Category: Canada
Small Business Week: How to get involved
Small Business Week is right around the corner, but what does this mean for Canadian small business owners? For the past 43 years, BDC has organized an annual celebration of small businesses where entrepreneurs gather to learn, network and celebrate what it means to be a small business owner in Canada. From October 16th to…
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…
How to improve your customer communication
Customer communication always has, and always will be, a critical and difficult skill for small businesses to master. It comes with no surprise that 89% of consumers consider customer service as the driving factor for repeat business. The consumer of today doesn’t tolerate lackluster communication and expects businesses to be accessible and available – always.…
SMB payment methods to boost sales
Throughout the past decade, the different payment methods in which customers have been able to use with their favorite small businesses have evolved at an unprecedented pace. As a small business owner, it can be a complicated and costly experience to keep up with all changes happening in the world of payment solutions. This especially…
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…
Recruiting tips for Canadian SMB owners
In February, the economy added 336,600 new jobs (2/3 being part-time jobs) and the jobless rate fell to 5.5%, reaching pre-pandemic levels. Employment in Canada is gaining momentum and with your business quickly regaining traction due to Covid-19 restrictions being lifted, things are looking promising! But there’s one problem. You need to hire new staff…
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.…
Getting started on TikTok: Small business tips
What is TikTok and why should I join? As the most popular app downloaded in 2020, chances are you’ve heard of TikTok. Since its launch, the app has exploded in popularity and now has over 1.1 billion active users worldwide. TikTok is a short-video platform, where creators can share content on any topic from comedic…
What is collateral and do I really need it for a business loan?
Traditionally, collateral has been considered an important part of qualifying for a small business loan. In fact, it’s one of the Five Cs used by many traditional lenders to help them evaluate a potential borrower. The term collateral refers to “an item of value used to secure a loan”. Traditional lenders, like banks, typically look for secure…