Daniel Menard Shares Tips and Resources for Small Business Growth in Canada
The past year has been difficult for small businesses in Canada. As the pandemic wore on, it caused severe job losses and economic disruption. Today, as vaccines continue to become available, the severity of the economic situation is beginning to ease, and businesses can once more look into growth strategies.
Canadian small businesses have many resources at their fingertips, both at the provincial and federal levels. Daniel Menard, an executive with 30 years of experience, shares the tools to help Canadian small businesses grow.
Growing Your Small Business
Growth may be one of the most important issues facing entrepreneurs. When business owners do not have a growth mindset, they face the chance of being outstripped by the competition.
In order to create a growth plan, business owners should create a picture of their strengths and weaknesses. They should formulate a vision of where they want to be in five years. They need to be able to implement this vision by making concrete steps, adjust quickly the way forward and monitor progress.
One of the best ways to implement growth as a small business is to look at existing clients. It is easier to get new business from existing clients than it is to find new ones. Both need to be work in parallel but always target the low hanging fruits first or at least rapidly.
Expand cautiously into new business areas. Ensure that your new business areas offer the same profit margins as you have in existing business areas. Any positive step that you can take to distinguish yourself from the competition will be helpful.
National Programs
Here are business programs that are available to entrepreneurs throughout Canada:
BDC.ca
The Business Development Center or BDC is an excellent resource for small businesses looking into expanding their operations. The Center offers informational articles on a wide variety of topics, including starting or buying a business, strategy, planning, finance, marketing, human resources, operations, change of ownership, and technology.
BDC also offers startup financing to small businesses. This financing can be as much as $250,000. It is an unsecured loan with a period of payments postponed for up to a year. Businesses applying for this program need to have been in operation for at least 12 months and have proven revenues.
Canada GrantWatch
This website provides a searchable database of small business and nonprofit grants. The funding sources include a wide variety of organizations, such as nonprofits and government agencies.
Canada Startups
Canada Startups is a private nonprofit organization that provides entrepreneurs and small business owners with the resources they need to succeed. The website contains a great deal of helpful information on starting, funding, and planning your new business, as well as many other topics.
Canada Startups also provides a database of more than 800 government loans and grants. It is necessary to pay a membership fee to search in the database.
Futurpreneur Canada
Futurpreneur is targeted toward entrepreneurs between the ages of 18 and 39. The organization offers volunteer-based mentoring programs and can help businesses owned by younger people start off on the right foot. Futurpreneur also provides up to $20,000 in financing at competitive interest rates with no collateral.
Provincial Programs
The following is only a small sampling of the many provincial programs available to small businesses of all types, including resources available to businesses that Covid-19 negatively impacted. Contact your provincial government for more information on their programs.
Canada-Ontario Job Grant
The Canada-Ontario Job Grant is intended to help employers pay training costs for their current and future employees. Businesses can receive as much as $10,000 in funding from this program.
British Columbia Small and Medium-Sized Business Recovery Grant
This program helps businesses that Covid-19 has negatively impacted. $10,000 to $30,000 grants are available, with an additional $5,000 to $10,000 available for tourism businesses. Eligible companies are required to develop a recovery plan. Help may be provided to develop this plan. The plan must be submitted and reviewed, and then the grant money will be given. Companies may be asked to show how the grant money has been used in the future.
New Brunswick Small Business Investor Tax Credit
Tax credits of up to $250,000 are available for individuals that invest in New Brunswick small businesses. This program is intended to encourage investment and can help a company grow.
Reach for Resources
Having a small business is one of the most difficult endeavours that an entrepreneur can face. Small business owners need support and funding if they want to experience growth. When businesses can take advantage of government and nonprofit resources, they will be better able to face the challenges of creating a profitable enterprise.
Growing a business requires a positive attitude and a great deal of skill. New business owners should do all they can to educate themselves about their business area and their competitors.
Daniel Menard believes that business owners have a great opportunity to succeed but should follow these steps and contact these resources if they are interested in creating a solid and workable growth plan.
