeing and regulatory compliance, leading to higher turnover and costly legal issues
A solid HR strategy streamlines processes from recruitment to performance management, creating an environment where employees feel valued and engaged, which boosts productivity and profitability
Similarly, a strong health and safety culture reduces workplace accidents and absenteeism while building trust When employees see their employer prioritizing their wellbeing, it strengthens their commitment, highlighting the critical importance of investing in HR and health & safety practices for long-term success
3)
Building a strong network
Networking is vital for small businesses Collaborating with other local businesses can lead to mutually beneficial partnerships, from joint marketing efforts to resource sharing Business associations, chambers of commerce, and local events provide valuable opportunities for small business owners to connect, share insights, and support one another
4)
Emphasizing employee wellbeing
The health and safety of employees is essential for the success of any business Businesses that prioritize employee wellbeing build a more engaged and productive workforce A strong health and safety program not only ensures compliance but also reduces turnover and absenteeism As HR professionals, we advocate for wellness initiatives that address both physical and mental health, creating a supportive environment that empowers employees to thrive and sets them up for success
5)
Training staff
October is also Cyber Security Month making it a great time for businesses to review their policies and provide training for staff to protect their business It’s imporant for employers to understand the critical role of cybersecurity in protecting their business’s intellectual property Failing to prioritize cybersecurity can lead to consequences, such as financial loss, reputational damage, and even legal repercussions from data breaches
Training employees in best practices such as securely handling sensitive information, can significantly reduce the risk of cyber risks Regular workshops and updates on emerging risks can help build a culture of security awareness, empowering staff to be vigilant
Investing in cybersecurity training is essential for creating a resilient workforce and safeguarding valuable intellectual property, ultimately protecting the company ’ s future in a digital world.
The road ahead
As we look toward the future, the significance of supporting small businesses is more crucial than ever With over 40 years of experience in HR and health and safety, our commitment to empowering small businesses is at the heart of everything we do We understand the unique challenges they face and are dedicated to equipping them with the essential tools for success
Let this Small Business Month serve as a reminder of the impact we can all have in supporting small businesses. Together, we can build a strong economy and communities one small business at a time.
Empowering Smart Spending: on Digital Tools and Consumer Financial Management Kathryn Brohman
Associate Professor and Distinguished Faculty Fellow of Digital Transformation and Strategy Execution at Smith School of Business
During an exclusive interview with CanadianSME Small Business Magazine, Kathryn Brohman, Associate Professor and Distinguished Faculty Fellow at Smith School of Business, explored how digital tools like Groupon, ClassPass, and Rocket Money are transforming the way consumers manage their spending. Drawing from her expertise in digital transformation and strategy execution, Brohman discussed the importance of aligning these tools with consumer habits and the role of Smith Business in preparing future leaders to develop innovative financial solutions Her insights offer a fresh perspective on how businesses and consumers alike can harness digital platforms for smarter spending and better financial management
Kathryn Brohman is associate professor and Distinguished Faculty Fellow of Digital Transformation and Strategy Execution at Smith School of Business. She has co-authored several books on how great strategy is worthless if you can’t execute it. Her most recent book SHIFT: A New Mindset for Sustainable Execution presents results from her work with over 750 organizations and offers a comprehensive approach to orchestrating results in dynamic business environments Kathryn has pioneered programs in strategy execution and digital transformation across MBA and executive programs
Smith Business is known for its innovative approach to business education. How do you see digital cost-saving tools like Groupon, ClassPass, and Rocket Money fitting into the broader landscape of smart spending and financial management for consumers?
By design, these tools have the potential to help consumers with smart spending and financial management. However, in terms of ‘fitting into the landscape,’ the challenge will be getting customers to use them.
With digital tools becoming an integral part of daily life, what strategies can consumers adopt to effectively integrate these platformsinto their routines to maximize savings and manage spending more efficiently?
It is essential that consumers first understand how they manage their spending and make financial decisions Each consumer likely has a different approach and faces different challenges regarding their spending So, the first strategy would be to understand better what is getting in the way of their saving goals or what specific challenges they face Once consumers have a clear understanding of the problem, they can start to search for a tool to help them address that problem
Despite the potential benefits of digital costsaving tools, research shows that 70% of these initiatives fail. What are the key challenges these digital solutions face, and how can they adapt to better meet consumers ' evolving needs?
One key challenge is that most consumers do not have a clear understanding of their specific challenges Everyone wants to save more, but the reality is that costs are increasing, and it is getting harder and harder for people to get ahead So, they need help understanding their spending habits and identifying simple ways they can make improvements Unfortunately, most of the tools available don’t solve this problem They solve problems that are more downstream, like how to find discounts on specific purchases.
The other challenge is that often using these tools requires an extra step, in other words – the tools are not embedded into the workflow, so people often overlook the opportunity to use them If a consumer is making a purchase and a pop-up occurred that stated they can save 10% with this coupon, they would be more likely to use the tool However, this brings me to the last reason which is that often people turn off pop ups because they find them annoying or distracting, so this prevents tools like Groupon from integrating into people’s workflow
How does Smith Business prepare students and future business leaders to develop and implement successful digital solutions that drive smart spending and savings for consumers?
Given the rapid pace of technological change, what innovations or trends do you foresee in the development of digital tools that could further enhance their effectiveness and adoption among consumers?
The focus on agile product design will continue to address the rapid pace of technological change
Interest in AI will also amplify the interest in digital product management as organizations recognize the inherent value in data and automation
Transitioning from a project to a product mindset As there are a plethora of tools now available and the cost of development has dramatically decreased, technology innovation needs to be influenced by marketing practices.
Smith School of Business is the first university in Canada to offer a Master program in Digital Product Management This program teaches professionals interested in technology and innovation how to design and develop digital tools and products that are more likely to succeed As a joint offering with Queen’s School of Computing, this program covers digital product design and implementation from technical, user, and business points of view
The last trend is systems thinking. This is truly the novel approach that explains why tools like Uber and Airbnb have transformed industries. Technology has the capability to influence systems-level change, but only if digital product managers explore the opportunity from a systems perspective.
Impact on Mobile Payments and Financial Habits with Glenn Wolff Gen Z’s
In a discussion with CanadianSME Small Business Magazine, Glenn Wolff, Chief Client Officer at Interac, highlighted key trends in Gen Z’s adoption of mobile wallets and digital payments. As more than two-thirds of Gen Z in Canada have embraced mobile wallets, this generation is leading the charge in transforming how we approach financial transactions Wolff explored how mobile payments are influencing Gen Z’s spending habits, especially in light of economic pressures, and the steps they are taking to maintain financial control through digital tools His insights shed light on how setting Interac Debit as a default card can help Gen Z manage their finances more effectively in today’s digital economy.
As Chief Client Officer, Glenn is responsible for leading sales and account management efforts to grow Interac market share, revenue and customer satisfaction by building strong client relationships across the financial, public and private sectors Glenn brings more than 27 years of experience to the Interac team. He has held several positions in the fintech sector and has specialized experience in emerging digital transformation technologies, including ecommerce, AI, cloud, fraud and payments.
Based on recent Interac surveys, how has Gen Z's adoption of mobile wallets in Canada evolved, and what factors are driving this trend compared to other generations?
Gen Zs in Canada have really embraced mobile wallets – seven in ten of them (69 per cent) to be exact –more than any other generation in the country We know that the world is becoming more and more digital every day, and it’s interesting to note that unlike the days of the past where you’d make sure you had your physical wallet and keys when leaving the house, now, people check for their phones Our survey found six in ten Gen Zs (63 per cent) prefer to leave their physical wallets at home for short trips – whether that’s to the grocery store, quick shopping trip or outing with friends The driving forces behind this shift are the convenience, speed, and ease that mobile wallets provide For a generation that values efficiency and digital solutions, it's no surprise that they've led the way in adopting this technology
How has the increasing preference for digital payments among Gen Z impacted the use of Interac Debit mobile contactless payments, particularly in the first half of 2024?
The increasing preference for digital payments among Gen Z has significantly impacted the use of Interac Debit mobile contactless payments In the first half of 2024, there was a 27 per cent year-over-year increase in Interac Debit mobile purchases Gen Z’s digital-first mindset and habits have helped fuel this surge Nearly two thirds of this generation of mobile wallet users (63 per cent) have loaded their Interac Debit card on their phone, while three in 10 (31 per cent) have taken the steps to set debit as their default payment method
As Gen Z faces economic pressures and the back-to-school season, how do their spending habits and financial planning priorities differ from other generations, and what role does mobile payment play in this?
Gen Z is one of the generations worst hit by the cost-of-living pressures we see today With these economic pressures mounting and the back-to-school season in full swing, Gen Z is trying to keep overspending under control It’s important to remember that the back-to-school season is traditionally associated with increased spending, and this only intensifies Gen Z's desire for financial control Last year, family clothing stores saw almost twice as many Interac Debit mobile purchases in September and October compared to January and February
Recognizing this, over half (54%) of Gen Z see the need to develop new financial habits, with 56% setting a timeline of this September to introduce new habits
Setting Interac Debit as their default card on their mobile wallets – something they use more than any other generation – is one way they can stay in control In doing so, they’re only spending the money that’s in their account, and they can easily track their spending.
Can you explain the importance of setting a default card in a mobile wallet, particularly for Gen Z, and how it can influence spending habits and financial control?
Setting a default card in a mobile wallet might seem like a small step, but it goes a very long way in shaping Canadians’ ongoing spending habits When you tap to pay with your phone, the decision to select a card from the digital wallet is easy to miss so Canadians and Gen Zs alike could end up unintentionally using a default payment method that prompts them to take on more debt With traditional physical wallets, the consumer must select the card they want to use each time, so it’s important to create the same mindful habit when transacting digitally with a mobile wallet.
With the rise in mobile wallet usage, what steps should users take to ensure their Interac Debit card is set as their default payment method, and what benefits does this offer?
Our survey showed us that six in 10 Gen Zs (63 per cent) associate mobile transactions with greater speed than physical card payments, which underscores the importance of intentionally setting your default card to avoid paying on autopilot
Canadians can set Interac Debit as their default payment method on any smartphone in a few simple steps, which can be found on In The Know Doing so helps promote financial literacy and encourages mindful spending habits, which in turn helps maintain financial control
Celebrating Small Business Month
October, 2024
Natasha Walji
Managing Director at Google Canada for Google Customer Solutions
Natasha Walji is the Managing Director at Google Canada for Google Customer Solutions focused on helping small & medium businesses grow & thrive. Previously she was a McKinsey consultant and a software developer. Natasha has actively served the community for 20+ years focused on disaster relief, poverty alleviation, public health and co-founded an organization for children with disabilities Natasha is recognized as one of Canada's Top 100 Most Powerful Women (WXN)
Every October, during Small Business Month, we celebrate the heart and soul of communities across Canada – our small businesses This also marks one of the busiest times of the year as businesses prepare for the holiday season. Both my parents were small business owners, so I understand the sweat equity that goes into running a business, particularly during peak sales season
At Google, we ’ re humbled to be part of the AI journey of many SMEs across the country My team is focused on helping them make the most of their marketing with AI AI can drive profit, and help SMEs navigate the complex, rapidly evolving world of advertising For example, campaign types like Performance Max use Google’s AI to test audiences, creatives, formats, channels and placements All you have to do is let us know what your ROI is, and we’ll harness our AI-powered advertising products to deliver that outcome for you Advertisers who use Performance Max experience an average of 18% more conversions at a similar cost per action For SMEs, just knowing you can put a $1 into something and get a return on the other end is very reassuring Creativity is also at the heart of marketing, and SMEs can use AI tools to format, trim, and resize images, or add captions, dub videos, and even generate entirely new ads, providing SMEs with more time to focus on the day-to-day operations.
Navigating new technology can be tough, but Im optimistic about what lies ahead and at the prospect of AI leveling the playing field for SMEs Google’s new research shows generative AI has the potential to boost Canada’s economy by $230 billion and could save the average Canadian worker over 175 hours a year I encourage businesses to start experimenting and learning to grow their business with AI The best way to get started is with “taking action with 1% every day and to keep going which will have a compounding 37x impact by the end of the year ” (James Clear)
Darcy Richard is Vice President, SMB Marketing at Bell He leads large-scale initiatives with flawless execution and support a team of dedicated professionals who aspire to connect small and medium businesses with world-class Internet and mobile networks. Darcy has led the SMB Marketing team since 2022 and brings a wealth of experience gained across various roles at Bell in marketing, sales, and operations functions
Small Business Month is here, and we at Bell are excited to celebrate the incredible contributions of our Canadian entrepreneurs There are countless amazing small businesses across Canada, each with their own unique story and contribution to our communities From innovative startups to established local shops, small businesses are the heart and soul of our economy
In today’s dynamic business landscape, it’s more important than ever for small businesses to focus on digital transformation and innovation, from investing in technology to streamlining operations and enhancing customer engagement, to staying ahead of the curve by exploring new ideas, products and services At Bell, we ' re committed to supporting the success of small businesses and believe that by providing the right tools and technology, we can help entrepreneurs thrive
We've recently launched our new innovative Business Wi-Fi App, designed to deliver a next-level experience for small businesses in Ontario and Québec The app, powered by Bell’s award-winning network, offers a range of features to help small business owners manage their Wi-Fi network, including improved security, customizable guest Wi-Fi, employee and customer data insights, and simplified network management This is just one example of how we ’ re supporting small businesses on their digital transformation journey
Small Business Month is a time to celebrate the entrepreneurial spirit that drives our economy and to recognize the hard work and dedication of small business owners. We encourage everyone to join us in celebrating Small Business Month and to learn more about the resources and support available through Bell.
For more details on the new Bell Business Wi-Fi App, as well as our full suite of offerings, please visit Bell.ca/sbwifi.
Here's to a great Small Business Month!
Don Ludlow
Vice
President,
Small Business, BFS Strategy and Partnerships
Don is the Vice President Small Business, Business Financial Services Strategy and Partnerships at RBC In this role he leads a team that is responsible for RBC’s small business segment, as well as leading the strategy, partnerships strategy, client experience, CRM and data analytics for Business Financial Services.
Previous roles at RBC have included Regional Vice President Business Financial Services for Southwestern Ontario, National Head of Specialized Sales, Vice President, Commercial Markets, Director of Corporate Strategy and Development and Senior Manager in the Corporate Marketing Department
Prior to joining RBC in 2001, Don served as an Infantry Officer in the Canadian Army where he led soldiers on a number of domestic and international operations and worked in both staff and training roles. Don has an MBA from McGill University, an MSC from the London School of Economics & Political Science and a BA from the Royal Military College of Canada (Kingston).
As we navigate the ever-changing landscape of our economy, I want to take a moment during this Small Business Month to recognize and celebrate you the entrepreneurs and visionaries who embody the spirit of innovation and resilience Your dedication to your craft and your communities is not just inspiring; it’s the backbone of our economy.
In speaking to small business owners across the country, we know that an overwhelming 93 per cent of our country’s aspiring and current entrepreneurs are driven foremost by their passion and desire to do meaningful work You represent the spirit of possibility, taking risks that lead to new ideas and fresh perspectives You create jobs, stimulate economic growth, and bring unique products and services to the marketplace Each of you plays a critical role in shaping a vibrant economic landscape, and your efforts have a lasting impact on those around you
Every challenge you face – be it supply chain disruptions, shifts in consumer behavior, or an uncertain economic environment –only underscores your determination and tenacity As you continue to navigate the complexities of entrepreneurship, take a moment to reflect on your accomplishments Celebrate the milestones, no matter how small, and don’t hesitate to lean on your network and advisors for support and inspiration
Every small business owner is on a unique journey At RBC, we want to be there for them, every step of the way with traditional and beyond banking services, and advice that is both relevant and tailored to their unique business needs. We endeavor to support a diverse community where valuable stories, insights and relationships can be shared with fellow entrepreneurs to support their growth journey That’s why we ’ re incredibly proud of our continued collaboration with Canadian SME Together, we can foster a supportive environment, recognize the passion, resilience and ingenuity of Canada’s small business community, and celebrate your success through the years
Thank you for your hard work, creativity, and passion Your efforts are not just building businesses; they are building a better world
With appreciation, Don Ludlow - Vice President, Small Business, BFS Strategy and Partnerships
Paul Gaspar was appointed director of small business for UPS Canada in 2011. His role is to educate and guide small businesses in Canada on ways to better leverage UPS’ tools to help them grow and expand both domestically and internationally With his team of small business ambassadors, he empowers small business owners to determine the best mix of customized services, technologies and innovations available to them
Paul’s career with UPS began in 1991 in operations which progressed to eight roles in five different functions Through these roles, he discovered a passion for working with small businesses and helping them thrive He now leverages his growing network of entrepreneurs and the focused learnings of SME supply chains to improve the success rate of small businesses looking to scale and go global He’s been a leader and mentor within the Startup Community since 2015 with an unwavering commitment to support entrepreneurs across Canada
Paul obtained a degree in Economics from York University
UPS is committed to supporting the growth and success of Canadian entrepreneurs, recognizing the vital role small businesses play in the economy October is an opportunity to celebrate the accomplishments of these entrepreneurs and explore ways to enhance their growth, especially in logistics From startups to mid-sized and larger enterprises, we serve as a crucial partner, offering technology-driven solutions that help businesses compete globally Each year, approximately 95,000 small businesses are established in Canada, relying on logistics, supply chain management, and delivery services to optimize costs and deliver exceptional service to their customers Consequently, collaborations with organizations like UPS are essential for businesses aiming to establish, thrive, and expand internationally
The UPS team works to streamline shipping processes and improve customer experiences through reliable delivery options, including weekend services and flexible returns. Additionally, UPS provides small and medium-sized businesses with expert guidance and resources to navigate e-commerce and international trade, empowering them to overcome challenges and build a global presence Daily, UPS facilitates the movement of 770,000 packages across 216 borders, showcasing its ability to assist businesses of all sizes in accessing international markets By simplifying cross-border shipping and customs processes, offering competitive pricing, and delivering essential insights and innovative solutions, UPS enables Canadian small and medium-sized businesses to grow with confidence and compete on a global scale
To all our Canadian entrepreneurs, we appreciate your efforts and want you to know that UPS is here to help and enhance your shipping and logistics operations
John Cammalleri, Head of Commercial Channels and Interim Managing Director of HP Canada, is a veteran of the Canadian IT industry with more than 30 years of experience
As Interim Managing Director, John leads the Canadian Sales organization spanning Personal Systems, Print and Print Solutions, Poly Collaboration Specialists, and Retail and Commercial Channels. Specifically, within HP Canada’s Channel and Commercial Sales organization, John is responsible for the performance of HP’s Resellers, Managed Services Providers, Alliances, and Distributors, as well as managing Small and Medium Business customer segments across Canada
Prior to HP, John has held several leadership positions at companies including Oracle, Samsung Electronics, IBM, and Merisel. In 2022, John was awarded the Channel Daily News (CDN) Lifetime Achievement Award in honour of his many contributions and was recognized by industry peers.
Canadian SMEs are the backbone of our economy, driving innovation, employment and vibrancy within our communities To remain competitive in today’s rapidly evolving business environment, small and medium sized businesses must embrace tools that address the needs of a modern workforce As employees seek more flexibility, meaningful engagement, and growth, leaders can foster both productivity and well-being by equipping their teams with the right technologies and employing the right leadership approaches
At HP, we recently launched our second annual HP Work Relationship Index (WRI), a comprehensive study that explores the world’s relationship with work. With the majority of Canadian knowledge workers seeking tailored solutions, AI has emerged as a powerful tool, enhancing productivity and customizing work experiences to fit individual preferences.
Our research reveals that personalized work experiences are a top priority for 69 per cent of Canadian knowledge workers and 73 per cent of business leaders Additionally, 60 per cent of those using AI are actively tailoring their AI tools to boost productivity and meet their unique needs Notably, the adoption of AI in the workplace has grown significantly, with 59 per cent of Canadian knowledge workers now using AI up from 38 per cent last year
Navigating the future of work and this shift to tailored, AIdriven work environments can be challenging, especially for SMEs with limited resources. We at HP Canada, along with our strong network of channel partners, understand these distinctive needs and challenges Our dedicated teams are here to assist leaders and entrepreneurs in selecting and implementing the right technology solutions and services for improved productivity, security, collaboration and efficiency
We understand that as business owners, you already work tirelessly to maintain and grow your businesses Embracing technological changes might seem daunting, but with access to the right tools and support of a partner network, doing so can transform your work environment into one that is more meaningful and fulfilling, allowing you to focus on essential operations that matter most for your business My advice is to not be afraid of change, but to lean into this as an opportunity to elevate your business to new heights
Kevin Kliman Co-Founder and CEO of Humi
Kevin Kliman is the Co-founder and CEO of Humi, Canada’s leading employment platform. Kevin has been starting businesses since high school and loves to support early stage entrepreneurs in getting things off the ground
As the co-founder of a startup that has continued to scale while being dedicated to helping small and medium-sized Canadian businesses employ and manage employees, I've had the privilege of working closely with entrepreneurs across the country
Through these experiences and my own, I've come to intimately understand just how vital SMBs are to our nation's economic fabric and social well-being Today, I want to take a moment to recognize and celebrate your contributions, as well as offer some words of encouragement.
Celebratingthe HeartofCanadianSMBs
SMBs are truly the heart of the Canadian economy From local coffee shops to tech startups, small businesses create diverse, vibrant communities They provide unique products and services, foster local relationships, and contribute to the distinct character of our neighbourhoods and cities
In fact, most Canadians who receive a paycheck get one from a small business They represent nearly 98% of all employer businesses in Canada – this means that SMBs are not just economic engines; they're also the primary source of livelihood for millions of Canadians. By providing jobs, you ' re enabling individuals to support their families, pursue their dreams, and contribute to their communities.
Your role in maintaining the economic stability and growth of our nation cannot be overstated
Running a business, regardless of its size, is incredibly challenging. As entrepreneurs, you can never really "shut off" your work. The responsibility of managing employees, meeting customer needs, handling finances, and planning for the future is a 24/7 job. This level of dedication and commitment is both admirable and essential for success, but it also comes with significant personal sacrifices
Countless challenges are in your path: from navigating complex regulations and managing cash flow to adapting to rapidly changing market conditions and technology Add to this the recent global events that have disrupted supply chains and changed consumer behaviors, and it's clear that small business owners are facing unprecedented challenges
Given these realities, we as a society should appreciate the work small business owners do much more. Your perseverance, creativity, and resilience in the face of adversity are inspiring. You're not just running businesses; you ' re pursuing passions, solving problems, and making our communities better places to live and work
Thank you for your unwavering commitment, for the risks you take, and for the value you bring to our economy and society Your work matters, and it deserves to be recognized and celebrated
As we move forward, let's continue to support our local small businesses Let's champion policies that make it easier for SMBs to thrive And let's never forget the crucial role that small businesses play in making Canada the great nation it is
Heather leads marketing at ADP Canada, supporting businesses of all sizes in Canada In her role, Heather provides strategic direction for Marketing planning, including product marketing, campaign management, demand generation and branding
With over 20 years of experience in the Canadian technology Market, Heather is a proven, accomplished, dynamic leader specializing in motivating people for change and increasing productivity with successes across Marketing, Sales Channel Development, Product Management, and Mergers & Acquisitions.
She is a passionate and intuitive leader who leverages persuasive reasoning to drive change and engage and build alignment with leaders/teams across functional areas Before joining ADP in early 2016, she held various roles at BCE, primarily in Bell Business Markets, across Sales, Marketing and M&A
As we usher in Small Business Month, it's a time of reflection, celebration, and looking to the future for small business owners across Canada Coming from a leader in the world of human resources and as someone deeply rooted in the industry and focused on the world of work, I want to extend my deepest gratitude and admiration to each of you
Small businesses are not just the backbone of our economy; they are the heartbeat of our communities Your passion, resilience, and innovation breathe life into the streets of our towns and cities, creating a mosaic of opportunities and dreams realized. Your ventures, no matter the scale, contribute significantly to our economic vitality, fostering employment, driving happiness at work, and nurturing local economies. Your stories of perseverance, creativity, and community engagement inspire a sense of unity and strength that resonates for all of us.
In an ever-evolving landscape, your ability to adapt and thrive is remarkable You've weathered storms, pivoted in the face of challenges, and seized opportunities with a blend of optimism and pragmatism that is truly inspiring This very spirit fuels innovation and propels our society forward, making our communities more vibrant, inclusive, and resilient
As we look to the future, let's embrace the endless possibilities The path of an entrepreneur is fraught with uncertainties, but it's also ripe with potential for growth, learning, and impact Remember, the world of work is continuously transforming, and as leaders in this dynamic ecosystem, you have the power to shape its course By fostering inclusive, supportive, and innovative workplaces, you contribute to your employees' well-being and set a standard for excellence and compassion in business.
Thank you for your unwavering commitment and contributions to our communities and economy Your journey is a testament to the power of vision, grit, and community Heres to celebrating your achievements and to the exciting journey ahead Let's continue to dream big, push boundaries, and ensure businesses not only thrive but continue to enrich the fabric of our society Happy Small Business Month!
Henry Kalule Lukenge has been an experienced financial, tax, and business executive for over two decades. Born in Uganda, Mr. Lukenge moved to England in the late 80s after surviving the conflict in the Southern African nation He completed high school in England and gained admission to the University, where he studied mathematical statistics However, Mr Lukenge had very little interest in the subject, but with his limited command of the English language, it was a perfect fit for him. Eventually, he returned to school for the professional accounting exams- the Association of Chartered certified Accountants UK one that combined his love for numbers, problem-solving, and people engagement
KeyReflectionsforSMEOwners ThisSmallBusinessMonth
In honor of small business month, I have been given the chance to make a few remarks as the founder and CEO of a SME Before I begin, please understand that I am not an expert in this field, but I guarantee that this is my best effort
As an SME owner and founder CEO several things are important to me, and I would like to imagine they attract the same level of attention from every SME owner during October
Can my SME pass the going concern test through the Cash flow test
Through being able to meet its payroll commitments for at least a month through AR payments and near term financial products and lines of credit – a key solvency test
Can it make its rent and other overhead payments using a mixture of Vendor payment terms and near-term financial products for at least 60 days? You do not want to face the embarrassment of finding a lock on as you get to work on a Monday morning
These two are not about having cash saved but about being able to convert a paper asset into cash quickly For example, negotiate your lease to give you at least 5-10 days after the month's event before default and factor that into your cash flow plans where needed. The same goes for other overheads.
Is my sales and business development team progressing on our medium and long-term business growth targets? Again, this is not about bringing in new clients but achieving intangibles like outreach, number of calls, prospects, and a sustainable pipe from which a projection can be built based on conversion statistics and revenue per converted client Like other aspects of your business, business development is a science that, once figured out, can be designed to make your revenue vision a reality.
Most importantly, do not forget to schedule time with your family, friends, and loved ones into your month and week because, as SME owners, we tend to have our diaries booked by everyone else but our families Let us make a determined effort to address that, as at the end of the day, we are doing it all in part for them; involve them in the process
Anna Sinclair is a trailblazing CEO, awardwinning entrepreneur, and angel investor specializing in sponsorships, strategic partnerships, community building, event production, digital content creation, and balancing life as a super mom of three
A former signed pop artist with Universal Music featured on Disney, and an entertainment industry professional as a casting associate and ACTRA actress, Anna recognized a gap in support systems for working women She responded by founding Total Mom Inc, the Canadian Women Entrepreneur Industry Gala, and Sinclair Creative Agency, a firm that consults founders and brands bring their mission to life Her work across these ventures has earned her numerous accolades, including being named one of WXN’s Top 100™ Most Powerful Women in Canada, a Top 40 Under 40 honoree, and features in Forbes
Anna has led partnerships with over 350 toptier brands, creating impactful initiatives that reach millionsAs a two-time immigrant and refugee success story, Anna aims to support, connect, fund, and represent diverse women entrepreneurs globally
As entrepreneurs, it’s so easy to get so caught up in the never ending grit and tenacity it takes to grow a business Sometimes wrapped up in the behavours, actions and commitment it takes to accomplish growth But in the thick of it when we ’ re exhausted, overwhelmed, and running on fumes we need to remember something crucial: we are so much more than our businesses We are human beings, navigating the rollercoaster of life with all its ups and downs, and it’s okay to admit when we ’ re struggling More importantly, it’s okay to not want it anymore even temporarily We all want to quit sometimes that comes from lack of peace & rest
The truth is, every single one of us is carrying a burden Some days, it feels like we’re barely holding it together, silently worrying that if we stop moving, everything we’ve built will crumble. We look around and think others have it all figured out, but underneath, we’re all wrestling with our own fears, doubts, and insecurities. We are all tired. We are all fighting battles no one sees.
I’ve felt that fear afraid that taking even a moment to pause, to rest, would mean losing everything I’ve worked for, missing opportunities and so on But I’ve learned the hard way that self-care isn’t something we can afford to neglect And when we give ourselves permission to rest, we come back stronger Pouring from an empty cup pushes us further from what we ’ re really seeking: balance, fulfillment, and peace We started our business to thrive and to serve Not suffer
So if you ’ re feeling like it’s all too much, you ’ re not alone Every one of us is struggling in some way, even if we don’t talk about it What matters is how we keep showing up sometimes broken, sometimes imperfect but showing up nonetheless And in those moments of vulnerability, that’s where the real growth happens.
You’re allowed to take time for yourself, to heal, to breathe. You’re allowed to not have all the answers Trust that each small step forward is progress Stay grounded, stay present, and be kind to yourself because today, this moment, could be the one where it all finally starts to fall into place Life is so short live it through joy & peace
Kate Mitchell Head of Marketing, Marketing Strategist, and Health Enthusiast
With over 20 years of experience driving strategic marketing initiatives, Kate Mitchell is a seasoned leader specializing in building and executing high-impact marketing campaigns for essential services and mid-sized businesses. Currently serving as Head of Marketing at F12net, a leading Managed Services and Security Provider (MSP/MSSP), Kate has been instrumental in shaping the brand’s customer-centric narrative, ensuring trust, resilience, and enhanced security for Canada’s most critical industries
Kate's expertise lies in blending creative strategy with data-driven insights, leading growth marketing efforts, and leveraging partner alliances to expand market reach She is known for her thoughtful approach to integrating cyber security into corporate responsibility, ensuring businesses remain secure and adaptive in an ever-changing digital landscape
A champion Olympic weightlifter, Kate balances her professional achievements with a deep commitment to personal health and wellness, bringing discipline and perseverance to all aspects of her life
Small businesses are the backbone of Canada's economy, and in today’s uncertain landscape, they face more challenges than ever Whether it's navigating economic shifts, countering cyber threats, or competing in a crowded market, it’s essential for businesses to build strategies that ensure their long-term resilience
At F12 net, we recognize that success in today’s market isn’t just about keeping the lights on its about embedding trust and security into the core of your business As a leading Managed Service Provider (MSP) and Managed Security Service Provider (MSSP), F12 net supports small and medium-sized businesses across essential industries like healthcare, manufacturing, and professional services We provide the technology and cyber security solutions that businesses need to stay secure, agile, and competitive
With over 20 years of experience as a marketing leader, I’ve seen how vital it is for businesses to align their technology with their business objectives. Whether you ' re streamlining operations, improving customer acquisition, or driving digital transformation, success depends on having the right tools and partners in place At F12 net, we focus on providing reliable IT and cyber security services that allow businesses to grow confidently while safeguarding their operations from disruption
As we celebrate Small Business Month this October, it’s the ideal time to reflect on how far we’ve come and how we can prepare for the future My advice to any business leader is simple: invest in your core technologies, particularly IT infrastructure and cyber security These aren’t just operational necessities they are strategic assets that will position your business for success in a world where change is the only constant
Young Lee
GoDaddy Canada, Country Manager
Young Lee is a seasoned marketer with over 19 years of extensive marketing experience in the technology industry. Due to her personal entrepreneurial endeavours and growing up with a family that ran a small business for many years, Young has a passionate connection when seeing small business owners thrive doing what they love. Currently at GoDaddy, she leads the Canadian business as Market Lead, helping small businesses grow using GoDaddy products and tools
“This Small Business Month, we at GoDaddy wanted to express our pride and admiration of all the incredible Canadian small business owners who continue to push the boundaries of entrepreneurship Small businesses represent an enormous economic contribution to the wider Canadian life and economy Your work is vital to your communities – small businesses across Canada contribute to increased incomes and job creation in local areas, as our recent GoDaddy Venture Forward research tells us that almost half (46 4%) of small business owners in Canada employ two or more employees
“Our mission at GoDaddy is to help, support and empower small business owners to start and grow online And we believe there’s never been a better time to develop your venture: from that new idea with low start-up costs, to utilizing innovative AI experiences and tools, small business owners have a wealth of knowledge and resources at their fingertips The rising use of AI in business is giving business owners a new competitive edge, as 40% of Canadian entrepreneurs who use AI for their business have seen their monthly revenue increase over the last 6 months, compared to only 26% of entrepreneurs who don’t use AI. At GoDaddy, we ’ re proud we can offer GoDaddy Airo – our AI-powered, customizable experience that can instantly enhance your online presence by finding your perfect domain name, building your website in just a few clicks, and designing your business logo It’s never been easier
“The opportunities for small businesses in Canada are huge, and we ’ re proud to be the partner of choice for the entrepreneurs of today and tomorrow This October, take the time to celebrate your amazing accomplishments – congratulations!”
At IHG Hotels & Resorts, we recognize the dedication, passion, and resilience you bring to your ventures each and every day Your commitment and dedication not only drives your success but also strengthens our communities and economy.
With IHG Business Edge, we ’ re here to support you in managing your travel more effectively Enjoy guaranteed discounts, an instant loyalty status upgrade after your first stay, partner benefits, and much more We aim to make travel one less worry, allowing you to focus on what truly matters for your business.
Puja Subrun
Country Manager (Interim), Intuit Canada and VP, GTM
Puja Subrun is the Country Manager (Interim), Intuit Canada and VP, GTM, supporting the company with its mission to power prosperity for small businesses across Canada and around the world
Subrun is an innovative marketing and transformation leader with a proven track record in developing and executing strategy, solving complex problems and delivering ROI and operational excellence in various industries. Puja is passionate about connecting with customers to guide and inspire her team to create unique solutions and messaging that best serve small businesses and accountants
October marks a special time in Canada – Small Business Month It’s a time to recognize the incredible contributions of the small business community to our communities and our economy
At Intuit, we recognize the positive impact small businesses have, it’s no secret that they are the backbone of Canada They are the heart of our neighborhoods, the creators of jobs, and the drivers of innovation We are proud to support and celebrate this community not just this month, but everyday, walking in lockstep with them to drive their success and power prosperity around the world
Despite a challenging economic landscape, small businesses have continued to show resilience and adaptability that inspire us all The teams at Intuit want to express our deepest gratitude for your perseverance and dedication
During Small Business Month, I encourage Canadians to make a conscious effort to support our local entrepreneurs and businesses Whether it’s dining at a family-owned restaurant, shopping at a local boutique, or using the services of a local neighbourhood business, every purchase helps drive opportunity for the growth and success of this incredibly important community
To every Canadian small business owner, we see you, we appreciate you, and we believe in you Your dreams and aspirations fuel our economy and enrich our communities, and know that our teams will continue to champion you through the work we do each day to help you thrive Let’s continue to work together to create a vibrant and prosperous future for all
Happy Small Business Month!
Sincerely,
Puja Subrun, Country Manager (Interim), Intuit Canada and VP, GTM
As a small or medium enterprise (SME) owner, you face unique challenges in managing your compensation planning and people risks Rising health and benefit costs, along with the need for pay transparency, are top concerns for employers no matter the size of their workforce Fortunately, the August 2024 Mercer QuickPulse™ Canada Compensation Planning Survey provides valuable insights into salary increases, industryspecific trends, and strategies for attracting and retaining top talent.
Compensation planning survey results1: The survey projects a 30% merit increase and a 34% total increase budget for non-unionized workers in 2025 These projections align with the current economic climate and indicate a slight decrease from the previous year ' s figures. It is crucial for you to remain competitive in attracting and retaining talent despite modest salary increases.
Industry trends in compensation1: Average total increase budgets are generally consistent across all industries in the survey, ranging from 31% for Mining & Metals to 36% for insurance/reinsurance With more conservative salary increase budgets, organizations are exploring other ways they can enhance at their employee value proposition to attract and retain talent
Pay transparency2: The survey highlights a lag in pay transparency adoption, with less than a third of companies openly communicating salary ranges While some companies share this information upon request or where legally required, there is still hesitation in being fully transparent about salaries Embracing pay transparency can foster trust, enhance employee engagement, and attract top talent. You can consider implementing transparent pay practices to remain competitive in the job market.
Attracting and retaining talent: Beyond competitive salaries, you can attract and retain top talent by offering flexible work arrangements, professional development opportunities, and a positive company culture Recognizing and rewarding employee achievements, fostering open communication, and providing growth opportunities are low-cost strategies that can significantly impact employee satisfaction and retention
The future of compensation planning for SMEs will likely involve a greater emphasis on pay transparency and a focus on holistic employee well-being. As an employer, you should stay informed about industry trends, leverage technology for total rewards management, and prioritize employee engagement and satisfaction By adopting these practices, you can navigate the evolving total rewards landscape and position yourself as an employer of choice
As an SME in Canada, you must navigate modest salary increases, rising health and benefit costs, and the importance of pay transparency. By staying informed and proactive, you can position yourself for success in attracting and retaining top talent, while managing your compensation budgets effectively Remember, your employees are your greatest asset, and investing in their well-being will contribute to the long-term success of your business.
Put your people first, lets partner together with Simple select by Mercer Marsh BenefitsSM, our cost-effective employee benefits, tailored to your business needs
10 Innovative Canadian Small Businesses: Blueprints for Entrepreneurial Success
There’s no denying that small businesses are the economic backbone of Canada, without which our overall progress as a nation can come to an abrupt standstill As such, to honour and acknowledge their significant contributions to our great country, pivoting its progress one start-up at a time, we have selected the 10 most exceptional small businesses thriving and transforming their industries on the occasion of commemorating October as Small Business Month all over Canada. These companies are exemplary for their out-of-the-box approach to making a difference in their niche industries, serving as practical case studies for entrepreneurs to learn from nationwide Thus, this write-up is all about recognizing the individual efforts of some of the emerging businesses in the Canadian market Here’s a rundown of all those companies; let’s dive in
Rootd (Victoria, BC)
Key Insight: Tackling a widespread issue of mental health through an accessible solution that has the potential to foster swift expansion and worldwide influence.
Rootd is a tech startup from British Columbia that has stirred the competitive mental health app market Founded by Ania Wysocka, the company has leveraged the power of Canadian innovation to become the top-ranked app for panic attacks and anxiety relief on both the App Store and Google Play What’s more, its USP lies in its user-friendly interface and compelling features
Notably, Rootd's success with over 2 million downloads and 50,000+ user reviews demonstrates the potential for Canadian businesses to scale globally The app ' s simple approach to mental health support, including a panic button, guided breathing exercises, and journaling tools, showcases the power of combining simplicity with effectiveness In fact, Rootd's expansion into B2B partnerships emphasizes the importance of diversifying revenue streams and exploring multiple market segments for small business owners
To learn more about Rootd’s simple yet effective solutions for controlling anxiety and panic attacks, click here.
Still North Design Co. (Whitehorse, Yukon)
Key Insight: When local inspiration projects a global appeal by combining quality and authenticity with stellar customer service.
The Whitehorse-based Still North Design Co has catapulted Yukon to the international platform of high fashion Owner and founder Courtney Vreeman has adeptly turned her northern-inspired designs into a clothing and lifestyle brand that connects with customers throughout Canada and beyond
Still North's success story is lesson 101 on how to leverage your unique local identity to create a high-value business brand Their product line, which includes everything from cozy hoodies to distinctive accessories, captures the essence of Canada's North This approach has allowed Still North to carve out a niche in the crowded apparel market With an unwavering commitment to quality and customer service, Still North offers truly unique fashion pieces In the world of true Canadian fashion, the company goes above and beyond to ensure customer satisfaction, building a loyal following beyond Yukon's borders
Ultimately, Still North's journey shows businesses how important it is to be genuine while branding their products This illustrates how small-town businesses can utilize e-commerce and social media to connect with a worldwide audience The company ' s success in international markets demonstrates that "Made in Canada" can be a compelling selling point when paired with authentic quality and service
Wanna explore Still North’s clothing line? Click here to learn more.
Kekuli Café (West Kelowna, BC)
Key Insight: A haven of baked delights where cultural heritage is a significant differentiator in a competitive market, particularly when integrated with a franchising model.
Kekuli Café, co-founded by Sharon Bond-Hogg and Darren Hogg, draws pure joy in serving patrons with its delicious bannock while providing a glimpse into Canadian Indigenous culture With its popular tagline, "Don't Panic We Have Bannock!" and a menu featuring a variety of bannock-based dishes inspired by Indigenous flavours, Kekuli Café has created a unique brand identity that resonates with a diverse customer base What’s more, the business model promotes Indigenous entrepreneurship and preserves culinary heritage by creating job prospects for Indigenous communities across Canada through its franchising plans
Kekuli Café's success illustrates the potential of cultural authenticity as a distinctive selling proposition for small business proprietors Plus, not only does it demonstrate how franchising can be an effective strategy for scaling a business, but it also maintains brand integrity The café's strong commitment to sourcing from Indigenous suppliers shows how companies can create positive ripple effects in their communities, inspiring entrepreneurs to value their cultural heritage and benefit the larger community
Check out Kekuli Cafe’s delectable menu and the wholesome energy they serve with their hot beverages Click here for more information.
Smart Dolphins IT Solutions (Victoria, BC)
Key Insight: Achieving long-term success in the tech sector requires adapting to evolving client needs, anticipating industry trends, and cultivating a culture of ongoing learning.
Led by Dave Monahan, Smart Dolphins IT Solutions has been delivering proactive IT services for more than 16 years The company ' s distinctive 'pod' system allocates a dedicated team to every client, guaranteeing tailored and thorough support
In fact, they help small and medium-sized enterprises with cybersecurity, cloud solutions, and IT strategy planning Being one of Canada's Top 100 Solution Providers, Smart Dolphins' several accolades and certifications attest to the company ' s dedication to lifelong learning
As a matter of fact, Smart Dolphins provides valuable lessons in developing a sustainable business, particularly for entrepreneurs in technology-related disciplines. The company ' s success emphasizes the significance of creating a culture of innovation, investing in employee skills, and remaining informed about industry developments It illustrates how a business can distinguish itself in a competitive market by emphasizing personalized service and client relationships.
Visit Smart Dolphin’s official website here to learn more about its innovative solutions for Canadian small businesses
MedEssist (Toronto, ON)
Key Insight: Technology has the potential to revolutionize traditional industries by tackling enduring challenges and enhancing accessibility, especially in essential services such as healthcare
With its cutting-edge platform, Toronto-based MedEssist founded by Joella Almeida and Michael Do is transforming the pharmaceutical industry What’s more, the healthcare startup streamlines prescription management and patient communication, allowing pharmacists to focus more on patient care With its multilingual capabilities and userfriendly interface catering to Canada's diverse population, MedEssist is truly setting it apart in the market.
In fact, the above statement has been proven right with MedEssist's recent recognition as one of the Top 10 startups in Calgary an achievement that underscores its potential to reshape healthcare delivery The company ’ s success story highlights the importance of addressing industry challenges, leveraging technology for improved service delivery, and considering diversity and inclusion in product development
To know more about MedEssist’s services, visit their official site here
Neo Financial (Calgary, AB)
Key Insight: Disrupting conventional banking through cutting-edge digital solutions, which have the potential to capture a substantial market share
Neo Financial, established by Andrew Chau and Jeff Adamson, who are also the co-founders of SkipTheDishes, is altering the financial services landscape in Canada. Not only has this Calgary-based fintech startup quickly become a formidable challenger to traditional banks by offering digital-first financial products, but its offerings include high-interest savings accounts, cashback credit cards, and investment opportunities, all managed through a sleek, user-friendly app However, what truly sets Neo apart is its innovative partnership approach, which creates a unique rewards ecosystem that benefits consumers and businesses
As a matter of fact, the company ' s rapid growth is a testament to the demand for more flexible, transparent, and customercentric financial services, which is why Neo Financial's success underscores the potential for disruption in even the most established industries and serves as an exemplary case study for entrepreneurs It also highlights the importance of leveraging technology to create seamless user experiences and building strategic partnerships to enhance value propositions
Click here to learn more about Neo Financial’s solutions and upcoming products.
Zeno Renewables (Calgary, AB)
Key Insight: Connecting business objectives with broader social movements to help foster growth, thereby attracting exceptional talent
Zeno Renewables, co-founded by Gursh Bal and Kai Fahrion, is leading Canada's shift towards sustainable energy. Armed with the mission to install solar solutions on 1 million homes by 2040, positioning itself as more than just a business it's a movement towards a greener future
In fact, the company ’ s approach goes beyond simply installing solar panels as they offer comprehensive energy solutions, including energy storage systems and smart home integrations, making renewable energy more accessible and practical for homeowners
It is also worth noting that their concept has positively impacted Canada's energy business scene, and Zeno's co-CEOs were recognized in Avenue Magazine's Calgary Top 40 Under 40 Zeno's success serves as a compelling example for small business owners, highlighting the impact of establishing bold goals that resonate with global trends This demonstrates how a clear mission can attract top talent and media attention, crucial for scaling a business in a competitive market
To learn more about Zeno’s renewable energy solutions, visit the link here.
ChargeLab (Toronto, ON)
Key Insight: Creating scalable solutions for emerging markets which have the potential to draw considerable investment and foster partnerships
ChargeLab plays a crucial role in the electric vehicle (EV) revolution by developing scalable EV charging solutions Established by Zak Lefevre, this Torontobased startup is tackling an essential demand in the swiftly expanding EV market
Speaking of their tech prowess, ChargeLab’s software platform enables businesses to deploy, manage, and scale EV charging infrastructure efficiently Their technology is hardwareagnostic, allowing for integration with various charging station manufacturers and providing a unified management system for operators.
The company ' s recent $15 million financing boost demonstrates investors confidence in its ability to influence the future of transportation infrastructure ChargeLab's journey is a valuable lesson for entrepreneurs, emphasizing the significance of recognizing and tackling pain points within emerging industries This highlights how creating adaptable, scalable solutions can enable a small business to overgrow and attract considerable investment
To learn more about ChargeLab’s solutions, click here to navigate to their official website
Alvéole (Montreal, QC)
Key Insight: Creative strategies for sustainability that can help develop new business models and foster corporate collaborations
With its distinctive approach to beekeeping, Alvéole founded by Declan Rankin Jardin, Étienne Lapierre, and Alex McLean is generating attention in the field of urban sustainability Based in Montreal, this company installs beehives and bee-friendly gardens in cities worldwide, providing businesses with a concrete opportunity to enhance biodiversity and promote environmental awareness
Beyond beekeeping, Alvéole offers a wide range of services To assist businesses in engaging their workers and show their dedication to sustainability, they provide educational programs and team-building events based on beekeeping In fact, Alvéole has carved out a new niche in the corporate sustainability industry thanks to its fresh strategy.
For small business owners, Alvéoles success demonstrates the possibilities that arise from discovering unique intersections between sustainability and business requirements This illustrates how creative thinking can turn environmental challenges into business opportunities and how offering experiential services can differentiate a company in the B2B market
To learn more about beekeeping technology, log onto Alvéole's official website here.
Key Insight: Utilizing AI to address unique industry challenges that can result in swift progress and acceptance.
Established by Chloe Smith, Mercator AI is transforming the process of discovering and assessing new business opportunities for construction companies In fact, their real-time intelligence platform uses artificial intelligence (AI) to improve the labour-intensive and often tedious process of identifying possible projects and leads
What’s even better is that the company ' s recent $5 1 million seed funding and expansion into multiple North American markets underscore the demand for innovative solutions in traditional industries. As such, Mercator AI's success, which includes Smiths recognition as the "most promising founder" at the Start Alberta Tech Awards, underscores the potential for AI-driven solutions to transform established sectors
For entrepreneurs, Mercator AI's journey illustrates the importance of profound industry insight paired with advanced technology This demonstrates how focusing on solving specific, high-value problems for a particular industry can lead to rapid technology adoption and growth
The innovative character of these businesses propels Canada's small business sector forward They demonstrate that tiny enterprises can have considerable influence and attain exceptional development by adopting technology, tackling environmental issues, and rethinking conventional sectors
To learn more about Mercator AI’s solutions, visit their official website here.
To our readers: Jubilating with these innovative companies during Small Business Month, we urge you to draw inspiration from their journeys. So, whether you're an aspiring entrepreneur or an established business owner, these stories demonstrate the endless possibilities for innovation and growth in Canada's dynamic business landscape
For more inspiring stories and valuable insights to help your business thrive, subscribe to CanadianSME Small Business Magazine. Join our community of forwardthinking entrepreneurs and access the resources you need to drive your business forward in today's rapidly evolving market. Follow our handle @canadian sme on X to remain updated on all business trends and developments.
When Sarah Sekalala immigrated to Canada in 2001, she struggled to find the sauces and spices that made up her home culinary traditions So the Uganda-born entrepreneur started making batches of sauces fusing spices and aromatics reflecting Uganda’s multicultural character that she could store away to feed her growing family In 2015, she decided to channel her home recipes into Siika Sauces, a Toronto-based business focused on highlighting the traditional flavours and techniques of African cooking Siika, which means “flavour” in her native language of Bugunda, refers both to her sauce, and to the process of cooking onion, garlic and oil with an array of spices.
In recent years, newcomers to Canada like Sekalala have played an important role in the food and accommodation sector More than one in four workers in the food and beverage sector are immigrants, according to 2021 data from Statistics Canada But immigrants are not only filling gaps in the sector’s workforce – they are also taking the lead in establishing their own businesses featuring foods from their home countries A 2024 Immigration, Refugees and Citizenship Canada study shows that immigrants now make up more than half of business owners with paid staff in the food and beverage sector, making them a force in shaping the sector
According to Sekalala, it took her years to learn how to navigate the funding landscape as a newcomer both to Canada and the food entrepreneurship space: “It was hard to know where to start and who to go to for what ” This lack of understanding hindered her from launching Siika Sauces earlier, she says
Immigrant Women
Alice Couderc Co-FounderatAtomeBakery
Alice Couderc, who became a food entrepreneur after moving to Canada from France in 2018, says navigating the world of entrepreneurship as an immigrant comes with specific challenges In 2022, she co-founded Atome Bakery, a Vancouver-based artisanal bakery delivering French-inspired frozen bread and pastries direct to customers She cites her relatively small professional network as being an early obstacle to success: “In France, I knew a lot of people from my city and university But here in Canada, nobody knew my school or the companies I worked for in France So I had to start from scratch ”
Couderc also faced challenges in proving her financial credibility to potential lenders due to a lack of previous accounts in Canada The fact that she only had her salary from four years of working temporarily in the country to show limited her ability to access potential loans that could help take her business to the next level
Despite these challenges, a study on the State of Women’s Entrepreneurship in 2022 by the Women Entrepreneurship Knowledge Hub found that immigrant women entrepreneurs in Canada bring unique skills and backgrounds to the table It found that these entrepreneurs are 8 6 per cent more likely to create new products and 20 1 per cent more likely to use innovative production approaches compared to their Canadian-born counterparts.
The study suggests these entrepreneurs may have the ability to more easily notice gaps in the Canadian business landscape In Couderc’s case, she was able to identify a new way to introduce the breads and pastries of her childhood in France to a Western Canadian clientele “When you arrive to Canada as an immigrant, you know how it’s done somewhere else, and you notice a gap that people living here haven’t noticed,” she says According to her, working in a city like Vancouver meant she had to think creatively about how to make her products more accessible to clients across sprawling areas
Today, Sekalala says she sees lots of opportunities for businesses reflecting the diverse food cultures in Canada such as hers. Though it took her years to launch Siika Sauces, she says the time feels riper than ever for opening an immigrantrun food business. “It feels like I am the right seed in the right soil, being here in Canada now.” When she thinks of what this means for the future of immigrant entrepreneurs working in food, she says: “The harvest is going to be humungous ”
By Katrya Bolger, Women’s Enterprise Organizations of Canada
The WEOC National Loan Program is supporting entrepreneurs, like Sarah Sekalala and Alice Couderc, as they start and grow their innovative businesses Find out more about this flexible loan program at www.weoc.ca/loan-program.
In today's rapidly evolving digital landscape, small businesses in Canada need innovative, reliable, costeffective IT solutions to stay ahead This is where Torontobased Orange Stack Inc comes into the fray – a boutique IT consulting and solutions provider that’s made a mark for itself in the industry. In fact, the company ' s major USPs include high-quality, adaptable services that improve efficiency and drive growth in web development, crossplatform mobile applications, and machine learning Plus, what truly sets Orange Stack apart is its custom software that helps automate tasks such as email marketing, social media management, and CRM Not only does the company focus on staff augmentation contract creation, but it further underscores its commitment to providing comprehensive IT solutions
Software Solutions Tailored to Each Company
As a matter of fact, Orange Stack Inc ' s objective is simple: to develop user-friendly, visually appealing online and mobile applications that help businesses overcome complex challenges Fast outcomes without sacrificing quality are guaranteed by their development methodology, which is based on agility, scrappiness, and iteration Armed with the power of the MERN stack, which stands for MongoDB, ExpressJS, React, and NodeJS, Orange stack creates intuitive and easy-to-use applications and websites This is accomplished through their staff carefully considering clients' unique requirements and developing individualized solutions that go above and beyond
Soumya Singh
Designer & Founder
Orange Stack Inc
By leveraging its technological prowess, Orange Stack can design any e-commerce platform, optimize websites for mobile usage, or automate regular chores. What’s more, businesses seeking to enhance or broaden their online presence can significantly profit from their capacity to scale solutions while keeping costs low.
A Worldwide Group with Regional Specialization
As a matter of fact, Orange Stack's unique business approach allows it to combine local presence and global experience Thanks to professionals stationed in India, Mexico, and Canada, Orange Stack can serve customers globally at any hour of the day or night This broad reach helps Orange Stack maintain its service quality and flexibility while reducing costs Projects are completed on time and within budget without compromising communication or cooperation because of the company ' s emphasis on time-zone alignment and cultural understanding.
With a permanent presence in many countries, Orange Stack can provide the "best of both worlds" a local touch for customers who appreciate face-to-face contact and the benefit of a globally distributed workforce that keeps projects going even after hours This enables flexibility, confidence, and familiarity between customers and the development team
Client-Centric Approach to Long-Term Success
Orange Stack Inc takes great pride in its transparent and ethical approach In fact, at its very core, the company aims to establish great client connections, making the IT outsourcing process fun and productive for all parties involved Its client-first philosophy ensures open communication and honest, strategic cooperation Orange Stack is more than a quick-fix outsourcing provider; it actively collaborates with customers to create longterm IT solutions that truly add value.
Orange Stacks works closely with clients as strategic partners to ensure that every project is carried out flawlessly and in line with the client's larger business objectives. It epitomizes this, providing solutions that revolutionize how companies approach IT outsourcing, leading to long-term success, increased efficiency, and smoother operations.
Learn more about Orange Stacks’ solutions and services by clicking here.
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How Smart OWL is Bridging the Global Skills Gap Innovating Education:
In an exclusive interview with CanadianSME Small Business Magazine, the founder of Smart OWL shared her journey of turning a passion for education and entrepreneurship into a thriving business that addresses the global skills gap With a focus on leveraging technology to enhance learning experiences, Smart OWL collaborates with industries, governments, and educational institutions to create accessible, industryaligned educational solutions The founder discussed key challenges in launching schools and programs and how Smart OWL guides its clients through these hurdles to ensure successful implementation and long-term impact. Recognized for her contributions to the EdTech sector, she also shared valuable advice for aspiring entrepreneurs looking to make a meaningful impact in education and consulting.
With a passion for education, innovation and entrepreneurship, I become a recognized thought leader who is most often seen participating in exciting roles of a moderator, panellist, startup awards judge, mentor, podcast host or international speaker Some of my most treasured achievements are being named "Most Inspiring Women Entrepreneurs & Business Leaders" and "Canadian Woman of the Year, 2021" by Canadian SME Magazine, Top 25 Inspiring EdTech Female Founders by SuperCharger Ventures, CSPN’s Leader in Diversity & Inclusion (2019), recipient of City of Toronto’s Access, Equity & Human Rights Award (2015).
AndreaSesum, FounderofSmartOWL
Can you share the inspiration behind founding Smart OWL and how your passion for education, innovation, and entrepreneurship has shaped your company ' s mission and vision?
Smart Owl was established out of a deep passion for education, innovation, and entrepreneurship Our mission is to identify gaps in traditional education and use an opportunity to leverage technology to enhance learning experiences Innovation is key in identifying new methods for content delivery, whether through digital tools, personalized learning platforms, or gamified educational experiences
With your extensive experience working closely with companies, institutions, and governments, how does Smart OWL approach bridging the global skills gap, and what impact has your work had on these sectors?
Through our commitment to industry alignment, accessible education, and strategic collaborations, Smart Owl plays a significant role in bridging the global skills gap.
Approach to Bridging the Global Skills Gap:
Skills Alignment with Industry Needs: we collaborate closely with industries to identify indemand skills and create targeted educational programs that align with these needs. This involves building competency-based education programs that emphasize skills like digital literacy, data analysis, critical thinking, and emerging technologies (e g , AI, cybersecurity)
Accessible, Flexible Learning Solutions: To address the disparity in access to quality education worldwide, we offer affordable, flexible online courses that allow individuals in both urban and rural areas to upskill or reskill This can be complemented by leveraging mobile technologies to reach underserved populations
Partnerships with Governments and Institutions: By working with governments and educational institutions, Smart OWL help develop and implement national educational strategies, such as digital learning initiatives or vocational training programs Governments often face challenges in creating scalable learning solutions, and technology-driven platforms could serve as a crucial partner in those efforts
Focus on Lifelong Learning: In today's rapidly changing workforce, the focus is shifting toward lifelong learning Smart OWL emphasizes continuous skill development, offering microcredentialing, stackable diploma, or certification programs to allow learners to stay competitive throughout their careers.
Impact on Companies, Institutions, and Governments:
For Companies: By helping close the skills gap, companies benefit from a more skilled, adaptable workforce This can improve productivity and innovation while reducing the costs associated with hiring, retraining, or turnover
For Educational Institutions: Smart OWL empowers educational institutions to modernize their curricula and teaching methodologies This enables them to better prepare students for the future of work, making education more relevant and aligned with real-world demands.
For Governments & Institutions: Smart Owl assists governments and institutions in meeting their educational goals by providing scalable digital platforms, especially in developing nations where access to traditional education is limited. This could have a profound impact on economic development and workforce competitiveness at a national level
What have been some of the key challenges you ' ve encountered while launching schools and programs, and how does Smart OWL guide its clients through these challenges to ensure successful implementation?
Key Challenges in Launching a School
Resource Constraints: Many schools and educational institutions, especially in underserved areas, encounter limitations in funding, technology infrastructure, and skilled personnel These obstacles can impede the delivery of high-quality educational experiences
Adapting to New Technologies: As digital learning platforms expand, numerous institutions find it difficult to effectively adopt and integrate new technologies This challenge encompasses teacher training, curriculum updates, and ensuring students have reliable internet access
Curriculum Alignment with Industry Needs: A significant hurdle is aligning educational programs with the skills demanded by the workforce Often, schools may rely on outdated curricula that do not meet the needs of modern industries
Scaling Successful Programs: While implementing effective pilot programs is essential, scaling them sustainably to reach larger populations while maintaining quality presents its own challenges This process typically demands thorough planning, adequate resources, and ongoing support
Through customized solutions, training, industry collaborations, and an emphasis on local context and sustainability, we support our clients in navigating common challenges to guarantee the successful implementation and lasting impact of their educational initiatives To align curricula with industry demands, Smart OWL collaborates with industry leaders and educational institutions to close gaps with innovative programs By partnering with these organizations, we ensure that our offerings remain current, equipping students with the relevant skills needed to enhance their employability
As a recognized thought leader and recipient of numerous awards, including "Canadian Woman of the Year" and "Top 25 Inspiring EdTech Female Founders," how have these accolades influenced your work and the direction of Smart OWL?
Entrepreneurship helps shape our mission by fostering a mindset of constant improvement, scalability, and impact. My focus is on making education more accessible, engaging, and effective, while my vison is to revolutionize how people of all ages and backgrounds learn and grow, empowering them to achieve their full potential
Given your involvement in various roles, such as a mentor, podcast host, and international speaker, what advice would you offer to aspiring entrepreneurs looking to make a meaningful impact in the education and consulting sectors?
I encourage aspiring entrepreneurs to establish a clear vision and identify a specific niche In the education sector, having a defined niche is essential Whether your focus is on tech integration, career coaching, regulatory or specialized educational services, refining your unique expertise will distinguish you from the competition
Find mentors who have achieved the goals you aspire to reach. Their insights and experiences can help you navigate challenges effectively. Develop a personal brand by engaging in conversations through blogs, podcasts, or public speaking Sharing your knowledge will position you as a respected authority in your field
In consulting, it’s vital to provide actionable insights that drive measurable results. In education, creating meaningful and accessible learning experiences is paramount. Compile a portfolio of success stories that showcase the real impact of your work, whether it’s transforming a business or enhancing a classroom experience.
Healthy Crunch’s Journey: Building a Purpose-Driven Food
Empire with
JulieBednarski
FounderandCEOofHealthyCrunch
In an interview with CanadianSME Small Business Magazine, Julie Bednarski, founder and CEO of Healthy Crunch, shared her inspiring journey from overcoming personal challenges to building a thriving business Julie discussed the early struggles of launching a startup with limited financial backing, how she maintained her mission of providing allergen-friendly, better-foryou foods, and the innovative partnerships that have propelled Healthy Crunch into the mainstream market As the company celebrates its 10th anniversary with exciting new product launches, including a collaboration with Mattel’s Barbie brand, Julie continues to redefine what it means to offer healthy, accessible food choices for consumers.
Julie Bednarski is a dynamic and energetic entrepreneur with almost ten years of experience in the food and nutrition industry She has always had a passion for food and wellness and believes that health and happiness all start in the kitchen Julie’s education includes Bachelor of Applied Science in Applied Human Nutrition at the University of Guelph and a Master of Health Science in Nutrition Communication at Ryerson University Julie went on to complete her dietetic internship to become a Registered Dietitian with the College of Dietitians in Ontario.
In 2012, Julie followed her passion for culinary arts, as she attended the Chef’s Training Program culinary in New York City at the Natural Gourmet Institute Following her culinary training, Julie went on to work at various restaurants throughout North America to refine and further develop her culinary skills
In July 2014, Julie started Healthy Crunch – as a way to satisfy her craving for super crunchy kale chips that were BIG in size and BIG in flavor She started recipe development in her home kitchen and within 1 year, Julie had expanded to own her own commercial snack food manufacturing facility. Healthy Crunch’s mission is innovate everyday foods making them better for you, while still being super delicious. With Julie’s ambition for success Healthy Crunch grew to have over 25,000 points of distribution within Canada within the first 2 years in business Healthy Crunch now distributes their products throughout the world including Canada, USA, Europe, and the Middle East Since the start of her business, Julie continues to expand Healthy Crunch’s product lines to include coconut chips, trail mix, granola bars, rice crispy squares, chia jam, seed butter, instant lattes, kale chips, and dark chocolate fruit bites Julie is proud to be a woman entrepreneur and a certified Women-Owned Business.
Starting a business without financial backing is a significant challenge. How did you introduce your product and build your business in those early years with little to no funding, and what key decisions helped you overcome those challenges?
The statistics can be discouraging - only 2% of women-run startups receive funding But this should never keep you from chasing your dream In the beginning, like many new businesses, we got creative with financing and funding where I could find it I used my own investments and secured a loan with BDC to get started
Those early years were lean I remember living pay cheque to pay cheque This is where fiscal responsibility is the most important aspect of building a business. I kept the team lean and wore many hats. Every dollar I spent I would ask “how can this come back as revenue?”
This meant I didn’t spend money on fancy offices or marketing Some business owners feel they can’t promote themselves if they don’t have a huge ad spend This is not true at all My first product line, kale chips, came from me selling my products at a local fair In the beginning, we focused a lot on direct salestaking our products to markets and trade shows That’s where a buyer at Starbucks discovered my kale chips It was total serendipity, being at the right place at the right time
You dont need a fancy office to pitch buyers on LinkedIn, letting them know about my better-for-you products
An early piece of advice I got was to “ go slow so you can go fast”. A lot of businesses put pressure on themselves to scale and grow quickly. This is where you run the risk of spending money on equipment you don’t need, pushing a product the public doesnt want, hiring the wrong people Slow growth gives you time and space to get really efficient at what you do Then when it comes time to grow, you’ll do so from a sustainable, informed, and intentional place
Healthy Crunch operates with a strong mission to innovate everyday foods while being inclusive and allergen-friendly. How do you strike a balance between staying true to your purpose and ensuring profitability in a competitive industry?
This is a question of attitude and mindset Our core value and mission is to provide better-for-you foods to every consumer Quality is very important to us We source ingredients from all over the world, trying to get the best quality for the best price. We do believe consumers appreciate the value of the product they’re getting.
Success in business comes from making one decision at a time If you make decisions based on competitive pricing, it will affect the ingredients and quality of your product As our goal is to make healthy eating accessible our souring team works hard to find the best quality ingredients while still offering consumers good quality product as we focus on quality and value
As a woman entrepreneur in the food industry, what specific challenges did you face in securing resources, and why do you believe it's crucial to support women-run businesses?
This is a topic that I am very passionate about being a womenowned business as access to financing was a huge challenge in the beginning When I first started Healthy Crunch in 2014, the food industry felt like a “boy’s club” and I am happy to see more women leaders within our industry The food industry is run by established legacy brands There are many legacy brands that have a lot of power and influence on the market
We’re the challenger brand, so we often have to prove ourselves and our product success for retailers to believe in our brand But this is actually where we shine
In business, the leading brand is always looking behind them, keeping an eye on the competition as many challenger brands are able to adapt and innovate faster than the leading brand The challenger brand is always looking forward having a proactive mindset for growth and innovation I’m on a mission to give consumers better-for-you food choices everywhere As an innovator, it doesn’t serve me to look behind or to the side at my competitors We’re always looking forward at how else we can make positive change.
Your personal story of overcoming childhood obesity and an eating disorder has shaped the way you approach your business. How has your commitment to providing healthier food options evolved, and how do you envision the future of the healthy food industry?
This is what fuels my passion It’s not just business; it’s personal I know what it’s like to be unhappy, and to have poor food choices be the source of that unhappiness
When I was 13 I weighed 200 pounds Both of my parents worked, so after school I filled that time with unhealthy foods I was bullied and depressed Back then, healthy eating wasnt accessible There simply were not a lot of healthy options in the market And anything that was labeled “healthy” was not marketed to kids
My core mission is to make better-foryou food options available everywhere Our products are not only found in specialty aisles at the grocery store They’re in all the aisles, in movie theatres, at the airport and on the go convenience stores
We all want to be happy, and I believe people will make healthy choices when given the option. My goal is to have a Healthy Crunch better-for-you foods in all food categories within the grocery store, so it’s easier to make the healthy choice.
With ten years of business success under your belt, what’s next for Healthy Crunch? Can you share any exciting upcoming product launches or partnerships?
By far the most exciting project for us is our partnership with Mattel North America. We are excited to celebrate our 10 year anniversary while also celebrating the 65th anniversary of Barbie! The Healthy Crunch Barbie Crispy Squares Dreams Collection is available in Canada as of October 2, 2024 and will be available in the U S in spring 2025 These better-for-you, low sugar Crispy Treats are available in Vanilla Sparkle, Pink Birthday Cake, and Chocolate Dream
By partnering with Mattel, a Global ionic brand to create Barbie inspired products, illuminates that Healthy Crunch and our better for you products can be mainstream and reach the masses Healthy foods are often treated as specialty items, made for health-conscious consumers However, I want to debunk this myth You can make a super-delicious products using better-for-you ingredients while still offering your products to the masses in mainstream grocery Consumers are looking for healthier options, we just need to provide them the opportunity and accessible to make the healthier choice the easy choice.
The more mainstream Healthy Crunch becomes, the more we can continue innovating new better-for-you foods and providing consumers with more options. The first 10 years built a solid foundation. We are on track for $100 million in sales and to be the global leader in better-for-you foods.
ThePratfallEffect
Oops, I did it again
Ben Wise
Co-FounderofCaptivate
Darren Chiu Co-FounderofCaptivate
"To err is human" – we've all heard the saying. But what if those errors could actually boost your influence? Today, we're diving into the surprising psychology of the 'Pratfall Effect,' where a little stumble can make you more likable and persuasive.
The Science of Being Imperfectly Perfect
In a world of curated social media feeds and airbrushed images, a genuine misstep can be surprisingly refreshing Think about it Have you ever found yourself drawn to someone who's just a little bit clumsy, or who owns up to their mistakes with a self-deprecating chuckle? It's because we ' re wired to connect with authenticity, not perfection
The original study by the American social psychologist Elliot Aronson found that audiences had a more favourable view of an expert that spilled coffee on themselves, even when others matched their test results
Of course, there's a fine line A major blunder by a newbie won't win any hearts; it'll just confirm their inexperience An error in the core of your business or product won’t help either (sorry, CrowdStrike) But for those already established as competent, a small stumble can make them seem more approachable, more real
So, how can you strategically trip and fall your way to success? (Metaphorically speaking, of course )
Details & Examples: 1)
The Self-Deprecating Leader: The boss who shares a lighthearted story about a past blunder isn't just getting a laugh – they're building trust This vulnerability signals authenticity and shows they're not afraid to be human Employees and stakeholders alike appreciate this honesty
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The "Perfectly Imperfect" Brand: Ever seen an ad that playfully pokes fun at a product's minor flaw? This disarming honesty cuts through the noise of polished marketing. It builds credibility because it shows the company isn't trying to pull the wool over your eyes.
The Expert Who Doesn't Know it All: Experts who admit they don't have all the answers come across as more credible, not less. It's a paradox, but it works. It shows they're transparent and still learning, qualities we admire. Don’t BS your way through a tough question. Admit you don’t know the answer but commit to following up.
Your Challenge: Embrace Your Inner Klutz (Just a Little)
This month, let's put the Pratfall Effect to the test Here's your challenge:
1) 2) 3)
Want to Learn More? Check out these great resources:
Psychology Today has a great overview of the Pratfall Effect here For a deep dive on how companies have used the Pratfall Effect in marketing, check out this article from Einstein Marketer Own Up to a Mini-Misstep: Think of a recent, minor mistake you made Something relatable but not career damaging Maybe a recent presentation had a funny typo or you stumbled over a few sentences
Share it (Strategically): Find the right moment to share your story. Maybe it's during a team meeting or in a casual conversation with a client. The key is to be genuine and vulnerable, not self-pitying.
Observe the Ripple Effect: See how people react Chances are, your authenticity will resonate, making you more approachable and trustworthy.
The Pratfall Effect isn't about faking incompetence; it's about being real It's about showing that even the most accomplished among us have moments of imperfection By embracing those moments, you create a connection with your audience that goes beyond mere competence You show them you ' re human, and that's a powerful foundation for building trust and influence
About the Authors
Ben Wise and Darren Chiu are the founders of Captivate, providing tools and techniques to increase your powers of persuasion They are sought-after speakers on the psychology of persuasion and have appeared at industry events, conferences, and corporate training programs To book them for an engagement, please reach out via LinkedIn
Ben Wise Head of Programmatic Media | Google Canada
Thriving Amidst Competition
Navigating the Small Business Landscape in Canada
The small business environment in Canada is not just dynamic and competitive; it's a landscape of empowerment Entrepreneurs here face a unique blend of challenges and opportunities as they carve their niche in their respective industries. The key to success lies in maintaining agility and harnessing the resources available in Canada's diversified markets, geographical variances, and greater access to innovation centres So, whether it's a technology-driven startup in a bustling metropolis or a local setup in a small district, the ability to tap into resources, capital, and talent pool is the cornerstone of shaping the future of these businesses and startups Let’s delve a little deeper to briefly explore each one of these options
Access to Innovation Hubs
Canada has a provision for innovation centers that assist small firms by offering mentorship, financing possibilities, and access to networks that promote development. A significant example of this is Toronto's MaRS Discovery District, one of the world's most important urban innovation centres MaRS focuses on technology, healthcare, and cleantech and provides tools to help startups and small enterprises grow Thanks to personalized initiatives, small firms can grow expeditely, connect with investors, and enter global markets In a similar vein, another organization, Communitech in Waterloo, provides mentoring and innovation-driven events to small tech enterprises, enabling them to capitalize on new technology and market trends Such centres benefit local ecosystems and provide potential for economic development, a testament to Canada's thriving business landscape
Government Funding and Grants
It is common knowledge that easy access to financial resources is a crucial factor in the growth of all businesses, regardless of their size To help small enterprises overcome funding challenges, the Canadian government has launched several financing projects and incentives The Business Development Bank of Canada (BDC) is well-known for offering loans, grants, and consulting services to small and medium-sized businesses (SMEs). BDC assists businesses with cash flow difficulties, expanding operations, and establishing longterm viability with flexible finance solutions In fact, organizations such as Futurpreneur Canada provide finance, coaching, and services to entrepreneurs aged 18 to 39 These government-backed initiatives play a significant role in helping small firms obtain finance, allowing them to invest in development opportunities and maintain competitiveness in their particular sectors
Networking and Business Community
Another critical step is building a solid network for every small company aiming to succeed in Canada's competitive environment. Organizations such as the Canadian Chamber of Commerce provide companies a national platform to network, cooperate, and lobby for their interests at the federal level Small firms benefit from countrywide networking events and business forums, which provide significant opportunities to share ideas, build alliances, and remain current on industry trends Furthermore, Startup Canada, a nationwide entrepreneurial network, connects firms with experienced experts, mentors, and likeminded peers Small businesses can benefit from a support network by participating in seminars, events, and mentoring programs, using collective knowledge and skills to tackle obstacles
Ultimately, small businesses can easily take advantage of OCI initiatives such as these by gaining access to collaborations that stimulate technological innovation, improving their capacity to remain competitive in an ever-changing market. While negotiating financial restraints, market competitiveness, and talent acquisition are still obstacles, small businesses nationwide can capitalize on these opportunities to develop and thrive. Small business owners provide a solid basis for future development and success in Canada's broad and changing industry by maintaining links to vital resources, encouraging innovation, and constantly expanding their networks.
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Small Businesses:
Unleashing the Power of Defying All Odds While Celebrating The Small Business Month
Trade and commerce have been the bedrock of human civilization since ancient times, evolving from bartering goods to exchanging goods for money in modern times In fact, it wouldn’t be wrong to argue that life, as a whole, thrives on these symbiotic transactions, and in Canada, small businesses are the economy ' s lifeblood. Despite facing socio-political turbulence in recent years, the need to uplift small businesses has never been more critical Their role in fostering sustainable growth and innovation has always ensured the continuous development of the Canadian economy
As we celebrate Small Business Month this October, it’s not just a time for festivities but also an opportunity to honour the indomitable spirit of small enterprises that continue to defy the odds and discuss the impacts and challenges they face shortly
The Backbone of Canada's Economy
As a matter of fact, small businesses are not just a part of Canada’s economic framework; they are the backbone, playing a crucial role in employment, innovation, and GDP contributions With around 1 2 million small businesses nationwide, employing 10 7 million Canadians and representing almost 70% of private-sector jobs, their widespread presence is undeniable In 2022, businesses with fewer than 100 employees constituted 98% of all employer businesses, further highlighting their significance
These enterprises do more than just create livelihood opportunities they invigorate local economies, promote innovation, and enhance sustainability within communities. Their contributions resonate throughout every sector; without them, Canada’s economic landscape would be profoundly altered October’s Small Business Month highlights the essential contributions of small businesses, providing an opportunity to showcase their successes and the obstacles they persistently encounter
Conquering Obstacles in an Evolving Market
While small businesses play a vital role in Canada's economic prosperity, they face several challenges In fact, recent stats indicate that 21 5% of small businesses fail to survive their first year, and merely 50% reach the five-year milestone The high attrition rate can be attributed primarily to restricted access to capital, competition from larger corporations, and a swiftly changing technological environment
An overwhelming majority of small businesses struggle to secure adequate funding to fuel growth or invest in essential resources, thus making financial support the biggest challenge Canadian businesses currently face. In many industries, larger corporations wield significant financial power, leading to a competitive landscape that can challenge smaller entities trying to find their footing Nonetheless, despite these challenges, small businesses persist in innovating and discovering methods to establish their unique presence
Embracing Digital Transformation
The rapid pace of digital transformation presents one of the most significant challenges for small businesses today Many lack the financial means or knowledge to invest in cuttingedge technologies, which limits their ability to streamline operations, enhance customer experiences, and compete in a digital-first world Yet, digital transformation is no longer optional it’s a necessity for survival and growth in the modern business landscape
As Canada commemorates Small Business Month to recognize the resilience, creativity, and tenacity of its small business proprietors, we must ensure that our contribution is worthwhile Defying the odds, they continue to build the backbone of the Canadian economy, one innovation at a time
To register or obtain additional information regarding the event, please visit our official website by clicking here.
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
The CanadianSME Annual Small Busine Summit, scheduled for October 24, 20 will tackle this critical issue. The event wil revolve around digital transformation, inclusion, and adaptability, providing smal business owners with innovative tools and strategies to succeed in a constantly chang market. By adopting these innovations, sm businesses can secure their future, improve efficiency, and create new avenues for gro
Small and medium-sized enterprises (SMEs) are the backbone of the Canadian economy, comprising a whopping 99% driving innovation, creating jobs, and supporting local communities Recognizing their pivotal role, the federal government has launched a series of initiatives to bolster their growth and stability. These programs, which include financial aid, digital resources, and other crucial tools, are designed to help SMEs thrive in a competitive business environment This article will focus on these essential government initiatives shaping the future of small businesses across the country
Overview of Government Initiatives
As a matter of fact, Canada provides various national and provincial initiatives to foster digital adoption, ensure financial stability, and support business growth for SMEs Designed to meet small businesses' specific challenges, these initiatives equip them with the necessary resources for success These programs play a vital role in helping companies create an online presence and provide low-interest loans, essential for promoting innovation and securing long-term business sustainability
One key area of government support is the promotion of digital transformation. These initiatives aim to enhance competitiveness and resilience by encouraging businesses to adopt new technologies In addition, financial programs play a crucial role in providing businesses with the necessary capital to expand their operations Innovation programs further stimulate creativity and progressive strategies across various sectors, contributing to SMEs' overall growth and stability
Digital Main Street: A shining example of these initiatives is Digital Main Street, which started as a local Toronto project and has now expanded nationally. This program has been instrumental in helping small businesses embrace the digital age by offering grants, training, and access to digital tools. Its impact on assisting local businesses transition to the digital era cannot be overstated Check out their website here
Prominent Initiatives for SMEs
Canada Digital Adoption Program (CDAP): Another significant initiative is the Canada Digital Adoption Program (CDAP). This federal initiative offers micro-grants and expert assistance to support SMEs incorporating digital technologies into their operations. CDAP allows small businesses to utilize digital tools, enhance productivity, and broaden their presence in the global market Click here to visit their website
Canada Emergency Business Account (CEBA):
While a temporary measure during the pandemic, the Canada Emergency Business Account (CEBA) delivered essential financial support to small businesses by providing interest-free loans to help manage operational expenses Although it is no longer accessible, CEBA exemplifies government intervention in times of crisis Log onto CEBA’s website here to learn more.
Regional Development Agencies (RDAs): Regional Development Agencies (RDAs) such as FedDev Ontario, Western Economic Diversification Canada, and the Atlantic Canada Opportunities Agency (ACOA) are another star on this list. These agencies offer funding programs tailored to regional businesses' unique requirements. For a cumulative list of their websites, click here.
Success Stories and Prospects for the Future
Scores of Canadian businesses have flourished thanks to government assistance In fact, several local retailers utilized the Digital Main Street program to create e-commerce platforms, which increased their sales during difficult periods. In a similar vein, small manufacturers have leveraged CDAP grants to automate their processes, enhancing efficiency and maintaining their competitive edge
Not only is the Canadian government committed to investing in initiatives that promote digital innovation and provide financial assistance for SMEs, but future initiatives will likely emphasize further digital transformation, sustainability, and the development of more resilient businesses that can effectively navigate economic uncertainties
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Canada Small Business Financing Program: Ultimately, the Canada Small Business Financing Program assists businesses in obtaining loans from financial institutions to support expansion projects and enhance business operations To learn more about their programs, visit CSBFP’s official site here.
Ultimately, these government programs are pivotal in expanding and innovating Canadian SMEs. By learning about these resources and seeking support, businesses can open new avenues and establish their position in a changing marketplace.
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Cloud technology has revolutionized how small and medium-sized enterprises operate by providing cost-effective, scalable solutions that improve efficiency and growth In the Greater Toronto Area (GTA), several technological innovators are spearheading the effort to equip small and medium-sized enterprises (SMEs) with the necessary resources to succeed in the current competitive market From ecommerce platforms to financial services, these firms use cloud computing to simplify operations and drive profitability
This article focuses on five foremost GTAbased digital innovators Shopify Plus, Tulip, FreshBooks, Vena Solutions, and Wave who help small companies with cloud-based solutions
Based in Toronto, Shopify Plus is the enterprise-level service offered by e-commerce giant Shopify. It is designed primarily for more significant enterprises and rapidly expanding merchants It provides a comprehensive, cloud-based platform that allows businesses to establish, manage, and scale their online storefronts quickly
Shopify Plus provides complete marketing, analytics, and inventory management capabilities, allowing SMEs to manage all aspects of their online company from a single platform Cloud-based architecture will enable firms to concentrate on growth rather than IT issues This has established Shopify Plus as a reliable partner for many SMEs wishing to grow their e-commerce reach while maintaining on-premise servers or complex connections Click here to learn more
Shopify Plus: Scaling E-Commerce Success
Tulip, another Toronto-based innovation, focuses on delivering mobile solutions for small and medium-sized shops A software-as-a-service (SaaS) startup, Tulip provides a platform that improves consumer interaction and optimizes store operations, allowing merchants to deliver seamless shopping experiences across all touchpoints
Tulip's cloud technology enables retailers to engage with consumers in real-time, monitor inventory, and simplify instore operations Small companies can compete more successfully with significant merchants while providing customer service that matches current standards Tulip's cloud solutions are essential for retailers looking to increase operational efficiency while delivering a high-quality shopping experience To learn more about Tulip’s solutions, click here
Financial management is an essential component of operating a successful small company Toronto-based FreshBooks, Vena Solutions, and Wave are pioneering cloud-based financial solutions that make the process easier for SMEs
FreshBooks provides online accounting software built primarily for small companies and freelancers It enables SMEs to manage their finances with simplicity by delivering cloudbased invoicing, expenditure tracking, and time-tracking tools, as well as quick billing and payment processing The software is especially beneficial for firms that wish to stay organized and project a professional image while interacting with customers For more information about FreshBooks cloud financial assistance, visit their website here
Vena Solutions advances financial management by providing cloud-based financial planning, budgeting, and forecasting software Vena connects effortlessly with Excel and other business applications, enabling businesses to streamline financial operations and make data-driven choices This is
particularly advantageous for small and medium-sized enterprises (SMEs) that need a flexible but effective financial planning platform To visit Vena Solutions’ official website, click the given link here
Wave is another Toronto-based firm that provides a full range of financial services to small enterprises Its cloud-based platform includes accounting, invoicing, payments, and payroll tools Integrating these services allows company owners to manage their complete financial operations from a single platform, saving time and lowering the chance of mistakes. To learn how Wave can help you transform your financial ledgers, click here to navigate to their site
Cloud technology continues transforming the corporate environment, providing SMEs with unparalleled growth, scalability, and efficiency prospects. As SMEs continue to use these technologies, the future appears promising for companies of all sizes that want to innovate and prosper in the digital era.
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Tulip: Mobile Solutions Are Revolutionizing Retail
FreshBooks, Vena, and Wave: Financial Management Made Simple
