SMEs IN THE NEW CANADIAN MARKET

SMEs IN THE NEW CANADIAN MARKET

While the pandemic caused many issues for SMEs Canada-wide, and in truth, around the world, as we approach 2023, it’s time to focus on growth. Sustainable, attainable, and profitable growth. The pandemic was problematic for many small to medium-sized businesses, but it did create a lot of room for opportunity and growth, and that train is still very much on its way out of the station so you can still jump on and make the necessary adoptions to take advantage of these opportunities. From digitalization to managing your cash flow, creating the right partnerships, and networking, focusing on the right business sectors for your industry, and focusing on global expansion while remaining local (we’ll explain that a little further on), all these elements are key to staying afloat during this period of growth and are essential to keep your business thriving into the new business norm.

Digitalization has coincided somewhat perfectly with current world events. Going digital isn’t so much about establishing a presence online anymore either, as everyone, even your neighbours’ cat, now has either a website or social media profile. What truly makes you digital as we approach on 2023 is having your digital presence known or to have gone as close to “viral” as possible. And that doesn’t mean being a popular meme on social media either, despite the fact that things like that could help. InfoQ put it perfectly when they described what being digital is these days, and while broken down into a long list, these are some of the main points they touch on:

  • A customer-first culture 
  • Real-time interactions with instant feedback.
  • Automation 

With the advancement of chatbots, AI, and the sheer amounts of data collected, cutting down on manual intervention which is generally excessively time-consuming is imperative to optimize business processes. It’s ensuring the way you interact with your customer, at least in part, is automated in addition to everything else that’s easily considered redundant and data-driven, to free up time for a more focused approach to how you run your business. You need to leave the really important business-minded decisions and actions to be handled by real people. And as usual, automation means relying on data; using data cuts back on a lot of the potential guesswork that used to come along with automation. You want to make sure that you automate those things that have enough data to ensure that what is being “mindlessly” taken care of, is guided by statistical fact. This is what going digital actually means as we round the end of 2022.

Now, dealing with finances isn’t always directly related to money. Managing cash flow, in this case, is determining where you’re putting your money rather than what you’re spending. The supply chain issues that have rocked most of the world at this point are proof of that, and this is where, as an SME, you need to be nimble and create the right partnerships, network accordingly, and manage your finances properly to continue providing your high-quality goods and services to a customer base that has now gone global. This is where we’re not only going to cover some of that financial advice but also what we spoke about regarding reaching out locally. Sourcing overseas regardless of materials having been cheaper, due to supply chain issues has not only gotten more expensive but getting shipments has become even more difficult as the delays are becoming longer and longer. This is where networking, communication, partnerships, and maybe focusing more specifically on alternative aspects of your business come in handy. As an SME, having the ability to adjust quickly and refocus on what’s most profitable is one of the greatest aspects of being small to medium-sized.

SMEs IN THE NEW CANADIAN MARKET

You can refocus given all the uncontrollable circumstances you’re facing and adjust accordingly. Given the global issues, shifting your business direction slightly and sourcing what you can locally to have that sector thrive may be your best step forward. This concept aligns with how to digitize: the initial cost of going digital may be a higher one-time expense, but the benefit to your business in the coming future will more than make up for the cost. Reaching out and making connections does not always cost SMEs however, Cubeler, for example, is a great platform to help all SMEs connect with other local and national SMEs to help source goods and services. What’s even better is that it allows businesses to seek business financing with help from lenders across Canada. In truth, these networking opportunities will not only allow SMEs to find exactly what they need but form the right connections to either slightly alter the focus of their business, or if needed, completely shift gears and find a brand-new direction to start turning larger profits. Either way, moving forward, SMEs across Canada need to redefine how they approach doing business. They need to diversify where they spend money, and how much they spend on various avenues, and while figuring out how to adjust to the new reality of production and sourcing raw materials, learn how to sell and do it all online to reach an even broader customer base to maximize their profitability.


SMEs IN THE NEW CANADIAN MARKET

Luc Godard, the VP of Marketing and Communications at Cubeler had this to say, “Marketing is more than simply talking to your customer, it’s also about creating your company’s entire personality and identity. You need to communicate with consumers, vendors, suppliers, and future business partners, to present a holistic idea of who you are, what you stand for, and what are your values and commitment as a brand, and as a company. That’s where a company will find success, so long as that message is consistent and honest. Relationships and values are what allow a business to survive, and it is modern marketing.” In today’s world of everything being visible and easily within reach, if you want to thrive as an SME you need to ensure everyone views your enterprise as a good place to do business. One that offers above-board products and services, and from a “reach” perspective, you want to be able to cast as wide a net as possible for both your potential customers, and networking opportunities making doing business simpler, and easier, and allowing for multiple ways to keep yourself afloat should anything happen to one of those avenues. Simply put, diversify. Again, small businesses are known to be fleet of foot, and able to deal with change as fast as it comes. This is only true if you manage to plan accordingly. Just because you’re not doing tremendous amounts of sales, does not mean you cannot maximize the sales you do make, and given the entire idea of what going digital can provide you as an SME, there is no shortage of ways to make the entire world a part of your customer base. Keep this figure in mind as well as you decide whether you should or shouldn’t go digital. As of 2021, only 33% of Canadian businesses have had or begun doing business online, which means the space is still far from being full and is still the perfect time to start your SMEs digital journey.

With that in mind, be sure to visit Cubeler.com to get access to the fastest-growing network of SMEs across Canada and begin your journey to fast-track your SME success today.

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Cubeler
Discover The Collective Power of Cubeler. We facilitate SME expansion by giving business leaders access to the collective power of their local and global communities. Unlock the full potential of your business with the Cubeler Business Hub™, a no-cost platform where small and medium-sized businesses in Canada can access the financing, advertising, networking, and business intelligence tools they require to compete with large-scale enterprises.
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