Category: Business Financing
Update: How rising rates impact your SMB
The current high interest rate environment is taking a toll on both consumers and small businesses alike. In March of 2020, borrowing rates in Canada were lowered to nearly zero and despite Covid restrictions, low-cost money starting flowing into SMBs. Fast forward two years later, inflation reached a 39-year high of 8.1% in June of 2022. To…
Canadian small businesses in 2022: Facts and trends
Canadians love small businesses – and with good reason. The numbers speak for themselves, as of late 2021, about 98.1% of Canadian businesses were considered small (i.e., fewer than 100 employees). They employed 10.3 million individuals in total, accounting for 63.8% of the Canadian labor force, and produced over 40% of the total value of…
Assessing the financial health of your SMB
With talks of a recession on the horizon, is your small business in a position to succeed regardless of what the future has in store? Understanding and monitoring the current state of your business’s financial health is key to navigating an economic downturn. But when it comes to assessing your financial health, the influx of…
Creating a healthy workplace for your small business
The success of any business depends on the strength of its employees. That’s why creating a healthy workplace is something that every small business owner should strive for. As many employees experienced more flexible working arrangements due to the pandemic, they now expect more than just a paycheck. They want an employer that cares about…
The Metaverse and its impact on small businesses
The Metaverse. As a small business owner, does this term stir curiosity, confusion, or even fear? Maybe you’re wondering if the Metaverse is the future of the Internet, and if your small business can benefit from it? Is the Metaverse already here? While there has been a lot of buzz around it, it’s still very…
Building a resilient SMB supply chain
Supply chain issues continue to haunt small business owners well into 2022. These issues materialized during the onset of the pandemic and were further exacerbated by the recent war in Ukraine. While it may seem that only larger companies are affected, supply chain disruptions impact small businesses just as much. In a recent survey, up…
How rising rates impact your SMB
Since March of 2020, borrowing rates in Canada have been historically low and low-cost money has been flowing into small businesses. With record-high inflation knocking at our door, the Bank of Canada announced a series of incremental rate hikes to wrestle inflation under control. Rates will likely continue to climb even further as inflation remains…
CDAP – Canada Digital Adoption Program
The Canada Digital Adoption Program (CDAP) For small business owners, cost has always been a limiting factor in adopting new technology. Let’s face it, it’s expensive and can be a challenge to identify which tools and strategies will benefit your business in the long run. Luckily, the Government of Canada is implementing The Canada Digital…
Small business leadership traits to master
For any business endeavor to succeed, you need a solid leader who possesses a specific set of traits. In larger corporations, leadership has always been a highly discussed and celebrated topic. But what about leadership in small businesses? SMB owners are typically thrown into the fire as leaders and expected to adapt quickly. With your…
Tax season 2022: A guide for Canadian SMB owners
Tax season is officially here. If you’re new to the Canadian small business environment, you may be unfamiliar with the tax laws that apply to small businesses and self-employed individuals. Just like employment income, income from your small business is subject to taxation. In Canada, small businesses and self-employed income can be defined in many…
Optimize your SMB for a post-pandemic world
With some countries already removing Covid-19 restrictions entirely and talks of learning to live with the virus, small business owners are now wondering how they can optimize their business to succeed in an eventual post-pandemic world. It comes with no surprise; small businesses were affected by the pandemic and experienced an unprecedented pace of change.…
What cybersecurity means for SMBs
The Covid 19 pandemic has brought on several changes in the way SMBs do business. More and more, we’re seeing Canadian SMBs embracing digital tools and technologies to better serve their customers. In fact, a new study from PayPal Canada shows that 47% of Canadian small businesses started selling online in 2020. While digital transformation…
SMB strategies to manage inflation
With ongoing supply chain issues and the Omicron variant taking our country by storm, a lot of uncertainty remains for 2022. One major uncertainty is inflation. Much of the current inflation is due to significant imbalances between supply and demand for goods and services. In 2021, we saw a surge in consumer demand and a…
SMB hacks for improving cash flow
Managing cash flow. As an SMB owner, those three words may seem daunting at first, and we don’t blame you. Research shows 64% of Canadian small business owners are burdened with cash flow issues. If you can efficiently manage your cash flow, you will have much more available capital to play with. This comes with…
How to make your SMB sustainable
More and more, we’re seeing small business owners and entrepreneurs wanting to contribute to a sustainable economy. Small business owners and their employees are now in a position to make a difference and to seize this opportunity to build and grow an economy that’s sustainable. By doing so, they will cater to a larger audience,…