54 minute read
The Ultimate Guide To Choosing The Perfect Point Of Sale System
The point of sale is the hardware, software, and location of a retail transaction. The point of sale is where you check out customers, calculate and display the purchase amount, prepare an invoice, and make payments by showing the available payment options.
Originally, POS referred to the cash register. However, with the introduction of POS applications on mobile devices, customers are now able to check out wherever they choose.
It eases keeping track of the instore sales and online and inperson payments and reduces the time spent on administrative tasks such as inventory management.
Hardware and software are the key components of a point-of-sale system. The specifications can vary depending on the store ' s requirements, type of transaction, and size of the business.
01
Hardware
POS hardware is required to accept the payment, which consists of a cash register, tap and chip card reader, cash drawer, and bar-code scanner. Originally, these came as separate parts, but with modern all-in-one POS systems, an integrated POS tablet/iPad, iPad/tablet stand, cash drawer, receipt printer, and customer-facing display are integrated into one machine.
It can accept all types of payments, including cash, credit and debit cards, mobile payments like Google Pay, and gift cards.
02 Software
Depending upon the business model, the software choice for POS may vary. This software can be installed on-premise at the POS terminal or downloaded from the cloud to the POS system.
Depending upon the requirements, the price of the software varies. Modern POS software, such as Shopify POS, support online and inperson transactions by providing unified multi-channel sales reports, customer purchase history, inventory management, and order fulfilment. Less expensive software plans include everything you need to sell in person.
Features of POS
Installation of a POS system offers multifaceted features as benefits for the business.
1. Quick checkout process: In a fast-paced life where customers dont prefer waiting a long time to pay POS system with a barcode scanner makes the checkout process quick and accurate.
2. Multiple payment options: The Canadian Payment Methods and Trends Report 2021 shows that the COVID-19 pandemic accelerated the decline in cash usage, with 58 percent of Canadians using less cash during the pandemic and 40 percent indicating they were uncomfortable even handling it.
A POS system can offer flexibility in payment options by accepting payment in cash, card and e-wallet to business owners by upgrading their software on a regular basis to keep the changing trends.
3. Calculate discounts and offers: A POS system collects data on sales, inventory, and customers, which can be used to calculate and execute marketing campaigns designed to encourage customers to shop. Advanced POS systems have the ability to set up and apply promotions based on items, orders, membership, and other factors.
4. Eliminate human errors: Automated POS systems can handle large transactions accurately by consuming less time. The point-of-sale system stores all sales order data, making it easier to review the information if necessary.
5. Reduction of losses: A POS system keeps track of the transactions and documents the inventory data to help you keep track of the finances, understand where expenses happen and reduce the chances of loss.
6. Workplace management: The POS system keeps track of each employee ' s shift at the checkout counter. Advanced POS systems can even function as workplace management to check employee productivity and performance. It monitors each employee ' s progress towards their goals and determines how to assist or reward them.
Factors for POS purchase
The software and hardware options and specifications can influence the choice of POS by each business. Here are a few factors that influence the purchase:
1. Cost: From base to advanced options available in software and hardware that go into the POS system, it is very important to draw an expenditure before looking for the POS. With affordable options available in the market, it will be easy to find a POS that suits your requirements and specifications.
2. Functionality: The POS specification for a restaurant and a cosmetic store might be different. A proper understanding of the features and functionalities that suit your business requirements should be selected.
3. Ease of use: The choice of a suitable POS should also be influenced by a user-friendly interface, meaning it should be easy for the employee to use daily and help increase the employee ' s productivity and the customer ' s checkout experience.
4. Scalability: Most POS software is downloaded from the Cloud, making it easy to upgrade with the business ' s changing requirements by paying a fee for the updating process.
5. Customer support: While choosing a POS system for your business, a manufacturer that provides good and quick maintenance service should be selected. The benefits of a POS system are numerous, including facilitating in-person payments, aiding in sales tracking, and supporting inventory management.
When a customer purchases, returns, or exchanges a product in-store or online, the system logs each transaction and stores important product information, such as its wholesale price, retail price, and gross profit margin, and updates the inventory levels and sales data.
This data is stored in reports and analytics and improves business decision-making.
The advancements in the retail landscape are rapid, and small businesses should not become obsolete due to manual and outdated systems. Only by assimilating timely upgrades in business operations like the POS system can small businesses keep up with the rising competition and digitalization.
Small businesses should keep themselves updated on the latest technology that can improve profits cost-effectively. To read more about the digital changes and their application in your operations, visit our website at https://canadiansme.ca/. To get the latest developments, visit our Twitter page at Canadian _ sme.
I N C L U S I T Y
Statistics Canada reported at the end of 2021 that the unemployment rate among Indigenous people in the three months ending in August 2021 was 11.6 percent, which was higher than the pre-pandemic rate of 10.3 percent. As the economy gradually recovers from the pandemic, Indigenous people must be reintegrated into the forefront of the labour market. The pandemic has compelled Indigenous people to reconsider their employment options and job search strategies.
The pandemic was a time that led to the exploration of the potential and possibilities of digital space. Even in the job market, digital platforms serve as a resource for professional development and job search. Given the availability of such opportunities, the indigenous labour force should search digital platforms for training and employment opportunities.
Inclusivity is an Indigenous hiring hub that prioritizes Indigenous employment, inclusion, and retention in the workplace. Inclusivity is a term that describes the combined act of Indigenous diversity and inclusion in the workforce. It offers regular virtual job fairs and an impressive job board with thousands of opportunities across Western Canada.
Inclusivity facilitates the recruitment and placement of Indigenous talent by progressive companies. Their job board and virtual job fairs provide access to Indigenous job seekers and assist in connecting qualified applicants with the appropriate employers. They have extensive networks with thought leaders and industries that help connect people, ideas, and learning, and contribute to Indigenous economic reconciliation, technology, and health and wellness.
In response to the TRC' s Call to Action #92, which calls on the Canadian corporate sector to adopt the United Nations Declaration on the Rights of Indigenous Peoples as a reconciliation framework and to apply its principles, norms, and standards to corporate policy and core operational activities involving Indigenous peoples and their lands and resources; Inclusivity assist Indigenous people in gaining equal access to employment, training, and educational opportunities;
They acknowledge that a lack of opportunities to learn, share knowledge, and connect meaningfully with communities and Indigenous Peoples is the cause of the gap in the workforce industry. Inclusivity is trying to bridge this through its executive team, comprised of seasoned event producers with 30 years of industry experience, to bring about social change and motivation to do better.
Inclusity
’ s desire to make changes and connect people in meaningful ways resulted in the formation of The Connect Partnership Group. They formed an Indigenous leadership council to guide their work, including Forward Summit (Indigenous Economic Reconciliation) and Workforce Forward (Indigenous HR Inclusion Strategies Conference). During the pandemic, they encouraged their partners to replace in-person Indigenous job fairs with digital technologies, resulting in the launch of inclusivity.
Their portfolio of events aims to transform, educate, foster meaningful relationships, and advocate for truth and reconciliation with Indigenous Peoples and communities. In addition, they work to adhere to the Truth and Reconciliation Commission of Canada ' s 94 Calls to Action for Indigenous and non-Indigenous Canadians to come together in a concerted effort to help repair the harm caused by residential schools and move reconciliation forward.
As a result of the pandemic, people could not meet in person and had to rely on technology to make connections, particularly in the employment sector. Inclusivity was created to solve the problem of establishing new connections and assist Indigenous People in overcoming employment obstacles.
Indigenous Virtual Job Fair
Inclusity worked to develop a successful platform for Virtual Job Fairs for First Nations and Métis Communities throughout the pandemic. They have created a hub where registered job seekers and recruiters can connect with each other.
It allows Indigenous candidates to register free to connect with hiring companies, participate in skill development and resume writing workshops, and schedule one-on-one interviews with recruiters. Employers can meet candidates across western Canada, schedule on-the-spot interviews from their offices, and use the chat function to prequalify them.
The Indigenous Virtual Job Fair is currently running till October 19th, 2022 and will help job seekers make new connections, grab new opportunities, and gain new knowledge.
Indigenous Job Board
Inclusity is an Indigenous Hiring Hub, and its Indigenous Job Board feature helps connect job seekers to employment opportunities and provides helpful tools for growth and development. The Job Board features job postings from various industries, such as Oil and Gas, Construction, Industrial, Health Care, Hospitality, Administration, and Non-Profit organizations, and will find a match for your profile.
By creating a profile and uploading a resume, Inclusity will help job seekers get noticed by recruiting companies and provide features such as job alert notifications, algorithm-based suggested jobs, and an extensive resource library. Employers will benefit from a feature that allows them to showcase their company ' s culture, process, and benefits to potential candidates using a resume database that is stacked and perfectly organized within a dashboard.
Employment is challenging for both hiring companies and Indigenous job seekers. This challenge motivated Inclusivity to assist Indigenous people and develop a platform that could connect thousands of Indigenous people with the appropriate employers.
Indigenous job seekers should keep themselves upto-date with the knowledge and skills required in their field to present themselves as the best and first candidate for selection by a prospective employer in these changing times, especially with the pandemic ' s devastating impact on the economy.
Inclusity.ca is a hub for Indigenous employmentrelated resources and collaborative partners. To know more about them, visit their official page https://inclusity.ca/.
Several companies provide opportunities for candidates to upskill their potential. To read more on this topic, visit our website http://www.indigenous-sme.ca/ and for the latest updates, check out our Twitter page @IndigenousSme.
When Futurpreneur launched its tailored programming to support budding Indigenous entrepreneurs, its vision was to streamline the startup process, address community-specific challenges and help break down barriers that prevent Indigenous youth from starting their own businesses.
Nearly three years since its establishment, this vision has been realized, with more than 100 entrepreneurs enrolled in the Indigenous Entrepreneur Startup Program (IESP) across Canada. The program is curated and led by a team of ambitious entrepreneurial-minded Indigenous professionals with lived experience and a genuine passion for empowering others to reach their full potential.
Under the direction of a Cree Saulteaux woman, Holly Atjecoutay, and supported by a group of business development managers – Jason McDonald, Melissa Gladue, and Noah Wilson – the team works closely with the entrepreneurs to help them navigate the startup journey.
Jason McDonald – a member of the Akwesasne Mohawk Territory, where he also currently resides – spent most of his professional career assisting Indigenous people with disabilities, helping them secure employment or pursue their entrepreneurial dreams. Today, he is a business development manager with IESP, where he continues to employ his skills working with budding entrepreneurs.
Commenting on what entrepreneurship means to him, Jason explained the entrepreneurial spirit has always been an integral part of Indigenous community life and that he ’ s grateful to Futurpreneur for continuing this tradition. “Our culture will show entrepreneurship is not new to Indigenous people, ” Jason said, “I am proud to say my grandmother was Mary Adams from Akwesasne. She was a world-renowned basketmaker. Her baskets are sitting in the Smithsonian institute, the Vatican, in the New York State Governor ' s office to name a few places. Jason is also the treasurer of the Hogansburg Akwesasne Volunteer Fire Department. In his free time, he enjoys camping or watching motorsports. In 2019 and 2022, he volunteered for the Montreal Formula 1 Grand Prix as a firefighter.
Melissa Gladue is nêhiyaw-iskwêw (Cree woman) and a proud member of Saddle Lake Cree Nation in northern Alberta. Her mother is of Métis heritage, and her father is Plains Cree. Melissa was raised in a small rural farming community in northern Alberta and brought up with the traditional knowledge and lived experience of the local Cree people.
Outside of her volunteer activity, Melissa likes to spend a lot of time travelling in Alberta by exploring new lakes for kayaking, fishing, and finding new hiking trails. A fun fact, Melissa is also a plant mom to over 200 tropical house plants, a love she feels is inherently Indigenous.
To Melissa, Indigenous entrepreneurship is a mutually beneficial relationship between the community and the environment. “Understanding and respecting the importance of how both can affect each other and how being
environmentally responsible is taking care of my community, and being community orientated means taking care of the land we call home for my generation and the generations to come, ” she said.
When joining Futurpreneur, Melissa was most excited to play a first-hand role in bridging the gap of economic resiliency within the Indigenous population, specifically among the youth. Reflecting on what changes she would like to see being made to empower the next generation of Indigenous entrepreneurs, she said the introduction of “ economic education to youth.
“Our youth are our future we need to target them at an early age and teach them about the importance of finances so that when they are ready to pursue entrepreneurial endeavours, they are not being discouraged about how tedious the process is and how difficult it can be to rebuild credit to meet lenders’ requirements for capital, ” Melissa said.
“I believe in the importance of lived experience, especially when talking about my Indigenous Culture. I am the second generation removed from the residential school, but I was blessed to have still been raised in the traditional cultural ways of my people. Having qualifications and education is great, but nothing replaces lived experience. First-hand knowledge and experience are what will equip you and give you the necessary means to be successful in a role, ” Melissa said.
She added,
“It is through my lived experience I can relate and empathize with others, and it is through my career and educational experience that I can walk dual worlds working in tandem for the betterment of my people. Noah Wilson, a Cree man with French/Ukrainian heritage on his mother ' s side of the family, is also a community member of Peguis First Nation which is the largest Treaty 1(1871) community located in the province of Manitoba.
Commenting on what continues to fuel their passion for supporting Indigenous entrepreneurs, Noah explained that “two of the biggest barriers facing Indigenous entrepreneurs across Turtle Island is access to capital and the lack of access to mentorship and peer groups that help in growing their business.
Through his role at Futurpreneur, Noah is working directly to resolve these issues and equip entrepreneurs with the skills and tools they need to succeed.
He added,
“The most exciting part of my role is being able to work solely with First Nations, Metis, and Inuit Entrepreneurs and Potential Entrepreneurs to smash through these barriers with our financing and mentorship program by helping them build their business plans and connecting them with the larger Indigenous business development ecosystem. It is exciting to be able to help build an Indigenous business community with every Indigenous entrepreneur who goes through our program, as well as watch their business grow as they get off the ground and the countless accolades our Indigenous entrepreneurs receive as they inspire the next generation of Indigenous entrepreneurs.
To learn more about IESP and register for upcoming webinars and events, visit our website: futurpreneur.ca/indigenous
Meet A Woman Dedicated To Giving Back To Her Indigenous Roots:
Carol Anne Hilton
CEO and Founder of The Indigenomics Institute
In 2012, Carol Anne Hilton initiated a movement with a single hashtag that has resulted in the establishment of a school of thought that focuses on rebuilding and strengthening Indigenous economies. #indigenomic is a wave redefining the definition of economic reconciliation and contribution to the Canadian economy.
Born as a descendant of Nuu chah nulth from the Hesquiaht Nation on Vancouver Island, Carol Anne Hilton is an international Indigenous business leader, speaker, advisor, facilitator, and author, multi-award-winner with an extensive background in community social and economic development.
Carol Anne Hilton holds an international MBA from the University of Hertfordshire, England. With an extensive business career, Carol Anne is the CEO and founder of The Indigenomics Institute. Her contributions to business and economics, especially the creation of value in Indigenous economies, have earned her recognition as a dynamic national leader and First Nation business leader.
Carol Anne was the only Indigenous person appointed as a senior advisor to the federal Finance Minister on the Canadian Economic Growth Council. Most recently, Carol Anne served on the BC Emerging Economy Taskforce, providing advice to the Ministry of Jobs, Trade, and Technology and the BC Indigenous Business and Investment Council.
Currently the CEO of the Indigenomics Institute and, most recently, the Global Center of Indigenomics. She has served as the Director of the McGill University Institute for the Study of Canada. She is an adjunct professor at the School of Business at Royal Roads University and a director of the BC Digital Supercluster. Carol Anne was an instructor in the Community Economic Development Program at Simon Fraser University and a faculty lead in the Indigenous Business Program at the Banff Center, where she was also a Fleck Fellow.
Carol Anne
' s work in Canada is driving the Indigenous economic target by bringing together the tools, leadership, resources, partnerships, institutions, and investment to build meaningful innovations in designing and expanding Indigenous economies in order to create a sustained national and global impact.
Through her initiatives, Carol Anne Hilton is committed to enhancing Indigenous businesses ' global visibility and inclusion, thus contributing to economic growth. To achieve her target of multigenerational development of Indigenous wealth, Carol Anne is focusing her two decades of experience in community, business development, and economical design and streamlining the expertise, skills, and strategic insights she gained from a broad range of social, ecological, and economic projects to drive an impact nationally and globally.
According to Carol Anne, the inclusion and revaluation of Indigenous worldview and knowledge in economics and business are crucial to resolving the global economic identity crisis. In her book Indigenomics: Taking a Seat at the Economic Table, to solve this economic crisis, she calls for increased visibility, role, and responsibility of the emerging modern Indigenous economy and the people. This is the foundation of economic reconciliation, which she terms "Indigenomics.
The book critiques the common rhetoric and perception among non-Indigenous individuals that Indigenous people are recipients of government financial support, along with the " economic displacement" they have had to undergo. The book was praised as a manifesto of economic reconciliation and a revelation to non-Indigenous readers about the systematic exclusion of Indigenous peoples from the nation ' s economic life.
The book reveals the court cases that challenge Canada ' s relationship with Indigenous peoples and exposes the media ' s false portrayal of Indigenous dependence. It produces reports and examples of the ongoing power shift and rise of the modern Indigenous economy, shares the opinions of eminent Indigenous business leaders, and creates a new narrative based on the reality on the ground that Indigenous people are economic powerhouses.
It establishes the foundational principles of an emerging Indigenous economy based on relationships and cares for all. Indigenomics calls for a new model of development that promotes Indigenous self-determination, collective well-being, and reconciliation and is considered a must-read for business leaders and entrepreneurs, Indigenous organizations and nations, governments and policymakers, and economists. The Indigenomics Institute is an initiative of Carol Anne Hilton that promotes positive leadership and relationships for the growth and development of Indigenous economies and offers Indigenous economic advisory services to public governments, Indigenous communities, and the private sector.
The Indigenous Institute focuses on four core areas for overcoming Indigenous economic barriers, such as
Dialogue platform for Indigenous economic solutions Economic policy/research/analysis/planning education/ Training Partnership development
Indigenomics respects Indigenous peoples
' profound understanding of the local economy, relationships, and human values and seeks to increase their role and visibility in the new economy. Indigenomics draws on ancient principles that have supported indigenous economies for centuries and aim to implement them as modern practices by understanding the Indigenous ways of being and worldviews.
Carol Anne Hilton
' s work, contributions, and accomplishments have accompanied recognitions and awards. Indigenomics: Taking a Seat at the Economic Table by Carol Anne Hilton was the recipient of the 2022 Nautilus Book Award, winning Silver in the category World Cultures ' Transformational Growth & Development, and was shortlisted for the 2021 Donner Prize.
Carol Anne was awarded the BC Aboriginal Outstanding Business Achievement Award, Creating Wealth Award by the National Indigenous Council of Elders, and the Business of the Year Award by the Nuu chah nulth Economic Development Corporation for her work.
She also received recognition with the 2020 BC Achievement Foundation ’ s Award of Distinction in Indigenous Business and the 2018 National Excellence in Aboriginal Relations Award from the Canadian Council for Aboriginal Business.
Indigenous entrepreneurship and changemakers are making a wave in the Canadian economy. To get inspired by such success stories,
visit our website http://www.indigenous-sme.ca/ and for the latest updates, check out our Twitter page @IndigenousSme.
The Top 5 Organizations That Are Helping Indigenous Businesses And Entrepreneurs
The pandemic has had a devastating impact, particularly on Indigenous smallscale businesses. Proper financial aid and training are necessary for most Indigenous businesses to recover from its effects. Government and non-profit organizations offer vast opportunities for growth and development that can assist Indigenous businesses in reopening sales and achieving profitability. Here are five organizations that are helping Indigenous businesses and enterprises.
Futurpreneur offers programs to support young enterprises in Canada by providing financing, mentoring, and support tools to passionate and aspiring business owners between the ages of 1839. Their internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 2,400 volunteer mentors. Their Indigenous program offers to finance and mentor the Indigenous entrepreneurs and helps them launch or buy their own businesses.
To bring the business plan to life, Futurpreneur provides up to $60,000* in financing, an expert mentor for up to two years, and access to resources. Futurpreneur works with various partners to support young Indigenous entrepreneurs across Canada. Some of these organizations are National Aboriginal Capital Corporation Association (NACCA), Nuu-chah-nulth Economic Development Corporation (NEDC), First Peoples Economic Growth Fund (FPEGF), and Alberta Indian Investment Corporation (AIIC). Furturpreneur offers tools and resources like Business Plan Writer, library and entrepreneurship pathway to help young entrepreneurs in their business venture. The Business Plan Writer is a dynamic tool designed to simplify business planning by allowing you to customize your plan, providing tips and examples, and guiding you through the writing process. The Library provides articles, guides, tips, tools, and crash courses on topics like working with a mentor, sales and marketing skills, social purpose business, etc.
Entrepreneurship Pathway is a recommended route to success; from developing a business idea to launching it, Futurpreneur provides resources for each stage of a startup ' s lifecycle, which is organized into four key stages: develop, explore, build, and launch. It is not necessary to move through the Entrepreneurship path sequentially; you may return to a previous stage whenever necessary based on your business ' s needs.
Indigenous Community Business Fund is a program that funds $117 million in non-repayable financial contributions to help support First Nations, Inuit, and Métis communities and collectiveowned businesses whose revenues were affected by COVID-19. The program was renewed when an additional $117 million was allotted by Budget 2021.
The fund supports costs associated with their operations, adaptation, planning, and reopening of business. It seeks to assist businesses that do not qualify for other government COVID-19 relief measures. It aims to alleviate financial pressure and permit these businesses and micro businesses to strengthen operations and ensure their continued viability during the pandemic, positioning them for recovery.
The fund has been allocated by the following two streams of operations through which Indigenous businesses fulfilling a set of criteria are entitled to monetarily support. The first offers funding that will be transferred directly to communities and collectives to immediately support their COVID-19 economic priorities without the requirement of applications.
The second will be proposal-based. The community or collectives must submit applications on behalf of the business, following which funding will be transferred directly to communities and collectives. For First Nations and Inuit community-owned businesses, the funding will be administered by Indigenous Services Canada (ISC) regional offices. For Métis collectively-owned businesses, funding will be administered by Métis organizations listed in the "Métis businesses " section. The application follows a set of criteria that should be fulfilled by the Indigenous businesses.
SEED Winnipeg Inc. is a non-profit agency that works to reduce poverty and help renew Winnipeg ’ s inner city by helping people start small businesses and save money for future goals. With a vision to create a world where opportunities exist for all people and communities to realize their hopes, SEED works to build strong communities and increase opportunities for people through financial empowerment programs and services.
SEED Winnipeg was formed in the late 1980s as a result of a major study into the economic development needs of Winnipeg ’ s
inner city. After several years of searching for resources, SEED opened its doors in January 1993 and continues to work on five pillars of financial empowerment, which include
Financial information, education, and counselling Helps to access income-boosting benefits and tax credits Safe and affordable financial products and services Access to savings and asset-building opportunities, including business ownership Consumer awareness and protection SEED collaborates with more than one hundred organizations in Manitoba to deliver customized financial empowerment programs and has a solid, diverse funding base that enables long-term planning and continuity in programme delivery. The ability to operate programs over an extended time frame also allows the evaluation of program impacts over a longer period.
SEED provides resourceful financial support and guidance to Indigenous businesses. They receive funding from Aboriginal Affairs and Northern Development Canada for programs, services, and initiatives supporting First Nation, Inuit, and Northern communities, as well as Aboriginal and Métis organizations, governments, and individuals. SEED provides guidance on the filing of taxes by small business owners and introduces Indigenous businesses to banks and funding organizations like First Nations Bank and First Peoples Economic Growth Fund to ease their financial needs.
National Aboriginal Capital Corporations Association is a network of more than fifty Aboriginal Financial Institutions (AFIs) dedicated to strengthening the economy for all Indigenous people in Canada. NACCA' s support of the AFI network, which has provided 50,000 loans totalling $3 billion to businesses owned by First Nations, Métis, and Inuit individuals, fosters the development of Indigenous businesses.
Its mission is to serve as a national advocate for Aboriginal business development and as the voice of Aboriginal Financial Institutions.
To ensure this, NAACA maintains a Quality Management System that guides the provision of financial assistance programming and advocacy support to the Canadian Aboriginal Financial Institutions network.
The goal of NACCA is to provide opportunities for Indigenous entrepreneurs and increase the prosperity of Indigenous Canadians. These efforts enhance the social and economic independence and sustainability of Indigenous peoples and communities across the nation. NACCA promotes Indigenous economic development by representing the unified voice of AFIs, publishing national and regional results of AFI work, fostering partnerships and building capacity, and providing the Aboriginal Entrepreneurship Program (AEP) products and services to AFIs.
In addition to developmental lending, AFIs provide support services such as business loans, nonrepayable contributions, financial and management consulting, and business start-up and aftercare services. Canadian Council for Aboriginal Business (CCAB) builds bridges between Indigenous and non-Indigenous peoples, businesses, and communities through diverse programs, providing tools, training, network building, major business awards, and national events, thus, fostering an equitable and sustainable economy across Canada. These include programs that position Indigenous businesses at the focal point for strengthening Indigenous communities, promoting progressive and prosperous relationships, and growing a new economy based on mutual respect and shared prosperity.
CCAB provides an array of business development offerings, including certification for Aboriginal-owned businesses (CAB) and companies with Progressive Aboriginal Relations (PAR). Tools and Financing for Aboriginal Business (TFAB) connect Indigenous entrepreneurs with tools, training, and networks to strengthen and scale their businesses.
The latest initiative of CCAB is the Indigenous Business Support Fund, in collaboration with Facebook Canada. With changing business scenarios where that two-thirds of Indigenous businesses do not use a traditional financial institution, increasing the burden of accessing capital, CCAB offers training along with cash grants to help business owners learn how they can build their brand online and cover membership fees to ensure the program can support these businesses.
Ontario-registered businesses that are 51 percent owned and controlled by Indigenous (First Nations, Metis, or Inuit) persons or persons with for-profit sales are eligible to apply. For individuals with multiple businesses, only one business application with supporting documents will be accepted.
Indigenous businesses should take advantage of the government and non-profit organizations ' readiness to assist, train, and guide them in order to recover from the financial setbacks caused by the pandemic and other economic changes. Indigenous businesses should not remain silent while support systems wait to assist in their revitalization.
Indigenous businesses are the backbone of the economy, and numerous programs and initiatives work for their betterment. To read more on more Indigenous business aids,
visit our website http://www.indigenous-sme.ca/ and for the latest updates, check our Twitter page @IndigenousSme.
5EssentialSocialMedia TacticsforSmallBusinessOwners
The past few years have seen a proliferation of social media users. It has become inevitable and irreplaceable in everyday life as people use it to keep in touch with friends and family, stay updated about current affairs, for entertainment, and to share photos and videos.
According to The Global Statistics, Canadians spent an average of 1 hour 53 minutes on social media. Small businesses should utilize this increased social media engagement to promote their business and target potential customers. It offers a marketing platform where small businesses can build brand awareness and develop customer relationships cost-effectively. Social media
' s opportunities are immense, but strategic planning to use it effectively will help save time and effort invested in it. The objectives you wish to achieve through social media should be marked by following the S.M.A.R.T framework. S.M.A.R.T. stands for specific, measurable, attainable, relevant, and timebound, giving a systematic and step-by-step approach to social media marketing.
Small businesses should focus more on how they show their presence on social media platforms than on simply having a presence on them. Here are five social media strategies for small businesses to improve their presence, attract more customers, and increase sales.
Social media has become an online market where small businesses can promote their products and services and even directly sell to customers. Social media can also help build a community where small businesses can connect with their customers directly and gain feedback on their products and services. While posting content on social media, knowing what audience you are catering to is very important. Their age, gender, values, habits, education, profession, interests, and preferences make a huge difference in the digital world. This will help you create content that will attract the attention of the audience that will follow your content and use your products and services. Social media for small businesses is all about knowing your clients and posting valuable content about what matters to them.
Tracking customers using data analytics is important as it provides a better understanding of your customer ' s online behaviour. This helps in both potential targeting customers and retaining the existing ones. Looking at things from the customer ' s perspective and thinking like them is very important while creating and sharing content on social media.
The best way to understand your customers
' perspectives, thoughts, and behaviour is simply by listening to them. Social media offers an option to create a connection with your audience through feedback, conversation, and creating content that is relatable to them.
The Global Statistics reports that the most popular social media platform in Canada for the year 2022 is Facebook, with 76.90% of the internet users (28.37 million) having an account. One reason for its popularity might be its variety of options and formats. Facebook allows its users to share images and videos, stream live, and even conduct polls.
This diversity is what attracts users to social media. There is always room for creativity and experimentation in social media, which is constantly evolving and adding new features daily to adapt to user behaviour changes. This means that what was a trend yesterday may no longer be relevant today, but brands tend to repeatedly implement successful strategies.
Small businesses must clearly understand which age group utilizes which social media platform the most. This facilitates streamlining their social media strategy, creating content that appeals to their customer age demographic and selecting social media platforms where they are most present. Customers have accounts on multiple social media platforms as opposed to a single platform. As each platform is designed differently, the marketing strategy should consider connecting with customers on each platform in a unique way. After mapping down your customer demographic and where to find them, start engaging in conversation. Listening to customers ' feedback is crucial as it helps improve and develop the brand. Along with the customer conversation, keeping in touch and collaborating with others in your industry is important. Building relationships and mutual growth help create a healthy competition that benefits both parties.
Customers like it when their feedback is taken into consideration. It is important to ask them questions and make suggestions to get their opinion through Facebook posts asking for comments, LinkedIn polls, and Twitter threads. It helps with customer retention and new customer acquisitions. Small businesses should make this a practice to create a community that feels like a part of the brand, supporting their growth and success by contributing to the improvement of the business.
When such direct communication is available, small businesses should engage their customers with organic content that helps build their trust. As more people learn what the brand stands for, the audience is guaranteed to respond, thereby increasing web traffic and the social media algorithm.
Small businesses should ensure that the content they share is of quality to draw the audience ' s attention, get them to participate, and facilitate the improvement of the business. Rather than simply persuading the audience to purchase in each social media post, quality content results from being honest, building trust, and cultivating relationships with customers through these posts.
It would be appreciated if small businesses shared posts at regular intervals. However, in the haste to increase the frequency and quantity of shared content, quality should not be compromised. When interacting with social media content, there must be an added value for the brand and the customer.
Consideration should be given to which posts are shared on which platforms. Managing an account on all social media is not affordable for a small business enterprise. Your presence should be prioritized on your target audience ' s most frequently utilized social media platform. With the age and preferences of the customer base and the product or service you sell, decide whether Facebook, YouTube, Instagram, or LinkedIn is the best platform for sharing high-quality content in a manageable manner.
Small businesses should also track popular social media while considering platforms to run their marketing strategies. This includes knowing the trending aspects of the platform. For example, people prefer shorter content these days, be it written text, audio, or video. Facebook, YouTube, and Instagram have taken the steps of TikTok to provide users with short videos. Hence, when small businesses choose a promotion on any social media platform, they should go for smaller content which can inform the customers crisply and clearly. While considering this suggestion to follow trends, small businesses should know that not all trends are suitable for all products. A judicious decision and a clear understanding of which trend is suitable for their product or service and their audience should be made at all times. But it is necessary to monitor these changes and shifts in order to remain current with market strategies and trends.
Small businesses should educate themselves on paid promotions, collaborations, social media markets, and small and large social media platforms in order to keep themselves updated and improve their advertising and marketing strategies.
A social media presence is inevitable for small businesses in the changing business scenario. Marketing strategies apply a lot on social media to build a brand name and customer relationships, receive customer feedback and suggestions and create a connection and trust in them. Small businesses should ensure consistent customer engagement by providing quality content at regular intervals.
These connections and engagements are the means by which brands and businesses remain relevant in the face of rising market competition, ensuring their longterm success. Small businesses should participate in these changing trends, monitor the shifting customer behaviour, and implement more effective marketing strategies.
Business and marketing strategies are rapidly changing daily. To learn more about these developments and keep your small businesses updated, subscribe to CanadianSME Small Business Magazine For the latest updates, visit our Twitter page at @canadian _ sme.
The Guide To The Best
Indigenous Business Funding Programs
With an agenda to bring the Indigenous community to the forefront of the economy and enjoy equal privilege in society, many funding and investment projects have been initiated by the government and non-government institutions that call for cooperative work to empower the Indigenous community.
Here are five Indigenous business funding programs that boost the Indigenous business economy and help them attain sustainable growth.
NaturalResourceCanada
Natural Resource Canada is a funding program for Indigenous-led clean production capacity projects.
The Government of Canada recognizes the unique opportunity clean fuels present for Indigenous businesses and communities and encourages Indigenous participation in all projects. They have designed Natural Resource Canada as a measure to increase funding for Indigenous-led clean production capacity projects in Canada.
For-profit or registered Indigenous organizations or businesses or communities, including not-for-profit or for-profit organizations demonstrating a minimum of 50% Indigenous ownership, can apply for the program. The eligibility criteria for the program include any project with a proposal to produce clean capital fuel that uses fuel production technologies in advanced stages of technological readiness, and that is designed for commercial deployment. Applicants should keep notes to apply for a feasibility study, front-end engineering design study, or production project as separate applications. Applicants can also apply for an End-to-End project via a single application.
The program has called for proposals from February 11th, 2022, and the submission process is ongoing. After the submission deadline, the proposal will undergo multiple review processes before making the final project decision. After clearing these steps, the project will initiate contribution agreements with the successful applicants. The program is scheduled to be completed on March 31, 2026.
The Program intends to provide funding benefits for Indigenous-led clean production capacity projects that support Indigenous-led production capacity projects that will help grow the domestic production
capacity for clean fuels, including clean hydrogen, advanced biofuels, renewable natural gas, and sustainable aviation fuel, across Canada and offers new opportunities for Canada ’ s energy sector in the transition to producing cleaner sources of energy. It aims to support Canada ’ s efforts to reach net-zero by 2050 and position Canada globally to reap the economic, environmental, and social benefits of the energy transition.
02
An initiative by the Government of Alberta to create a meaningful step toward stronger relationships with Indigenous peoples and a commitment to walking a path to reconciliation together, the Aboriginal Business Investment Fund aims to help Indigenous community-owned businesses capitalize on business development opportunities to improve socio-economic outcomes.
Aimed to improve the social and economic outcomes for Indigenous peoples and their communities, the Aboriginal Business Investment Fund (ABIF) partially or completely funds capital costs for Indigenous community-owned economic development projects.
The investment fund expects the applicants to create a long-term effect that increases the number of Indigenous community-owned businesses, employment opportunities for Indigenous people, and local revenue streams for Indigenous communities by strengthening the economies of Indigenous communities.
The funding program will put the project proposal under a competitive review process and decide based on Indigenous relations. The proposal should thus demonstrate community support, generate net economic benefits like jobs and community revenue, and demonstrate management capacity and business expertise.
The project proposal should have both the long-term viability of the business opportunity and the potential to generate spin-off business opportunities.
ABIF provides funding between $150,000 and $500,000 to support an Indigenous community-owned economic development project, which could be up to 100% of eligible project costs or stacked with other government and industry funding sources.
Only Indigenous communities in Alberta or corporate entities owned by Indigenous communities located in Alberta are eligible to apply for the fund. Communities must own and control 51% or more of the proposed business or joint venture, and corporate entities must be in good standing.
03
Indigenous Engagement Charter is an initiative by the Saskatchewan Chamber of Commerce to fully engage the Indigenous peoples in the economy.
To bridge the Indigenous education gap and bring the Saskatchewan Indigenous population to the same economic level beyond any social or moral purpose, the Saskatchewan Chamber of Commerce (SCC) formed the Indigenous Engagement Charter that is specifically designed for Saskatchewan businesses.
The Charter has been developed with expertise and cultural sensitivity. The Charter serves as a roadmap to provide businesses with the tools to achieve engagement and assists the business community in demonstrating the role it must play in reconciliation.
Under the Indigenous Engagement Charter, Indigenous Awareness Training webinars are designed to inform the business community about the culture and history of Indigenous peoples in Saskatchewan.
The charter also has The Indigenous Business Directory that aims to ensure that more Indigenous businesses can participate in the Saskatchewan supply chain and will allow for increased engagement between members of the Saskatchewan Chamber of Commerce and Indigenous-owned businesses in the province.
The Indigenous Business Directory focuses on Indigenous-owned businesses, defined as 51%+ Indigenous-owned, and allows businesses to set up a profile and provide additional information such as locations, services offered, and contact details.
04
FedNor is the Federal Economic Development Agency for Northern Ontario (FedNor) and is the Government of Canada ' s economic development organization for Northern Ontario. Through its programs and services and through its financial support of projects that lead to job creation and economic growth, FedNor works with businesses and community partners to build a stronger Northern Ontario.
Indigenous businesses and organizations play a vital role in strengthening the economy of Northern Ontario and Canada as a whole. Acknowledging their importance, the Federal Economic Development Agency for Northern Ontario has organized additional support to help Indigenous communities grow their economies and create good jobs.
Northern Ontario Development
Program- invests in projects led by municipalities, First Nations, and other organizations and institutions that support community economic development, diversification, job creation, and selfreliant communities in Northern Ontario through community economic development priority and community investment initiative.
Regional Economic Growth through Innovation (REGI)
Helps Indigenous entrepreneurs start and grow a business in Northern Ontario.
Community Futures Program
(CFP)- Through CFP, FedNor supports 24 Community Futures Development Corporations (CFDCs) located in Northern Ontario.
Jobs and Growth
Fund helps businesses or communities create jobs, support the local economy for long-term growth, and contribute up to 100% of eligible costs for projects with Indigenous clients.
Tourism Relief Fund (TRF)
It helps Indigenous tourism businesses adapt to public-health measures and position themselves for future growth. Contributions to Indigenous non-profit entities could be nonrepayable.
05
Nishnawbe Aski Development Fund is the first choice for Aboriginal business and economic development in Northern Ontario. It is a not-for-profit Aboriginal financial institution serving entrepreneurs, businesses, and communities in Northern Ontario. They offer various services to support Aboriginal business and economic development, including financing, business support, community planning, workshops, and bookkeeping training. NADF has tools to fund business growth, support community building capacity, or provide professional business advice.
NADF has an initiative for Indigenous women wishing to start or grow their business called the Women in Business Program (WiB), which provides financing and online and in-person business training for Indigenous women entrepreneurs.
Women entrepreneurs who own a start-up or have an existing business and would like to grow their business can utilize the WiB programs that will provide ongoing support throughout their entrepreneurial journey.
The WiB is a micro-finance program designed for part-time and/or home-based Indigenous women-led businesses requiring smaller loans and who may lack access to conventional financing.
The WiB aims to assist Northern Ontario Indigenous women to start or grow a business by overcoming barriers and accessing funding to build their credit and leverage financing and support services. An Indigenous woman over the age of 18 years who runs a women-led business that is wholly owned or majority-owned (51% ) by Indigenous women and located and operating in NADF’ s service area is eligible for the funding. Under the Principles respecting the Government of Canada ' s relationship with Indigenous peoples, the Government of Canada emphasizes the requirement for financial relationships developed in collaboration with Indigenous nations. These funding programs can also be seen as one such fiscal relationship that helps create a mutual and supportive climate that ensures the growth of indigenous communities while contributing to the country ' s development.
Government and non-government institutions provide many projects and funding for the indigenous community. To read more on the related topic, subscribe to Indigenous SME Business Magazine lnkd.in/gBMWGCHX, and for the latest updates, check our Twitter page @IndigenousSme.
The Sustainable Heritage of Shades of Gray
The Algonquins of Pikwàkanagàn First Nation adhere to the sustainability philosophy of taking only what is necessary, giving in order to receive and be grateful for it, recognizing one ' s place in the universe, and establishing a personal relationship with the Creator.
When the human food market resulted in a large amount of waste animal meat being discarded, which violated the heritage philosophy of using all of an animal' s sacrifice, Keri Gray stepped in to make a difference, beginning a journey that was rooted in her cultural identity as a First Nation woman and a member of the Algonquins of Pikwakanagan. The result of it was Shades of Gray Heritage.
Keri was raised on a farm in Lakefield, Ontario, where she helped her parents run a butcher shop. Throughout high school, she worked both on the farm and in the shop. She attended the University of Manitoba, graduated with a degree in Agriculture, and completed a business program at Red River College before returning to Ontario. Back home, she worked for nine years as an administrator for the Indigenous Studies Department at the Metis Nation of Ontario in Toronto at Trent University.
Following her children
' s birth, Keri changed jobs and took the Learning Coordinator position on the Alderville First Nation reserve. Meanwhile, she also got involved with her partner, Brian, in establishing their farm. Her daughters ' medical conditions compelled her to learn organic and high-quality healthy food growing techniques and methods for raising meat that they could eat.
In 2012, Shades of Gray Rabbitry was established for the Gray family. Over the years, it expanded and served local chefs, grocery stores, butcher shops, and friends who wished to eat more healthily or offered such options to their customers. Founder, Shades of Gray Indigenous Pet Treats Co.
The amount of animal meat waste generated by this business was excessive, and Keri knew that it violated her hereditary principles. This prompted her to consider making pet treats from this discarded meat.
Keri conducted research and attended classes to become a Certified Raw Nutrition Specialist, initially testing the market at events like local dog shows. People soon became interested in the humane, animal-wellness-centred approach to farming and the superior quality of treats.
Shades of Gray Indigenous Pet Treats Co. was registered in 2019 to provide healthy treats to pets across Canada that are of high quality and federally inspected with no antibiotics. and adheres to the core Aboriginal principles Keri holds so dearly.
The Canadian Council on Aboriginal Business has certified Shades of Gray Indigenous Pet Treats Co. as an Indigenous Canadian business 100 percent owned and operated by women and engaged in First Nation business.
Their gluten-free, antibiotic-free, and preservative-free pet treats are made from the single ingredients of various free-range animals, such as rabbits, beavers, and bison. The natural pet treats to improve the pets ' health and dental hygiene, promote healthier coats, reduce the likelihood of allergic reactions, and keep them hydrated and energized.
Shades of Gray is a healthy treat for both your pet and Mother Nature, as it ensures that your pet receives a nutritious diet by repurposing animal products that would otherwise be wasted. Keri Gray effectively utilizes the cultural values she was taught to make significant changes through small initiatives. Seeing a problem with meat being wasted after being used in the human food industry and finding an ingenious way to reuse it to benefit another creature was a brilliant step from Keri, making her a socially responsible entrepreneur who gives back to society. Along with her business, Keri is also a part of many initiatives committed to furthering her heritage and is passionate about supporting the youth and education to foster employment opportunities that can help in empowerment. Keri believes that every difficulty one faces should be viewed as an opportunity to learn something new and to repay the community for the resources it has provided. She also believes in the transformative power of education in empowering women and youth and encourages farming and ecofriendly sustainable practices.
Keri continues to be a leader and innovator in Pikwàkanagàn First Nation and for First Nations entrepreneurs in general.
To read more Indigenous success stories featuring sustainability and growth, visit
Indigenous-SME.ca or follow @IndigenousSME on Twitter.
Here ' s Why Technology
Is So Important for Small Businesses
The pandemic has been overly cited as the threshold before which the world functioned in a set of systems and after which a new normal has been established. It has been a revelation to open up to the digital world and technology ' s possibilities, especially for small businesses. Each year, the pace at which technological trends change is beyond our prediction. Artificial Intelligence (AI) is the most invested in technology worldwide, with companies like Amazon, Microsoft, and Facebook competing to invest in its development. Though the pandemic did not change the priority of AI investments, companies have begun to look at how AI and similar technological advancements can be incorporated to support their new normal working culture.
The pandemic made small businesses realize that technological incorporation is inevitable in creating internal coordination of employees and external communication access to customers.
This was just the tip of the iceberg that needed to be tackled as a result of the paradigm shift that increased software development and the proliferation of online platforms had brought about in the modes of shopping, customer behaviour and preferences, payments, and invoices.
The time for technological incorporation and advancement has passed. Small businesses have no choice but to become digital, offering various services that can attract customers and meet their current needs.
Small business owners should adopt digital technology that uniquely offers quick and innovative solutions in all areas of business management, including workplace administration, marketing strategy, customer relations, and sales. Only a business willing to transform anything physical in a business environment to digital can survive the present competition.
Utilizing the benefits of high-speed internet and automation software, small and medium-sized businesses can operate more efficiently and perform vital tasks more effectively. Adoption of administrative tools will help better manage the workforce by keeping a check on each employee ’ s punctuality and productivity.
Adopting marketing technologies quickens the team ' s execution
of plans and strategies to attain the company
' s goal and target. It also provides rapid feedback on how the market and customers respond to the strategy.
By incorporating data analytics and CRM tracking, it is possible to generate a clear picture of prospective customers and the behaviour of existing customers. Technology also improves your digital presence and customer engagement.
Thus, technology is a key factor in the expansion of small businesses. It improves the production processes, creates value, and reduces operational expenses. Newer inventions create a one-of-a-kind digital experience that has a significant impact on productivity and sales.
Why technological solutions in small businesses?
Technology enables small businesses to be aware of the most recent market innovations, to react quickly to these changes, to adopt if appropriate, and to adapt to achieve greater business flexibility. The incorporation of technological solutions will help small businesses stay updated on market trends, improve business strategies and ensure an optimum result.
Adopting technology solutions in the business allows small enterprises to efficiently run their businesses by creating coordinated teamwork and improved communication. With remote working in the new work culture, the use of communication technologies like Zoom, Google Meet, and Webex makes it easy for Businesses to stay connected with their team while producing high-quality work in the comfort of their houses. The incorporated technology also allows small businesses to work from anywhere while increasing their customer base.
Technology makes it easy to calculate what once was considered unmeasurable. With workplace management software, employees ' productivity and strategic input results can be calculated. This allows small businesses to identify which employees contribute most to the business, which areas require better handling of vital tasks, and how business can be improved. It also allows the company to receive feedback in the form of data that provides insight for better decision-making.
Protection of data is a serious responsibility of any business. The proliferation of data in the digital space and constant cyberattacks by hackers from worldwide creates a huge threat. Most of the time, small businesses fall prey to such fraud games as they demand hefty ransoms for the recovery of hacked data.
With technological advancement, small businesses can now take the lead in protecting their data from cyberattacks by installing firewalls, anti-virus software, and data encryption.
Customers increasingly prefer to conduct business online. It is essential for small businesses to establish a web presence by developing customer-friendly websites and social media platforms that foster a sense of connection with the brand.
The digital platforms should be user-friendly with the right design and functionality that makes it easy for customers to navigate through the site. The website should be responsive and have mobile support as most customers use the web on their smartphones rather than PCs.
Technology is easing off every tedious task that business once posed as a hurdle. Small business enterprises can be supported by technological aids throughout their business operations, from pitching an idea to generating profit.
The judicious incorporation of various business software solutions, digital marketing strategies, and customer relationship management technologies can help boost the small business ' s ability to reach a wider customer pool to improve sales. The inevitability and potential of technology aid in business should be taken up seriously by small business owners and timely invest in digital solutions to reap the multifaceted benefits it has to offer.
To know more about the recent technological trends and their importance in small businesses, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian _
Top 5 Tips
For Growing Your Small Business
Small businesses should be ambitious enough to plan for growth and expansion, franchise the business, and increase the reach of the brand. While planning such a business scale-up, a strategic approach with no room for hasty decisions is required. Success depends upon the market choice and strategy, along with the selection of the appropriate combination of technologies.
Growth can be measured by the increase in the number of customers, improved sales and profit, and a strong brand name. With so many options for expansion, small businesses should not be afraid of competition. But entering the competition without preparation is unwise. Here are five tips to help small businesses prepare for business expansion.
01
Create a strong foundation for your business
Thorough research into everything that is part of the market that you are part of is important before taking the steps for growth and expansion. The functioning of a small business market is unique, and those features and characteristics that constitute the market trend should be understood while planning to grow a business.
In the market analysis, customers and competitors come first. Targeting new customers while maintaining the satisfaction of existing customers is important. The competitors create the momentum of the business. Their presence is vital to the growth of your business as it creates healthy competition that influences the scaling-up decision.
For a business to succeed, it is essential to assemble a strong team. Good teamwork of diverse voices, backgrounds, and opinions that can provide fresh perspectives and positive criticism is required for the company ' s development.
For business growth, it is crucial to build a brand that consumers will be able to recognize the company based on the logo, advertising campaign, and product packaging.
If the foundational aspects are not given priority, then further development might not be lasting.
02
Expand customer base with satisfaction
Customer service success requires expanding your customer base while maintaining the satisfaction of your current clientele. Customer retention is an indicator of customer loyalty, which impacts sales.
Financially, retaining customers is simpler than acquiring new ones. Small businesses should always prioritize customer service by providing discounts, offers, and quick and effective services to make them feel valued. Optimal use of customer relationship management solutions to keep track of customer information and data that can later be used for sales opportunities.
Maintain constant customer communication through your social media presence. Positive or negative, consumers today are quick to provide feedback, which must be addressed expeditiously.
Regularly conducting surveys to gain insights into customer preferences and feedback for improvement will contribute while planning for a business expansion. No advertisement is equivalent to the word-of-mouth publicity of a loyal customer.
03
Adopt technology to ease the work
Small businesses should always be on the lookout for technological advancements that can facilitate work and boost sales.
Technology enables small businesses to function remotely, allowing employees to work from home, the office, or any other convenient location. It allows business owners to hire globally based on the performance and talent of employees. This dispersed workforce is easily traceable with the support of workplace management tools that quantify employee output.
Blogs, social media, and email technology help maintain customer connections. Small businesses should take advantage of this to establish a more personal connection with their customers for growth.
Small businesses should invest in the development of websites and online stores to expand their reach and visibility while reducing the cost of maintaining their physical stores.
04
Be socially responsible
With customer demand for socially responsible products, most small businesses have taken measures to be organic, ethically sourced, eco-friendly, and cruelty-free.
Social responsibility is a part of the value you add to your product or service, which can enhance your brand' s reputation. It creates a positive impression of the company and generates media coverage, which functions as advertising and raises awareness of the company ' s commitment to the cause.
Businesses use this as a marketing strategy, as they can earn profits from investing time and money in actions that benefit the community. Choosing sustainable, eco-friendly, and recycled resources, treating stakeholders with respect and paying them their rightful earnings, and donating to charity are some of the CSR activities that can facilitate the company ' s growth.
There is an increasing number of customers willing to spend more on businesses with a social conscience and stay loyal to them. These customers ' word-of-mouth advertising can provide small businesses with numerous expansion opportunities.
05
Export the products and services
Exporting is one of the most effective means of expanding a business by entering the international market, which exposes the company to new customers and opportunities while enhancing its competitiveness and boosting its bottom line.
Export Development Canada (EDC), a Canadian government enterprise that promotes and develops trade between Canada and other nations, offers a project titled The Export Impact. It recognizes that many Canadian businesses are already well-positioned to expand into international markets and helps companies get more international orders, sign new contracts, and make global connections.
Small businesses should make use of such project funding and programs to enter the overseas market, which can help them increase their customer base, brand reach, and revenue.
Consistent growth is required for any business at all stages, and small businesses should always keep looking for opportunities that help them to be competitive with the changing market trends.
Small business enterprises should set expansion goals beyond what they think they are capable of achieving and devise strategies for attaining them.
If proper planning is conducted, the execution of business expansion is considerably easier, Waiting for the right moment to seize an opportunity is an exciting process that requires patience. Small and medium-sized enterprises (SMBs) should cease operating within their comfort zones and begin exploring the frontiers awaiting them.
