Small and medium-sized businesses significantly influence the Canadian economy. According to Statistics Canada, in 2021, small businesses comprised 98.1% of all employer enterprises in Canada. The industry also employed almost two-thirds (63.8%) of the total labor force.
As an industry that contributes to the Canadian economy and employs a majority of Canadians, it requires that entrepreneurs and small businesses are recognized. Small Business Month is the moment that recognizes and celebrates small businesses.
What began as Small Business Week in 1979 has now become a national celebration of Canadian entrepreneurs and their contributions to the economy. It originated when the Federal Business Development Bank (now known as the Business Development Bank of Canada) offices in British Columbia scheduled a week of workshops for entrepreneurs on small business management.
The annual event brings together small and medium-sized businesses and entrepreneurs from across Canada for conferences, workshops, luncheons, and trade fairs to provide them with opportunities to learn, network, share ideas, and socialize with their peers.
Small businesses strive tirelessly to succeed despite the immense challenges of the pandemic and current economic conditions. Small Business Month celebrates the resilience and perseverance that small businesses show in the face of setbacks.
Small businesses have tremendous potential to grow and can scale new levels by concentrating on key aspects of their operations.
- Develop New Business Concepts.
Small businesses usually deal with industries or concepts like fashion, cosmetics, and art. However, the immense possibilities of the technological boom have encouraged them to take unconventional paths to carve out a niche for themselves. As a result, small business industries now include software development, fulfillment service providers, subscription boxes, omnichannel shopping platforms, sports requirements applications, and many more.
- Improve Customer Service
Small businesses should improve customer service by meeting the expectations of the current customer behavior. For example, in the post-pandemic environment, they anticipate a degree of pandemic hygiene and regulations in the physical store. In addition, they expect brick-and-mortar businesses to have an online presence on websites and social media, which provide constant brand updates, easy access, and quick responses.
- Improve Social Media Engagement
Customers look for brands and products online for quality information and specifications. Hence, a carefully curated social media account is necessary for improved brand awareness and customer reach. Small businesses should find platforms that suit their products and services, share valuable content, post regularly, and constantly engage with customers.
- Choose Sustainability And Ethical Practices
Consumers value companies promoting sustainability and seek brands that practice sustainable practices. Small businesses should choose sustainable resources and ethical practices in their business operations, making business operations eco-friendly to reduce their carbon footprint, and should take a stand to partner with sustainable businesses and organizations that follow a set of standards and support sustainable initiatives in the community.
- Expand Business Through Export
Exports help small businesses reach new customers and market prospects. Government initiatives and organizations provide financial aid to small businesses to promote export trade. The international opportunities expand the customer base while lowering production costs and company vulnerability. It helps increase profits and extend product life cycles through its growth, maturity, and eventual decline, thereby helping businesses grow.
- Improve Employee Engagement
Employees are the foundation of any company. A thriving business depends on contented workers. The business should prioritize upskilling staff members through development initiatives, encourage them to participate in discussions, and welcome their input. Establish a work environment that fosters teamwork, is pleasant for employees, and rewards them for their performance.
- Optimize Business Operations
Technology integration into business operations helps increase revenue. Small businesses can focus on growth and development by automating routine processes using software and outsourcing management tasks to service providers. For example, pay-for-sale, CRM, marketing and accounting software, outsourcing of technology solutions, and social media account management contribute to the success of small enterprises.
- Earn Certifications And License.
Certifications and licenses increase the brand’s credibility as a source of quality and value. Customers value brands that adhere to standards and principles and sought-after businesses that use resources free of cruelty, are ethical, use sustainable business practices, and have earned additional certifications that demonstrate commitment to their industry standards. These certifications help in branding and marketing to enhance the business image.
- Broaden the Networking Circle
Developing strategic contacts and strong commercial opportunities through networking takes time and effort and is crucial for business growth and development. Building strategic connections with colleagues, industry leaders, and subject-matter experts in business operations makes business management more effective and receiving advice and support simpler. In addition, it enables business owners to promote their ideas, attract new business or expansion investors, and ensure capital appreciation.
- Update On Government Aid And Funding
The Government of Canada has established several programs and initiatives to support small businesses. These programs offer small business expansion, innovation, digitalization, and export promotion funds. The CanExport SMEs, Canada Digital Adoption Program (CDAP), and Canada Small Business Financing Program are some of the funding initiatives the government provides for small businesses to thrive.
The small business sector is the lifeblood of the Canadian economy. Small Business Month is an effort to encourage the expansion and success of small businesses in Canada. It aims to guarantee that businesses continue to contribute to the Canadian economy by giving them the tools and upskilling training they need to flourish. The month recognizes all the contributions of small businesses and entrepreneurs to the local community and the Canadian economy.
Small Business Month is a time to celebrate small businesses’ success and provide resources and support for their continued growth. To read more on Small Business Month, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.
