Top 5 Manufacturing Trends Reshaping Canadian Industry in 2025
The Future of Canadian Manufacturing: Embracing Innovation in 2025 and Beyond 5 Steps to Kickstart Your Manufacturing Digital Transformation Embracing Industry 4 0: A Roadmap for Canadian SMEs
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on Meeting the Travel Needs of SMEs Kate Norris
CanadianSME Small Business Magazine recently spoke with Kate Norris, Global Director of SME Strategy – IHG Business Edge at IHG Hotels & Resorts, to discuss the importance of small and midsized enterprises (SMEs) to the Canadian economy and their distinct travel needs
She discussed the significant contributions of SMEs and their impact on driving innovation and fueling the economy in Canada and globally She also described the heightened importance of travel for SMEs and the inherent challenges smaller firms face in managing and budgeting for business travel
With a career spanning more than three decades, Kate has extensive expertise in sales and strategy in the hospitality industry. She has had the privilege of contributing to the success of multinational companies while establishing and leading her own hospitality sales business in the past
Today, Kate's passion for the industry continues to drive her to explore new opportunities and push boundaries She is committed to advancing a culture of excellence, continuous improvement, and innovation within the hospitality landscape, specifically driving better solutions for SMEs
Like SMEs, Kate guides the IHG Business Edge team to evolve continuously, listening to its customers to develop new program elements to meet the changing needs of SMEs in business travel.
Global Director of SME Strategy | Global Sales Strategy at InterContinental Hotels Group (IHG®)
How important is travel to small and midsize businesses? With rising prices and inflation, this is one area companies may consider cutting back on.
One might argue that travel is even more critical to small and midsize companies than larger ones
In Canada, small and midsized businesses are a critical force in the economy, representing 99.8% of all businesses and employing 88.2% of the private sector workforce. Independent businesses generate patents at a rate 16 times higher per employee than larger companies, further emphasizing their economic impact.
Scientific research shows in-person meetings are 34 times more effective than emails and more effective than virtual or hybrid meetings By meeting directly with potential clients and partners, SMEs build stronger relationships and better understand customer needs This enables them to adapt products or services accordingly and provide personalized customer service a critical factor in a competitive market.
While travel can represent a large portion of SMEs’ business budgets a higher proportion than for large companies it can be necessary for building and maintaining business In this environment, it becomes critical to forge relationships with trusted travel partners that can lower the cost of travel
That leads us to a question on costs and how to minimize travel expenses. What do you suggest?
SMEs may have travel needs similar to those of larger organizations but lack the negotiating power to secure the best rates Due to the company ' s size, operating within a stricter budget means that every expense must be justified
Travel plans may be unpredictable and lastminute, inconveniencing travellers and business owners with a rushed search, especially without established travel partnerships
Meeting the specific travel needs of SMEs requires a thorough understanding of their distinct challenges Hotel companies that understand SMEs can become crucial allies and assist them in balancing limited budgets, navigating tight schedules, and managing travel planning details
Managing travel can be time-consuming for business travellers and business owners. How can SMEs save time when planning travel?
Planning and managing travel can be a labour-intensive and demanding process Small businesses, on average, spend 88 minutes organizing and booking a business trip, and midsized companies spend 12 minutes more up to 100 minutes for a single trip!
Working with the right travel partner can help small businesses maximize their time by allowing them to focus less on searching for the best rates and freeing up time for other decisions that will elevate their business.
For example, IHG Business Edge was developed specifically for SME business owners and their travellers It streamlines the rate negotiation process, rewards loyalty, and consolidates data, content, and booking into one easily accessible place to help them save time
Establishing relationships with suppliers is seen as especially important for small businesses, but with more limited funds than large companies, how can they secure favorable travel agreements?
Partnering with suppliers who understand your business needs is critical. Consider hotel companies with locations you frequent that offer a range of options with transparent pricing, have programs that don’t require a minimum spend, and offer guaranteed discounts and value-added perks A program whose guaranteed discount applies to both personal and business travel enhances the benefits for employees as well
For example, IHG Business Edge was created to meet the needs of SMEs The program is free to join with no minimum spend Members can book travel on the user-friendly platform with guaranteed discounts at over 6,000 hotels worldwide It includes an activity dashboard with year-to-date room nights and spending data, helping managers save time and manage costs Reservations can be made via the portal, IHG com, phone, or the IHG app with the guaranteed discount applying to both personal and business travel
SMEs and their employees can earn points at participating hotels, including meetings or events These points can be redeemed for business events or personal getaways, adding value for both the company and its employees. Members receive accelerated IHG One Rewards loyalty status, exclusive content, and special promotions.
Tell us about the new partnership program IHG Business Edge offers. How do these features benefit small and midsize businesses in Canada?
Relationships with partner companies are especially critical to small and midsize companies, who must work within a set budget and vie for attention against possibly larger accounts
With this in mind, we ’ ve introduced an exclusive Partnership Program that connects IHG Business Edge members with trusted companies offering a range of benefits, including discounts on technology, car rentals, professional services, and more
Based on feedback from IHG Business Edge members, we continue to evolve the program to best meet the needs of small and midsize businesses. In 2023, Global Traveler magazine readers voted it as the best small to midsize business program for five consecutive years.
The Future of Canadian Manufacturing:
Embracing Innovation in 2025 and Beyond
The year 2025 is set to bring monumental change in the manufacturing sector, which is instrumental in fostering economic development and innovation as Canada navigates the changing global marketplace. The recent rise in Canadian manufacturing sales, with a 1 4% increase since April 2024 and a subsequent 0 4% gain to $71 4 billion in May, led by higher aerospace product and components sales (+11 2%), food (+1 4%), and paper (+5 5%), is a testament to the sector's resilience Motor vehicle sales (-4 2%) and petroleum and coal products (-2 2%) fell significantly, but the overall trend is positive
This has become increasingly apparent in the previous year and now in 2025, necessitating Canadian manufacturers to adopt state-ofthe-art technologies Innovation is essential for preserving global competitiveness and providing long-term sustainability and resilience In a world that is becoming increasingly digital, Canadian manufacturing can ensure its future by embracing new technologies and adapting to current challenges
Current State of Canadian Manufacturing
Manufacturing continues to be a fundamental component of the Canadian economy, contributing an estimated 10% to the nation's GDP and employing more than 1 7 million Canadians The sector's diversity is a significant asset, encompassing industries such as aerospace, automotive, and food production Canadian manufacturing sales have experienced consistent growth in recent years, with a substantial rebound after the COVID-19 pandemic The robust performance of key industries, including transportation equipment, machinery, and chemical manufacturing, was the driving force behind the total manufacturing sales of $65 billion in March 2024, as reported by Statistics Canada
Canadian manufacturing remains optimistic despite the industry's challenges in recovering from the impact of the pandemic New technology's potential to revolutionize manufacturers' operations is a beacon of hope This transformation promises increased efficiency, productivity, and sustainability, offering a positive outlook for the future.
Challenges Facing Canadian Manufacturers
Canadian manufacturers are grappling with several pressing challenges that could impact their global competitiveness In fact, the seasonally adjusted S&P Global Canada Manufacturing PMI fell to 47 8 in July from 49 3 in June 2024 Keeping below the critical 50 0 no-change barrier, it indicated the sharpest decline in operational circumstances back in 2024 Another significant issue is the nationwide struggle to find qualified workers, leading to a severe scarcity of manpower The need for a skilled workforce to effectively utilize new tools and procedures is crucial for adopting innovative technologies, making this skills gap a pressing concern The rise in global competitiveness, particularly from American, German, and Chinese manufacturers, adds to the strain Geopolitical tensions, climate change, and logistical bottlenecks also impair supply chains, further intensifying this competitive pressure
Environmental regulations pose another challenge. Manufacturers are increasingly compelled to implement sustainable practices and decrease their carbon footprint Particularly for SMEs, adhering to stringent environmental standards can be both costly and intricate despite their necessity
Key Innovations Reshaping Canadian Manufacturing
The Canadian manufacturing industry is transforming digitally, with several significant developments altering the landscape
Industry 4.0 and Smart Factories: In 2025, the fourth industrial revolution, or Industry 40, is reshaping the manufacturing sector through the widespread use of digital technology in production Automated systems, sensors, and data analytics are making smart factories smarter, which means more efficiency, less downtime, and better decisions made in real-time To maximize output and maintain a competitive edge in the global market, Canadian businesses are using these systems at an increasing rate.
Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are becoming increasingly significant in the Canadian manufacturing industry These technologies enable producers to anticipate equipment problems, optimize production schedules, and enhance quality control AI-powered automation is also helping to alleviate labour shortages by executing repetitive jobs more effectively than human workers.
Internet of Things (IoT) and Industrial IoT: IoT technology is changing how manufacturers monitor and manage their operations. Manufacturers can enhance performance and efficiency by collecting and analyzing data from internet-connected equipment, sensors, and systems Industrial IoT provides predictive maintenance, which reduces costly equipment breakdowns and downtimes In Canada, businesses invest in IoT to simplify manufacturing and improve supply chain management
Advanced Robotics and Automation: In fact, in 2025, robotics is projected to play an increasingly significant role in Canadian industry. This involves highly sophisticated robots equipped with AI that can perform tasks ranging from assembly to quality inspection. Automation enhances productivity and helps alleviate workforce shortages by lowering reliance on manual labour. Canada's automotive and electronics sectors were among the first to employ sophisticated robots
Government Initiatives
Supporting Innovation
The Canadian government has implemented several measures to promote industry innovation Federal programs, such as the Strategic Innovation Fund (SIF), provide financial assistance to manufacturers implementing new technology This fund is intended to support large-scale investments in digital transformation, sustainability, and productivity enhancements It should be noted that homebuilders in Canada are projected to increase their output thrice by 2030 if they want to keep up with predicted demand To keep housing costs in line with inflation, they must lower the unit cost of building homes by 54%. They must reduce carbon emissions per home by more than 20% to contribute to overall emission reductions in Canada's housing industry They must also raise labour productivity by 60% to compensate for a declining workforce
Provincial governments are also playing crucial roles. For instance, producers can access funds and resources through programs like the Innovation Program in Quebec and the Advanced Manufacturing Consortium in Ontario, which help create innovative products and processes. SMEs also have access to the resources and education they need to adopt Industry 4.0 technology through government-backed programs like Digital Main Street.
Case Studies of Innovative Canadian Manufacturers
Several Canadian manufacturers have previously used breakthrough technology with great success Magna International, a worldwide automotive supplier based in Ontario, incorporated advanced robotics and AI-driven automation throughout its manufacturing plants, resulting in higher productivity and reduced expenses The company ' s adoption of Industry 4 0 technologies has helped it remain competitive in a rapidly changing automotive industry
Another example is Bombardier, an aerospace industry leader that uses 3D printing to produce lightweight, highperformance airplane components Aligning with Bombardier's environmental aims, this transition toward additive manufacturing has decreased production times and minimized material waste.
The Role of Sustainability in Future Manufacturing
Growing customer demand for environmentally friendly products and stricter environmental restrictions drive Canadian industries to prioritize sustainability Reducing waste and energy consumption are two examples of green manufacturing practices being embraced across sectors Another trend picking up steam is the circular economy, which encourages reusing and recycling materials. Canadian firms are investigating sustainable practices to lessen their adverse effects on the environment without sacrificing profits.
Workforce Development and Upskilling
As new technologies reshape the manufacturing landscape, a growing need to address the skills divide is emerging Canadian manufacturers must allocate resources to workforce development to ensure their employees possess the skills needed to operate with advanced technologies This divide can only be bridged through partnerships with educational institutions, continuous learning, and upskilling programs Manufacturers also foster an adaptable and competent workforce through initiatives like apprenticeships and on-the-job training
Future Outlook: Predictions for 2025 and Beyond
Looking ahead, emerging technologies like quantum computing, 5G connectivity, and blockchain have the potential to transform Canadian manufacturing dramatically These technologies can improve manufacturing processes and supply chain management and enable the development of new, innovative goods. In fact, industries such as aerospace, automotive, and renewable energy are likely to fuel future growth in Canadian manufacturing.
Innovation is critical to the future of Canadian manufacturing By adopting cutting-edge technology, tackling workforce issues, and committing to sustainability, Canadian manufacturers could position themselves for success in 2025 and beyond The moment to act is now; those who lead in implementing these improvements will influence the industrys future
Your role in staying updated is integral to our shared mission of fostering a community of innovators. CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge. Click here to subscribe to our monthly editions for updates on Canadian businesses. Follow our handle @canadian sme on X to remain updated on all business trends and developments. Your support is crucial to our mission.
Protecting the Future:
How Cyber Legends is Building a Safer Digital World for Children and Families
Small and medium-sized businesses are not only the backbone of the Canadian economy (creating 70% of job opportunities) but are also crucial drivers of innovation and societal progress Cyber Legends, a London, Canadabased ed-tech company, is one such venture making waves by addressing the increasingly urgent issue of cyber safety. Co-founded by James Hayes, the company ’ s mission is to equip children and families with the knowledge and tools they need to navigate an ever-evolving digital landscape safely
Staying True to Their ‘Why’
For many SME owners, staying true to their core mission amidst constant operational demands can be a challenge.
However, for Hayes and the Cyber Legends team, staying connected to their core mission protecting children and families from digital threats has been key to their success “Children, especially young boys, are increasingly targeted online,” explains Hayes “Our goal is to provide engaging, age-appropriate solutions that help kids keep themselves safe ” This sense of purpose is what drives the company ’ s innovative game-based learning platform, focusing on six key cyber skills designed to align with the
James Hayes, Co-Founder & CEO, CyberLegends
mandated curriculum from the Ministries of Education across Canada. Their innovative platform teaches elementary school students essential digital safety skills, while their family platform, currently in development, aims to extend this learning into the home
Central to this core mission is the "SEED" approach Safe, Educated, Employable, and Driven. This framework ensures that all Cyber Legends’ content focuses on keeping children safe online, educating them about risks, equipping them with skills for future employability, and fostering continuous learning. “The SEED approach allows us to address the growing cyber security skills gap in a way that’s meaningful for children, educators, and parents,” says Hayes.
By staying true to their ‘why’ and regularly updating their platform to tackle new digital threats like generative AI Cyber Legends is creating a lasting impact “Our mission is to create a safer digital world for children,” Hayes concludes, “and our focus on our purpose is what allows us to innovate and grow ”
Innovation and Practical Solutions for Educators
One of the major challenges facing the education system is keeping up with the fast-paced changes in technology “Teachers often lack the resources, time, and up-to-date knowledge to teach cyber safety effectively,” says Hayes Cyber Legends has tackled this problem by creating a platform called Edubytes, which equips educators with the tools they need to confidently integrate cybersecurity lessons into their classrooms The platform provides teaching notes, presentation slides, and other resources that allow teachers to deliver content without needing extensive technical knowledge
“Cyber Legends solves multiple challenges,” says Hayes. “We upscale teachers' knowledge, provide the resources they need, and save them time in the process.”
Scaling a National Impact
What started as a local initiative has rapidly gained momentum Cyber Legends now has a presence in schools across Canadian provinces, demonstrating the scalability of its solution. Their ability to grow while maintaining alignment with both federal public safety focus and provincial education standards highlights their operational efficiency a key lesson for other SMEs navigating the complexities of scaling a business
Additionally, strategic partnerships, such as their collaboration with Toronto Metropolitan University, have enabled Cyber Legends to expand their reach and validate their approach to cyber safety education “We’ve seen a growing awareness of cyber safety at the federal level, and this collaboration between different levels of government is key to addressing the issue on a national scale,” Hayes adds
Economic and Social Impact
Cyber Legends is not just a tech startup; it’s an example of how SMEs can create both economic value and social impact As a growing company, they are creating jobs and supporting the local economy in Southwestern Ontario, while their solutions address a pressing societal need SMEs, which make up over 97% of the Canadian economy, have a unique ability to create this kind of dual impact.
A Message to Fellow SMEs: Stay Curious
Hayes believes that the success of any SME lies in constant curiosity and a willingness to explore new technologies “For other founders, whether new or experienced, staying curious is critical We need to continue learning and innovating if we want to solve inefficiencies and create a better world for those around us. ”
Cyber Legends has embraced this philosophy by staying ahead of technological trends, including addressing emerging issues like generative AI in their curriculum updates. Their focus on continuous improvement ensures that their platform remains relevant and effective in an ever-changing digital landscape.
Call to Action for SME Owners
“By focusing on solving real-world problems, we ’ re not only building a sustainable business but also making a positive difference in society,” says Hayes This aligns perfectly with the role of SMEs as key drivers of job creation and innovation in Canada
As Cyber Legends continues to grow and impact more schools across Canada, Hayes encourages other SMEs to think about their ‘why’ and how they can drive innovation in their respective fields "We’ve always been about making the digital world safer for children, but along the way, we ’ ve learned that staying true to your mission opens up opportunities for growth and partnerships that you might not expect ”
To learn more about how Cyber Legends is pioneering cyber safety education for children and families, visit their website at www.cyberlegends.com.
The Small Business Summit 2024, which took place on October 24th at the esteemed Metro Toronto Convention Centre, was an extraordinary success. This year ' s theme, "Fueling Canadian SMBs with Digital Transformation, Inclusion, and Adaptability," established the foundation for a day of networking, innovation, and insights. This was accompanied by the vibrantly positive welcome remarks of our editor and founder, SK Uddin, who set the event’s pace and tone.
As a matter of fact, Frank the Emcee, aka Francis Jr. Idemudia of the Millennium Business Network, was invited to host the action-packed evening. Frank has extensive experience as an Event Emcee and Motivational Speaker, having hosted and spoken at business events, cultural events, weddings, parties, shows, festivals, fundraisers, podcasts, and other venues. Frank, who has over two decades of experience engaging audiences and building inclusive spaces, truly brought the event to life.
Event Highlights
The event was bustling with activity, with over 3,000 guests and 71 exhibitors, all there to learn and network. People who attended could network with businesses and learn more about their excellent services. In her warm, welcoming speech, the Honourable Rechie Valdez, Minister of Small Business, emphasized the need to connect enterprises to achieve long-term economic growth digitally. Hamilton West Ancaster Dundas's Member of Parliament, The Honourable Filomena Tassi, also brought a personal touch. Minister Tassi highlighted her vast career in public service, inspiring the community with her commitment words.
Additionally, Karen Svendsen, Senior Director of Small Business Client and Business Strategy at RBC, delivered the welcome remarks. Karen contributed vital insights from client strategy and small business growth, drawing on her 22 years of extensive experience. Paul Gaspar, the Director of Small Business for UPS Canada, our exclusive shipping partner, also shared his expertise in assisting small businesses in utilizing UPS's customized services and technologies to expand domestically and internationally.
3,000 attendees 71 exhibitors
The Honourable Rechie Valdez Minister of Small Business
Franchising's 'Wow Factor':
A Chat with Sherry McNeil
President & CEO, Canadian Franchise Association (CFA)
In an insightful interview with CanadianSME Small Business Magazine, Sherry McNeil, President and CEO of the Canadian Franchise Association (CFA), shares her expertise on the impact of franchising in Canada’s economy With over 20 years of experience in the industry and recognition as one of the world’s most influential women in franchising, Sherry discusses the role of franchising in community building, job creation, and economic growth She also explores the future of franchising, trends to watch, and how the CFA supports franchisees and franchisors in adapting to the evolving business landscape
Sherry McNeil is an experienced corporate and not-forprofit executive with more than 25 years of experience helping everyday Canadians realize the dream of owning their own business through the power of franchising. As a female in a traditionally maledominated industry, Ms. McNeil is a champion for diversity, equity, and inclusion in corporate boardrooms and is regularly ranked among the 100 Most Influential Women in Franchising in the world. She is a fierce advocate for gender equity in the franchise industry, which has seen a 37% increase in the number of female franchisees over the last decade.
Throughout her corporate career, Ms McNeil has worked with a wide range of franchise systems, from new and emerging concepts to iconic Canadian franchise brands like Dairy Queen, Boston Pizza, Little Caesars, and YUM Brands, in both consultant and executive leadership roles
As President and Chief Executive Officer of the Canadian Franchise Association (CFA), Ms McNeil is responsible for managing the association, leading its staff, and providing strategic advice to the Board of Directors In this role, she has gained extensive experience in fiscal management, membership development, advocacy and government relations, issues management, and strategic planning Ms McNeil also has extensive experience with member-driven not-forprofits, engaging with the CFA’s almost 600 corporate members, and representing over 40,000 franchisees (small business owners) from coast to coast to coast.
Ms. McNeil currently serves as the ViceSecretariat for Communications on the Executive leadership team of the World Franchise Council, a global organization of international franchise associations.
Franchising is a significant contributor to the Canadian economy, but many people are unaware of its true impact. Could you share some of the lesser-known ways franchises contribute to economic growth and job creation across the country?
Franchising is not just a business model; it’s a community builder, a job creator, and a significant economic driver The franchising industry is a cornerstone of the Canadian economy, being the 12th largest industry in the country and the 2nd largest franchise industry in the world The Canadian franchising sector contributes over $120 billion annually to the national economy In 2024, Canadian franchises are expected to contribute nearly $30 billion in federal and provincial taxation
With one in 10 Canadians employed directly or indirectly in a franchise system, Canadian franchises create nearly two million jobs for Canadians, paying almost $62 billion in wages
When a new franchise location opens, you can feel the power of the franchise industry This is fuelled by the mutually respectful relationship between the franchisor and the franchisee, who work together to create a new business that did not previously exist in the community. This new business has a positive impact not only on the franchisor and the franchisee, but also on the entire community, as it creates new opportunities for employment, growth, and community connection Wow!
The CFA has highlighted how the franchising sector continues to grow, with over 66,000 franchise establishments expected by the end of 2024. What factors do you think have led to this growth, and how is CFA supporting this expansion?
With the ever-evolving landscape of the Canadian economy, franchising has emerged as a vital sector, providing robust opportunities for individuals seeking to start their entrepreneurial journey and contribute to their community With the introduction of the International Franchise Attractiveness Index in 2020, Canada has consistently ranked among the top six countries with attractive franchise markets for balanced growth
The CFA is the largest advocate for the franchise industry in Canada, providing its members and the public with events, programs, and webinars year-round to improve their businesses and help those searching for franchise ownership opportunities discover their perfect brand
This fall, the CFA’s popular Franchise Canada Shows (FranchiseCanada Show) return to Toronto on October 26 and 27 and to Vancouver on November 9 and 10 It’s free to attend, and the show floor is the perfect place to discover new investment opportunities, learn about the ins and outs of purchasing a franchise, connect with industry service providers, and more Plus, all exhibitors at the Franchise Canada Shows bear the CFA member logo By joining the CFA, these franchises have made the conscious decision to be the best franchisors they can be CFA members strive for excellence for both their company and for those who invest in them, so we advise those considering franchising to look for the CFA logo!
With one in 10 Canadians employed directly or indirectly in a franchise system, what role do franchisees play in strengthening local communities beyond the financial metrics?
Franchisees are deeply rooted in their local communities, and their contributions go far beyond economic metrics Nearly all small retailers (97%) report contributing to their communities or provinces in some way, with 74% donating to local charities and causes, 56% sponsoring local events and teams, and 55% providing job opportunities for youth
In your opinion, what makes franchising an attractive opportunity for Canadians looking to go into business for themselves, and what should prospective franchisees consider to become successful?
Franchising offers a structured and supportive business model, which is particularly appealing to entrepreneurs Franchising is about being in business for yourself but not by yourself The support that franchisors provide including systems, training, guidance, and ongoing support helps franchisees successfully open and operate their local small businesses, making it an ideal pathway for individuals looking to start their entrepreneurial journey with a strong foundation and support network in place.
The CFA advises on several key areas for prospective franchisees to become successful, including:
Navigating the franchise business model and finding the right franchise The key is to begin with thorough research and selfassessment to identify a franchise that matches an individual’s skills, interests, and budget
Leveraging resources such as educational programs, mentorship opportunities, and networking events for insights and advice Understanding the franchise agreement, support system, and operational requirements is crucial
Looking for the CFA member logo, an indication that the franchise system has the tools and supports it needs to help it and its franchisees thrive
Looking ahead, what trends or developments do you anticipate will shape the future of franchising in Canada, and what strategic initiatives are the CFA implementing to support franchisees and franchisors in adapting to these changes?
While quick-service restaurants remain a large segment of the franchise industry, there are many other sectors that show continued growth Due to Canada’s aging population, senior care systems are on the rise, as are brands that deal with emergency cleanup and repairs. CFA membership covers more than 60 sectors within the franchise industry, so really, the only limit on where your franchising journey can take you is your imagination!
The CFA offers many educational programs to support the expansion of our members and the industry, including our weekly Learn & Grow seminars, where experts explore trends and frequently ask questions from both franchisors and small business owners who invest in their systems Recent topics have included the benefits and pitfalls of AI in franchise expansion, public relations best practices, online training, and much more
Of course, the easiest way to stay on top of developing news is by subscribing to the CFA’s e-newsletters, which you can find at FranchiseCanada.Online. You’ll be the first to know about our upcoming programs and events while learning more about the hundreds of franchise brands within our membership
Unlocking the Pow AIforSm Business
With the rapid rise of Generative Artific (gen AI), staying ahead of the compet often prove challenging Following a su than 500 microbusiness owners in Can shows that one in five have already use support their business Of those, the typ reported average time savings equating to 300 hours a year That’s the equivalent of eight working weeks each year*
Running a small business is no small feat, and we all know that time and energy are like precious gems
GoDaddy’s research also shows that the ways Canadian entrepreneurs are using AI to achieve time and financial savings are diverse For example, over half (58%) of Canadian entrepreneurs are using AI to support marketing activity, with 74% using it to support content creation. In addition, over one-third (39%) are using AI tools as a resource for customer service and 29% are using it to boost sales
If you ’ ve never used this kind of software and feel overwhelmed by learning new tech tools, dont worry These tools can be the sidekick you didn’t know you needed, if you start wrapping your head around the many ways they can be helpful
HowAICanBenefitSmallBusinesses
AI technology offers a wide range of benefits that can significantly help small businesses. Here are some key ways AI can transform your operations:
1. Enhanced Efficiency
AI tools automate repetitive tasks, freeing up valuable time for business owners to focus on strategic activities.
2. Improved Customer Experience
AI-driven chatbots and customer support tools can provide instant responses to customer inquiries, enhancing the customer experience These tools can handle a range of queries, from answering frequently asked questions to assisting with purchases, ensuring your customers receive prompt and accurate support
Young Lee, Canada Country Manager for GoDaddy
3. Data-Driven Insights
AI can analyze vast amounts of data to provide actionable insights into customer behaviour, market trends, and business performance
By leveraging these insights, small business owners can make informed decisions that drive growth and profitability
4. Cost Savings
By automating tasks and optimizing processes, AI can help small businesses reduce operational costs These tools eliminate the need for expensive design and marketing services, enabling business owners to achieve professional results at a fraction of the cost
5. Scalability
AI-powered solutions are highly scalable, allowing small businesses to grow without the need for proportional increases in staff or resources.
As your business expands, AI tools can handle the increased workload, ensuring seamless operations.
6. Cybersecurity defender
In this online-driven world, proper cybersecurity is crucial for all businesses Thankfully, AI can act like a digital bouncer, spotting potential threats and keeping your business safe from cyberattacks Think of it as a tech-savvy guard dog for your virtual storefront
HowtogetstartedwithAI
Alright, so you ’ re probably wondering – how do I actually get started with this tech wizardry? Don’t worry; it’s easier than you think There’s an AI tool for almost every need, so investigate different options and choose wisely Pick the ones that best align with your business goals, budget, and tech know-how
Experimentandlearn
Try different artificial intelligence tools and see what works best for your business and the way you like to operate Play around with different prompts to see how you can refine the answers you get, and remember that the software can learn your business “voice” and requirements over time, when trained correctly
Integrationmagic
Most AI tools can seamlessly integrate with your existing software. That means you won’t have to start from scratch – just a bit of tech magic, and you should be good to go. Before you sign up for a tool, though, check that it will work okay with the main programs you currently utilise in your business
Stayupdated
AI and technology are always evolving, so keep an eye out for updates and new features that can further enhance your business operations or new ways of using current tools Artificial intelligence is here to rescue you from the daily grind and can be your trusty sidekick, helping you save time, energy, and maybe even a little sanity Start testing out some new tools today so that you can boost your business results sooner
Buildyournextonlinebusiness withthePowerofAI
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Included with new GoDaddy domain purchases, Airo can generate a logo, landing page, email templates, and social media posts tailored to your business
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Connecting the Dots in Small Business Cybersecurity: Manraaj Mand
Managing Director of Watchdog Security
Cybersecurity is of the utmost importance to companies of all sizes in today's dynamic digital world. The ever-growing tech influence makes this field indispensable for businesses of all sizes. Hence, this calls for a service provider that can cater to the specific needs of business entities, and one such pioneer of the field is Manraaj Mand, Managing Director at Mand Consulting Group and co-founder and CEO of Watchdog Security, who has devoted his career to solving these problems Thanks to his extensive experience in offensive security, Manraaj has established himself as a go-to expert for SMBs in need of top-tier cybersecurity solutions.
First Steps Towards Mand Consulting Group
While starting out in his career, Manraaj dove headfirst into the intricacies of offensive security at a big enterprise security firm. Infiltrating company infrastructures, accessing networks, and dissecting apps were all part of his regular duties These events made him realize there was a need in the market for his own kind of efficient, high-quality penetration testing at a reasonable price As a result, MCG was established more than six years ago
What’s more, Manraaj has guided MCG to become a leading white-label penetration testing business in Canada, serving as a backend service provider for many major consultancies in the US and Canada With 61% of SMBs falling victim to cyberattacks in 2021, the organization's dedication to finding security holes in enterprise infrastructures is a key service Besides its for-profit cybersecurity services, MCG runs a nonprofit that educates kids about ethical hacking and provides free cybersecurity services to other organizations
Start of the Watchdog Security Movement
After years of fruitful penetration testing, Manraaj uncovered a major problem: most small companies have glaring, common cybersecurity vulnerabilities and problems Even worse, most lacked access to inexpensive, cybersecurity solutions that effectively remedy these common vulnerabilities and problems
Understanding this problem, Manraaj took his wealth of industry knowledge and founded Watchdog Security, which he saw as a chance to fill this real and growing gap in the cybersecurity market Leveraging his experience as an ethical hacker, he and his brother began to architect a solution around the question “What if we could develop a security solution that thinks like an attacker but protects like a guardian?"
In fact, the guiding premise behind Watchdog Security's creation was to provide small and medium-sized businesses (SMBs) with affordable, enterprise-grade, all-in-one security solutions. Considering that hackers value consumer data held by 87% of startups and that small company workers are 350% more likely to be victims of social engineering attacks than employees at bigger organizations, this project was crucial
A Complete Answer to Cybersecurity
WatchDog Security is an all-in-one cybersecurity tool that Startups and SMBs can leverage to secure their entire infrastructure - whether it's their employees, their SaaS applications, their Cloud platforms or otherwise. Recognizing the need for immediate access (especially for the next generation of business owners), our SaaSbased platform automates the role of an information security analyst in an organization By creating our versions of tools across multiple tool categories, we can interconnect the data and create more powerful insights than standalone platforms, securing your entire infrastructure under a single platform We’ve worked hard to demystify cybersecurity for the average business owner, making it easy to understand for both technical and non-technical audiences, ensuring they can both get valuable insights
With just one membership, you get access to a comprehensive, constantly improving security toolbox Small firms often have budgetary limitations when it comes to purchasing complete cybersecurity solutions This strategy, which relies on a single subscription for all security-related needs, aims to alleviate this problem Plus, the current market solutions often have problems with integration and rely on manual chores, which might cause alert fatigue in workers
Essentially, Watchdog Security’s solution seamlessly integrates industry-leading and proprietary tools. It provides a single source of truth and visibility, displaying easy-tounderstand metrics that both technical and nontechnical audiences can use This allows businesses to measure the risk of their assets, employees, and overall organization effectively Intelligent automation guides users through the process, enhancing the effectiveness of their information security program
At the end of the day, there’s no denying that the solution offered by Watchdog Security effortlessly incorporates both popular and exclusive products from the market It displays measurements in an approachable format that both technical and non-technical users can comprehend, creating a centralized repository of truth and transparency As such, companies can accurately gauge the risk to their assets, workers, and the company as a whole Users' information security programs become more successful with the help of intelligent automation that walks them through the procedure.
Click here to learn more about Watchdog Security’s services and products.
CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments
Top 5 Manufacturing Trends
Reshaping Canadian Industry in 2025
The year 2025 is anticipated to be all about technological advancements, and evolving global dynamics are propelling the Canadian manufacturing sector toward accelerated transformation Back in 2024, manufacturers emphasized the importance of future-proofing operations and remaining competitive by incorporating new trends Staying ahead of these trends is essential for businesses to remain resilient and flourish in an increasingly complex market The following five major trends significantly alter Canadas manufacturing landscape this year
The transition to Industry 4 0 in the Canadian manufacturing sector is driven by integrating advanced technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT) These technologies assist organizations in automating processes, enhancing efficiency, and reducing operational costs Smart factories, capable of communicating with one another and connected to the internet, are becoming increasingly prevalent Automation also enables manufacturers to optimize production, reducing the margin for human error and facilitating quicker decision-making
Bombardier and Magna International, based in Canada, were early users of these technologies They integrated IoT and AI into business operations to improve performance and gain an advantage. This clearly indicates the significant role Canadian firms play in global competition. To keep up with the worldwide competition, Canadian firms are being pushed to invest in smart technology as this wave of digital transformation is projected to intensify even further
Sustainability and Green Manufacturing
02 03
Canadian manufacturers progressively implement sustainable manufacturing methods as the global community transitions to more environmentally favourable practices This encompasses the implementation of more environmentally responsible production processes, the reduction of pollution, and the reduction of energy consumption The Canadian NetZero Emissions Accountability Act is a crucial facilitator in this transition, a government initiative that incentivizes companies to prioritize sustainability. This act underscores the role of government initiatives in driving the transition to sustainable manufacturing
Cascades Inc , a pioneer in producing environmentally responsible packaging, is a prime example of green manufacturing in Canada For years, the organization has been dedicated to sustainable practices, including using recycled materials in its products and preserving energy-efficient facilities Canadian manufacturers will persist in innovating by adopting renewable energy sources and developing sustainable processes as consumers demand environmentally conscious products
Upskilling and Workforce Development
Canadian manufacturers prioritize workforce development and upskilling initiatives in response to the increasing labour shortages The emergence of automation has necessitated the employment of competent individuals in the operation of sophisticated technologies and their proficiency in traditional manufacturing roles The prioritization of training programs designed to address these disparities ensures that workers possess the necessary skills to flourish in the contemporary manufacturing environment. The industry is also striving to address the challenge of attracting youthful talent. "Skilled Trades Ontario" and other initiatives advocate for manufacturing professions among the younger population, emphasizing the sector's technological advancements and evolving nature. Continuous learning will be essential for workers to remain adaptable and capable of managing new technologies as automation becomes more widespread.
Supply Chain Resilience and Reshoring
Canadian manufacturers were compelled to reconsider their procurement strategies due to the pandemic, which revealed vulnerabilities in global supply chains In fact, not much has changed in this aspect since 2023, either What’s more, numerous organizations have implemented nearshoring and reshoring strategies to mitigate their dependence on foreign suppliers, which involve relocating production to a more convenient location This transition has led to more resilient supply chains that manage disruptions induced by global crises or geopolitical tensions
In addition, local procurement provides numerous benefits, such as enhanced production quality control, reduced transportation costs, and shorter lead times. As an increasing number of manufacturers adopt this trend, Canadian businesses are fortifying their supply chains and contributing to expanding the domestic economy
05
Data-Driven Manufacturing and Predictive Maintenance
Modern manufacturing is increasingly reliant on data analytics By utilizing big data, manufacturers can acquire valuable insights into their operations, identify inefficiencies, and optimize processes Companies are reducing downtime and enhancing overall productivity by employing predictive maintenance, which uses data to predict when equipment is likely to malfunction
Many Canadian manufacturers are employing datadriven strategies to maintain their competitiveness in the global market. For example, Linamar Corporation utilizes data analytics to optimize operations and implement predictive maintenance solutions, extending their equipment's lifespan and preventing costly disruptions. As the industry develops, manufacturers will require data to enhance efficiency and make well-informed decisions.
Canada's industrial sector is experiencing profound change thanks to new technologies and shifting consumer preferences Canadian businesses are setting themselves up for longterm success in a highly competitive market by embracing data-driven strategies, reshoring supply chains, investing in workforce development, emphasizing sustainability, and adopting modern technology. For the foreseeable future, these tendencies will dictate how Canada's industrial sector operates, pledging that it will be robust and creative
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Heather Haslam
on Boosting Employee Happiness and Engagement in the Workplace
In an exclusive interview with CanadianSME
Small Business Magazine, Heather Haslam, VP of Marketing at ADP Canada, shares her approach to leading ADP's marketing strategy to support Canadian businesses. With over 20 years of experience in technology, Heather drives product marketing, demand generation, and branding, fostering alignment across teams to boost productivity and embrace change Since joining ADP in 2016, her expertise has spanned various roles, including her impactful tenure at BCE Beyond work, Heather serves on the Board for the Institute for Advancements in Mental Health, leading key initiatives in marketing and strategic planning
Heather Haslam
Heather leads the Marketing mandate to support businesses across all segments in Canada. In her role, Heather provides strategic direction for Marketing planning including product marketing, campaign management, demand generation and branding.
Heather has more than 20 years experience in the Canadian technology Market. She is a proven, accomplished and dynamic leader specializing in motivating people for change and increased productivity with successes across Marketing, Sales Channel Development, Product Management, and Mergers & Acquisitions
She is a passionate and intuitive leader who leverages persuasive reasoning to drive change, engage and build alignment with leaders/teams across functional areas Prior to joining ADP in early 2016, she held various roles at BCE, primarily in Bell Business Markets, across Sales, Marketing and M&A.
Heather holds an undergraduate degree in Psychology, a Masters of Business Admin from the Ivey School of Business, and has dedicated her free time to volunteering with a variety of mental health-related organizations and causes. Heather is serving her second term on the Institute for Advancements in Mental Health Board of Directors and leads the Marketing and Branding Task Force and is a member of the Strategic Planning Task Force
The ADP Canada Happiness at Work Index highlights factors that impact employee happiness. What do you see as the most critical areas employers should focus on to improve overall workforce satisfaction?
Insights collected through the ADP Canada Happiness@Work Index illustrate that work-life balance and flexibility, compensation (salary and benefits), recognition from both management and peers, career development support, along with current role and responsibilities satisfaction are all key components when it comes to employees’ happiness
For employers, some actionable steps they can take to improve workforce satisfaction include organizing regular virtual or in-person meetings with their employees, consistently reviewing job satisfaction by collecting anonymous survey feedback, providing employees with the right support structure to manage their work and career goals, recognizing hard work, and communication transparency People leaders who allocate time and energy to really know their team members are in a better position to support them and drive happiness at work
What insights has ADP Canada gained about generational differences in work happiness, and how can organizations better address the diverse needs of a multigenerational workforce?
Our findings reveal that Baby Boomers maintain the highest Happiness Score (7 2/10), while Gen-Z follows closely at 6 9/10 Millennials recorded a 6 7 Happiness Score, while Gen-X came in with a 6 4 Happiness Score To effectively address the diverse needs of a multi-generational workforce, organizations should tailor their talent management strategies rather than rely on a “one-size-fits-all” policy Each generation is different, each will have their own priorities For example, a Gen Z employee might really desire a clear career development pathway, while a Baby Boomer might keep job-security or salary at the top of their list
yers can develop a derstanding of what eneration wants at hrough regular ins and job ction surveys Once ata is collected, ailormade ational engagement gies can be oped to increase -the-board ement and happiness ulti-generational orce.
Employee stress can significantly affect productivity and happiness. What steps can employers take to address workplace stress effectively and create a more supportive environment?
To mitigate workplace stress, employers can implement wellness programs that focus on mental health, provide resources for financial wellness, and promote “open-door” communication Regular check-ins and surveys can help identify stressors, allowing for timely interventions Creating a supportive environment where employees feel safe to discuss their challenges is essential Creating psychologically safe environments that include trust between employees and their managers help to reduce stress
With the monthly insights from the Happiness @ Work Index, what are some actionable strategies organizations can implement to foster work-life balance, recognition, and career development?
Organizations should foster work-life balance by promoting flexible work arrangements whenever possible Recognizing employee achievements through regular feedback and celebrating the wins at work can enhance feelings of support Additionally, establishing clear pathways for career advancement such as training programs and mentorship opportunities will encourage employees to grow within the company
Looking ahead, what advice would you give to Canadian SMBs seeking to create a happier, more engaged workforce?
For SMBs aiming to cultivate a happier and more engaged workforce, I recommend prioritizing open communication and feedback This involves actively listening to employee needs and considering how to implement their suggestions into organizational policy Small businesses may have a bit more of an opportunity to do this efficiently due the size of their organizations At a small business, it can sometimes be easier for a leader to sit down with an individual contributor and then turn that conversation into actionable policy Customizing the environment to the smaller teams is less of a challenge for business owners.
Additionally, investing
in
employee wellness
programs
and creating a positive company culture
where recognition and career development are part of the norm will greatly contribute to overall employee satisfaction. Small business owners who are aware of the culture that they want, and focus on constantly nurturing that culture help to drive engagement with their teams.
In a compelling interview with CanadianSME Small Business Magazine, Mark Knowles, General Manager of Security Assurance at Xero, offers his expert insights on the critical role of cybersecurity for small businesses. With cyber threats growing in sophistication, Mark emphasizes the need for robust security measures tailored to the unique challenges of SMEs. Drawing from his extensive experience, he discusses how Xero is helping businesses stay secure in the digital age and highlights the findings from Xero’s Small Business Insights report, which underscores the financial literacy and cybersecurity challenges that Canadian small businesses face today
Cybersecurity for Small Businesses: Insights and Advice from Xero's MarkKnowles
Mark Knowles is an experienced cybersecurity professional with over 30 years of business and management experience Currently serving as the General Manager of Security Assurance at Xero, a technology company that provides cloud-based accounting software for small businesses, he leads security education, risk and compliance initiatives, consultancy, and data governance and AI on a global scale
Mark's career has spanned diverse sectors including finance, government and telecommunications, holding key security leadership roles spanning the technology, banking, insurance and telecommunications industries as well as in the public sector. Mark is passionate about making the world a safer place.
Cybersecurity is a pressing concern for small businesses today. What are some of the most common cyber risks that small businesses face, and how can they effectively identify these threats?
Cybercriminals are conducting new attacks roughly once every 39 seconds, and in an increasingly digital age, small businesses are becoming more and more vulnerable to the threat of cybercrime
Recently, there has been a particular increase in supply chain attacks targeting small businesses However, bad actors are continuously adapting their attack techniques to leverage the latest technologies, including the use of AI and even deep fakes to carry out more sophisticated cyberattacks
General Manager of Security Assurance at Xero
ImageCourtesy:Xero
Unfortunately, as cyberattacks become more complex, they can be more challenging to identify, which is why it’s important for small businesses to prioritize strong cybersecurity measures, including defence protocols, anti-phishing tactics, and employee cybersecurity training, to ensure their sensitive data stays protected
Cybersecurity
With so many cybersecurity tools available, what are the top four steps that small businesses can take to protect themselves from cybercriminals?
As small businesses become increasingly vulnerable to attacks, it’s more important than ever to get the cybersecurity basics right The good news is, that building strong cybersecurity defenses can start with a few simple steps Four ways that small businesses can protect themselves are:
Strengthening their first line of defense: This means doubling down on security basics like password management and multi-factor authentication and working with service providers that prioritize security (more on that below)
Educating employees on the importance of strong cyber hygiene: Even some of the most advanced cyberattacks are still toothless if employees know enough to pause, think critically about the message, and react appropriately if something doesn’t seem right Make sure staff understand cybersecurity risks and protocols
Getting up to speed on deep fakes: Cybercriminals can use deepfakes to impersonate executives, clients, or even government officials. Train your team to look for signs of deep fakes, like poor lip syncing and inconsistent eye blinking.
Staying informed and establishing reporting procedures: Work to establish a culture where employees understand the threats and feel comfortable and confident reporting unusual or suspicious activity
Small businesses often have limited resources for cybersecurity. What are some affordable or low-cost cybersecurity basics that can serve as a strong first line of defense?
Employees can often be the weakest spot in even the most cybersecure business, so its important to ensure basic cyber hygiene processes are in place Some of the cybersecurity basics that can serve as a strong first line of defense include:
Employee awareness is key in preventing cyber threats. How can employers effectively educate their staff to safeguard the business against potential cybercrime?
One way cybercriminals can exploit small businesses is by targeting employees, whether it be through phishing attacks or social engineering attacks, where the objective is to trick employees into doing something they shouldn’t
Password Management: Strong passwords are the foundation of a small business’ online security We also recommend using long, unique passwords for each account and considering a secure password manager to keep track of them
Multi-Factor Authentication (MFA): Using MFA provides an added layer of protection by requiring additional verification (like a login code sent to your phone)
Secure Services: It’s important to work with reputable product and service providers that prioritize security. When selecting a supplier, look for certifications like ISO and SOC2 compliance.
With that in mind, it’s important for small business owners to educate their teams using a zero trust approach (“never trust, always verify”) with verification protocols baked into every stage of the process Employees should also understand how to identify and report phishing attempts, review suspicious emails and spot deep fakes
For small business owners eager to improve their cybersecurity but unsure where to begin, what are the first steps you would recommend to them?
Implementing cybersecurity procedures can feel like a massive undertaking when you aren’t sure where to begin, especially for small businesses where funds for cybersecurity solutions are tight. However, maintaining strong cybersecurity practices doesn’t necessarily mean investing in super complex or expensive systems - the easiest and most effective solutions are often free or low-cost Make sure your business’ basic cybersecurity defenses are in check: update your passwords, apply MFA and zero trust procedures, and avoid working with product or service providers who aren’t security compliant Next, ensure your teams understand the potential risks, feel comfortable identifying a potential attack and are prepared to act when they notice suspicious activity or if something goes wrong
Cybersecurity is everyone ’ s responsibility, but by following a few basic tips and staying vigilant, small businesses can greatly reduce their risk of falling victim to cybercrime.
FinancialInsights forImmigrant Entrepreneurs: Francisco Remolino's Advice
In an engaging interview with CanadianSME Small Business Magazine, Francisco Remolino, Principal at Remolino & Associates and a Licensed Insolvency Trustee, shares his journey as an immigrant entrepreneur and provides valuable advice for others facing financial challenges With over 20 years of experience in helping clients navigate debt, Francisco offers insights into the common financial hurdles faced by immigrant business owners and the strategies they can use to avoid bankruptcy. He also highlights the importance of professional guidance, community involvement, and financial tools such as consumer proposals to help entrepreneurs thrive in Canada’s competitive market.
Francisco Remolino is the Principal at Remolino & Associates, a Licensed Insolvency Trustee. Remolino has over 20 years of experience in assisting clients through financial challenges, dedicated to exploring all available options to effectively restructure clients' financial situations.
A dedicated advocate for diversity, Remolino has served as Chair of the Board for The Toronto People with AIDS Foundation (PWA) and is an active member of the board of directors of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP) His extensive experience has deepened his compassion and understanding of the complex reasons behind financial struggles, having helped hundreds of people navigate various forms of debt
As an immigrant entrepreneur yourself, what were the biggest challenges you faced when starting your business in Canada, and how did you overcome them?
As a newcomer, building trust and navigating Canada's regulatory landscape were the main, initial challenges I had to face. Gaining credibility in the financial industry was vital, which is why I pursued professional qualifications, such as my insolvency trustee license Leveraging these credentials, I built a reputation, networked extensively, and focused on delivering measurable results for my clients Persistence and community involvement helped me overcome these barriers, turning challenges into opportunities for business growth
Principal at Remolino & Associates
ImageCourtesy:Remolino&Associates
What are the most common financial struggles that immigrant entrepreneurs face, and what advice do you have for those navigating Canada's legal and regulatory landscape?
Immigrant entrepreneurs often struggle with accessing capital, understanding regulations, and building a credit history My advice is to seek professional guidance as early as possible, whether from accountants or legal experts, to ensure compliance and avoid costly mistakes down the road Networking is equally important connecting with industry peers, joining entrepreneurial programs, and leveraging government resources aimed at newcomers can be valuable tools for overcoming these hurdles.
In your experience, what are the key strategies or financial tools, like debt consolidation or consumer proposals, that immigrant business owners can leverage to avoid bankruptcy?
Debt consolidation and consumer proposals are effective tools that help business owners manage and restructure their debt Consumer proposals, in particular, allow owners to renegotiate debt payments without the long-term impacts of bankruptcy I recommend seeking help from a licensed insolvency trustee early, before financial issues spiral
Can you share any inspiring stories of immigrant business owners you ' ve worked with who managed to turn their financial situations around and thrive in the Canadian market?
One entrepreneur I worked with faced overwhelming debt after expanding too quickly Through a consumer proposal, we restructured their debt, giving them breathing room to focus on rebuilding They stabilized their operations and are now thriving with multiple business locations It’s inspiring to see how the right financial tools, professional advice, and perseverance can turn challenges into success stories, even in difficult situations
Looking ahead, what changes or improvements would you like to see in Canada's financial landscape to better support newcomer entrepreneurs?
Canada’s financial landscape could be improved by making it easier for newcomers to access capital, particularly those with non-traditional credit histories Simplifying tax regulations for small businesses would also help immigrant entrepreneurs focus more on growth than navigating yards of red tape Additionally, expanding mentorship and support programs that provide industry-specific guidance would create more pathways for newcomers to thrive in Canada’s business environment
While debt while operating a business is inevitable, it’s essential to regularly assess the business’ financial health and maintain a healthy cash flow to avoid falling into a cycle of overleveraging, defaulting on payments, damaging credit scores, and ultimately jeopardizing the company ' s longterm viability.
Ready to make an impact at trade shows? Want to avoid losing potential leads because you couldn’t grab your business card on time? The solution lies in using digital business cards and a strategic approach to networking Digital business cards are a convenient replacement for printed paper cards and can significantly enhance your lead generation efforts
Think of a digital card profile like a LinkedIn profile that’s shareable with a QR code It carries your contact details, portfolio, testimonials, and social media profiles much more than what you could fit inside a printed business card Plus, you can connect instantly and share contacts without needing to send connection requests and wait The contact gets auto-synced with CRM, saving you from manual data entry work
Customize Your Profile and Automate Lead Generation
Customize your digital profile for each trade show in minutes Tailor your profile to match the specific industry or audience, whether it’s real estate or tech Keep a QR code of your profile handy for easy scanning and access This allows attendees to quickly view your profile, exchange contacts, bookmark your website, or even book an initial meeting
Convert Connections into Business Prospects
Effortlessly capture lead information Organize and categorize leads, and set reminders for follow-ups from Leapon’s dashboard Effective lead management ensures each contact is followed up in a personalized and timely manner, enhancing the chances of converting leads into clients.
ImageCourtesy:Leapon
Send Follow-Ups Immediately After the Event
People are busy Follow up with a personalized message within 1 days from the Leapon dashboard Use personalization hooks to build communication, nurture, and win them over
Conclusion
Trade shows are excellent for networking and creating awareness about your products or services. Use these strategies to get more leads and maximize ROI. Embrace the future of networking with Leapon’s innovative digital business card solution. Ready to make a lasting impression and take your networking to the next level? Try Leapon today and experience the revolution in professional networking.
Nikhil Pawar is the founder of Leapon, a Toronto-based company specializing in customer relationship & networking solutions With a tech and business development background, Nikhil has helped many professionals enhance their networking strategies A former University of Toronto student, Nikhil is passionate about leveraging technology to solve real-world problems His entrepreneurial spirit has led to the successful launch of Leapon.
Business Woman of the Month
Zulfira Pulotova
Founder, Connect Local & Global Inc. & WeCan - Women Entrepreneurs' of Canada Network
TheRisingStarofEntrepreneurialEmpowerment
In the world of competitive commercial and professional, it often means people are not helping or lifting others, as it may come across as counterproductive This calls for leaders who can genuinely connect and share real-time hacks with others to drive economic progress One such emerging woman entrepreneurial leader is Zulfira Pulotova – an astute business consultant, strategist,, and philanthropist at heart who is on a mission to help people achieve real success in the business world Today, Zulfira Pulotova is the Founder & CEO of Connect Local & Global Inc and has been recognized as Business Woman of the Month by the CanadianSME Business Magazine for its November edition She receives this recognition for her outstanding contributions to the entrepreneurial landscape in Canada Her journey exemplifies strength, perseverance, and the ability to adapt and transform.
From Immigrant to Entrepreneur
Interestingly enough, Zulfira’s journey began with a big move when she had to face the difficult challenge of starting over in a new nation after immigrating to Canada Although she had extensive management and leadership experience overseas, she started her Canadian journey in a professional position that did not require all the skillset she brought with her Leveraging her education and diverse experience, she successfully launched Connect Local & Global Inc , a management consulting firm based in Calgary, a few years after her arrival Zulfira's determination to create a brighter future for her family and make a positive difference in Canada and beyond propelled her rapid rise in the business realm
Empowering Women Through WeCan
It is noteworthy that Zulfira is dedicated to empowering women and founded WeCan - Women Entrepreneurs of Canada Network WeCan offers a platform for professional, diverse women, offering them a supportive network and comprehensive business advice Their goal is to empower these women to become confident entrepreneurs and successful business owners What’s more, the initiative is crafted to cater to different entrepreneurial models, be it a full-time business, a side hustle, or an automated venture that fosters personal growth and community engagement
So, what different is WeCan doing? The company extends a comprehensive support system, including curated education, consulting, coaching, and connections to other resources. Providing a carefully chosen educational experience in a secure and empowering setting, it seeks to help women create or redefine their professional identities and expand their companies The one-stop-shop strategy guarantees that women have all the skills and assistance required to achieve self-realization and sustainable living.
Vision for Sustainable Impact
As a matter of fact, Zulfira Pulotova's vision transcends personal achievement Through her businesses, she hopes to have sustained social, financial, and environmental effects By encouraging social impact projects and entrepreneurial growth, Pulotova's efforts aim to produce outstanding companies and people She is an Impact and Strategic Clarity Coach helping leaders and changemakers develop their knowledge and skills to clarify what they aim to achieve, how they will achieve it, and how they will measure their success
Ultimately, Zulfira’s mission is clear: to offer solutions that result in improved outcomes, making a lasting and positive impact on society. Her story is truly inspiring, showcasing her ability to overcome obstacles and achieve success while also making a positive impact on others. Being an accomplished business leader, she truly embodies the incredible impact of entrepreneurship and the significance of community support in accomplishing one's aspirations.
To learn more about her story, initiatives and services, visit Zulfira’s official business website here To join WeCan movement follow them on LinkedIn
CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments
Bio: Zulfira brings her creativity and solution-focused mindset to helping entrepreneurs and small businesses with a proven track record of positive results for organizations, companies, and leaders
Zulfira has 20+ years of comprehensive experience in the private, nonprofit, and public sectors She is a business owner/CEO at Connect
Local&Global Inc - a management consulting agency based in Calgary, Alberta Zulfira is also a community builder, leading WeCan (Women Entrepreneurs of Canada Network) – an entrepreneurial hub for diverse women to provide a safe space for learning, self-realization, and growth in business. As a business owner and a community builder, she served many entrepreneurs as a Business Coach, Consultant, Mentor, and Connector. She also has helped organizations as an Impact Coach and Change Management Consultant Her educational background includes Master in Public Administration and Masters in Social Work; Business Consultant Certificate – all from Boise State; and Women Entrepreneurship Certificate from Cornell University She serves on the Board of a non-profit supporting the Calgary arts community
Zulfira is the wife of Parviz Pulotov and the mother of three sons: Komil (22), Umed (19), and Komron (10). She is grateful for the support she receives from her husband, who is a COO of Connect Local & Global Inc and the Director of Training Partnerships at Canadian Charity Consulting, and from her older sons, who are young entrepreneurs running their own service businesses in Calgary
We think big and after the completion of the Victoria Park Avenue condominium project, we are anticipating the debut of our Sheppard Avenue East condominium project in the near future We are committed to providing over 10,000 residential dwelling units across the GTA and an entertainment/shopping complex of 200,000 square feet in the next 7 years We aim to provide stunning designs with quality and convenience in mind, to create the brightest and hottest spots in town We build ideas from concept to development with in-depth research, planning, and due diligence to create the city of tomorrow
Cyber Resilience and AI:
A Guide to Defending Your Business Against Today’s Cyber Threats
ByTonyAnscombe, CybersecurityEvangelistofESET
As cybersecurity awareness month draws to a close, its important to remember cyber threats evolve in both sophistication and frequency, posing serious challenges to small and medium-sized businesses (SMBs)
Today, adopting a cyber resilience strategy that includes Artificial Intelligence (AI) isn't just an advantage it's a necessity. With the ability to analyze data patterns, detect anomalies, and even automate responses, AIbased tools can empower SMBs to bolster their cyber defenses
Here’s why this is critical: for SMBs, a cyberattack can have severe, potentially crippling consequences. A recent study found that the average data breach costs companies millions, including indirect costs like loss of customer trust and regulatory fines. That’s why adopting a proactive “preventionfirst” mindset is essential, and AI is uniquely positioned to help SMBs detect and neutralize risks before they escalate. So, just how can AI enhance cyber resilience and keep your business secure
Cyber resilience is the ability to maintain business operations despite cyber disruptions It's about recovering from incidents quickly and minimizing downtime This is a step beyond mere prevention; it involves preparation, detection of threats, and rapid response. In the scenario of a cyberattack a robust defense is required, SMBs need a layered cybersecurity strategy, with AI at the forefront for swift, precise threat detection and the appropriate response
AI’s role in cybersecurity is transforming the industry as it can process and analyze vast amounts of data rapidly, flagging unusual behaviors that may indicate a threat often in real-time For SMBs, the impact is huge; you can stop attacks early, even when dealing with sophisticated threats that traditional defenses might miss
Here are the key benefits of AI-powered threat detection for cyber resilience:
Real-Time Monitoring and Threat Identification:
AI algorithms can continuously monitor traffic, user behavior, and system activity to spot anomalies like unauthorized logins, unexpected data transfers, or unusual file modifications. This constant vigilance helps SMBs detect and block threats early, even before any malware infection, mitigating potential damage.
Predictive Analytics: AI-based tools analyze historical data to predict potential threats By identifying patterns such as repeated access attempts or vulnerabilities that hackers might exploit businesses can address weak spots before they become entry points for attackers This foresight turns AI into an invaluable ally for SMBs seeking to stay ahead of threats
Automated Incident Response: When a threat is detected, AI can take immediate action, such as isolating a compromised system, blocking malicious IP addresses, or notifying security teams. This reduces the time between detection and response, minimizing the impact of attacks and ensuring business continuity.
Reduced False Positives: For smaller businesses, managing cybersecurity resources effectively is crucial. AI tools, leveraging well-curated data, can help reduce false positives alerts that signal potential threats but turn out to be benign This accuracy allows security teams to focus on real threats, maximizing their productivity and ensuring a stronger defense
Continuous Learning and Adaptation: As cyber threats evolve, AI-powered systems can adapt Machine learning algorithms refine their threatdetection models over time, staying effective against new types of attacks This continuous improvement keeps SMBs’ defenses resilient even as cybercriminals devise innovative methods to bypass security barriers
For SMBs looking to embrace AI without the luxury of in-house IT teams, Managed Detection and Response (MDR) services provide an effective solution Providers offer around-theclock expert monitoring and response, ensuring your systems are protected 24/7 MDR solutions complement AI tools, combining automation with the human expertise of cybersecurity professionals to manage complex threats and support business continuity
Paving the path forward by protecting your digital assets and operations requires staying ahead of today’s fast-moving cyber threats Utilizing AI-powered tools and MDR services streamlines your defenses, allowing you to focus on what matters growing your business. By combining AI with human expertise, SMBs can build a robust cyber resilience strategy, secure operations, and protect their bottom line
With the digital landscape evolving daily, a resilient cybersecurity strategy fortified by AI is your best defense.
AboutTonyAnscombe
Tony Anscombe is the Chief Security Evangelist with ESET, a leading global IT security company
With more than 20 years of security industry experience, Anscombe is an established author, blogger and speaker on the current threat landscape, security technologies and products, data protection, privacy and trust and internet safety. His speaking portfolio includes industry conferences RSA, Black Hat, VB, CTIA, MEF, Gartner Risk and Security Summit and the Child Internet Safety Summit. He is regularly quoted in security, technology and business media, including BBC, the Guardian, the New York Times and USA Today, with broadcast appearances on Bloomberg, BBC, CTV, KRON and CBS
More Salary or a Pension Plan: Which is better?
By James Pierlot Founder and Chief Executive Officer of Blue Pier™
In an increasingly competitive job market, attracting and retaining skilled workers has become more challenging than ever Hard-to-fill positions include electrical and aerospace engineers, software developers, construction workers, financial advisors and heavy equipment mechanics – just to name a few Employers often try to attract and retain employees by offering higher wages, hoping that higher pay will be the deciding factor in luring top talent.
While salary increases provide immediate financial benefits, they don’t offer the long-term financial security that many employees want For skilled workers, a job is more than just a paycheque: they’re looking for a sustainable career path that leads to a financially secure retirement In a recent HOOPP/Abacus Survey, 70% of workers reported they would change jobs for a pension plan By offering a pension program, employers can attract and retain the best employees with something they value more than a salary bump: an investment in their future
Salary vs. Pension: Crunching the Numbers
Let’s explore the financial differences between a 5% salary increase versus a 5% employermatched pension contribution (10% total contribution) for an in-demand, skilled worker earning $80,000 annually who already gets regular annual increases of 3%. Concerned about retention, the employer wants to know: what is the most effective way to spend the additional 5% in compensation cost?
For this scenario, we assume as follows: the worker is 30 years old, retires at 65, and lives until 90 Inflation is 3% and the net return on pension contributions is 5 5% The worker gets maximum OAS benefits and 75% of maximum CPP benefits during retirement
How does the pension plan perform for the employee? The numbers tell the story
The matched 5% pension contribution increases the employee’s lifetime pre-tax income by nearly $2 million, as compared to an equivalent salary increase Even more impressively, lifetime take-home income rises by almost $1 6 million This happens despite the employer’s cost being almost the same – it’s actually lower thanks to payroll tax savings.
With the pension plan, the employee’s take-home retirement income increases by 93% compared to the salary-increase scenario, providing much greater financial security and a higher quality of life during retirement
Why the Pension Plan Wins: It’s About Taxes and Performance
The advantage of a pension contribution over a salary increase boils down to three key factors: 1) deferral of tax on contributions and investment returns; 2) lower tax rates in retirement; and 3) institutional-grade performance
While some tax benefits are available with RRSPs, pension plans with institutional asset management supervised by independent fiduciaries consistently outperform RRSPs, delivering better risk-adjusted returns for a lower cost Fees and investment returns matter greatly: over a career, a 1%-2% difference can result in 20%-40% more (or less) retirement income.
Employer and employee contributions to a pension plan are tax-deductible For a worker earning $80,000, this means immediate tax savings of 30% or more, depending on the province Additionally, compound investment earnings on pension contributions grow tax-free, resulting in significantly more retirement savings
For employers, offering a high-quality workplace pension program instead of a salary increase has major benefits:
While working, our example worker faces a combined federal/provincial average tax rate of about 20% In retirement, the average tax rate drops to 13%, not including additional savings from federal and provincial age and pension-income tax credits. By deferring receipt of income (increased by compounded investment returns) until retirement, the employee enjoys permanent tax savings and a higher lifetime take-home income
Rare in today’s workplace, a pension plan is a uniquely valuable benefit Employers offering pensions enjoy a significant advantage in attracting and retaining skilled employees, who put a premium on pension plan membership The results?More applications from qualified candidates, lower turnover costs, and a more engaged, loyal workforce
The impact of financial stress on employee productivity is substantial According to one study, employees spend nearly 14 hours a week stressing about finances, with a third of employees reporting that financial stress inhibits their ability to focus. A good workplace pension program reduces financial stress, resulting in happier, more productive workers
Lower Payroll Taxes
Salary increases – and even employer contributions to a group RRSP – increase payroll taxes Pension contributions don’t By diverting a portion of compensation and compensation increases to pension contributions, employers can permanently reduce their payroll tax bill. This makes pension contributions one of the most cost-effective ways to compensate employees
Blue Pier Makes Workplace Pensions Possible
Many small- and medium-sized business owners assume that offering a pension plan is too complex or costly Blue Pier’s Pension Plan as a Service simplifies the process, allowing even small employers to provide an institutional-grade pension program with minimal administrative effort and risk Contact us to learn how Blue Pier can help your business attract and retain top talent with a tailored pension solution that fits your needs
Important Note
No one can predict the future or promise future financial outcomes While the assumptions shown above are believed to be reasonable, actual outcomes of a workplace pension program may differ materially from the projections presented in this article
James Pierlot is the founder and Chief Executive Officer of Blue Pier™, Canada’s first “Pension Plan as a Service” A recognized thought leader on retirement-saving policy, James has appeared as an expert witness before standing committees of the Senate of Canada and House of Commons and has been awarded the Queen Elizabeth II Diamond Jubilee Medal and the John Hanson Memorial Prize (Chicago Actuarial Foundation) for his published work and advocacy James currently serves as member of the Strategic Advisory Committee (Pensions) of the Financial Services Regulatory Authority of Ontario and the CD Howe Institute Pension Policy Council and is a past chair of the Ontario Bar Association Pensions & Benefits Law Executive Committee Fluent in English and French, James holds degrees in Taxation Law (Osgoode Hall), Droit Civil (Université de Montréal), Droit International et Communautaire (Université d’AixMarseille III), Common Law (Osgoode Hall) and History (University of Western Ontario) James lives in Toronto with his wife and daughter
"We are all predictably irrational" - Dan Ariely
Ben Wise & Darren Chiu Co-FoundersofCaptivate(Authors)
We like to think we ' re rational decision-makers, carefully weighing costs and benefits But what if our choices are easily swayed by the mere presence of an extra option?
That's the power of the Decoy Effect
Behavioural economist Dan Ariely famously demonstrated this with magazine subscriptions He offered students three choices: online-only ($59), print-only ($125), and print + online ($125). Most chose the combo deal it seemed like a no-brainer.
But when he removed the print-only option (the decoy), preferences flipped! Suddenly, the cheaper online-only option became more popular
Why? Because even if no one chose the decoy, it changed the frame of reference, making the combo seem like a steal Without it, the true preference for affordability was revealed
This highlights the Decoy Effect's power: a strategically placed "inferior" option can nudge us toward a specific choice, revealing the hidden forces that shape our decisions
Details & Examples
This Month's Challenge: The Decoy Experiment
This psychological phenomenon can be strategically employed across various business situations Let's explore three examples: This month, we challenge you to harness the Decoy Effect in your professional life
The Pricing Pyramid: A company offers three pricing tiers: a basic plan with limited features at a low price, a premium plan with all the bells and whistles at a high price, and a pro plan with slightly fewer features than the premium plan but at a price just below it The pro plan serves as the decoy, making the premium plan seem like a more compelling value proposition Check the options for any streaming service and you’ll likely see this at work
The Product Trio: A retailer displays three similar products: a budget-friendly option, a high-end version, and a mid-range item with a price close to the premium option. The mid-range product acts as the decoy, making the most expensive item appear more desirable despite its higher price. This approach is especially common with sizes (beware of movie theatre popcorn).
The "Bundle Bonanza": An online retailer offers a product individually, as part of a small bundle with a minor accessory, and as part of a larger bundle with several valuable accessories. The small bundle acts as the decoy, making the larger bundle seem like a much better deal and encouraging customers to opt for the more comprehensive package
Identify a Decision Point: Consider a situation where you aim to influence a choice, whether it's a product purchase, a service selection, or a negotiation
Craft the Decoy: Introduce a third option that is inferior to your preferred choice but only slightly less attractive than the alternative
Observe the Shift: Pay close attention to how the introduction of the decoy influences the perceived value of the other options
Want to Learn More? Check out these great resources:
A great overview of the Decoy Effect and Ariely’s experiment is covered in detail in his amazing book, Predictably Irrational. He also has a great TED talk that is well worth the 18 minutes.
If you are looking for a more academic resource, have a look at the paper ContextDependent Preferences by Amos Tversky and Itamar Simonson
About the Authors
Ben Wise and Darren Chiu are the founders of Captivate, providing tools and techniques to increase your powers of persuasion They are sought-after speakers on the psychology of persuasion and have appeared at industry events, conferences, and corporate training programs To book them for an engagement, please reach out via LinkedIn
Steps to Kickstart Your Manufacturing 5 Digital Transformation
Digital transformation is reshaping the manufacturing sector, enhancing processes, and increasing productivity Adopting digital transformation is essential for Canadian manufacturers to stay competitive in the global marketplace With the growing adoption of advanced technologies such as automation and IoT, enhanced efficiency and innovation opportunities are expanding significantly Grasping the significance of this transition is essential for manufacturers aiming to succeed in today's economy
Current State of Digital Transformation in Canadian Manufacturing
Canadian manufacturers are progressively adopting digital transformation, with 46% of companies integrating advanced digital technologies In fact, manufacturing continues to hold a significant position in the Canadian economy, contributing approximately 10% of the country's GDP Additionally, it accounts for 60% of Canada's exports Among the most often used solutions are automation, data analytics, and the Internet of Things Although interest is increasing, a considerable industry segment has yet to embrace these advancements advantages fully This underscores the necessity for a strategic approach, highlighting each manufacturer's crucial role in ensuring effective implementation and the industry's overall success
Step 1: Evaluate Your Existing Digital Maturity
Recognizing your company ' s position in its digital transformation journey is the essential initial step Evaluating your existing digital maturity offers critical perspectives on your capabilities and areas for improvement Instruments such as the Digital Manufacturing Maturity Model assist organizations in assessing their preparedness Essential assessment aspects include infrastructure, data management, and workforce digital skills. Identifying gaps allows businesses to concentrate on areas needing urgent attention, facilitating a more customized approach to digital transformation
Step 2: Define Clear Objectives and Strategy
Digital transformation must be in harmony with your business's overarching goals Defining clear and measurable goals is crucial to steer the process effectively Creating a roadmap that emphasizes these objectives enables enterprises to maintain focus and monitor their advancement A manufacturer seeking to lower production costs via automation should clearly define specific targets and timelines. This strategic approach guarantees that digital initiatives align with long-term business objectives while tackling immediate challenges
Step 3: Identify and Choose Initial Projects
Identifying quick wins is essential to initiate digital transformation These projects should provide clear, immediate outcomes while supporting a broader, long-term vision In Canadian manufacturing, notable projects feature the use of intelligent sensors for real-time equipment monitoring, enhancing productivity Businesses can achieve early momentum by concentrating on significant initiatives, fostering broader acceptance of digital solutions throughout their operations
Step 4: Build the Right Team and Culture
Achieving a successful digital transformation hinges on having the appropriate talent and fostering a supportive company culture Buying leadership support is essential for the success of digital initiatives Moreover, enhancing the digital skills of your workforce is crucial for adapting to emerging technologies Manufacturers should cultivate an environment of innovation, promoting employee exploration of new ideas and collaboration on digital initiatives This cultural shift enables teams to propel transformation ahead
Step 5: Implement, Monitor, and Iterate
Practical implementation strategies are essential for achieving a successful digital transformation Instead of concentrating on a single project, digital transformation is a continual journey that demands regular oversight and adaptation Tracking key performance indicators (KPIs) like cost reduction, productivity, and customer satisfaction is essential for measuring success Manufacturers should adopt a continuous improvement mindset, refining their digital strategies to align with technological advancements and market needs
Case Study: Successful Digital Transformation in Canadian Manufacturing
Bombardier is a significant example of digital transformation in Canadian manufacturing, having adopted data analytics and automation to enhance its production processes Through integrating IoT and real-time data monitoring, Bombardier has improved productivity and quality control, serving as a model for other manufacturers in the country. This case underscores the opportunity for significant transformation via thoughtful digital investments.
Canadian manufacturers need to adopt digital transformation to remain competitive They can achieve substantial operational efficiencies and foster long-term success by evaluating their digital maturity, establishing clear objectives, prioritizing projects, assembling the right team, and adopting agile strategies It is the moment for manufacturers to embark on their digital transformation journey
Your role in staying updated is integral to our shared mission of fostering a community of innovators CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Embracing Industry 4.0: A Roadmap for Canadian SMEs
It is important to note that three-quarters of manufacturers anticipate their revenue will increase by 2 5% and 9 9% over the next three years Furthermore, they intend to augment their workforce by up to 10% Manufacturing is still essential to Canada's economy, making up about 10% of its GDP It's also where 60% of Canada's shipped goods come from For SMEs in Canada, the advent of Industry 4 0 presents a transformative opportunity to elevate efficiency, competitiveness, and productivity to unprecedented levels. This industrial revolution, powered by technologies like the Internet of Things (IoT), automation, and artificial intelligence, is reshaping the business landscape While many Canadian SMEs have yet to realize the full benefits of Industry 4 0, the potential for global competitiveness is immense It is time, indeed, to seize this opportunity and embrace Industry 4 0
Understanding Industry 4.0
The fourth industrial revolution, or "Industry 4 0," is defined as the widespread use of digital technology in production Industry 4 0 relies on data, connectivity, and smart systems rather than mechanization, electrification, or automation, which drove earlier revolutions Its essential parts include interoperability, artificial intelligence, cloud computing, machine learning, and robotics The integration of these technologies allows for seamless process automation, data-driven decision-making, and real-time monitoring
Industry 4.0 can revolutionize manufacturing processes in Canada by boosting productivity and fostering innovation Improving manufacturing processes and leading to improved resource management are two ways in which firms can gain a competitive edge in both local and international markets through the capacity to gather and analyze data from connected devices.
Benefits of Industry 4.0 for Canadian SMEs
If SMEs in Canada embrace Industry 4 0, they can accrue several benefits, including increased productivity and efficiency Automation and realtime data analysis boost productivity, which is a significant advantage Because of these technologies, businesses can accomplish more with fewer resources These technologies enhance production processes, decrease human mistakes, and simplify workflows
Beyond the tech front, Industry 4 0 reduces costs and enhances quality control Automated systems can identify possible problems sooner, reducing waste and ensuring that goods satisfy high-quality requirements This leads to cheaper production costs, fewer faults, and more customer satisfaction According to a recent study by Statista, in FY23, about half of all digital services SMEs were involved in cloud migration, with around a quarter of that number providing IT services.
Moreover, SMEs that adopt Industry 4 0 have a leg up in international marketplaces By embracing cuttingedge technology, Canadian businesses can better satisfy customer needs, cut down on production delays, and introduce new items to the market In today's competitive global economy, where trends come and go at a dizzying rate, pivoting swiftly is crucial for survival
Finally, automation contributes to addressing the continuous worker shortages in numerous areas As SMEs incorporate robots and AI into their operations, they can tackle the difficulty of a diminishing workforce by automating repetitive and manual processes. This enables staff to concentrate on more valuable tasks like innovation and strategic planning.
Key Technologies Driving Industry 4.0
Several cutting-edge technologies are critical to the Industry 4 0 revolution One of the most transformational is the Internet of Things (IoT), which links machines, devices, and systems, enabling real-time data exchange and communication throughout production The Industrial IoT (IIoT) expands on this notion by applying it to industrial contexts to increase efficiency, production, and safety
Artificial intelligence (AI) and machine learning (ML) are critical They allow machines to learn from data and make intelligent judgments Manufacturers may use AI to detect equipment breakdowns, optimize maintenance schedules, and increase operational efficiency
Cloud computing and big data analytics offer the infrastructure required for storing, processing, and analyzing massive volumes of data created by connected devices This enables firms to get valuable insights, optimize resource allocation, and make better decisions In fact, advanced robotics and automation improve manufacturing by taking over activities requiring precision and speed, resulting in higher accuracy and lower human error Finally, additive manufacturing (3D printing) allows businesses to produce customized items flexibly, lowering material waste and shortening production cycles
Challenges Faced by Canadian SMEs in Adopting Industry 4.0
Although there are numerous advantages to using Industry 4.0 technology, many SMBs in Canada need to overcome substantial obstacles. One of the main obstacles is inadequate finance and resources For smaller companies on a restricted budget, the significant initial investment in hardware, software, and infrastructure needed to implement sophisticated technologies might be out of reach
Another significant challenge is the need for more competent labour Employees in Industry 4 0 must be knowledgeable about digital technology, data analytics, and automation However, many SMEs struggle to locate and retain the skills required to install and manage these technologies appropriately Whats interesting is that there is also a growing concern regarding cybersecurity As businesses become more interconnected, they are at an increased risk of cyberattacks SMEs in Canada often lack the necessary cybersecurity measures to safeguard sensitive data and systems from potential threats
Lastly, small businesses often need help to adapt to new situations. The transition to Industry 4.0 necessitates a cultural revolution, with organizations adopting new methods of thinking and working Some companies can be hesitant to employ these technologies owing to concerns about disruption or the potential return on investment
Governmental Initiatives and Support
The federal and provincial governments have launched several programs and efforts to help Canadian SMEs adopt Industry 4 0 These include financial possibilities, tax breaks, and grants intended to help cover the cost of technological expenditures Programs like the Strategic Innovation Fund, the Canada Digital Adoption Program, and regional innovation centres offer financial help and services to SMEs wishing to upgrade their operations In fact, the government provides training and mentorship programs to assist SMEs in developing the skills and knowledge required to use Industry 4 0 technology successfully
Case Studies of Successful Industry 4.0 Adoption by Canadian SMEs
Several Canadian SMEs have successfully adopted Industry 4.0, providing examples of how these technologies can improve operations. One such company is ATS Automation, a renowned provider of industrial automation solutions that has used AIpowered systems to improve output and minimize downtime Their achievement demonstrates the necessity of using new technology to create a competitive advantage
Another example is Magna International, a Canadian automotive supplier By incorporating IoT and robots, Magna's manufacturing processes have been enhanced These case studies highlight the real benefits of Industry 4 0 adoption and provide significant insights for other Canadian SMEs
Future Outlook and Conclusion
A strategic plan is vital for Canadian SMEs wishing to start their Industry 4 0 journey The first stage is to evaluate present technology capabilities and identify gaps that must be addressed This entails assessing existing processes, equipment, and software to see which areas might benefit from automation or digital transformation
The next step is for businesses to prioritize projects based on their potential impact and feasibility. A staggered implementation strategy can help enterprises manage the shift more successfully by progressively adopting new technology without overloading their operations
Investing in staff training and skill development is essential to achieving success. For SMEs, equipping employees with the skills to operate and manage new technology is the key to a seamless transition and increased productivity. For Industry 4.0 to succeed, working with technological partners and industry specialists is vital. Businesses could expedite their digital transformation initiatives by tapping into the knowledge and resources of external partners
Industry 4 0 is more than a trend; it represents the future of manufacturing For Canadian SMEs, embracing this shift is critical to longterm competitiveness and success SMEs may safeguard their position in the global economy by using modern technology, increasing operational efficiency, and investing in worker development Now is the moment for Canadian firms to begin their Industry 4 0 transition
Your role in staying updated is integral to our shared mission of fostering a community of innovators. CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge Click here to subscribe to our monthly editions for updates on Canadian businesses Follow our handle @canadian sme on X to remain updated on all business trends and developments Your support is crucial to our mission
Made in Canada: Government Initiatives
Boosting Local Manufacturing
Manufacturing continues to be a critical component of Canada's economy, contributing to GDP growth, exports, and employment According to the most recent data, the sector is regaining momentum following the challenges encountered during the pandemic In fact, major industries, such as petroleum, metals, and agricultural products, are driving the development Nevertheless, manufacturers are still under pressure from inflation, supply chain disruptions, and raw material shortages, which require robust government intervention
What’s even more interesting is that, after a 1 4% rise in April, Canadian manufacturing sales experienced a 0 4% increase to $71.4 billion in May 2024. This growth was primarily fueled by a significant boost in the aerospace product and parts industry group (+11.2%), along with increased sales in the food (+1 4%) and paper (+5 5%) product subsectors
Despite the growth and other driving forces involved, the Canadian manufacturing industry faces myriad obstacles even as it pivots ahead at a steady pace Some of the biggest challenges manufacturing is currently facing are labour shortage for the foreseeable future, disruption in the supply chains due to wars and persistent geopolitical turmoil, hindrances in sustainability due to rising costs, interest rates, and high energy; AI integration, overall economic, and security in terms of no recovery plan to minimize downtime due to shutdowns or data breaches All these aspects require government backing and support with steady funding
Manufacturers have access to a range of government support, including grants and loans, to assist with initiatives such as research and development, hiring and training, and facility expansion. The government can also play a key role in developing a national strategy to help the industry adapt to climate change, expand the workforce, and promote investment. This support is crucial in helping manufacturers navigate the current challenges and thrive in the future.
Key Government Initiatives
a) Strategic Innovation Fund: This program focuses on investments in advanced technology, clean tech, and manufacturing, aiming to support the growth and innovation of Canadian companies. This initiative's funding is essential for manufacturers striving to grow and improve their production capacity.
b) Clean Technology Manufacturing Investment Tax Credit: This program was introduced in 2023 and provides a 30% refundable tax credit to manufacturers who purchase innovative clean technology. Due to this legislation, which aligns with the country's sustainability objectives, global manufacturers concentrating on green technology are anticipated to flock to Canada.
c) Advanced Manufacturing Homebuilding Challenge: This program focuses on utilizing advanced manufacturing techniques to promote innovation in housing construction. This initiative aims to tackle Canada's housing crisis while simultaneously promoting technological progress in the manufacturing industry.
d) Technology Investment Program: With the goal of boosting both productivity and competitiveness, this initiative provides financial assistance to manufacturers so that they can upgrade their technology, automate their processes, and implement other modernizations in order to maintain their position as global competitors
Focus on Clean Technology and Sustainability
Clean technology has emerged as a primary focus for the manufacturing sector in Canada, along with steps taken by the government to encourage businesses to cut their emissions and embrace more environmentally friendly practices The Clean Growth Program is one example of a program that assists firms in innovating while also aligning themselves with climate change goals Companies operating in industries such as renewable energy and technology that are efficient with energy are among the many that will benefit
Regional Support Programs
Regional initiatives, such as FedDev Ontario, supplement more expansive policies by offering personalized support to manufacturers in specific regions These initiatives are in addition to the efforts that are being made on a national level These initiatives enable local businesses to take advantage of possibilities on a national and international scale, therefore addressing economic imbalances that exist across regions.
Future Outlook
The future of manufacturing in Canada is bright due to upcoming government investments that will concentrate on environmentally friendly technology, automation, and housing solutions These projections point to a consistent growth trajectory that will be driven by innovation and government assistance With various assistance programs and funding schemes, the government of Canada continues to promote manufacturing by fueling the ‘made in Canada concept through the country's commercial realm
There’s no denying that Canadian industry has weathered economic storms, mainly thanks to government programs In addition to giving producers much-needed money and support, these initiatives encourage innovation, modernization, and sustainability By using these resources, manufacturers can maintain their worldwide competitiveness, boost productivity, and make a substantial economic contribution
The government's initiatives have had a substantial influence on job creation and the industry's expansion, marking a significant potential for Canada’s economic future. From 2021 to 2023, there was a constant increase in the sales of manufactured products, with industries such as food and metals being the primary drivers of this success Because of these programs, businesses have been able to enhance and upgrade their operations, develop, and compete on a global basis
Your role in staying updated is integral to our shared mission of fostering a community of innovators. CanadianSME Magazine is a valuable treasure trove of entrepreneurial knowledge. Click here to subscribe to our monthly editions for updates on Canadian businesses. Follow our handle @canadian_sme on X to remain updated on all business trends and developments. Your support is crucial to our mission.
Navigating2025: Sam Gupta on Digital Transformation Trends for SMBs
In an insightful interview with CanadianSME Small Business Magazine, Sam Gupta, a recognized thought leader in ERP and digital transformation, shares his expertise on the evolving landscape of small and mediumsized businesses (SMBs) in 2025. As the founder of ElevatIQ and a top-rated voice in the ERP space, Sam offers a deep dive into the trends driving digital transformation, including automation, AI, and data-centric strategies that are reshaping how SMBs operate He also provides practical advice for business owners on leveraging technology to stay competitive, scale efficiently, and adapt to the rapidly changing market demands
Sam Gupta has been an ERP and eCommerce thought leader in the digital transformation space for nearly two decades, with a primary focus on digital systems. Sam is rated as #1 thought leader in the ERP category and #15 in the digital transformation category on Thinkers 360. He is also among the top 100 thought leaders across all categories. He has been part of large transformation initiatives for fortune 500 corporations but now spends his time consulting with SMEs as a Principal Consultant at ElevatIQ. Sam regularly speaks at industry conferences and contributes his experiences through many popular blogs and publications He also hosts a podcast called WBSRocks focused on business growth through digital transformation and ERP where he interviews top influencers and executives focused on digital transformation
Founder & CEO of ElevatIQ
Digital Transformation Trends for 2025: In your experience as a leading thought leader in ERP and digital transformation, what are the key trends shaping the future of enterprise software in 2025, and how should SMBs prepare for these shifts?
We are heading into 2025 with mixed feelings. While there are excitements with interest rate reductions around the world, and because of that, hopefully, better than expected momentum next year, the anemic cash flows with companies are likely to drive measures similar to a recessionary period Given this outlook, the major theme of 2025 would be consolidation in the enterprise software industries Think: companies being acquired, software platforms being merged, or cool startups consumed as features with larger systems So, SMBs need to assess the risk of their current software systems and formulate strategies There is also likely to be substantial pricing pressure (think the new pricing structure for SmartSheet because of their unexpected acquisition), so companies need to prepare for unexpected cash requirements and unplanned financial risks
Impact of AI on Business Operations:
AI-augmented agents and governance platforms are becoming more prevalent. How do you see AI transforming enterprise processes, and what should small and medium-sized businesses prioritize when implementing these technologies?
With the majority of enterprise software companies justifying their price tag and with price and revenue pressures, most are rushing to incorporate AI agents with their software suites While these workflows existed in the past, expect newer AI agents to be smarter at replicating several processes traditionally performed by human agents The major changes, at least in the beginning, would be experienced by the customer service teams Think chatbots, but way smarter, with superior responses, and far more knowledgeable, just like humans If AI agents are similar to human workers, the collaboration happening among humans would be replicated by AI governance platforms. Think each agent being good at one task while quarterbacking and controlling would be the responsibility of governance workflow platforms Since larger peers are likely to trailblaze the customer experience expectations driving consumer behaviour, SMBs will be forced to accommodate similar technologies as part of their business operations
SaaS and Cloud Expense Management: As cloud/SaaS price pressures grow, what strategies should businesses adopt to manage costs effectively while maximizing value from their enterprise software investments?
One factor often ignored by SMBs is the interplay of systems and design decisions and how that might drive unexpected financial costs for companies SaaS (and to some extent, the cloud) has changed how software is procured in organizations This is now done at the department level, with minimal involvement of central functions monitoring the overall architecture and transactional design and how that might drive overarching pricing and licensing. At times, the expense may not even be visible on P&Ls as that may be lumped under broader departmental categories Because of this invisibility issue, SMBs are sitting on substantial (and uncontrollable financial risks) that might not be as apparent for finance and operations executives with limited technical backgrounds Their goal should be to conduct a complete architecture and licensing audit at least once per year, just like your annual physical, to forecast the possibilities of major diseases developing underneath and uncovering these financial and legal risks early on
Digital Transformation
Cybersecurity and Software Supply Chain Disruptions:
With increasing disruptions caused by software supply chain issues and cybersecurity threats, what measures should SMBs take to protect their operations and ensure business continuity?
CrowdStrike is just one example of how disruptive a software supply chain could be, just like your traditional supply chains The reason why companies have not paid attention to software supply chains is because of their backend nature with very minimal impact on business However, the software supply chain is even more fragile without similar regulations to those of regular supply chains, with issues as severe as some of our datasets sitting in someone ’ s unsecured garage In most cases, when SMBs procure SaaS systems, they don’t necessarily understand the underlying dependent layers and how they may have an impact on the entire economy SMBs must consult (or at least perform an annual audit) with qualified independent enterprise software professionals experienced in architecting and designing these systems to uncover these issues early on
Looking Ahead to 2025: As we approach 2025, what is your key advice for small business owners looking to navigate the complex landscape of digital transformation, and how can they avoid common pitfalls?
As technology advances, business owners are likely to face additional challenges in navigating complex technologies such as AI While these advancements are happening at tremendous speed, unfortunately, small business owners just don’t have their operational capacity and business processes ready for such massive change, with very limited visibility into the underlying risks Regardless of how easy enterprise software might appear, business owners need to assess their risks thoroughly, especially the interplay of underlying components with other systems currently used, with the help of qualified independent software professionals and enterprise architecture who can help them uncover these unexpected financial and sustainability risks early on
A Look at the Small Businesses in Canada
that Are En Route to High-Growth Status
By Marwa Abdou, Senior Research Director, Business Data Lab
Business growth has been a subject of interest for researchers, policymakers and government for decades, and small businesses, which make up 98% of firms in Canada, have been at the centre of these discussions But recently, the focus has shifted from startups to established businesses that are positioned to become high-growth firms (have an average annual employee growth of more than 20% over three years).
In its recent report, Scaling Success, the Canadian Chamber of Commerce’s Business Data Lab identified the small businesses that are positioned for high growth, the pathways they use to scale and the barriers that may prevent them from achieving their potential
Characteristics of the High-Growth Trajectory
The common characteristics for small businesses that are most likely to expect high growth include:
Have 5–19 employees
Have operated between 3–10 years Are located in Ontario and Quebec Are based in manufacturing, accommodation and food services, or professional services Are owned by immigrants or visible minorities Are exporters
What Small Business Need to Grow
Among the most crucial factors for growth are:
Access to Financing
Financing is often the make-or-break factor for small businesses aiming to scale as they need more capital to support expansion, hire additional staff and invest in new technologies
While there are various financing options available, many small firms face significant hurdles in securing the funds This challenge is especially acute for younger firms and those owned by underrepresented groups who may face higher borrowing costs and/or more restrictive lending conditions As a result, many small businesses are turning to alternative financing sources, such as marketplace lending or government-backed loans, that provide greater flexibility but also come with higher costs
Providing more accessible lending options and targeted government programs will be key to unlocking the growth of Canada’s small businesses
The Ability to Export
Small businesses account for only 18% of total exports even though they make up 90% of Canadian exporters Exporting provides a crucial pathway for small businesses to scale by expanding their market reach and increasing their revenue streams Firms that successfully enter international markets often gain a competitive advantage, diversify their operations and increase their resilience against domestic economic fluctuations
While digital tools like e-commerce provide opportunities for Canadian businesses to reach new global markets and customers, many small businesses still face challenges, such as understanding foreign market regulations, managing logistical complexities and securing the necessary financing to support international expansion Programs and resources targeted at overcoming these knowledge and financing gaps can help small businesses unlock the growth potential that exporting offers and increase their share of total exports
Technology
Businesses that invest in technology whether to upgrade systems, automate processes or adopt digital tools tend to improve productivity and lower costs. Nearly 28% of small businesses report that adopting new technologies improved their operations
However, many small businesses, particularly those in traditionally non-tech industries, struggle to invest in these tools Supporting small businesses in adopting new technologies through incentives, training and easier access to digital tools will help to ensure that they can scale, compete and grow in today’s economy
A Supportive Policy Environment
The effectiveness and impact of the numerous federal, provincial and local programs and entities mandated to support small businesses depends on their ability to target and address clear market failures efficiently
By simplifying financing, reducing regulatory burdens, fostering export capability and prioritizing the upskilling of workers, governments can create a business environment that promotes growth
High-growth firms, although smaller in number, have a disproportionately beneficial impact on innovation, job creation and economic expansion Addressing their barriers to growth is essential to unlocking the full potential of Canada’s small businesses
The full report is available for free download on the Business Data Lab’s website.
In an insightful interview with CanadianSME Small Business Magazine, Olivia Bahrami, founder and owner of The RFP House, shared her journey from leadership roles to entrepreneurship and discussed how her firm is transforming the RFP process for small and mid-sized businesses With over 15 years of experience, Olivia has pioneered a unique approach that simplifies and streamlines RFP content creation through her signature 3Cs clear, concise, and compelling proposals She also delves into the common mistakes businesses make when responding to RFPs, how AI is shaping the industry and the critical role of RFP software in ensuring success As the only woman-owned boutique firm in this space, Olivia’s passion for helping businesses win more accounts and thrive is evident in every proposal she crafts
Olivia Bahrami is the founder & owner of The RFP House, the only woman-owned boutique firm dedicated to helping small and midsized businesses win more and retain existing accounts in financial services, employee health and insurance, and global mobility services through the RFP process Olivia manages the entire RFP process using her 3Cs approach creating proposals that are clear, concise and compelling and empowers businesses to focus on other high-priority tasks Olivia works with clients worldwide and tailors her firm’s solutions to meet their specific needs and all RFPs are completed by her.
Olivia brings 15+ years of progressive experience managing and leading the RFP lifecycle, content writing and administration, RFP software implementation and management, and thought leadership in both individual contributor and senior leadership roles She is a well-known RFP expert in the proposal management industry and is often called upon to share her expertise and knowledge
The RFP House is also a Loopio Solutions partner, which is a vetted, trusted and experienced firm that helps businesses scale their RFP lifecycle management, supports clients with their business development efforts and demonstrates to businesses that there’s a simpler way to respond to RFPs and house RFP content.
Olivias passion for helping businesses thrive through strategic RFP management is at the core of The RFP House Her client-centered approach, combined with a commitment to delivering highquality, personalized service, makes her a trusted partner for businesses seeking to grow and streamline their RFP process Olivia’s dedication to empowering her clients is reflected in every proposal she crafts, ensuring that they not only compete but excel in their industries
Founder & Owner of The RFP House
You’ve had an impressive journey from a junior proposal writer to a leadership role and now as an entrepreneur. What inspired you to leave a stable leadership position to start The RFP House, and how has the transition been?
My parents were both entrepreneurs, and I developed an entrepreneurial spirit too I’ve owned several businesses since graduating from university, and I have an affinity for all facets of entrepreneurship I always wanted to be in the driver's seat of my own destiny because I had my own ideas, thoughts and style of work I didn’t want to be boxed into the ideals and standards of other companies
I also knew I am talented, innovative, and hardworking, so I decided to open up a shop where I help small and midsized business leaders win more business through clear, concise and compelling proposals, something I am passionate about Overall, the transition has been fairly easy and positive, and I am very excited about this new venture In short, I leveraged my skillset, doing work that I truly enjoy and supporting my clients with their business development efforts
For small and midsized businesses struggling with RFPs, what common mistakes do you see them making, and what advice would you offer to help them improve their success rate?
I’ll focus on three key common mistakes I’ve seen small and mid-sized businesses make consistently when it comes to the RFP process and offer some solutions for consideration:
2) 3)
Mistake 2: They don’t fully answer the RFP questions. Solution: Pay close attention to each and every word in your response because it matters! Have a team member peer review your response as part of your quality control. Evaluation teams determine if you’ve answered all questions completely, and if you don’t, you risk making a negative impression or being disqualified from the RFP process altogether.
Mistake 3: They struggle to create and manage content that is customized, clear, concise and compelling. Solution: Many business owners are not natural writers, and that’s ok. Engage a professional with extensive proposal writing experience to help you create and manage content. Share your thoughts and ideas with the writer so the writer captures that information in the proposal. Content must be reviewed regularly (at minimum every 12 months) to ensure accuracy and when needed, update as you go 1)
Mistake 1: They don’t spend enough time on the capture plan. Solution: Get to know your prospect, their objectives and challenges in detail before the RFP hits your desk. You need to be well prepared and informed so you can customize your offering accordingly. Don’t wait until the RFP arrives to do all of your research. Business development efforts take time.
AI is becoming an increasingly important tool in many industries. How are you integrating AI into RFP content creation, and what are the key do’s and don’ts for using AI effectively in this space?
AI has the potential to help us streamline the RFP process in many ways, but we need to be mindful of how we use it Im currently using ChatGPT to prepare the proposal response and understand the client better by doing in-depth research, competitor analysis, and brainstorming win themes for executive summaries
How do RFP software tools streamline the proposal process, and what features should businesses prioritize when selecting a tool that best suits their needs?
RFP software offers incredible time savings and value because it functions as the “single source of truth” for RFP teams, sales, and subject matter experts I personally have used Loopio for many years, and within Loopio, RFP teams house and manage their proposal content seamlessly and engage stakeholders to ensure they use the latest and greatest content to date Loopio also eliminates redundancy and improves workflow and stakeholder collaboration In short, its an important tool that enables simplicity and efficiency in your RFP framework
AI works great if you know what prompts to use and the more you use it, the smarter and more efficient it becomes. I don’t use it to create content because ChatGPT is not private, and RFP responses require customization, however, I do use it to summarize responses, especially if we are required to remain within a certain limit (without disclosing confidential client information). AI is a tool that saves time, but don’t forget to do your due diligence – review responses carefully and thoughtfully.
When selecting RFP software, businesses need to prioritize features such as intuitive design and navigation, user-friendly and easy-to-update content libraries, RFP project workflow, security, reporting, and analysis. This is something I also help my clients with – the search, onboarding, and management of their RFP tool
You’re about to launch a LinkedIn newsletter and a multi-part video series on RFP trends and best practices. What key insights or advice do you plan to share with your audience to help them navigate the complexities of the RFP process?
The newsletter will feature best practices, trends, and relevant information pertaining to the RFP process, so I encourage everyone to follow and stay tuned We’ll also include hot topics on what we find frustrating but also fun and how we can increase win rates
On the other hand, the multi-part video series will have snippets of conversations on RFPs and guest appearances with RFP experts from different industries. Sharing is caring – we are empowering our business partners to make better decisions and enhance their RFP knowledge
Boosting Business Valuation: Rob Hong’s Guide to Financial Strategy and Growth
In an insightful interview with CanadianSME Small Business Magazine, Rob Hong, Co-Founder and CEO of Sapling Financial Consultants, shares the key strategies behind building a successful financial consulting firm. Since founding Sapling Financial in 2015, Rob has leveraged his unique background in theology and finance to drive the company’s impressive growth, including its expansion into the U.S. market. In this conversation, Rob discusses the importance of financial modelling for early-stage businesses, key practices to prevent common financial challenges, and how Sapling continues to stay ahead in the rapidly evolving financial consulting landscape With a focus on strategic decision-making, Rob provides valuable insights for entrepreneurs looking to enhance their financial foundation and navigate business growth
Rob Hong is the co-founder and CEO of Sapling Financial Consultants Rob’s analytical prowess and strategic thinking have been instrumental in steering the company ' s remarkable growth
Since launching Sapling Financial Consultants in 2015, Rob has been the driving force behind the company’s strategic direction Under his leadership, the company has achieved impressive milestones, including entering the competitive U.S. market in 2019, with U.S. revenues surpassing those in Canada for the first time in 2021, and expanding the company’s serviceportfolio with the addition of data analyticsand quality of earnings offerings.
Rob's academic journeyspans diverse domains, from a Bachelor of Arts at the University of Toronto to a Master of Theological Studies, refining his ability for nuanced discourse Complementing this foundation, he attained the esteemed Chartered Financial Analyst (CFA) designation and completed a Master of Finance from Queen’s School of Business, merging theological insights with advanced financial acumen
His tenure at Artemis Investment Management, a $2 billion investment firm, fostered his expertise in financial modelling, where he researched over 100 publicly traded companies and oversaw $150 million in client assets, culminating in his role as associate portfolio manager.
Transitioning to KPMG LLP's strategy & operations group, Rob leveraged his modelling skills, diving deeper into database analytics and contributing significantly to high-profile projects. Seeking a change from constant travel, he joined Bell Canada Finance and was pivotal in crafting financial models that shaped Wholesale's telecom reseller pricing strategies
Co-Founder & CEO, Sapling Financial Consultants
What inspired you to start Sapling Financial Consultants, and how did your diverse academic and professional background shape the company’s direction?
Honestly, I fell in love with financial modelling I entered the business world with a somewhat unusual background degrees in theology and Spanish While studying theology, I wanted to build a coherent vision of the world but realized I needed to make a living, which led me to the financial services industry
I discovered I could create a fully integrated vision of a single company through financial modelling The realization inspired me to quit my job and start a business focused on financial modelling, later expanding into related areas
My diverse academic background means I'm accustomed to not being an “expert” in any field. The demands of being a business owner acting as a sales rep, technical expert, HR professional, lawyer (uncredentialed), CFO and motivational speaker force me to continually become at least a minor expert in many disciplines to succeed
As a financial consultant, what do you believe are the top three financial practices early-stage businesses should prioritize to set a strong foundation?
Early-stage businesses need a strong foundation across multiple disciplines Here are my top 3:
Businesses should analyze their “unit economics ”
This involves gathering all costing and pricing information, making relevant allocations, and examining the margin for each unit sold Leadingedge businesses can track unit economics in realtime using dynamic dashboards in Excel or Power BI
A solid “bottom-up” financial model is essential. This model should connect inputs to unit economics, such as units sold, price per unit, and costs It should be calibrated with base case assumptions and outline full financial statements This model is crucial for building credibility with investors, planning for growth, and understanding cash flows It also allows for variance analysis to identify areas for improvement, like whether missed income goals stemmed from low sales or pricing issues
It’s critical to maintain up-to-date bookkeeping and accounting, ideally on a monthly basis Having accurate financial information is key to managing budgets and understanding runway and cash constraints
Entering the U.S. market is a major milestone for any Canadian business. Could you share the strategic steps you took to expand into this market successfully and the lessons learned along the way?
We didn’t enter the U S market with a detailed business plan; instead, we took a risk-conscious approach We sponsored a conference in Virginia secured numerous meetings with qualified buyers and even closed some work within a month or two, a quick turnaround in our industry This success revealed a significant market opportunity We improved our processes for securing attendee lists, cleaning them up to target the right people, booking meetings in advance and maximizing our sponsorship dollars through exposure and networking sessions.
We’ve consistently adopted a risk-conscious approach The US market is very competitive; where Canadians tend to work with the same service provider for years, Americans are quick to hire you but also quick to fire you Weve learned to mitigate these risks through hiring and training the right people and ensuring we have as much face time as possible with our clients
From your experience, how can investing in finance at the early stage of a business lifecycle prevent common challenges like cash flow issues or inaccurate forecasting?
Understanding your business’s financials through modelling and unit economics analysis will help lay a solid foundation for the business Scaling has its own challenges, even if you ’ re profitable Generally, expenses are incurred in real-time, while income has a lag Having up-to-date accounting will help you better understand ongoing fixed charges to enter as assumptions in your financial model, as well as upcoming cheques that could be a drain on cash This allows you to have a handle on upcoming cash obligations and do what may be required to ensure you can meet them factoring invoices, pleading with customers to pay sooner, negotiating better payment terms with vendors, securing a line of credit, raising more equity, etc And by having established “unit economics” through modelling and dashboarding, you’ll be able to display to potential lenders and equity investors how your business makes money, and how much more money it can make if they write you a big cheque
Looking ahead, what are your long-term goals for Sapling Financial Consultants, and what new trends or services do you anticipate shaping the financial consulting industry?
Our main long-term goals are to continue doing what we ’ re doing, but at a greater scale - in more places, with more clients and with companies of more varied sizes
A major trend in the financial consulting industry is technological change In our business intelligence practice, weve seen Excel losing ground to more effective alternatives like Power BI and Tableau At Sapling, we made this transition in our service offering years ago, Excel continues to hang on for many, but companies using it for this type of work are operating with one hand tied behind their back Tools like Power BI or its predecessors have been around for many decades, but a combination of institutional inertia and user unfriendliness kept them on the sidelines for a long time That is changing as the tools become more user-friendly and as business education catches up with the times
With our other two major services - financial modelling/FP&A and due diligence - Excel continues to reign supreme. While there are competitive products available, none have made a significant impact Excel has continued to increase its capabilities, pushing out the timeline that a change to a new tool is critical So there is a question of when, but there is also a question of if, modelling and due diligence will be disrupted technologically At Sapling, we continue to keep a careful eye on changes and will make sure our offering is always at the forefront
Subscriptions are the lifeblood of the SaaS company. It should not be surprising, then, that nothing is considered more important to its marketing department than the conversion of a prospect into a paying customer. SaaS marketers invest tremendous amounts of time and energy minimizing cost per acquisition (CPA) so that they can maximize the amount of new paid subscribers coming in each month. Is that not, after all, what marketers are meant to do?
Not exactly The role of the marketer is to ensure that their company receives the highest possible return on ad spend (ROAS) from its marketing budget That objective, in turn, requires prioritizing predictable, long-term sources of revenue A distinction is thus created between the sheer number of acquisitions quantity and the number of customers that will continue to engage with, make use of, and even be upsold upon the offered software quality. When channels that generate the latter are prioritized, marketing dollars begin to go much further.
Consider the following scenario Social media marketing channel A say, Facebook is consistently able to produce subscribers at a $1 CPA Meanwhile, social media marketing channel B say, LinkedIn does the same at a $2 CPA Which channel should get the larger share of the social media marketing budget? For most marketers, the answer would be obvious: Facebook will provide twice as many new subscriptions as LinkedIn, and is therefore the better investment In lieu of further information, this would be true
The marketer should, however, be asking a very important question: what type of subscriber does each channel generate? Assume for the sake of argument that those who sign up via Facebook have a short-term usage rate and tend to only stay subscribed for one month, while a LinkedIn subscriber has a long-term usage rate and tends to stay subscribed for six months In that case, the long-term usage rate with $2 CPA from LinkedIn translates to a higher monthly recurring revenue (MRR) than the short-term usage rate with $1 CPA from Facebook. If a SaaS provider charges $50 per month for a subscription, then they pay $1 for the Facebook ad to generate $50 in revenue If they paid $2 for the LinkedIn ad conversion, meanwhile, that ad spend generated $300 in revenue
Spending more on CPA to maximize usage rate is a better use of the ad budget than merely minimizing upfront costs
Usage rate, meanwhile, is a leading indicator. If a SaaS provider can gain access to a new customer’s usage data within the first one to six months, they can use that information to predict the LTV of a customer long before their subscription has run its course. SaaS companies should focus on usage rates for precisely this reason. The best channel is not necessarily the channel that has generated the highest LTV subscribers in the past, but rather the one that is predicted to generate the highest LTV subscribers for the future. By weighing predicted LTV that is, usage rates against CPA, marketers can determine precisely which channels will yield the highest ROAS.
BottomLine
But how much does long-term usage really matter? Most professionals already know the answer to this question, even if they have not applied it to their marketing strategy Subscriptions are often the first expense to be cut when times get difficult for the average customer, so retaining subscribers with high lifetime value (LTV) that is, quality customers is imperative for a SaaS company to maintain a consistent revenue stream. Usage rate, while not equivalent to LTV, is an excellent predictor of LTV
That is because customers who consistently use a software product are far more likely to continue their subscription, trust the brand, purchase additional services, and upgrade their subscription The total amount a customer spends with a SaaS provider determines their LTV, so customers with higher usage rates almost always have a higher LTV But LTV, which measures the full lifetime value that a subscriber offers the business, is a lagging indicator One cannot find out a customer’s LTV until they are no longer a customer, making it inherently retrospective This limits their ability to inform future decisions
There is more to SaaS marketing than merely tracking and allocating ad spend based on CPA If reaching a monthly quota of new customers is the company ’ s top priority, they will almost certainly miss out on the compounding revenue that a valuable and predictable subscriber-base can offer They will incorrectly and inefficiently allocate their ad spend because they are focused on the wrong metrics But by identifying the prospects that actually use the product long-term as a leading indicator of LTV, marketers can view their initial ad investments in the context of lifetime returns, provide cash flow forecasting to their finance team, make the case for proper ad spend to their leadership team, and ultimately invest in the channels that create the most profitable and consistent revenue streams for their company.
Partner, CMO & CSO. Works with engineering, medical device, biotech, pharma, outsourced IT, fintech, software, AI, manufacturing, healthtech, business consulting, wealth management, and professional services companies to accelerate sales growth
This is the year that small business has to boost their SEO game to the next level and it all starts with this big shift
Adrian Newman Founder & President, Numero Uno Web Solutions Inc.
In 2025, a shift in SEO strategy will take center stage by prioritizing user intent over traditional keyword optimization This trend reflects a growing understanding that search engines are evolving to value content that truly satisfies the needs of its users rather than simply matching keywords to queries.
User intent is essentially the "why" behind a search query. It's about understanding the goal a user has when they type anything into a search bar. By aligning content with various stages of a user ' s search journey from initial curiosity to decisionmaking businesses can create more meaningful engagement and improve their search rankings.
Based on this, a small business should focus on developing content that meets the specific needs of users at different points in their search process For example, informational content addressing common questions might cater to those early in their research phase, whereas detailed comparisons or reviews could serve users who are closer to making a purchasing decision
According to Search Engine Land, leveraging user intent involves analyzing search behaviours and signals to craft content that's not only informative but also strategically positioned to meet users ' expectations throughout their search journey By emphasizing user-centric strategies over a purely keyword-driven approach, businesses can build stronger relationships with their audience and enhance their competitive edge in search rankings
For entrepreneurs and business leaders looking to integrate this trend into their SEO strategies, focusing on the user experience and crafting content that reflects the nuances of user intent will be crucial in 2025 By doing so, they can ensure their digital presence is both relevant and resonant with their target audience
For a free SEO analysis of your website and social media, contact Numero Uno Web Solutions today!
Adrian helped launch Numero Uno Web Solutions in 2012 and has been actively leading the company since 2017. Since 1997, Adrian has been involved in virtually every facet of direct and digital marketing from copywriting and graphic design to database management and production. Adrian has basically “done it all” in his 25+ years in the industry. With an entrepreneurial spirit combined with a targeted action mindset, Adrian loves to help all of his clients succeed with outside-the-box advice and goal-oriented strategies. He’ll go the extra mile for his clients, colleagues and employees to make sure everyone is successful In his spare time, you might find Adrian on a golf course, at a Blue Jays game with his two kids, or at a cottage up north
ACASL-Compliant Future:
WhatCanadianBusinesses NeedtoKnowAboutEmail
MarketingandCybersecurity
ByGeoffreyBlanc, GeneralManager atCyberimpact
As the digital landscape continues to grow and evolve, Canadian businesses must navigate the complex intersection of email marketing and cybersecurity. With the passage of the Canadian Anti-Spam Legislation (CASL) in 2014, companies have been tasked not only with crafting effective marketing strategies but also ensuring that they comply with regulations designed to protect consumers from unsolicited communications
Understanding and embracing CASL compliance will be crucial for businesses aiming to thrive in an environment emphasizing consumer trust and data security This begs the question, ‘Why is the Canadian Anti-Spam Legislation important?’
The introduction of CASL was intended to create a safer online environment for Canadians by regulating how businesses communicate electronically In short, it mandates that companies obtain explicit (also known as express consent) or tacit consent before sending out commercial electronic messages (CEMs), including emails, texts, and other formsof digital communication
In other words, CASL is forcing companies to be more disciplined in managing their electronic marketing programs by requesting, among other things, that businesses obtain consent before sending commercial electronic messages. Asking for permission shows consumers that businesses respect their privacy
According to the Canadian government, when CASL took effect, Canada was home to seven of the world’s top 100 spamming organizations, underscoring the importance of this legislation.
The implications of CASL and cybersecurity for businesses are significant Non-compliance can lead to hefty fines–up to $10 million for corporations But beyond the potential financial penalties, compliance also fosters consumer trust, and consumer trust is everything when it comes to a profitable business
Research conducted by the Canadian Marketing Association highlights that 75% of Canadians feel more comfortable sharing their personal data with businesses if there is transparency, signalling that adherence to these regulations can enhance customer loyalty.
Moreover, the focus on data security can become a unique selling point In an age where consumers are increasingly concerned about their personal information, businesses that prioritize privacy can distinguish themselves from competitors A recent privacy survey revealed that only 39% of Canadians believe businesses respected their privacy rights Communicating the privacy measures taken can be enough to build trust amongst consumers
But how does a business build a CASLcompliant strategy? To align with CASL, businesses should develop and implement a comprehensive email marketing strategy that prioritizes consent, transparency, and easy optout processes above all Some key considerations are:
Obtain Explicit Consent: The average email open rate is 25% to 41%, with higher rates when recipients have explicitly opted in, as they’re more likely to engage with subscribed content
Maintain Comprehensive Records: Businesses should document when, how, and from whom consent was obtained. The more robust and rigorous a consent management system, the fewer compliance issues your business will encounter.
Simplify Opt-Out Mechanisms: A one-click opt-out option in every email ensures compliance and helps maintain a positive relationship with consumers
While CASL focuses on consent and communication practices, cybersecurity must also be a priority for businesses engaging in email marketing as they go hand-in-hand. A data breach or cyberattack can severely undermine consumer trust, leading to reputational damage and potential legal repercussions As businesses adopt CASLcompliant strategies, they should also look to enhance their cybersecurity measures
The two main measures to consider are implementing strong data protection policies and educating employees For instance, Cyberimpact makes two-factor authentication mandatory, along with a strong password and the possibility of giving user roles if several team members exist Implementing data protection policies is the responsibility of each business as they must safeguard personal information collected Any successful policy starts with your employees Regular training sessions on identifying phishing attempts, understanding privacy regulations and following secure practices can significantly reduce risks
But is email marketing still as effective as before? A survey conducted by Adobe revealed that 61% of consumers actually prefer to receive communication through email. This indicates that once a consumer gives their express consent, they are more likely to engage with email marketing campaigns because they feel as if they can trust the brand, leading to improved open rates, click-through rates, and, ultimately, conversions
As Canadian businesses look for ways to grow their customer base and improve their brand identity and authority, adopting a CASL-compliant approach to email marketing and cybersecurity will protect them from penalties and enhance the overall effectiveness of their marketing efforts
Ultimately, embracing these practices is not just about avoiding penalties; it’s about building lasting consumer relationships based on trust and respect In a world where consumer preferences are rapidly evolving, businesses prioritizing compliance and cybersecurity will be well-positioned for success
Geoffrey Blanc is the General Manager at Cyberimpact, a Canadian email marketing platform designed to make email marketing accessible to businesses of all sizes. Built with compliance in mind helping users stay aligned with Canada’s Anti-Spam Law (CASL) it offers an easy-to-use tool for creating, sending, and tracking email campaigns Geoffrey has been in the IT sector for 15 years, navigating many different avenues, including business management, finance, human resources, business, and product development. His passion for digital transformation allows him to help companies develop this aspect and equip themselves with tools and methodologies to support their growth
ManagingDirector atSAPConcurCanada
In an exclusive interview with CanadianSME Small Business Magazine, Brian Veloso, Managing Director for Canada at SAP Concur, reflects on his remarkable 16-year journey with the company. Since joining as the first Regional Sales Executive, Brian has leveraged his 23 years of expertise in sales and product knowledge to elevate SAP Concur’s standing in the market Known for his dynamic leadership and strategic approach, Brian oversees teams dedicated to delivering cloudbased solutions that simplify expense management for organizations of all sizes In this discussion, he sheds light on SAP Concur’s mission to enhance transparency and efficiency in corporate spending, addressing the evolving needs of Canadian businesses. Brian also shares his passion for community involvement, supporting causes close to his heart, including Make-A-Wish Canada and the SickKids Foundation.
How AI is Shaping the Future of Expense Management: Brian Veloso’s Take
Brian Veloso, Managing Director at SAP Concur Canada, discusses with CanadianSME Small Business Magazine the intricate challenges Canadian businesses face with rising expense transaction costs amid inflation He highlights how technological advancements and globalization have increased transaction volumes and complexities, complicating expense management. With a notable 34% increase in the average expense transaction cost since 2019, primarily in sectors like transportation and entertainment, the urgency for businesses to adapt and manage escalating costs is clear. Brian emphasizes the benefits of leveraging expense management systems like SAP Concur to gain real-time data insights, improve expense tracking, and forecast expenditures efficiently. He advocates for the integration of advanced technologies such as AI to help businesses control expenses and predict future trends more accurately, ensuring they remain agile and informed in their financial strategies
Brian Veloso has worked with SAP Concur for over 15 years, beginning as the company’s first Regional Sales Executive and moving up consecutively within the organization Now serving as Managing Director for Canada, Brian is a seasoned sales professional with an unmatched combination of business acumen, sales savviness and product knowledge accumulated over the past 23 years through his experience at ADP and Gelco Expense Management At SAP Concur, Brian leads high performing teams and is focused on delivering cloud-based solutions that deliver an effortless experience for employees and total transparency into spending, helping organizations of all sizes run better.
What are the biggest challenges small and medium-sized businesses face in expense management, and how does SAP Concur help address these issues?
Small and medium-sized businesses (SMBs) often struggle with manual processes, lack of spending visibility, and difficulties reconciling expenses These challenges can lead to inaccuracies, compliance issues, and missed opportunities for cost savings SAP Concur addresses these issues by offering integrated travel, expense, and invoice management solutions that automate expense reporting, enhance visibility, and streamline processes Our platform simplifies workflows, enabling businesses to capture all spending in one place, ensuring compliance and better decision-making
With advancements in AI, how has technology transformed expense management, and what future trends do you foresee?
AI has revolutionized expense management by automating tedious tasks such as data entry and receipt capture, allowing for realtime expense reporting and analysis, which improves accuracy and efficiency In fact, almost half of organizations in Canada are implementing AI-based solutions, reflecting a significant shift toward tech-driven financial management Looking ahead, we anticipate further advancements in AI, such as predictive analytics for forecasting expenses and enhanced fraud detection, addressing the 27% of CFOs who are facing growing demands for forecasting agility Moreover, as AI becomes more integrated into financial systems, we may see an increase in collaboration tools that enable finance teams to work more closely with other departments, further enhancing the decision-making process amid uncertainty
How are CFOs using AI to drive efficiency and support decision-making in their organizations?
CFOs are increasingly leveraging AI to enhance operational efficiency by automating repetitive tasks, allowing finance teams to focus on strategic decisionmaking This is particularly important as 55% of CFOs are investing in data analytics and reporting tools to act as uncertaintyreducers within their organizations AI tools are being utilized for real-time financial analysis, forecasting, and risk management By harnessing AI, CFOs can gain deeper insights into spending patterns, optimize resource allocation, and improve accuracy in financial reporting, which is essential given the 36% of global CFOs who report ongoing challenges due to worsening economic conditions This shift not only enhances productivity but also empowers CFOs to make informed decisions that align with business objectives
According to SAP Concur’s CFO Insights report, how can companies measure the return on their AI investments, and what impact does this have on overall business growth?
Companies can measure the return on AI investments by evaluating key performance indicators (KPIs) such as cost savings, time efficiency, and accuracy improvements Our SAP Concur CFO Insights report highlights that organizations should assess not just the financial returns but also the impact on employee engagement and satisfaction. Given that 57% of CFOs are increasing their market monitoring in response to evolving business demands, successfully measuring these factors allows businesses to identify effective AI applications, refine their strategies, and ultimately drive growth through improved operational efficiencies and enhanced decision-making capabilities This is especially critical in a business environment characterized by uncertainty and rapid change
As we look ahead, what advice would you give to SMB leaders aiming to improve their expense management and leverage AI for better business outcomes?
SMB leaders should start by embracing technology solutions that offer automation and integration, such as SAP Concur, to streamline their expense management processes Given that 90% of senior financial leaders see equipping their organizations for unforeseen challenges as a primary responsibility, it's essential to invest in training and development for finance teams to enhance their understanding of AI capabilities and foster a culture of continuous improvement. Additionally, SMBs should prioritize data-driven decision-making by leveraging AI analytics to gain insights into spending patterns and identify areas for cost savings With 33% of CFOs investing in technologies like automation and AI, businesses that take these steps can enhance their financial health and position themselves for long-term success, even in uncertain times
