CanadianSME Small Business Magazine - January 2024 Edition

ISSUE NO. 62

JANUARY 2024

CANADIANSME Empowering Canadian Small & Medium Businesses Banking Partner

EXCLUSIVE

PAGE: 12 Shipping Partner

Top Three Tech Trends for Small Businesses in 2024 PAGE: 21

Accounting Software Partner

16

The Year of the

Solopreneur

All Images, trademarks, service marks and logos referred to or appearing in this magazine are the property of their respective owners.

Dear Readers, A very happy New Year to you all! As we welcome the dawn of a new year, let us embrace the endless possibilities that lie ahead. This is a time of renewal, an opportunity to set fresh goals and chase our dreams with renewed vigor. We are delighted to present to you the January issue of CanadianSME Small Business Magazine.

This edition arrives as a celebration of change, capturing the transition from autumn's vibrant display to winter's serene beauty. It serves as a canvas showcasing the various facets of Canada's SME sector, including Cloud & Tech for SMEs, Business Trends, Retail Tech & Trends, Small Business Advice, E-commerce, and more.

Within these pages, you'll find a rich collection of stories, insights, and expert perspectives, each echoing the spirit of small and medium enterprises across the nation. Our special focus this month is on "Entrepreneurship," with content revolving around themes that are vital to our readers.

We have insightful editorials, including: The Power of Brand Building for SMBs by Amazon Ads. Top Three Tech Trends for Small Businesses in 2024 by James Bergin, Executive GM Technology Strategy & Integration at Xero.

5 Ways Your SMB Can Deliver a Great Customer Experience in Uncertain Times by Salesforce, highlighting how to keep customers happy with tools for online order fulfillment and self-service.

Advancing Diversity, Equity, and Inclusion in Canadian SMEs by Diana PalmerinVelasco, Senior Director, Future of Work, Canadian Chamber of Commerce.

5 Ways Travel Management Can Help Grow Your Business by Corporate Traveller.

Communicating Your Employer Brand and Employee Proposition by SARAH, Founder, Eyes On HR. How Poptronic Turned a Virtual Dream into Reality.

Breaking Barriers Program: Helping Employers Diversify.

Top 5 Strategies for Successful Planning.

Beyond Funding: What Can Incubators and Accelerators Offer Entrepreneurs in Canada? and many more.

We also feature interviews with notable figures like Shane Murphy, CEO of Ownr, Smriti Arya, Content Analyst at GetApp Canada, and Young Lee, Canada Market and Growth Lead at GoDaddy.

Special messages for SMBs for the New Year are shared by industry leaders and business tycoons such as Roseann O’Reilly Runte, Mary Ann Yule, Heather Haslam, Rocco Rossi, The Honourable Rechie Valdez, Dan Kelly, Don Ludlow, Filomena Tassi, Stephanie Dexter, and Natasha Walji, to name a few…

Our star feature of the month is Alexandra T. Greenhill, Co-founder, CEO, and Chief Medical Officer of Careteam Technologies. Recognized as one of "Digital Health Canada's Top Women in Digital Health" and the "Startup Canada Women Entrepreneur of the Year Award" recipient, Dr. Greenhill is also co-editing the upcoming book "AI in Clinical Medicine."

Lastly, we are thrilled to announce the fifth edition of the CanadianSME National Business Awards 2023, a platform designed to recognize and celebrate the significant contributions of small business owners to Canada's economy. Entrepreneurs are encouraged to apply at www.smeawards.ca.

We invite you to dive into this issue, engage with our content, and subscribe at www.canadiansme.ca for a continuous stream of enriching insights. Here's to a future brimming with innovation, resilience, and endless possibilities.

Warm Regards, SK

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IN THIS ISSUE CanadianSME Small Business Magazine

100

Transformative Shifts: Canadian Small Businesses Ride the Wave of Major E-commerc e Trends

102

The Evolving Horizons of Cloud Co mputing: 10 Trends Reshaping 2024

41

Maximize online sales by leveraging the synergies between your marketplace presence an d online store Navigating the Future:

109 5 Transformative Trends Reshaping Canadian Small Businesses in 2024

55

111

Top 5 Strategies for Successful Planning

Celebrating Small Business Success: Minister Valdez's 2024 Message

50

The Dangers of Free Video Posting: Invest in Your Own Platform

39

Breaking Barriers Program is Helping Employers Diversify

Minister of Small Business

IN THIS ISSUE Canadiansme Small Business Magazine

21 Top Three tech trends for small businesses in 2024

33

5 ways travel management can help grow your business

Advancing diversity, equity, and inclusion in Canadian SMEs

12

The power of brand building for SMBs

31

IN THIS ISSUE Canadiansme Small Business Magazine

63 Shaping a New Era for Business Owners Faye Pang

Canada Country Manager , Xero

61 CIRA supports Canadian businesses in reaching their online potential Byron Holland

43 The importance of being 2SLGBTQIA+ welcoming for any business

President & CEO, CIRA

35 The importance of communicating your employer brand and employee proposition to attract and retain top talent

52 Business Woman of the Month

Alexandra T. Greenhill

27 5 Ways Your SMB Can Deliver a Great Customer Experience in Uncertain Times Description:

Keep customers happy with tools for online order fulfillment and self-service. Here’s how you can invest in your customers’ experiences.

IN THIS ISSUE Canadiansme Small Business Magazine

64

29

A Future of Collaboration with UPS Canada Stephanie Dexter

Fostering Digital Entrepreneurship:

Young Lee’s Vision for Canadian SMEs at GoDaddy

President, UPS Canada

24

The Art of Genuine Customer Connections in the Age of E-Comm erce

62

113

Embrace change, stay attuned to market dynamics and seize opportunities in 2024 Don Ludlow

Beyond Funding - What Can Incubators and Accelerators Offer Entrepreneurs in Canada?

The Power of Brand Building for SMBs

Last year, small businesses that use Amazon Ads saw 25% of their sales attributed to advertising on average 1.

If you’re looking to build your brand on Amazon to drive sales, Amazon Ads solutions can help you tell your story, to the right audiences, at the right times. Your brand, our audiences.

1

Why brand building matters for SMBs No brand simply launches into the world as a household name with a rush of orders. This is where brand building comes in. Brand building can help introduce your business—however big or small— to an audience and ensure that it stays top of mind with potential customers on their shopping journeys.

Brand building involves meeting your intended audience at scale across a wide variety of promotional channels, but it is more than just a megaphone moment for your brand. When done well, brand building can help build trust and create truly meaningful connections with customers that can enhance, rather than disrupt, their shopping experience.

Amazon internal data, UK advertisers using Amazon Ads including Sponsored Products, Sponsored Brands, and/or Sponsored Display with ad spend <$1MM, January – December 2022. Results are based on past observations and not indicative of future performance.

Brand Building

You’re probably already sending your customers newsletters or sharing messages with them through social media around key moments—such as when you launch a new product or announce a promotion. Having this regular drumbeat of communication across more than one touchpoint, including through advertising, can lead to customer loyalty and retention—the holy grail every SMB is striving towards.

Advertising campaigns are seven times more impactful among a receptive 2 audience, according to recent research .

Amazon’s audiences are already choosing to spend their time on Amazon, which means brands like foodspring can better reach and connect with these audiences in a more relevant way.

3

Creating an Amazon Store was one of the ways foodspring created meaningful connections with Amazon shoppers to help drive sales. A Store gave the foodspring team a dedicated destination to share richer content about their brand beyond product descriptions, such as recipe ideas and inspiration for fitness fans.

How Amazon Ads can help with brand building When German sports nutrition company foodspring wanted to build its brand and reach new audiences, it turned to Amazon Ads. “It was a no-brainer launching our products on Amazon. You want to be present where your customers are. Amazon Ads helps give you the increased visibility to do that,” said Aakriti Malhotra, senior marketplace manager at foodspring.

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2

Kantar Media Reactions study, global, 2022

Brand Building

Why inspiration is an important component of brand building Shoppers regularly browse the Amazon site for inspiration on what to purchase, which is particularly beneficial for smaller brands that aren’t household names just yet. In the UK, 44% of surveyed shoppers said they visit online stores for inspiration on what to purchase 3.

Getting started with Amazon Ads The first step in building a brand presence on Amazon is to give your brand a dedicated home.

Think of Stores as a way of creating your very own digital shop window—for free. With Stores, you can create a self-serve, always-on destination that tells your brand story and provides a place for shoppers to learn more about your brand and products.

Make your Store as engaging as possible by using

Advertising helps with this discovery too.

Small and medium businesses in the UK, for example, saw 102% more sales, on average, within 20 weeks of launching

sponsored ads in their home country 4.

Get started with Sponsored Products to

rich and visually exciting content, such as video and shoppable images. You can also consider creating multiple sub-pages on your Store to better showcase deals, seasonal items, new arrivals, and best-sellers.

help shoppers find your products quickly by creating ads that appear in related shopping results and on product pages.

From here, you can take your brand building to the next level with Sponsored Brands.

Sponsored Products and Sponsored Brands both played an important role in foodspring’s strategy. With Sponsored

Brands, customers get to discover your brand via creative ads that can appear prominently in Amazon shopping results.

“Amazon [Ads] is not just for big sellers.

With Sponsored Products, Sponsored Brands, and Sponsored Displays, the opportunities to help you grow are endless. There are great knowledge tools and features that will help guide you to achieve your goals,” said Malhotra.

3 4

Sources of Inspiration for New Products, Global Consumer Survey 2022, Statista, United Kingdom, 2022 Amazon internal data, UK, Feb 2020 - Feb 2023. SMBs are domestic sellers with maximum Amazon TTM ad spend <

$150k over the past 24 months. Considered SMBs were active with SA for at least 10 weeks in the study period.

Results are based on past observations and are not indicative of future results.

5 Amazon internal data, WW, April 30, 2022. Results may vary. Amazon Advertising does not guarantee similar results for advertisers in other marketplaces.

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Now think of the most beautifully curated shop window display in a boutique. Does it stay the same forever?

No, it will get refreshed and updated, just as your Amazon Store should. Give your Store regular makeovers to keep it up-to-date with the latest product information. This isn’t just a best practice recommendation—it can help deliver real results. On average, Stores updated within the past 90 days have 11% more repeat visitors and 13% higher attributed sales per visitor 5.

3

4

Courtesy - Amazon Ads

If you’re looking to generate further virtual buzz outside your shop window, Amazon Ads solutions, such as Sponsored Products and Sponsored Brands, can help. Small businesses gained 18% more customers, on average, after using Amazon Ads for 8 weeks 6. Get started with Amazon Ads now and try the products for yourself.

6

Explore the

Amazon Ads SMB hub

for everything you need to know about our advertising solutions.

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Amazon internal data, UK advertisers using Amazon Ads including Sponsored Products, Sponsored Brands, and/or Sponsored Display, January – December 2022. Aggregated average results are based on past observations and not indicative of future performance.

The Year of the

Solopreneur As Ownr’s CEO, Shane leads a team that focuses their efforts on a platform that empowers those entrepreneurs with the tools and support they need to achieve their goals—so even solopreneurs can feel a little less solo.

Since 2017, Ownr has served over 135,000 small business owners across Canada with their all-in-one digital platform, helping streamline, automate, and simplify registration and incorporation, everyday paperwork, and manage legal compliance. With affordable and

accessible platforms like Ownr, more and more entrepreneurs are realizing that not only is their dream attainable, but they can also do it all on their own.

One of Ownr’s keys to success is their commitment to understanding and listening to their customers. Every

year, Ownr launches two surveys to gain timely insights on aspiring and existing entrepreneurs in Canada. Their most recent surveys have shaped and guided Shane’s

Shane Murphy CEO, Ownr Canadian SME Small Business Magazine recently spoke with Shane Murphy, CEO at Ownr, on how solopreneurs, a growing segment of entrepreneurs, can start the new year off right. In our current age of entrepreneurship, solopreneurs - or small business owners who own and operate their business without a team - are becoming more and more prevalent. And regardless of their main goals, be it supplementing their existing income or transitioning to a full-time gig, what they all have in common is their need for access to the right support.

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outlook on the new year for solopreneurs and how Ownr can further establish itself as their leading source of support and partner.

Courtesy - Canva

Entrepreneurship

What are some of the unique challenges solopreneurs face today?

Solopreneurs have been growing in popularity as Canadians look to increase their income with minimal overhead costs.

This trend is evident in our recent survey, where a significant portion (67%) of respondents identified as solopreneurs.

These individuals engage in diverse ventures, from social media management services to crafting and selling home-

To face the uncertain, grueling, and mercurial world of entrepreneurship takes undeniable passion, ambition, and drive. This alone makes solopreneurs a group to be celebrated—and one we should be offering the most support and accessible resources to. Because even if their businesses see great demand and success, they’re forced to mitigate output due to limited time, energy, and money. They also go out of their way to communicate product availability and status, set minimum or maximum limits on offerings, and restrict sale windows. In short, solopreneurs have to curb their business growth due to the constraints of their time, finances, and sheer human energy.

baked goods.

Like all small business owners, solopreneurs are grappling with the effects of economic volatility while they try to manage their cash flow. But unlike other small business

owners, they face these challenges all on their own—and with that, solopreneurs have a unique set of trials and tribulations that can impact their success.

Because they’re the only operators of their company, with no support to delegate

tasks or knowledgeable teams to help,

solopreneurs have to build efficient systems from scratch just to oversee and keep on top of every minutia of their

business. In our latest poll, only 54 percent of the small business owners we surveyed had any formal business education, underscoring the importance of leveraging existing tools and resources to access valuable insights.

On the other hand, 69.4 percent of our survey’s small business owners indicated they rely significantly on technology to run their business operations, and more than half have taken advantage of online educational resources to learn more about business and entrepreneurship. This shows how ambitious and resourceful small business owners and entrepreneurs are, and that lack of formal education is less of a barrier than ever before.

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Courtesy - Canva

A more hidden challenge, and one seldom talked about, is the stigma from having a side hustle or full-time entrepreneurship. One contributing aspect is the popular belief that every business’ end goal should be selling the business, or having an exit strategy. However, a large number of entrepreneurs are purely fuelled by their love and passion for the work and are therefore perfectly happy owning and operating their business for a long time, with no intent of selling. Facing and challenging this stigma can have a negative effect on a solopreneur, leading them to feel isolated, lonely and unmotivated. I think it’s important to find ways to enable their aspirations, rather than giving up a dream for the most profitable path forward.

Entrepreneurship

A brief description of the product or service What is the unique value proposition?

What is the target market?

Financial projections How much do I need to make to reach my personal income targets?

What are other companies pricing similar products or services?

How large is my target market?

What is the demand for my product or service?

Courtesy - Canva

Customer acquisition strategy

What should new and existing solopreneurs think about when planning for their business?

One of the mistakes solopreneurs often make is forgoing a comprehensive business plan. Every business owner needs

a business plan, especially solopreneurs, in order to map out the feasibility and long-term potential of their business.

Without a roadmap, their side hustle would be more of a casual project. While that’s adequate for those who aren’t worried about profitability, it’s not sufficient for solopreneurs with loftier and more ambitious dreams.

While business plans can vary in detail and complexity, every plan should start with these key components as a solid foundation:

Where would my target market look for similar products or services?

How can I grow my brand presence (social media, events etc.)?

Operational details What tools should I invest in to maximize efficiency as a solopreneur?

What are my working hours?

How much is the upfront cost to start my business?

Do I need to register or incorporate my business?

A unique business name Have I cross-referenced my chosen name with a provincial business directory to avoid complications for future registration and/or incorporation?

Does my business name reflect the vision for my product or service?

Courtesy - Canva

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Entrepreneurship Even for small business owners who already have a year or two under their belt, it’s important to review or refresh their business plan. As with most concepts, the first draft won’t be perfect, so it’s essential for solopreneurs to revisit and revise their original business plan with these central questions:

Were there any recurring issues with the product or service?

Was there a new or unexpected target market discovered for the product or service?

Have my operational costs increased? Do I need to increase my prices?

Can I sustain the operational obligations of the current business as is?

Can I/should I offer additional products or

What should existing solopreneurs consider when scaling their business?

Out of the 67 per cent of solopreneurs we surveyed, 65.1 per cent said they hope to expand their team with the goal of growing their business. While this doesn’t necessarily mean hiring full-time employees, it does mean that there might be a need to outsource a few tasks and responsibilities. Thankfully, there are plenty of third-party services that can connect them with resources they need, from hiring virtual

assistants to financial consultants and managers. So one of the tips I want to emphasize is that growth and expansion is possible as long as you have access to the right tools.

services?

There’s now a wide range of tools and technology platforms that cater to solopreneurs and other small business owners. For solopreneurs (and most small business owners, frankly) time and money are the main considerations of building a sustainable business, simply because most of them don’t have much of either. Ownr was created for this very reason—to minimize costs and offer a simpler, more accessible process for registering and incorporating a business.

Other considerations when thinking about growth and scale can include small business insurance, taxes, government regulations, and incorporation. All of these can have potential long-term impact for the business so overlooking any of them can lead to interruption, administrative challenges, and even financial loss. So to any solopreneur hoping to eventually expand and scale operations, make sure to research ahead of time to avoid any surprises that could prevent your business growth.

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Entrepreneurship

On the topic of business incorporation, what should solopreneurs think about when it comes to registration and incorporation in the new year?

I always advise solopreneurs to take a step back before or during the start of the new year and fully consider what their business goals are going forward—and once they do that, their chosen business structure will ideally reflect those goals. Most solopreneurs start off by operating as a sole proprietorship with a registered business name. However, as their business expands, or if they need to make a significant investment in things like inventory or equipment, it’s a good time to review their sole proprietorship's risks and rewards and perhaps consider incorporating their business.

Solopreneurs can also find themselves solely liable for any business debts or losses. This means there is no protection and barrier to a solopreneur’s own assets, so their homes, cars, and personal finances are exposed to considerable potential risk. Because corporations legally exist as their own entity, a great benefit to incorporating is that those personal assets are largely protected—when you’re managing your business’ ins-and-outs all by yourself, you can easily overlook or dismiss this great advantage.

Incorporating may sound like a huge leap something that only major enterprises can do - but of course that’s not the case.

Businesses big or small can benefit from incorporation; it just needs to make sense for your business’ needs. Taking the effort and due diligence to understand whether incorporation is right for your business can go a long way. For example, corporations can benefit from lower tax rates so small business owners can put their tax savings into growing and scaling the business.

Ownr has been helping entrepreneurs make their own individual milestones since 2017— from business name registration to taking the incorporation leap—so we’ve seen firsthand how stressful it can be. But more importantly, we also see its great rewards.

So for all solopreneurs just starting out or wanting to take their business to the next

level in 2024, don’t be discouraged at trying to manage it all on your own. Just make

sure you take care to consider all details of your business goals and remember that you have more tools and support at your disposal than ever before.

If you want to learn practical and useful tips as a small business owner to start the new year right, visit our blog: ownr.co/blog

Shane Murphy is the CEO of Ownr, a venture of RBCx that makes it easier and more affordable for businesses to incorporate, register and confidently handle ongoing legal compliance. With almost a decade of experience as a lawyer, Shane initially co-founded Founded Technologies in 2017 as an innovative, all-in-one technology platform that provided businesses with the ability to automate sophisticated legal tasks such as incorporations, equity management, and legal agreements. Founded was acquired by Ownr in 2020, with Shane moving into the role of COO. He has since moved into the role of CEO. To date, Ownr has helped over 135,000 Canadians launch into entrepreneurship.

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Top Three Tech Trends for Small Businesses in 2024

By James Bergin,

Executive GM - Technology Strategy & Integration at Xero

In the early 2000s, accessing the internet was

through a dial-up connection which could take anywhere from 30 seconds to a couple of minutes to establish a connection. In 2023, generative AI tools can generate poems, short stories, and complex legal and medical documents in a matter of seconds.

The pace of technological change is

accelerating and it's reshaping just about every aspect of how we live, work, socialize, and play. Interestingly, Xero’s Future Focus research reveals over two-thirds (67%) of small businesses believe AI will have an impact on their business in the next five years.

However, 35% of small businesses say they are not sure what impact AI will have on their business.

To help small businesses and their advisors plan, I’ve looked at separating the hype from reality to uncover the top three technology trends that may impact the small business landscape in 2024.

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Technology

Trend #1: The AI-augmented creativity boom This year saw generative AI burst into the mainstream in what Axios’ Scott Rosenberg called the “most phenomenally successful act of rebranding in corporate history.” While language models are not new, the interactivity and accessibility of AI through tools like Stable Diffusion and ChatGPT signaled the biggest leap in the technology’s capabilities, helping businesses to create content more easily and faster.

We’ve only scratched the surface of this technology and in 2024, while the hype might fade, more practical applications are likely to emerge relating to creative content, generative design, and engineering. Currently, ChatGPT and other AI models are great at generating content from millions of examples of past works. But for creators or engineers looking for innovative solutions, you don’t want content that mimics an existing concept.

Prompt engineering and the ability to work effectively with these AI models will continue to grow in importance and as a skill set across all industries. The drawbacks around misinformation, copyright, and bias will also need to be worked through in 2024, as the push for the commercially safe, transparent, and ethical use of these AI systems comes to a head in jurisdictions around the world.

Trend #2: The rise of the augmented, conversational UI When I first started using ChatGPT, what struck me was

the change in the interaction mode. The promise of a conversational user interface has been around for a while with Siri and Alexa, but it’s always been functional

and instructional, never truly conversational. ChatGPT is not a better search engine - especially when it hallucinates answers - but it is becoming one of the first real, usable and intelligible chatbots.

Next year we could well see a “creativity boom” where AI models go beyond statistical similarity

and come up with new designs or products that are far better than the ones that exist today.

Continuing in its ability to augment (rather than replace) human intelligence, AI could truly become the co-pilot for creators, enabling them

to set up the requirements such as manufacturing processes, loads, and constraints, and then filtering a myriad of new ideas and design options.

In 2024, large language model-powered tools like ChatGPT will continue to revolutionize human-computer interaction, through the rise of API-enabled, conversational (UI) chatbots that can interact with customers. The ability for chatbots to have real-time conversations in any language to customers 24/7 and perform certain tasks at their request will unlock new opportunities for small businesses looking to handle customer inquiries or expand into new markets.

Google and Microsoft will continue to enhance their generative AI-powered capabilities and, if you believe the rumours, Apple could release its generative AI technology on the iPhone and iPad in late 2024. The new features could improve how Siri and the Messages app can field questions and auto-complete sentences, mirroring recent changes to the AI-enhanced overhaul of Amazon’s Alexa.

Technology

Trend #3: Carbon accounting the next frontier for compliance We’re well into the critical decade of climate action and pressure will begin to mount on governments and industries to reduce their carbon emissions to meet the IPCC’s 2030 deadline. At the same time, the release of the sustainability standards by the International Sustainability Standards Board (ISSB) could see reporting on carbon emissions no longer be optional for businesses.

The ISSB standards could very well bring in a new era of compliance and become the basis of accounting standards in 2024. To avoid being locked out of corporate supply chains or providing inaccurate and misleading information on environmental or sustainability practices, small businesses will need to ensure they are accurately calculating and tracking their carbon emissions each year.

The integration of carbon accounting software into existing accounting platforms will see carbon accounting become an extension of financial

accounting and reporting practices for small businesses. Our global partnership with Sumday is

helping to democratize carbon accounting and upskill accountants and bookkeepers to provide this service.

Xero small business customers can also find apps like Cogo, Ecologi and Greenly in the Xero App Store, allowing them to harness the data in their Xero ledger to measure and report their carbon emissions.

Small steps to an exciting future While some of these tech trends might take years or decades even - to realise the full scope of their impact on the world, the first steps into that future are being taken now. And next year, it would be a good idea for small businesses and their advisors to continue to keep an eye on developments in these five trends, as they will no doubt play a major role in shaping the future themselves.

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James Bergin,

Executive GM - Technology Strategy & Integration at Xero James is a senior executive leader at Xero, with a background working in innovation and technology across a range of fintech, banking, and retail organisations. He is responsible for defining the future state and strategic direction of technology at Xero, including the use of emerging technologies to solve customer problems.

James is passionate about democratizing access to digital solutions and hosts Future Focus — a Xero series looking at the latest tech trends and what they mean for small businesses and their advisors around the world.

The Art of Genuine Customer Connections

in the Age of E-Commerce

In today's fast-paced e-commerce landscape, where transactions often happen with just a click, how can businesses go beyond the surface-level interactions to establish genuine connections with their customers? What are some key strategies for achieving this?

Building genuine connections requires a shift from transactional to relational interactions.

Actively seeking feedback is a crucial

component of this paradigm shift. By attentively responding to feedback, businesses demonstrate a commitment to customer satisfaction.

The goal should be to move beyond generic interactions and to deliver a personalized

experience that resonates with the customer on a deeper level. And, leveraging data is pivotal in personalising interactions. Analysing customer

Prashant Ganti

Head of Product Management, Zoho Finance and Operations Suite In the dynamic realm of e-commerce, establishing genuine connections with customers goes beyond mere transactions, and has now become a strategic imperative. Hence, in this quest on understanding how to build genuine customer loyalty in this digital age, it made sense to start with an in-depth conversation with Prashant Ganti, a forwardthinking leader at Zoho, who currently heads Product Management at Zoho Finance and Operations suite. With his 20 years of experience in the SaaS industry, specializing in finance applications, he brought his unique perspective on transcending transactional norms, leveraging technology to tackle this unique hurdle and navigating the delicate equilibrium between growth and meaningful customer connections.

data allows businesses to discern individual behaviour and tailor their offerings, and overall approach to align with the unique needs of each customer.

In this age of digital interactions, creating a seamless, user-friendly, and unique online experience is an essential aspect of building genuine connections.This involves optimising website design, navigation, and overall usability to make the customer's journey both efficient and satisfying.

Simply put, building genuine connections in ecommerce involves a holistic approach that encompasses prioritising customer experience, actively seeking feedback, leveraging data for personalization, ensuring a seamless online experience, and fostering authentic communication.

E-Comm erce

Personalization starts with knowing your customers well and

Even after a purchase, Zoho's personalization continues. The platform sends a customized thank-you email, suggesting additional products or inviting the customer to loyalty programs. Since, we handle the entire tech stack of our ecommerce platform that consists of nearly 25 subsystems like

not only provide businesses with the tools required to enable personalized interactions, but we also hold ourselves to the highest standards when it comes to

process, invoicing, cancellation, returns, refunds, and more - we're able to provide a seamless selling and shopping experience at

Building deeper customer connections seems to involve personalized experiences. Can you share some innovative ways that Zoho helps businesses tailor their interactions with customers in the digital realm, fostering loyalty and trust?

collecting data on their buying patterns without compromising on data security and privacy. At Zoho, we

securely handling customer data since we support the entire tech stack that executes an online order, from start to finish.

Zoho Commerce, our ecommerce platform, empowers businesses to segment customer data effectively, allowing for targeted marketing campaigns and personalized communication.Our commitment to secured personalization permeates the entire customer journey, from the initial point of contact to post-purchase interactions. Imagine a customer exploring an ecommerce online store powered by Zoho. As they navigate, our tools dynamically adjust the site's layout and product suggestions based on their past interactions.

If the customer leaves without completing a purchase, businesses can set triggers for personalized email, reminding them of items in their cart with tailored offers.

handling order placement, stock availability check service, catalogue service, checkout

an optimal cost.

This comprehensive approach allows businesses using Zoho application to gear towards fostering long-term loyalty and trust.

Customer data plays a crucial role in understanding and engaging with consumers. What are some best practices for collecting, analysing, and leveraging customer data to create more meaningful interactions, and how does Zoho's approach support these practices?

Zoho's approach will always be to prioritise the data privacy and security of our customers and their end users. When it

comes to Zoho Commerce, you can capture a wide array of data from website interactions to purchase history, ensuring a holistic understanding of customer behavior while adhering to the best practices of data privacy and security.

Our apps advocate for a centralised customer database to ensure that businesses have a 360-degree view of each customer, facilitating more informed decision-making. Data segmentation is also an important attribute of Zoho apps. It allows categorization of customers based on demographics, preferences, purchase history, and other relevant parameters. By understanding these segments, businesses can tailor their interactions to be more targeted and relevant.

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E-Comm erce Businesses can also create personalized marketing campaigns based on the insights derived from customer data. By analysing past behaviours and preferences, businesses can deliver targeted messages, promotions, and product recommendations, enhancing the overall customer experience.

E-commerce businesses often face the challenge of scaling while maintaining personalized customer relationships. How does Zoho's technology assist small and medium-sized businesses in striking the right balance between growth and maintaining those valuable connections?

Recognizing the unique challenges faced by

growing businesses, we built Zoho Commerce to be a scalable solution that is tailored for small and medium-sized businesses. Right from its capabilities to pricing, we've made

sure SMBs can grow their businesses with zero compromise.

As a business expands its product catalogue and customer base, Zoho Commerce efficiently accommodates the increased volume of orders, inventory, and customer data, ensuring that operational efficiency is always achieved.

As a result, growing businesses can sustain their growth trajectory without compromising on the quality of their customer connections.

In the context of e-commerce, how can businesses use automation and AI-driven tools to enhance customer engagement without losing the human touch? Can you provide some real-world examples of Zoho's solutions in action?

Automation and AI form the bedrock of contemporary customer engagement. Zoho's AI-driven tools enable businesses to comprehend customer behaviour, predict preferences, and automate routine processes.

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Say, a potential buyer navigates an Zoho Commerce powered e-commerce website looking for information on product features and pricing. The application's AIpowered chatbots, integrated into the website, provide instant and relevant assistance. They can answer questions, guide the customer through the product catalogue, and even assist in the purchase process.

This ensures immediate engagement without losing the human touch, especially during non-business hours.

Moreover, when a business wants to prevent stockouts, with Zoho Commerce's integrated capabilities of predictive analytics, they can forecast demand based on historical data, seasonal trends, and market dynamics.

When it comes to automation, the platform automatically monitors and indicates real-time inventory levels, sends alerts on stock level drops, ensuring products are available when customers need them. This proactive approach enhances customer satisfaction by minimising the likelihood of unavailable items.

5

Keep customers happy with tools for online order fulfillment and self-service. Here’s how you can invest in your customers’ experiences.

The last few years have presented many challenges for businesses: a global pandemic, war and social unrest, and rising inflation. It can be especially challenging for small and medium-sized businesses (SMBs) with smaller staffs and budgets to manage customer expectations and add value to experiences despite these issues.

One option is to invest in digital customer support tools. Here are five additional ways SMBs can leverage technology to improve the small business customer experience:

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1

Give customers a way to find their own answers

Today’s customer loves self-service. Help them help themselves by offering online help articles or a frequently asked questions (FAQ) section to resolve the most common queries. Customers get what they need, when they need it, and self-service help reduces the caseload for your time-strapped team, to boot.

Small Business

2

Respond instantly with service bots

Have you tried using a chatbot on your website? It’s a lot easier — and less expensive — than you might think!

Chatbots are a great first line of support for the small business customer experience. A good AI service bot can respond to customers instantly, automate routine interactions, and triage straightforward inquiries while directing more complex customer needs to a live agent.

Service bots may be the ultimate way for service-reliant organizations to relieve the pressure on their team. Bots improve employee efficiency and scale service operations

5

Streamline the curbside pickup experience

Does your retail operation already offer to buy-online pickup in-store/curbside (BOPIS)?

Make a good thing even better by making over your curbside pickup experience to improve the customer experience. Coupons that incentivize users to try curbside service, and text updates alerting customers when their orders are ready for pickup, are strategies that have proven successful for retailers with a busy customer base.

— that’s a win-win.

3

Offer customer service on social media

You know the adage about meeting your customers where they already are? They’re already on social media, so why not offer support through those channels?

Providing support via social, SMS, and chat shows your business is all about fulfilling customer needs. Offering

support via social empowers customers to move at their own pace, and lays the groundwork for long-lasting relationships.

4

Let customers know what’s happening in the field

Feed their need to stay informed on the day of a service appointment with real-time updates on expected arrival time, who is coming to help them, and the location of the en route mobile worker with appointment assistance.

Keeping customers in the know in real-time is a great way to leverage technology to build relationships and make customers feel taken care of.

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Ready to elevate your customer experience?

Start a free trial today with Salesforce Starter and discover the power of digital customer support tools.

Fostering Digital Entrepreneurship:

Young Lee’s Vision for Canadian SMEs at GoDaddy Young Lee is a seasoned marketer with over 19 years of extensive marketing experience in the technology industry.

Due to her entrepreneurial endeavors and growing up with a

Canada Market Lead, GoDaddy Young Lee, Canada Market and Growth Lead at GoDaddy, shared her insights with CanadianSME Small Business Magazine on empowering Canadian

family that ran a small business for many years, Young has a passionate connection when seeing small business owners create and thrive doing what they love. Currently, at GoDaddy, she leads the Canadian business as Market Lead and also drives business growth, helping small businesses grow using GoDaddy products and tools in Canada, UK and Australia.

entrepreneurs in the digital era. Lee’s role at GoDaddy is crucial in driving the company’s initiatives and supporting the growth of small businesses in Canada.

She highlights the results of a recent GoDaddy survey, revealing an uptick in festive businesses started by Canadians, driven by economic pressures and the need for additional income. Surprisingly, many of these entrepreneurs plan to continue their ventures beyond the holiday season, showcasing a strong entrepreneurial spirit. Lee discusses how GoDaddy’s services, such as their Website Builder and Online Store, are tailored to assist these ‘festive founders’ in creating and sustaining their businesses efficiently and affordably. Her insights reveal a deep understanding of the challenges and opportunities in the current macroeconomic climate, positioning GoDaddy as a key player in the growth and support of digital entrepreneurship in Canada.

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Can you please describe your role and responsibilities at GoDaddy? How does your position influence the company’s direction and initiatives?

As the Canada Market Lead for GoDaddy, I am responsible for driving Canada’s business goals. Through our diverse integrated suite of online products and tools, GoDaddy helps Canadian entrepreneurs start and grow their businesses online. My role helps position GoDaddy as a trusted partner for entrepreneurs and small business owners along their entrepreneurial journey.

Interviews The recent GoDaddy survey revealed a significant number of Canadians are starting or have started festive businesses this holiday season. What aspects of these findings were most surprising or notable to you, especially in the context of the current macroeconomic climate?

Interestingly, 32% of Canadians surveyed said they have already launched a festive business or plan to start one this holiday season due to the need for extra income to help combat the increased cost of living and inflation. However, a notable 97% of those who are launching a festive business this year said they have plans to continue their business postholiday season. We know many Canadians are feeling the need for additional income sources at this time, and this statistic shows they also see the benefits of continuing their entrepreneurial journey, suggesting longer-term confidence in the products or services they are offering.

With 89% of respondents citing the need for extra income due to increased cost-of-living as a key motivator for their holiday business ventures, how do you think GoDaddy’s services are particularly suited to support these ‘festive founders’ in this challenging economic environment?

Given that 97% of respondents plan to continue their festive business postholiday season, what strategies or tools does GoDaddy offer to help these entrepreneurs sustain and grow their businesses in the long term?

At GoDaddy, we want to be considered a trusted partner for entrepreneurs and small business owners along their entrepreneurship journey. Our products and services are designed to work together, as a one-stop shop for their business online, and our expert customer

care guides and resources are available to help them at times that work for them.

As we innovate with our customer’s

needs in mind, we recently created a Small Business Generative AI Prompt Library, featuring more than 130

thoughtfully designed prompts across 17

categories – to ensure entrepreneurs get helpful results out of the use of new Artificial Intelligence tools. We also have

GoDaddy has always been a champion for entrepreneurs and

introduced an Instant Video feature within GoDaddy Studio, to help small

resources to help them succeed online. Website creation and

for video-based digital marketing by

microbusinesses by providing them with all the tools and

e-commerce tools, like GoDaddy Website Builder and Online Store, are making it easier than ever for Canadians to start a new business. A GoDaddy survey from earlier last year in

Canada found that it only took new side hustlers a couple of days to have their website up and running, and cost them under $1,000 to do so. These survey findings support the work we are doing to help make entrepreneurship easier and more accessible.

business owners meet the growing need easily creating social media and video content.

The survey highlights a diversity in the types of holiday businesses, with a focus on self-made goods and personal care services. How does GoDaddy plan to support these varied business models, and what advice would you give to entrepreneurs who are expecting to make between $101 to $1000 during the holiday season?

Entrepreneurs need to be as efficient as possible whether they decide to turn their festive business into a side hustle or a full-time business. There are limited hours in the day, and in a small business, you’re often doing all the roles.

Having the right tools and strategies to do more with less resources is important.

Advancing diversity, equity, and inclusion in Canadian SMEs

By Diana Palmerin -Velasco, Senior Director, Future of Work, Canadian Chamber of Commerce Diversity, equity, and inclusion (DEI) in the workplace is a broad umbrella that captures efforts to bring together people of various ages, genders, sexual orientations, races, ethnicities, and abilities and create an inclusive culture in which everyone has access to opportunities and can equally thrive. The benefits of DEI are many — diverse and inclusive organizations consistently perform better in innovation, revenue, and employee engagement and retention according to Sandra Odendahl, SVP & Head of Sustainability and Diversity, BDC.

With many people turning to businesses to find solutions for DEI, SME leaders are in a unique position to promote diversity, equity, inclusion, and accessibility in the

workplace, and the Canadian economy by extension. For SME leaders looking to advance DEI in their organizations, here are seven ways to get started.

Develop a DEI Strategy The first step in developing a DEI strategy is to take a critical look at where you are and what you are doing now.

Who are your employees? Who are your customers? What language do you use in your job postings to attract talent?

Is your physical workplace accessible? Is your website?

Then you can think about the full spectrum of opportunities to advance DEI in the workplace — from talent recruitment to development and training to helping with networking, mentorship, and sponsorship programs. Build a strategy that reflects your organization’s mission, vision, and values, and begin incorporating tangible and measurable actions as a core part of your business strategy. Ensure that actions have responsibility assigned and timelines included to keep your team on track and accountable. As

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you craft your DEI strategy, remember that diversity needs inclusion — diversity is a fact of today’s world, but inclusion requires intentional action to foster workplace cultures where everyone feels valued.

If developing a DEI strategy sounds intimidating or too resource-intensive, know that you don’t need a perfect DEI plan to get started on making meaningful changes in your workplace. Often it is better to just begin and continue to develop and refine the plan as you learn and grow than to try to do it all at once.

Diversity and Inclusion Shift the Mindset from the Top Down

Create an Accessible Workplace

As important as it is to encourage employee-led initiatives (our next point), the mindset shift around DEI must begin at the top. Senior management should communicate regularly with employees about what they’re doing to forward DEI in the workplace, why, and

DEI efforts in the workplace often focus on race, gender, and ethnicity, but it's critical to expand these discussions to also include accessibility and people with visible and invisible disabilities, including neurodivergence. One step towards normalizing the presence of people with disabilities in the workplace is making accommodations the norm rather than the exception. Many people wrongly assume that the

what any changes in policies may mean. If education and training are needed to help address stereotypes and discrimination, educate yourself first or alongside your employees. Check in with your employees regularly as feedback is essential.

cost of accommodations is too high, yet simple changes like desk heights or lighting can go a long way.

Encourage Employee-Led Initiatives While there is a lot that leaders can do to build and promote DEI, there is also a significant role for employees to play in driving change. Fostering an environment where employee-led initiatives are encouraged rather than only taking a top-down approach will help expedite change and increase engagement. Let your employees know that their

participation is encouraged (and perhaps expected) and ask for their ideas on how to evolve the status quo.

Participate in Activities and Events Organized by Underrepresented Communities Forwarding DEI isn’t just about what you do in your own business, but also about supporting the efforts of your industry and the communities in which you operate. Actively participate in events organized by underrepresented individuals and entrepreneurs, whether through volunteering,

sponsorship, attendance, or spreading the word on your social media or owned channels. It doesn’t take much time or effort to help amplify the voices and groups that are already doing amazing work supporting underrepresented communities.

Keep the Momentum Going One-off initiatives will not drive meaningful and lasting change. Increasing diversity, equity, and inclusion in your business operations is always a work in progress.

Spend time understanding why it’s imperative to forward DEI for your business, establish clear goals, and measure constantly as you would with other areas of your business, like sales and marketing. Small- and medium-sized enterprises have the advantage of being more agile in implementing changes, but the commitment and energy need to be there for the long run.

Look to Your Local Chambers of Commerce If developing a DEI strategy and taking the steps to advance it in your workplace still feels too overwhelming, reach out to your local chamber of commerce. They likely already have DEIrelated resources to help you get started building your strategy.

Meaningful change does not have to be resource-intensive, and neither does it have to happen all at once. As an SME leader, you can demonstrate your commitment to DEI through continued conversation, education, and action.

5

ways travel management can help grow your business

Business travel costs are typically one of the most significant expenses for a company. And if you’ve been avoiding bringing in a travel management company in order to save costs, we’ve got news for you. A travel management company does more than book your flights, they’re a strategic partner in helping you find value, optimize your travel program, and, you guessed it, growing your business.

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Smart spending, big savings For SMEs, every dollar counts, and Corporate Traveller's experts are your

financial allies. Imagine having the technology and team behind you to secure the best deals on flights, hotels, and transportation, ensuring your business enjoys cost-efficiency without compromising comfort. Plus, you’ll get access to our exclusive negotiated rates for all your travel needs.

On top of that, you’ll regularly review your travel program with a customer success manager to make sure you’re getting the most bang for your buck, and have recommendations to make it run even smoother.

Your business, your travel rules No two businesses are alike, and we have designed our services to meet your needs. Our travel managers collaborate closely with stakeholders to tailor travel policies that mirror the unique ethos of your company and its people.

Business Travel It's more than just streamlining the booking process; it's about ensuring every trip aligns seamlessly with productivity and compliance goals, but also keeps in mind the wellbeing of your travellers.

Always here: Your travel lifeline Small businesses don't always adhere to a 9-to-5 schedule, and neither do we. With Corporate Traveller, you're not just getting support; you're gaining a reliable lifeline. Whether it's a flight delay or a last-minute change, our travel experts are here 24/7.

So, no matter where your travellers are, they’ll be able to reach an expert by phone or live-chat from any time zone. And in turn, you’ll have the peace of mind that no traveller is left stranded.

actionable intelligence for strategic business growth.

Get ready to meet Melon – our digital travel platform and your new ally in informed decision-making.

How Corporate Traveller adds value to your small business As you explore travel management and companies like Corporate Traveller, consider the possibilities it can bring to your business.

And while the dollars and cents are important, it’s important to envision not just a service but a partnership

that scales with your business needs. For us, our relationships with our clients

are not only transactional, we commit to quality, personalized service that grows with you, and supports your greater business goals.

Keeping business travel stress-free There are enough things to think about when it comes to your business, but your travel plans shouldn't contribute to the stress. Corporate Traveller integrates robust risk management strategies into every travel program. With features like traveller tracking, policy integration, real-time alerts, and advice from travel experts, you’ll always be in the loop.

And, when you know that your travellers are secure on the road, you can redirect your focus toward strategic growth initiatives without compromising duty of care.

Smart moves with data-driven decisions In the era of big data, Corporate Traveller can help with complex reporting needs. Imagine tapping into real-time analytics and reports to gain in-depth insights into your travel expenses. It's not just about predicting cost-saving opportunities and analyzing travel patterns—it's about turning data into

So, are you ready to elevate your business travel program?

Let’s chat!

The importance of communicating your

employer brand and employee proposition to attract and retain top talent In the ever-evolving landscape of Attraction, Recruitment, Selection, and Retention, the criteria that define an

SARAH Founder, Eyes On HR

exceptional employer have undergone a transformative shift.

Depending on what platform, publication, or influencer you are listening to, the options for small businesses can seem overwhelming, unattainable, or unrelatable. Sorting through

trends and best practices can leave a leader spinning. What are employees looking for? What can your organization offer that makes it stand out from your competitors? With limited resources, small businesses can feel like they can’t possibly compete with larger, more sophisticated, higher-spending employers. Eyes on HR believes that each business regardless of size or budget - has an opportunity to craft a

unique and authentic story about why the right person would fit with their company; ideally the right person who fits their culture. Offering potential employees an honest, welldefined, clear, and authentic picture of what it is like to be an employee at your workplace can make the greatest impact.

Exploring what it is like to be an employee in your company, and having open, honest, and transparent feedback conversations with employees is what shapes your understanding of your Employee Value Proposition (EVP).

Your leadership team must remove the “rose-coloured glasses” and determines if there is alignment between what the leadership team “wants” the employee experience and culture to be, and what the culture and employee experience “actually is”. It’s the misalignments between desire and reality that lead to a poor employer reputation, leading to poor attraction and retention.

Employees are seeking more than just a higher salary and more benefits; they are seeking a profound alignment with an employer that authentically shares their values. As an employer – through your employer branding - you are the storyteller and can create the narrative for current and future employees. When you fail to articulate the unique qualities of your company culture - others will define it for you – often, those with the loudest voices are the least satisfied.

In today’s market, a robust employer brand isn't just a

Eyes on HR offers a curated step-by-step

multifaceted impact on a business's financial performance. A strong employer brand can significantly cut down the cost per hire by 50% and

you create a cohesive voice that explains what it's like to work at your company, including the unique combination of

luxury, but rather a critical strategic investment.

According to LinkedIn reports, a robust employer brand not only facilitates recruitment but also has a

decrease turnover by 28%, demonstrating the tangible benefits of clearly articulating your company culture.

Conversely, a negative employer reputation can inflate hiring costs by at least 10%, as reported by the Harvard Business Review.

Your employer brand isn't built on glossy promotional materials either; it's shaped by your employee's lived experience within the business. Exploring the emotional fabric of your organizational culture is crucial in understanding the lived reality during the employee lifecycle. It informs not just what you've done well, but also where improvements are needed.

According to Glassdoor, a staggering 92% of employees would consider changing jobs with no salary increase if the opportunity was with a company boasting an excellent reputation.

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approach to supporting clients in developing their employee value proposition and brand culture. We can help

benefits, culture, experiences, and other items that employees can expect when working for a company. We then curate the findings and begin to weave them into every facet of your brand story, and employee lifecycle; tying it all together to boost retention and overall employee happiness. Do you know your employee value proposition; would your employees agree?

How Poptronic turned

a virtual dream into reality When Kelly Bergeron first thought of the idea for her start-up company, she knew just the person to call. It was September 2021 when she sat down to dinner with former colleague, Chatnie Herne, to talk through her idea and the possibility of partnership. The two first met at the Ontario Emerging Jobs Institute while

working on a project aimed at teaching adult learners about how to use technology and

digital skills to upscale their job skills. With their shared passion for technology and accessibility, Bergeron was eager to share

the idea for a new business: Poptronic, a company that would make virtual reality (VR) technology accessible to those for whom it had been largely out of reach.

By the end of the dinner, Herne was on board. Only two months after their first conversation, Bergeron and Herne were starting to establish their VR rental business in Cornwall, Ontario. VR technology creates a simulated 3D environment that gives users the feeling of being immersed in a different space. The benefits of this immersive experience include deepening the users’ sense of empathy, Bergeron says.

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She points to the example of how their team recently went to a local high school on the National Day for Truth and Reconciliation to share This is Not a Ceremony, a film by the National Film Board about Canada’s residential schools and foster care system. By immersing students in the story through VR headsets, they got an up-close glimpse of the injustices inflicted on the Indigenous peoples depicted in the film. “The feeling of empathy you can get from that immersive technology trumps anything you can get from a piece of paper,” explains Bergeron.

Small Business Poptronic now offers virtual technology for a range of functions, including training, education, gaming and entertainment, fitness, meditation, and more. Since this technology can be costly, they rent it out to lower barriers for users.

Herne, who grew up on a Mohawk reserve in Akwesasne, says her own upbringing shaped their decision to set up Poptronic in that area, having seen significant inequality in Indigenous communities’ ability to access the latest technology firsthand: “It’s important for me to tie my work into the Indigenous communities. If I’m working, I want to be benefiting them somehow.”

In late 2022, the Poptronic team heard about the WEOC National Loan Program – a program offering loans of up to $50,000 to women-identifying entrepreneurs starting or expanding their businesses. They applied for a loan by contacting WEOC loan fund partner, PARO, a not-for-profit social enterprise that supports women-owned businesses across Ontario. Receiving the loan was a game-changer,

Bergeron says: “Without WEOC, we wouldn’t be here right now.

The loan was our calling card to get the tech we needed to start proving our thesis throughout the past six months.” The funding they received allowed them to expand their business and design their studio space in Cornwall.

Herne adds the loan program also allowed them to acquire new headsets, which led to clients with larger orders.

Connecting with WEOC further helped Poptronic make

The virtual reality industry has been

connections with other loan recipients, including Trembar, a female-led supplier of refurbished VR headsets. They ended up

grow to US$441.84 billion by 2030. At the same time, data shows that women-led

Today, Poptronic can accommodate clients with a broader

growing rapidly in recent years. Insight Partners suggests the global market will

start-ups receive less than three percent of all venture capital investments — a barrier the Poptronic team encountered in their early days.

After launching Poptronic, Bergeron and Herne struggled to find funders. As Herne recalls, “If you’re a woman co-

founder or entrepreneur, people come at you with harder questions.” In hindsight, she calls this initial lack of interest a “blessing in disguise”, allowing them the time to fine-tune their approach.

supplying Poptronic with those headsets, which helped them save money while supporting another female-led business.

range of needs, from corporations to community organizations: The range of requests includes supplying VR technology to birthday parties, corporate training sessions, and mosques seeking an immersive religious experience.

Looking ahead, Bergeron and Herne say they are excited to keep building on their vision. Herne says she’s particularly

looking forward to delving into the education space: “Having more curriculum available that we can tailor to whatever the students are learning, whether that’s the solar system or Egypt or marine biology, is super exciting.”

Bergeron adds that they also want to keep deepening their connections to their rural community in southeastern Ontario. Experiences like the ones offered

by Poptronic help them because they cannot afford field trips to museums, for example, where students experience “moments of awe”, making VR technology their next best bet. She hopes to create more of those moments of awe in the future.

Breaking Barriers Program is

Helping Employers Diversify While many businesses successfully meet and even surpass gender equity and diversity targets, a considerable number of other businesses, particularly small and mid-sized, encounter challenges when initiating their diversity initiatives, often driven by the apprehension of making mistakes. This is

and training, facilitating the advancement of career growth

Our goal is not merely to transform workplaces but to create ripples of change that reverberate throughout society, breaking the barriers of bias and prejudice.

The services available under the Breaking Barriers program,

According to a McKinsey report,

where the Breaking Barriers Program can step in to offer assistance. Funded by the federal government, the program supports businesses with consultations, resources, coaching, for women.

encompass a comprehensive range, starting from initial DEI assessments to formulating inclusive recruitment strategies, recommending mental health resources, and establishing mentorship programs for underrepresented employees.

Breaking Barriers, a business-supporting program at Times Change Women's Employment Service, is steadfast in our commitment to modernizing workplaces, making them models of diversity, equity, and inclusion.

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women's representation in corporate leadership roles is

gradually increasing, but there is still a significant gender gap, especially at the C-suite level.

Diversity We invite you to join our Gender Diversity Challenge to move the needle in your organization toward supporting women.

You will receive a digital badge for your clients, vendors, and job applicants to see.

We will promote your business on Times’ Change’s social media to make these important steps. We are happy to share what Challenge participating employers have been accomplishing:

Breaking Barriers offers complimentary guidance in the following gender equity initiatives for your business:

Designing and analyzing diversity self-identification surveys.

Training recruiters in inclusive hiring practices; Integration of DEI concepts into the company’s

leadership education and development programs.

SweptAway, leaning on an employee survey, designed by Breaking Barriers, has been putting extra effort to offer company-wide essential skills training, coaching for newly hired leaders, and succession planning and training for high-potentials.

Dynamic Health Clinic has been

Providing teams with enriched learning opportunities on respectful workplaces, being more inclusive, unconscious bias, allyship, microaggressions, and antiracism.

Promoting a change in culture and removing systemic barriers.

Designing and piloting a mentorship or sponsorship

program to grow diversity among women in manager

upgrading its maternity leave policy.

and director roles.

Several chapters of the International

Creating employee-led, executive-sponsored employee

Coaching Federation (ICF) in Canada have been working on designing and sharing diversity surveys to attract and

resource groups (ERGs) made up of employees who share common interests or life experiences.

engage more diverse coaches in

Introducing flexible work arrangements.

leadership roles and chapter participation.

Tracking and disclosing diversity targets and progress.

Incorporating diverse supplier practices.

Dozens of companies have participated in diversity, inclusion, and leadership development workshops offered by the Breaking Barriers Program to open doors for more growth, inclusion, and a sense of belonging in their teams.

While you grow your company and your staff, we recommend including upskilling, access to promotion opportunities and challenging projects, mentorship, and sponsorship initiatives for women, so these practices become an integral part of your company’s DNA.

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Proactively adjusting compensation throughout the organization to align pay between men and women who perform similar roles.

Expanding diverse hiring practices – hire more women!

At Times Change, our clients are job-ready and supported. Please contact us to begin collaboration.

We welcome you to learn more about the Breaking Barriers Program and let us support you on this journey. Together, let's create a future where diversity is accepted and celebrated as the bedrock of success. Please contact Larysa Grant at BreakingBarriers@TimesChange.org for more information.

By Zoho The advent of the digital age has completely transformed the shopping experience, providing unprecedented ease and giving us instant access to global marketplaces. Amidst this dynamic environment, online platforms such as Amazon and eBay have flourished as popular choices

for vendors seeking to access a wide range of consumers. Meanwhile, the development of e-commerce has shown an alternative pathway: the

emergence of independent ecommerce online stores. This transition presents a crucial decision

for businesses that are navigating the realm of online commerce.

A more comprehensive analysis of

the workings of marketplaces and ecommerce online stores reveals the existence of their own unique operational approaches and benefits.

Marketplaces, which are illustrated by industry titans such as Amazon and Alibaba, serve as intermediary platforms that store products from numerous purveyors. This enables consumers to access a wide range of options. On the other hand, ecommerce online stores function as customized storefronts where business owners can exclusively exhibit and sell their merchandise, thereby encouraging direct interaction and transactions with clientele.

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Here's why you should consider opening your own online store in addition to having a presence in existing marketplaces:

1

Promoting Genuine Products and Maintaining Ownership of Brands

A major threat to the credibility of brands is the availability of fake goods in consumer markets. Business owners may strengthen their brand's credibility by opening their own online stores and having complete control over product quality. A strong brand reputation is built by a concentration on authentic, high-quality goods, which in turn fosters consumer happiness and loyalty.

Ma rketplace

5

2

Maximizing Efficiency in Transactions and Profit Margins

Sellers' liquidity and profit margins are eroded by

marketplace systems that require lengthy payment periods and large commission costs. On the other hand, having an online business allows

entrepreneurs to have complete control over their profits, streamline payment processes, in addition to having lower transaction costs. Hence, using ecommerce platforms to build an online store can boost financial flexibility and, in turn, drive long-term company expansion.

3

Establishing Pricing and Revenue Autonomy

With an online store, sellers have complete leeway in setting prices, vendors may promote

consumer engagement and maximize income by adopting strategies that reflect their brand values. Moreover, sellers can also implement customer-specific pricing policies and promotional offers.

4

Streamlined Management of Inventory and Delivery

Marketplaces put vendors in risky situations when it comes to refunds and inventory management because of their intrinsic emphasis on consumer convenience. Sellers have to factor in the possibility of order cancellations after dispatching the products for delivery, which ultimately results in loss of that sale. However, ecommerce platforms with integrated inventory management provide sellers with an option to set policies that prevent order cancellations after payment.

Maintaining Control Over Customer Information and Relationship Development

The inability to access crucial consumer data is a fundamental drawback of marketplaces, which makes it difficult for sellers to establish long-term connections. A major perk of e-commerce platforms is the access to valuable consumer data they give to vendors. Building closer ties with customers and increasing brand loyalty are both made possible by using this information to create customized user experiences, conduct targeted marketing efforts, and engage in personalized interactions.

6

Maintaining a Strong Online Presence

Seller accounts can get suspended by marketplace

rules, which may lead to unexpected interruptions to company operations. On the other hand, having an online store allows businesses complete control over

their internet presence, guaranteeing that their firm will run smoothly. With no need to worry about breaking any rules in the industry, you can build a solid foundation for long-term success and prominence online.

Conclusion : Unlock the maximum potential with a collaborative approach.

The ever-changing world of online shopping calls for a

middle-ground strategy that makes the most of what marketplaces and individual online stores have to offer.

For businesses looking to boost their online sales, integrating an e-commerce online store with a marketplace presence is a strong approach. For modern-day vendors, a strategic requirement is the merging of marketplaces with specialized online storefronts. With this mutually beneficial partnership, ecommerce businesses can increase their sales, protect their brands, and strengthen their overall stability and development trajectory.

The importance of being welcoming for any business A Telus study, that is exactly in line with every other study ever done on the topic, tells us that 49 per cent of Canadians and 83 per cent of 2SLGBTQIA+ Canadians are more likely to purchase products and services from companies that support the 2SLGBTQIA+ community.

There are plenty of reasons why any corporation or business should be 2SLGBTQIA+ friendly, other than that it’s the moral and right thing to do is not to let anyone feel left out or unwelcomed. Businesses benefit from being queer friendly.

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This is the largest growing minority market.

With massive buying power.

A savvy consumer group.

More loyal to brands that support us than any other consumer group. Show them love and support and they will follow you forever.

Small Business

This is a market that has a current and quickly growing combined buying power of $3.9 trillion dollars globally and the population is increasing rapidly as young people and other age groups identify as queer.

The numbers will only continue to rise (regardless of what’s going on politically, etc.). No one is going back in the closet and they have to eat, shop, live, work, play, etc.

How your business treats the queer market and queer consumers WILL have a massive impactnot only on

If that is not enough, that same Telus study tells us that: 68 per cent of Canadians and 88 per cent of 2SLGBTQIA+ Canadians think that businesses that support the queer community are better corporate citizens.

Overall, being 2SLGBTQIA+ friendly is not just ethically and morally important, but it also has clear benefits for the success and sustainability of businesses. You get to grow a long term diverse customer base, and being inclusive helps build trust and loyalty.

You would also enjoy enhanced brand reputation. This would result in increased visibility and positive wordof-mouth recommendations.

profit but also on your market positioning now and for years to come.

Advertising year round to the 2SLGBTQIA+ community gives you an instant competitive advantage because queer consumers pay attention. They are a LOYAL consumer base as I mentioned. You show up for them, and they will show up for you. They will share your stuff, frequent your establishments, tell their friends, etc.

This a market that is not swayed by the dollar and the discount and that makes us a unique and sustainable opportunity that most businesses completely miss out on.

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Throughout the history of marketing, those who lead have

come out on top. Corporations and businesses that have capitalized on holes or gaps in the market that other companies weren’t visionary or brave enough to tackle have

won. The missed-out long-term gain of marketing directly to a group whose NEEDS and BUYING POWER are often overlooked is a serious mistake.

With 35 years of expertise, INspired Media can help you navigate a lot of the questions you may have to start building, or growing, your clientele from this market. And with services that range from consulting, to creative, web, and video production, and being the producers of the leading magazines, business directories, and talk shows, for the 2SLGBTQIA+ community, we have all the tools to help in your success.

Antoine Elhashem publisher@thepinkpagesdirectory.com www.inspiredmediainc.ca

How SMBs Can Streamline Operations to

Optimize Growth By: JD St-Martin

The retail industry faces a specific set of financial and operational challenges that are testing their longevity in an increasingly competitive marketplace. Staying power has always been an issue for small and medium-sized businesses (SMBs): Of the staggering 101,324 Canadian businesses created between 2015 and 2019, 90,151 disappeared. The success of global corporations, a booming online marketplace and rapidly changing technologies put into perspective the importance of staying competitive and adapting to evolving consumer expectations.

With costs and debt rising, many businesses believe they will be impacted. Employees are becoming more difficult to retain. And over one-third of SMBs believe their profitability will decrease this year.

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Some of the biggest pressures Canadian business owners have faced this year include rising inflation, cost of inputs, growing interest rates and debts. SMBs can’t change factors that are out of their control, like inflation and insurance costs, but they can take steps to face these challenges head-on to futureproof their operations and optimize growth potential.

SMB Growth Centralize your operations in one place Many retailers operate using legacy systems and scattered solutions that ultimately hold them back. Tech issues from legacy and non-integrated systems can cost up to $4000 per employee in lost time per year.

The fastest growing businesses are modernizing their operating systems and proactively managing costs. Using multiple

Use data to make high-level decisions Entrepreneurs need to be more commercially minded than ever. That’s where data comes in: the right insights can help you make high-level financial and operational decisions to improve efficiency and reduce costs.

Some of the biggest expenses for business owners are labour and inventory. Over a third of Canadian SMBs cite labour as a large

contributor to rising costs, as well as the impact of stock availability.

Lightspeed’s Advanced Reporting provides insights that help retailers optimize all aspects of the business, but particularly inventory and

staffing. Through hourly sales data and individual performance reports, you can view whether you’re scheduling staff at the right times and learn how to improve performance and retention.

Using data, business owners can reduce labour costs during quieter periods and boost productivity by tracking metrics such as average items per sale. We know that employees with goals are 3.6 times more likely to be committed to their organization. That’s proof that labour insights can hugely impact not only staff retention, but revenue.

You should be able to make the most out of your inventory by reducing shrinkage and wastage to ensure what you’re buying is selling. With Insights, you can view which products are selling well and which aren’t, and what you need to restock. That can inform decisions related to promotions or discounts to move stock out.

In fact, when a product is out of stock, 26% will switch their purchase to a different store. Optimizing stock availability is key to both increasing revenue and retaining customers.

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providers for your business functions, from POS to accounting to payments,

increases costs and drains resources due to all the time you have to spend managing different areas of the business in various platforms.

Consider using a platform that

consolidates all your needs. This solution should include features like point of sale, payment processing, inventory management and reporting, all

within a single subscription. You’ll see cost savings, not to mention improve efficiency, meaning it’s well worth the time to move away from your legacy system.

An all-in-one solution will also reduce the time your employees spend troubleshooting technical issues. With one partner and one line of support, you’ll get comprehensive assistance for every aspect of your business.

SMB Growth

Automate repetitive tasks

Final thoughts

Companies lose up to 30% of revenue every year due to inefficiency. In other words, efficiency is key.

Instead of allocating so much of your time to core business tasks, you should be able to focus on making higher-level decisions.

The financial challenges that retailers currently face can seem overwhelming. However, with just a few impactful changes, business owners can foster resilience in an increasingly competitive environment.

Labour can represent up to 70% of business

Using data to power high-level business decisions,

platform you use to run your business should allow you to schedule automatic tasks like invoice payments and reordering when inventory levels

efficiency across your business and reduce costs.

spending, so helping your team become more productive is a fantastic way to reduce costs. The

decline.

centralizing your business operations, and automating time-consuming tasks can improve

My vision is to empower businesses to grow using a platform that services all operational and financial needs. With such a platform, business

owners can truly prepare for the future of retail.

Many businesses still use spreadsheets to manage inventory, which adds hours of additional work, not to mention increases potential for error.

Lightspeed’s platform, for instance, automates key inventory management tasks such as adding products to sell in-store or online with just a click.

Other scheduled tasks, like payroll and invoice reminders, can also easily be automated in a consolidated platform. Removing yourself from these daily tasks will increase efficiency, employee productivity, and ultimately help curb costs associated with outdated, complex processes.

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JD St-Martin President, Lightspeed JD St-Martin joined Lightspeed in May 2019 through the acquisition of Chronogolf, a SaaS company he cofounded in 2013. In October 2019 he was promoted to Senior Director of Global Account Management and in July 2020 he became our Senior Vice President of Global Sales. In 2022, JD became President of Lightspeed.

Prior to founding and growing his own company, Mr. St-Martin accumulated five years of experience in Venture Capital and Private Equity at Teralys Capital in Montreal and GE Equity in London, UK. Mr. St-Martin holds a Master of Science in Accounting and Finance from the London School of Economics and a Bachelor of Commerce in International Business from the University of Ottawa.

"Flick Fireworks: Lighting Up the Night Sky 24/7 with Pure Magic"

A Symphony of Light at Every Hour: Picture this: a midnight birthday bash or a spontaneous get-together with loved ones, all aglow with the magic of fireworks. Flick Fireworks brings the

enchantment to any moment, turning ordinary occasions into extraordinary

memories with its 24-hour availability.

Crafting the Extraordinary:

Step into the dazzling world of Flick Fireworks, where celebrations become extraordinary. Fueled by a passion for making moments unforgettable, Flick Fireworks stands out by offering 24-hour availability for personal use and specializing in crafting custom fireworks and drone shows.

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At Flick Fireworks, it's not just about fireworks; it's an art form. Every custom display is a unique masterpiece, meticulously crafted in a dance of colors, shapes, and effects. From brainstorming to launch, Flick Fireworks collaborates closely with clients, creating a sensory experience that goes beyond the visual spectacle.

Technology

Dazzling with Drone Technology: What sets Flick Fireworks apart is the fusion of traditional pyrotechnics with cutting-edge drone technology. The result? Dynamic and synchronized performances that captivate audiences. Imagine a mesmerizing dance of lights pushing the boundaries of what's possible in the world of fireworks.

Ensuring Safety, Inspiring Joy: In an industry where safety is key, Flick Fireworks

takes pride in its rigorous safety measures. The 24-hour availability for personal use comes with stringent protocols, ensuring a secure and

enjoyable experience. Flick Fireworks not only lights up the sky but does so with a commitment to the well-being of its audience.

Community Connection: More than just displays, Flick Fireworks

fosters a sense of community and joy.

Actively contributing to local events and celebrations, the company forms partnerships that bring the magic of fireworks to a broader audience. From town festivals to milestone celebrations, Flick Fireworks is a beacon of light, symbolizing the spirit of togetherness and celebration.

Looking to the Future: As Flick Fireworks continues to light up the night sky, exciting prospects await. The company envisions pushing the boundaries of innovation in the fireworks industry, exploring new technologies, and expanding its reach to bring the magic of Flick Fireworks to even more people.

In conclusion, Flick Fireworks is a beacon of creativity and innovation in the world of pyrotechnics. The 24hour availability for personal use, the artistry of custom displays, and the integration of drone technology showcase a company that not only celebrates the present but is poised to shape the

future of fireworks. Flick Fireworks isn't just lighting up the sky; it's igniting moments of joy and creating memories that last a lifetime.

The Dangers of Free Video Posting: You've spent weeks crafting that perfect video for your business. It captures your brand personality, engages potential customers, and drives action. You're excited to get it in front of as many eyeballs as possible to spread your message. The temptation is to take the easy route and upload it to a free video-sharing platform. PAUSE: Think before you do it.

Free video platforms may seem like an easy solution and the word is you can become a trending content provider making tons of money. However, there are lots of hurdles and stipulations that get in the way of that goal. There are many major limitations imposed on content creators that can stunt the growth of your business. For example, on many of these platforms, you can lose control of the ownership over your content. They can demonetize, remove, or ban your videos at any time without cause or explanation.

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Technology While free options seem appealing, you may have minimum control over how your content is displayed but not on who sees it. Contrary to what you might think, you are at the mercy of these platforms and their algorithms. Algorithms that are designed to generate maximum ad dollars for them. For the most part it is your marketing efforts that are driving viewers to your content.

Until you reach predetermined viewer levels set by the “Free

posting platform”, no audiences are being driven to you through ads or “You May also likes” unless their business rules are met. If you want your video to have a real impact, continue doing the great social media marketing you are already doing but instead try driving your

audiences to your own video business platform. Create your own unique digital storefront on a business platform where people come specifically to see what you have to offer the world. Take your content to the next level, support

your growth, and invest in yourself.

Sure, it requires an initial investment of time and resources,

which you are already doing, by the way. A customized business

platform also allows you to tailor the experience for your audience.

Use your brand colors and logo, curate content specific to your niche, and build the features and community your viewers crave. Your platform becomes a natural extension of your brand, where your audience knows they can find the content and conversation they seek. A Video business platform gives you full control over your viewing experience and the monetary benefits.

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You pour your heart and soul into creating amazing video content that provides value to your viewers. Why let a third party determine

when you can be compensated for your work? You don't need anyone's permission to make money from the content you produce.

The secret the big gurus don't want you to know is that you can monetize immediately using your video business platform. You set your video rates and get paid, so sell your own ad space and get paid, you determine subscription rates and get paid all on your platform. No more waiting for viewership minimum to get payment from ads, no more gatekeeping. Just you, your content, and audiences eager to consume your content.

If succeeding as a video business is your goal, then build it on a platform that favors your needs. Take control and reap the rewards of owning your video platform. The extra effort will be well worth it. Believe in yourself and bet on your own success. You have nothing to lose and financial freedom to gain. The only real criteria that matters is making content people care about.

Business Woman of the Month

Alexandra T. Greenhill Co-founder, CEO, and Chief Medical Officer, Careteam Technologies

Pioneering the Future of Health Through Innovation and Leadership

Converting Digital Innovations into Significantly Impactful Progressions

In the dynamic and ever-changing realm of healthcare, the presence of forward-thinking leaders is essential to effectively connect the divide between potential advancements and current realities. Dr. Alexandra T. Greenhill is one such trailblazer who has made significant contributions in the fields of medicine, technology entrepreneurship, and healthcare innovation. Having successfully led initiatives valued at over $100 million in the healthcare industry, she has established herself as a prominent figure in the field of health innovation. The path of Dr. Alexandra serves as a monument to her steadfast dedication to using entrepreneurship and technology to tackle the urgent concerns of our society, namely within the domain of healthcare. The CanadianSME Business Magazine has recognized Dr. Alexandra T. reenhill as Business Woman of the Month for her avant-garde initiatives in the health and wellness industry.

The professional trajectory of Dr. Alexandra serves as evidence of her remarkable aptitude for converting intricate digital advancements into pragmatic remedies that improve the well-being of healthcare practitioners and those seeking medical treatment. Having accumulated more than 15 years of expertise, she has constantly guided the trajectory of healthcare innovation towards a more promising future. The individual's notable achievements clearly demonstrate her dedication to using technology and entrepreneurship as catalysts for promoting beneficial transformations within the healthcare sector.

Business Woman of the Month In her roles as founder, adviser, and board member for some of the world's most influential digital health and impact-focused organizations, Dr. Alexandra has been instrumental in transforming the field of medicine for the future. As a result of her efforts, healthcare is now more simplified and centred on the needs of patients.

She is convinced of the transformative potential of digital health and has spoken at TEDx events on subjects like "The incredible promise of digital health" and "How to live longer, healthier, and happier."

Leading Careteam Technologies: Revolutionizing Healthcare The extraordinary path that Dr. Alexandra traversed has led her to her present position as CEO and Chief Medical Officer of Careteam Technologies, which she co-founded. Careteam Technologies has become a leading innovator under her direction, focusing on making doctors' and patients' lives easier. The company's goal is to close the gap between what might be done and what is really being done in healthcare, which is becoming more complicated and leading to increased confusion and expenses.

With cutting-edge solutions to the problems encountered by both healthcare professionals and patients, Careteam Technologies is at the front of a digital healthcare revolution. Under Dr. Alexandra's direction, the firm has developed innovative platforms that improve healthcare outcomes by fostering improved communication, coordination, and patient participation.

Advocacy, Recognition, and a Commitment to Change Beyond her impressive career, Dr. Alexandra is a staunch advocate for advancing the role of women in STEM and ushering in transformative changes in the world of healthcare. Her numerous accolades and recognition attest to the profound influence she has had in her field. In addition to the YWCA's Women of Distinction Award, she is the recipient of the Cartier Women's Initiative Award and the Queen Elizabeth II Diamond Jubilee Medal of Service.

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Her impact has been acknowledged by many lists, including "Top 40 Under 40 Most Influential Women in STEM" and "WXN Top 100 Most Powerful Women in Canada." She was named one of "Digital Health Canada's Top Women in Digital Health" and the "Startup Canada Women Entrepreneur of the Year Award" for her dedication to breaking new ground and questioning established norms in the field of digital health. Dr. Alexandra has also shown her commitment to the improvement of healthcare via technology and innovation by co-editing the book "AI in Clinical Medicine," which is due out in 2023.

In a nutshell, Dr. Alexandra T. Greenhill is a

successful businesswoman who has used her medical competence, entrepreneurial drive, and enthusiasm for technology to change healthcare. She inspires healthcare innovators with her leadership at Careteam Technologies, advocacy for women in STEM, and many honours. Her experience reminds us that healthcare development depends on creativity, technology, and perseverance. To learn more about Careteam’s services and projects, visit the website.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit here. If you want to stay ahead with the latest news, try following us on Twitter at @canadian_sme.

We encourage you to join our community of business-enthusiastic individuals.

Navigating 2024:

Words of Wisdom for Small Business Owners

As the curtains rise on a new year, the pages of opportunity unfold for small business owners across Canada. It is a momentous time to pause and reflect on the remarkable journey each entrepreneur has embarked upon, while setting sights on the promising horizons that lie ahead. In this special section of the CanadianSME Small Business Magazine, we turn our spotlight towards these unsung heroes of the Canadian economy, including special messages for small business owners.

Small businesses have long been the bedrock upon which Canada's prosperity has been built, their tenacity and unwavering dedication driving the nation's progress. Their impact is undeniable, their contributions immeasurable, and as we step into the dawn of 2024, their

importance continues to resonate across our great nation.

In this edition, we are honored to present a collection of inspiring words and invaluable

advice from esteemed business leaders and experts, along with heartfelt messages from distinguished dignitaries. These nuggets of guidance, encouragement, and special greetings are intended to serve as beacons of inspiration, lighting the path forward as our resilient entrepreneurs persist on their remarkable journey.

In this January edition of CanadianSME, we invite you to take a moment to absorb the profound insights, strategies, stories, and special messages that await you. Let the words of those who have tread this path before empower and guide you toward another year of triumphs, innovation, and prosperity. Small businesses are the backbone of our nation, and as we embark on this new year together, we reaffirm our commitment to supporting your growth and success.

All Images, trademarks, service marks and logos referred to or appearing in this magazine are the property of their respective owners.

Celebrating Small Business Success: Minister Valdez's 2024 Message Since taking on this role in July, I have been meeting with small business owners, chambers of commerce, boards of trade, and business improvement associations across the country to listen to how our government can empower and support small and medium-sized businesses to reach their full potential.

The Honourable Rechie Valdez, Minister of Small Business The Honourable Rechie Valdez was elected as the Member of Parliament for Mississauga-Streetsville in 2021. She is a mother of two, wife, Canadian entrepreneur, television personality, and community advocate. She is the first Filipino-Canadian woman elected as a Member of Parliament and appointed to Cabinet. Before politics, Minister Valdez owned and operated a small bakery business and was the host of a TV show that shares the stories of entrepreneurs, creators and artists. Prior to that, she worked in corporate banking for 15 years.

Born and raised in Zambia, Minister Valdez immigrated to Canada with her family in 1989.

I would like to take this opportunity to wish all small business owners and entrepreneurs a happy and successful 2024. I am excited to head into the new year as your Minister of Small Business, and continue the incredible work we have been doing to support small and medium-sized businesses from coast to coast to coast.

We’ve taken your suggestions and have been putting them to work. During the last five months, we have finalized agreements with Visa and Mastercard to reduce credit card

fees, saving small businesses up to $1 billion over five years; invested nearly $4 million in the Women Entrepreneurship Knowledge Hub to continue supporting women entrepreneurs; announced $500,000 for the Canadian Council of Aboriginal

Business to support Indigenous entrepreneurs; committed nearly $3 million to support nearly 2000 women entrepreneurs across the country alongside École des entrepreneurs du

Québec; and launched the 2SLGBTQI+ Entrepreneurship Program Ecosystem Fund for 2SLGBTQI+ entrepreneurs. And we are not stopping there.

Advocating for the voice of small and medium-sized

businesses and bringing your ideas to decision-making tables has been the opportunity of a lifetime. Small businesses are

not small, you make up over 97% of the economy and are invaluable members of each of your local communities. As a former small business owner myself, I know first-hand the challenges – as well as the rewards – of starting your own business. It is a deeply personal journey, and ensuring that I can support small businesses to start up and scale up is a job I take as seriously as you do yours.

Canada is a better place because of the uniqueness and diversity that small and medium-sized businesses bring to our neighborhoods, and I want to thank you for the work you are doing day in, and day out.

Happy New Year!

Honourable Rechie Valdez Minister of Small Business

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Building a Prosperous Future with SMBs Southern Ontario has a rich history of entrepreneurship as small businesses make up the backbone of many communities. From family-owned shops lining main street to the innovative startups creating jobs, they not only contribute to our economic growth but bring a unique character to our communities.

These businesses contribute a lot to our neighborhoods by creating jobs, fostering creativity and creating spaces for community engagement. Whether it's the local coffee shop where residents gather, the family-run restaurant serving generations of customers, or the tech startup pushing the boundaries of innovation, each small business contributes to the vitality of our region.

Filomena Tassi

Minister responsible for the Federal Economic Development Agency for Southern Ontario

When we support business owners, we are investing in the prosperity of our friends and neighbours. These

enterprises create jobs, stimulate economic growth, and foster a sense of community in our towns. They are integral to the fabric of our region, and their success is

The Honourable Filomena Tassi was first elected as Member of Parliament for the riding of Hamilton West—Ancaster—Dundas in 2015.

intertwined with the success of our community as a whole.

She has previously served as Minister of Public Services and Procurement, Minister of Labour, and Minister of Seniors.

As we navigate the challenges of our times, it is crucial to

Born and raised in Hamilton, Minister Tassi has

recognize the talents of our small business owners, who have weathered storms and adapted to change with

determination. They are owned and operated by people from all walks of life, bringing a richness of experiences and perspectives that make our communities stronger.

Our government is committed to working collaboratively to create an environment where entrepreneurs can thrive. By supporting initiatives that promote entrepreneurship, access to capital, and innovation, we can ensure that southern Ontario remains a hub of economic activity and a place where small businesses can continue to flourish.

Southern Ontario has incredibly talented and hard working entrepreneurs. When they are supported they attract new businesses which contributes to national prosperity for generations. Together, we can build a future where we support our people, invest in their potential and turn possibilities into realities.

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been the voice of change for families in the city through a lifetime of commitment to her community.

Minister Tassi obtained a Bachelor of Laws from Western University, and also holds a Master of Religious Education from the University of St. Michael’s College at the University of Toronto.

Minister Tassi practised law for six years before leaving to raise her family. She later became a high school chaplain for the HamiltonWentworth Catholic District School Board. As chaplaincy leader, she helped establish the D.R.E.A.M.S. (Dominican Republic Education and Medical Support) program, which has enabled thousands of students to live and work with the materially poor in the Dominican Republic.

Minister Tassi, her husband, and two children live in the Hamilton West—Ancaster—Dundas riding.

Navigating the Digital Future in 2024 is not an option—but a rich opportunity—for SMEs A heartfelt thank you to Ontario's small business community.

Nina Tangri

Ontario’s Associate Minister of Small Business The Honourable Nina Tangri was elected to the Legislative Assembly of Ontario in 2018 as the Member of Provincial Parliament representing the riding of Mississauga— Streetsville. Nina Tangri is also Ontario’s Associate Minister of Small Business.

In March 2023, she was the Associate Minister of Housing, and in 2021, she served as the Minister of Small Business and Red Tape Reduction. In June 2019, Nina was appointed Parliamentary Assistant to the Minister of Economic Development, Job Creation, and Trade.

She has also chaired the Standing Committee on Social Policy and served as a member of the Standing Committee on Justice Policy, the Standing Committee on Government Agencies, and the Standing Committee on Public Accounts.

Professionally, Nina is an entrepreneur and small business owner with over 35 years of experience in insurance and finance. Until her election to Ontario’s 42nd Parliament, she was the CEO of Tangri Insurance & Financial Group, and President of TangriBMT Insurance Brokers. She also has served as the Vice Chair for Credit Valley Hospital.

Nina Tangri is passionate about bringing communities together and working with individuals, businesses, and organizations to learn how the government can make Ontario the best place to live, work, invest, and raise a family. Nina believes when communities prosper, Ontario prospers.

To the over 400,000 small businesses across this great province – thank you. As both a former small business owner and your Associate Minister of Small Business, I have immense gratitude for all you contribute each and every day.

From corner stores to farmers markets, landscaping companies to tech startups, the diversity of small businesses fuels the heartbeat of our communities. You empower families with good jobs, enrich neighbourhoods with character and infuse our economy with innovation. Whether operating for decades or just starting out, each of you play a vital role in maintaining the Ontario spirit.

In meetings over the past year, I've been inspired by your stories of perseverance. From restaurants surviving pandemic shutdowns, to craft breweries handling unexpected supply disruptions, or manufacturers expanding to address new demands, it is through these challenges that your entrepreneurial spirit shines.

That is why our government remains committed to supporting your success. By lowering costs over $900 million annually and establishing initiatives like Futurpreneur, we are providing the level playing field you need to succeed. I’m also excited by our new Digital Competence Centre which will further equip you with the right tools for the opportunities needed to succeed in the digital marketplace.

Small businesses drive 98% of employment in Ontario, a testament to the jobs and dreams you empower. With over 2.2 million Ontarians relying on small business, our

government is committed to nurturing an environment where your visions can take flight.

On behalf of Premier Ford and our entire government, we are working for you.

Thank you to Canadian SME Small Business Magazine for showcasing and supporting Ontario's small businesses. I look forward to our ongoing partnership in realizing your limitless potential, and ensuring our province’s entrepreneurs can see their dreams come true.

Adapting Through Economic Challenges

Rocco Rossi

President and CEO, Ontario Chamber of Commerce (OCC) A successful entrepreneur and business executive, champion fundraiser, and dedicated public servant, Rocco Rossi joined the Ontario Chamber of Commerce (OCC) in 2018 as President and CEO. Prior to joining the OCC, Rossi most recently served as President and CEO of Prostate Cancer Canada where he helped to advance the research, advocacy, education and awareness of the most common cancer in men.

Mr. Rossi also served as CEO of Heart and Stroke Foundation – one of Canada’s largest non-profit organizations – overseeing consecutive years of record fundraising combining for over $600 million in total and launching many new, life-saving initiatives.

His passion for public policy has led him to stand for election both for the position ofMayor of Toronto and for MPP. Mr. Rossi has held senior positions at the Boston Consulting Group, TORSTAR, Labatt/Interbrew and MGI Software.

Rossi currently serves as a member of the Board and Audit Committee of TerraVest Industries. A past board member of United Way of Greater Toronto and other charities, Mr. Rossi has been an active community builder. In fact, in 2012, he was awarded the Queen’s Jubilee Medal for his Philanthropic and Community service.

A dedicated adventurer, Rocco has walked the legendary Camino de Santiago several times, cycled the 1900 km length of Yonge Street from Rainy River to Toronto, kayaked the 500 km from Toronto to Ottawa, and climbed to Everest Base Camp.

As I approach the conclusion of my tenure with the Ontario Chamber of Commerce (OCC), I reflect on the vibrant spirit and unwavering strength of Ontario’s small business community. You are the lifeblood of our province’s economy.

These recent years have indeed been difficult, marked by macroeconomic challenges from inflation to labour shortages.

Yet, in the face of these obstacles, you, as business leaders, have showcased exceptional adaptability and resilience. Your ability to pivot, embrace technology, and continuously serve

your communities is nothing short of inspiring. I commend you.

I also want to thank and congratulate Canadian SME Magazine for all of the work that they do to shine a light on the power

and accomplishments of the business community. This year, I had the privilege of speaking at the Canadian SME Small Business Awards and witnessed first-hand the value of this

event in recognizing and supporting entrepreneurs. This is just one example of the exemplary work that Canadian SME engages in.

As advocates for the business community, we work tirelessly to ensure that your voices are heard by decision-makers on the issues that impact you most. When advocacy efforts succeed, they can be transformative, and we have seen many wins this year. Yet, that is not to say that we have not encountered barriers. One notable challenge we faced recently was advocating for the extension of the Canada Emergency Business Account loans. Despite our efforts, we were disappointed that the government did not move forward with a further extension. This outcome, however, only strengthens our commitment to continue advocating for policies that support the vitality of our business community.

As the economy slows, challenges persist, but so does the resolve to forge a path toward a better future. As always, I want to remind you that you are not alone. In 2024, the OCC is hitting the ground running with our 60,000 members. Now more than ever, there is a need for the OCC’s non-partisan, evidence-based policy solutions, continued advocacy, programs, and member services. I encourage you to join us.

These solutions would not be as effective or impactful without your participation.

As I step into a new chapter, I am confident that I’m leaving you in highly capable hands with the OCC’s incoming CEO, Daniel Tisch.

The OCC remains a dedicated ally committed to supporting you.

Google can help SMEs unlock the potential of AI Small & medium enterprises (SMEs) are the heart and soul of our communities and the driving-force behind the Canadian economy.

Although they’ve been through a tough couple of years, I’m so inspired by the way Canadian SMEs are leaning into digital to adapt and grow. And what’s very exciting to see is how new artificial

There’s no doubt that AI can feel like a daunting endeavor, but it’s an amazing tool that’s empowering Canadian business owners to

This year, I’m excited to see more Canadian SMEs embracing a culture of experimentation and think about AI as a competitive advantage. As you look to experiment and take advantage of AI tools and insights to drive your business, remember that you're not alone. Lean on your partners, including media and

Canadian SME business toolkit to drive growth. This is why our

creative agencies, to evolve your ways of working for the AI-first future. Finally, stay agile. Staying

intelligence (AI) technologies are helping level the playing field.

find new growth opportunities, adapt to changing consumer behaviours and drive profit. AI is the single most powerful tool in the product teams have been integrating AI in our ad products for years. In fact, 80% of our customers are already using AI-powered Search ads products and more than 25% of all YouTube video advertisers have an automatically generated video asset in their campaigns.

We’ve seen how AI-powered tools like Performance Max are helping SMEs drive ROI, find new customers and capture sales. Businesses are also using imagery-focused AI developments to help save time and money on creative. Lastly, SMEs are tapping into AI-modeled data that delivers powerful, predictive insights - like how to optimize their advertising spend or their pricing strategy. Tools like Audience insights, Google Trends, Market Finder and Demand forecasts are helping businesses understand and adapt to market change.

nimble allows you to follow consumer demand, however and whenever it comes, so you can capture these opportunities.

It’s important to remember that

you’re not competing against AI,

you’re competing with other businesses (and marketers) that

are using AI. Canadian businesses are beautifully positioned to

compete not just in Canada but globally given the incredible talent,

products & services our businesses have to offer.

Natasha Walji

Managing Director, Google Canada for Google Customer Solutions , Google Canada Natasha Walji is the Managing Director at Google Canada for Google Customer Solutions focused on helping small & medium businesses grow & thrive. Previously she was a McKinsey consultant and a software developer. Natasha has actively served the community for 20+ years focused on disaster relief, poverty alleviation, public health and co-founded an organization for children with disabilities. She is an angel investor and is an Investment Committee member for Blue Ivy Ventures.

Natasha holds a BSc., Computer Science (University of Victoria), MBA (Yale University) and MSt. Sustainability Leadership (University of Cambridge). Natasha is recognized as one of Canada's Top 100 Most Powerful Women (WXN).

Here To Help Small Businesses Thrive It’s small businesses like yours that serve as the foundation of our economy and the pillars of our communities. As someone who works closely with small businesses, I’ve been fortunate enough to be surrounded by many passionate and hard-working

individuals. It’s exciting to see the industry evolve as digital innovations push what’s possible and more individuals embrace entrepreneurship, as we’ve seen with the rise of the creator economy.

Nishant Raina Small Business Lead, Mastercard Canada

Nishant Raina is the Small Business Lead for Mastercard in Canada.

As a product leader, Nishant develops and oversees the Small Business segment strategy by commercializing new products and services and supporting new product development with partners. With a strong passion for helping small businesses, Nishant drives the growth of the Small Business segment at Mastercard and within the entire payments ecosystem.

Since joining Mastercard, Nishant has made a measurable impact on strengthening the Small Business segment within Canada and leading key strategy development projects, supporting partners in product development initiatives, and working with regional and global teams to drive thought leadership.

I’m optimistic about the future but I also recognize the challenges small business owners face as their resources are stretched. Whether it’s mitigating the risk of a cyber-attack, accessing funding, or digitizing their business, small business owners are known for wearing many hats. As the backbone of our communities, they must be supported by the communities they serve. That’s why Mastercard has a proud history of supporting small businesses in Canada. We have long emphasized underrepresented groups, including women-owned businesses in particular, to provide them with the tools, insights, resources and support needed to succeed.

We know that the resiliency of Canada’s economy and workforce can largely be attributed to the

collective power of small businesses, which account for 98% of all businesses in Canada. But the sad reality is only about 17% of businesses are majorityowned by women. Last year, we supported women entrepreneurs by empowering them to grow their businesses through access to tools, mentorship, and resources. As part of this commitment, we expanded the Mastercard x Pier Five Small Business Fund to provide ten women-owned small businesses with $10,000 each in funding.

We know when small businesses have the right support and resources, they can thrive and flourish.

As we begin a new year, I encourage you to seek support from your community, including our team of experts and the incredible organizations we partner with that are committed to seeing small businesses succeed. Thank you for everything you do for our communities; we wish you growth and prosperity.

CIRA supports Canadian businesses in reaching their online potential To every Canadian small business owner reading this, thank you for everything you do. As stewards of the .CA domain, CIRA has connected with hundreds of Canadian business owners throughout our decades-long history and have been impressed by the creativity, ingenuity and resilience of Canada’s entrepreneurs. As we head into of what’s sure to be an exciting new year, we would like to share a couple of important CIRA resources that are purpose-built to help your business succeed.

Byron Holland

President & CEO, CIRA Developing your business and brand online has never been more important and CIRA is proud to help Canadian businesses do that in a variety of ways. Securing your .CA domain name is a key part of that equation. Having a .CA lets customers know you’re Canadian, but it is also regarded as one of the safest domains available. The .CA domain is the preferred choice for the majority of Canadian consumers when it comes to shopping. Whether it’s through our free guides, blog series, .CA business spotlights, partnering with business communities like Pow Wow Pitch, or the pop-up shopping experiences we provide at our Canadians Connected events— CIRA’s dedicated to proudly championing Canadian businesses. As a not-for-profit, CIRA is also pleased to reinvest proceeds from every .CA directly into the Canadian internet community through CIRA’s Net Good program, supporting projects, communities and policies that make the internet better for all Canadians.

As more business owners recognize the importance of moving

online, CIRA can help by protecting from online threats. When it comes to protecting your business, we provide a suite of Canadian-made cybersecurity services, including training options for small to medium-sized businesses. Ensuring the safety of your business is paramount, and we take pride in providing these solutions.

As champions of the .CA domain registry in Canada, we are honoured to do everything possible to ensure Canadian

businesses continue to thrive online. In 2024, we wish Canada’s community of small business owners a year of reaching new triumphs and milestones, while knowing the CIRA community is cheering you on.

Byron Holland joined the Canadian Internet Registration Authority (CIRA) in 2008 as president and chief executive officer. He is an expert in internet governance and a seasoned entrepreneur with Clevel experience in both the private and not-for-profit sectors. He regularly appears in the media to discuss internetrelated matters.

Under Byron’s leadership, CIRA has evolved from a single service registry to a globally recognized, multi-product, commercial not-for-profit. Since 2008, CIRA has become one of the leading ccTLDs in the world, with over 3 million domains under management, and over 10% of the world’s TLDs using its DNS services. The organization also offers a suite of enterprise quality cybersecurity, registry, and DNS services.

Embrace change, stay attuned to market dynamics and seize opportunities in 2024

Don Ludlow

Vice President Small Business, BFS Strategy & Partnerships, Royal Bank of Canada Don is the Vice President Small Business, Business Financial Services Strategy and Partnerships at RBC. In this role he leads a team that is responsible for RBC’s small business segment, as well as leading the strategy, partnerships strategy, client experience, CRM and data analytics for Business Financial Services.

Previous roles at RBC have included Regional Vice President Business Financial Services for Southwestern Ontario, National Head of Specialized Sales, Vice President, Commercial Markets, Director of Corporate Strategy and Development and Senior Manager in the Corporate Marketing Department.

Prior to joining RBC in 2001, Don served as an Infantry Officer in the Canadian Army where he led soldiers on a number of domestic and international operations and worked in both staff and training roles.Don has an MBA from McGill University, an MSC from the London School of Economics & Political Science and a BA from the Royal Military College of Canada (Kingston).

Don also believes in giving back to the community and helped co-found the Treble Victor Group (3V) a network of exmilitary leaders who work to support one another in their post-service careers, as well as help military leaders transition to new careers. He’s also on the Board of the Ontario Chamber of Commerce and Goodwill Industries (Ontario Great Lakes).

As I reflect on the past year, I’m truly humbled by the remarkable resilience, ingenuity and leadership demonstrated by our small business owners who have relentlessly looked for ways to turn obstacles into new opportunities in the face of economic uncertainties and challenges. Their story in 2023 is not just one of survival; it’s a testament to their ability to successfully innovate and adapt in the face of adversity – and while many of these challenges will persist in the new year, I have great confidence that our small businesses will carry forward this spirit of determination and seize any opportunity that the new economic climate presents.

The economy will continue to affect the trajectories of many small businesses and planning for the ‘what ifs’ will be integral to their success. My advice to entrepreneurs is to have a solid business plan and anticipate scenarios on what the future will bring, to help identify and plan for pitfalls, gaps and opportunities before they happen. This exercise will be beneficial in expressing both the vision of your business and testing your plans against a variety of situations – ultimately setting you up for success. I also encourage entrepreneurs to consider steady investments in digital experiences as a critical component of the business plan that can be instrumental in improving the quality of customer interactions and enhancing long-term competitiveness in an increasingly digitized and globalized economy.

Finally, I would emphasize to every entrepreneur: don’t do it alone. The most important resource is often the people around you so don’t hesitate to reach out to trusted members of your professional network for honest feedback, advice and support.

At RBC, we are committed to supporting you across every step of your entrepreneurial journey. Whether it is to help you manage and grow your business, offer solutions to simplify your operations or connect you with other professionals you can count on us to help you in ways that matter most to you.

I wish you continued success and look forward to partnering with you in 2024!

Shaping a New Era for Business Owners Faye Pang

Canada Country Manager , Xero

Faye Pang is the Canada Country Manager for Xero, the global small business platform with more than 3.95 million subscribers worldwide that's dedicated to making business beautiful. With a continued focus on the growth and expansion of local enterprise, Faye is passionate about building and growing resilient technology partnerships that work to benefit the global small business ecosystem. Prior to joining Xero, Faye helped launch the Uber Eats app in Toronto in December 2015, scaling the business from 80 restaurants on launch day to 20,000 partners by the end of her tenure.

As we all get ready to embrace the possibilities a new

year brings, I’m energized by the opportunity ahead for Canadian small businesses in three key areas.

Firstly, uncovering how we, a small business platform, can further support business owners through product development and expansion of our ecosystem finding opportunities to build additional financial partnerships, HR and payroll integrations, and so much more.

Secondly, forging ahead with consumer-driven banking advocacy. We had a big win late last year in the Fall Economic Statement, with the government committing to the adoption of legislation and implementation of a consumer-driven banking framework by 2025. We’re able to now take strides towards a digital future - one where business owners can have greater control, greater access, and greater confidence in financial services.

63 - CanadianSME - January 2024

Lastly, the Xero team and I cannot wait to continue our work with the small business community - through events like the CanadianSME Summit and initiatives like the Xero Beautiful Business Fund and CanadianSME Awards. The most rewarding part of being in this community is meeting business owners and their teams. We’re constantly inspired by the impact they’re having on their customers and communities.

A Future of Collaboration with UPS Canada I am delighted to extend my heartfelt congratulations to the vibrant community of small businesses across Canada. Your resilience, innovation, and unwavering commitment to excellence have not only driven your success but have also contributed significantly to the economic fabric of Canada.

At UPS, we understand the pivotal role small businesses play in driving economic growth and fostering innovation.

In celebrating your achievements, we want you to know that we are dedicated to supporting your endeavors every step of the way.

I am proud to highlight our Women Exporters Program, a testament to our commitment to fostering diversity and empowering women entrepreneurs. This initiative aims to provide specialized support and resources to women-led businesses looking to expand their reach globally. We believe that empowering women in business is important to drive innovation and growth.

Stephanie began her career in 1989 as a package handler in the Southeast California District. She held various positions in Industrial Engineering, Human Resources and operation assignments of increasing responsibility, leading to her promotion to Laguna Package Division Manager in 2007.

After completing several rotations in hub, air, and package operations in the South California and Central California districts, she was promoted to package operations manager for the South California District in 2015.

In 2016, Stephanie accepted the position of U.K., Ireland, and Nordics District Package Operations Manager. She returned to the U.S. in 2018 and after a short time in the Northeast District was promoted to president, Northern Plains District in May 2018. She accepted her current position in April 2021, marking her as the first female president for UPS in Canada.

Our commitment to small businesses is further demonstrated through our comprehensive discount programs. We understand the importance of cost-effective solutions for

Stephanie holds a bachelor’s degree in political science with a minor in economics from San

businesses of all sizes. Remember we’re here for you whenever and for whatever you need. Our team of dedicated

Diego State University and a MBA with a concentration in finance from Louisiana State

ambassadors is here to assist you in optimizing your shipping strategies, streamlining customs processes, and exploring new market opportunities.

As we celebrate your successes, let us also look forward to a future of continued collaboration and growth. UPS Canada is not just a logistics partner; we are invested in your success. Together, we can overcome challenges, seize opportunities, and build a future where Canadian small businesses thrive on the global stage.

Congratulations once again, and thank you for choosing UPS Canada as your trusted logistics partner. Wishing you a prosperous 2024!

All the best in the new year,

Stephanie Dexter President, UPS Canada

University, Shreveport. She has completed Executive Development at Emory University as well as International Executive Development at INSEAD in Fontainebleau, France.

CFIB's Ongoing Commitment to SMBs Dear small business owners, You have endured another challenging year. But there are some bright spots on the horizon—recent data tell us

that inflation is on a downward trend, making interest rate cuts more likely in the months ahead.

Here are some of the key issues we’ve been fighting on in 2023 and where we will go in 2024.

We’ve been fighting hard for a CEBA extension. We will continue to do so

CFIB is always looking to add value to your membership. If you need help with HR matters, like hiring, training or terminations, we can help. CFIB has a team of 30 HR advisors who are available to you and 80% of the time, you’ll get a live person on the phone when you need them. This expanded service is called HR Now! Check it out and ensure you remember to call us when you need us for help.

Thank you for all you do for your community and for our

country. CFIB always has your back – we never give up and we never go away.

Best wishes in the year ahead!

right up until the repayment deadline, but I recommend all small business owners make plans to repay the loan

if they possibly can. Learn more about your options at cfib.ca/ceba.

The biggest win of the year for our members was the announcement of a significant reduction in Visa and Mastercard fees. Starting this fall, interchange fees will drop by up to 27% for most of our members, which will be some welcome relief.

Looking ahead, we have many major files on our plate at the federal and provincial levels. We are planning a major campaign on the federal carbon tax as it is deeply unfair to small businesses across Canada.

Businesses like yours pay about 40% of the total amount of the carbon tax but get virtually nothing back in rebates. And with rates set to rise again in April right across Canada, CFIB will be pushing for the federal government to fix the system or scrap the tax altogether.

65 - CanadianSME - January 2024

Dan Kelly

President and CEO, Canadian Federation of Independent Business Dan Kelly serves as President and Chief Executive Officer of the Canadian Federation of Independent Business (CFIB).

In this role, he is the lead spokesperson and advocate for the views of the organization’s 97,000 members.

The Future Is Digital It’s a new year and that means Canadians across the country are making resolutions for the months to come. If I had to guess what Canadian small and medium businesses were planning for their New

Year resolutions, I would put improved automation and digitization of their business high on the list. And if they aren’t, they should be.

More and more Canadian businesses are embracing the potential of digital transformation to open new markets,

improve productivity and innovate. At the

same time, growing economic pressure, worker shortages and intense competition

mean entrepreneurs need the right tools to

achieve their goals more efficiently. My advice for 2024 is to unlock the power of digital transformation to help your business evolve, adapt, and stay relevant in a rapidly changing world.

In the digital economy, businesses need access to cutting-edge technology and networks to stay in touch with customers, suppliers, and the world.

Whether facilitating remote collaboration, enhancing customer engagement, or optimizing supply chains, Bell’s industry-leading networks provide you and your customers with the reliable and fast connectivity they need.

However, the innovation potential of our

networks extends far beyond connectivity alone. With Bell’s leading 5G+ and multi-gig fibre networks, business owners can quickly and easily leverage tools, such as AI, to

harness the data available to them and offer enhanced products and superior customer service.

As we embark on a new year filled with possibilities, let’s embrace the transformative power of digital innovation. Bell is here to

support you in this journey, and together, let’s turn resolutions into reality.

Darcy Richard VP, SMB Marketing Bell

Darcy Richard is Vice President, SMB Marketing at Bell.

He leads large-scale initiatives with flawless execution and support a team of dedicated professionals who aspire to connect small and medium businesses with world-class Internet and mobile networks. Darcy has led the SMB Marketing team since 2022 and brings a wealth of experience gained across various roles at Bell in marketing, sales, and operations functions.

The future is bright for entrepreneurs who embrace new digital tools After the past few challenging economic years, small businesses in Canada have proven themselves resilient. From supply chain issues to changing consumer behaviours, small business entrepreneurs have proven through their hard work, dedication and resourcefulness that they’re here to stay.

I have witnessed firsthand how our small business customers have adapted to the changing world around them. We saw one Vancouver shop build a thriving online charcuterie kit business in response to a decline in corporate events. One interior designer turned her maternity leave side hustle into a fullservice design offering for her family’s architectural firm. They optimized their online tools, created new websites and social

media accounts, and increased their online business offerings to stay engaged with the evolving needs of their customers.

And these digital adaptations paid off. In 2023, GoDaddy surveyed Canadian side hustle owners and found the majority credited the growth of their business to their website. This was especially true among younger side hustle owners between 18 and 34, with 65 percent saying their website was the most important channel for their side hustle.

Young Lee

Canada Market Lead, GoDaddy Young Lee is a seasoned marketer with over 19 years of extensive marketing experience in the technology industry.

Due to her personal entrepreneurial endeavours and growing up with a family that ran a small business for many years, Young has a passionate connection when seeing small business owners create and thrive doing what they love. Currently at GoDaddy, she leads the Canadian business as Market Lead and also drives business growth, helping small businesses grow using GoDaddy products and tools in Canada, UK and Australia.

With more tools, resources, and support available than ever before to help small business owners and entrepreneurs pursue their dreams, 2024 presents a shining opportunity to continue building business momentum or get new ideas off the ground.

At GoDaddy, we have been expanding our services to empower the everyday entrepreneur. We recently released a Small Business Generative AI Prompt Library – featuring more than 130 thoughtfully designed prompts across 17 categories – to help entrepreneurs get helpful results out of the use of artificial intelligence tools. We’re also working on new ways for small businesses to harness generative AI through our tools, including the Instant Video feature within GoDaddy Studio, built to help small business owners meet the growing need for video-based digital marketing by easily creating social media and video content.

It’s an exciting time to be an entrepreneur and small business owner and GoDaddy is here to support them on every step of their entrepreneurial journey. We can’t wait to see how unstoppable entrepreneurs will succeed in 2024!

Here’s To a Great Year!

Laura Williams

LLB, CSPP , Williams HR Law and Williams HR Consulting Inc. Laura has built two highly respected firms, Williams HR Law LLP and Williams HR Consulting Inc., which respectively provide proactive Human Resources law and consulting advice designed to minimize workplace challenges, maximize employee engagement and achieve team and organizational objectives. As an established business leader, proactive HR lawyer, strategic HR and EDI consultant, workplace investigator, educator and keynote speaker, Laura is a leading voice and highly sought after expert helping organizations and equipping leaders to recalibrate in our new era of work. Her mission is to help leaders recognize that human-centric peoplemanagement strategies will produce gamechanging results. Laura is a media contributor who is regularly featured as a workplace expert in various national broadcast and print media to provide insights on current employment related issues. In addition to her work, Laura has also been appointed as an equity advisor to numerous institutions and corporations across industries and sectors, and has many years of service on various Boards of Directors.

As we embark on the journey of a new year, we should take a moment to reflect on—and applaud ourselves for—the challenges we’ve overcome. In our current climate, in the face of local and global challenges, our role as leaders is critical. It’s not just about steering our organizations through tough times; it’s about pioneering and shaping the future.

It’s undeniable that our recent past has been marked by unprecedented disruptions, and it’s easy to feel bogged down by uncertainty and discouraged by setbacks. But we need to embrace these disruptions as the catalyst for

transformation and growth. If we view our setbacks as opportunities to reassess, recalibrate and reinvent, we can launch into the new year with a renewed sense of purpose and a commitment

to turning obstacles into stepping stones toward success.

So, as we navigate the unchartered waters of this year, let’s stay inspired by the reality that, as business leaders, we are creators. Change isn’t a threat—it’s a catalyst for evolution. Let’s seek out possibilities that others may overlook. Embrace a spirit of perpetual curiosity and innovation that guides our decision-making. Be determined to keep our true norths unwaveringly fixed on the needs of our clients and customers. By focusing on providing the best value and solutions, we not only ensure the sustainability of our businesses but also contribute to the prosperity and wellbeing of the communities we serve.

Here’s to a year of boundless inspiration and possibilities, optimism. Wishing you all the best for a transformative and prosperous New Year.

Embracing AI to Propel Small Businesses I truly hope you celebrate 2023 as a year of impact, success, and personal gratitude. For me, it was a year of change as I became the General Manager of SMB USA. In doing so, I embrace my Canadian experiences and cherish them as the bedrock of personal evolution. Small businesses are the heart of our economy, the innovators of our ecosystem, and the

Rob Shewchuk

General Manager for SMB USA at Microsoft

Rob Shewchuk is the General Manager for SMB USA at Microsoft. He leads the fastest growing segment that serves millions of small and medium sized companies as they harness new technology for innovation and success. After joining Microsoft in September 2017, he has held key leadership roles as the Sales Excellence Director and as Area Lead for Solution Assessments. With over 20 years of experience in technology including senior management positions at IBM Canada, Amdocs and UXP Systems Inc., Rob is known to be an authentic leader with deep passion for people, partnerships and innovative customer growth.

guides of uncharted markets as we pioneer in new technology eras. Enter 2024, with the power of AI coming to “life” and revolutionizing how businesses operate. In its most universal sense, the benefits of AI stem from its ability to automate repetitive and time-consuming tasks which frees up employees to focus on more complex work. We use AI in our

daily lives including autocorrect spelling, recommendations for watching content, and optimization of driving routes. But how will SMBs harness the power of AI to propel business forward?

Let’s start with three initial focus areas: Growth, Cost Savings, and Talent Management. By analyzing data from various sources (social media, customer reviews, surveys, etc.) generative AI can identify trends and patterns that provide

evidence-based input to enhance business decisions. This can include product development, marketing, and sales strategies all leading to increased customer satisfaction, loyalty and ultimately Growth. Cost Savings are always top-of-mind and generative AI helps streamline business operations by automating repetitive tasks (data entry, scheduling, customer service, etc.) and helps identify inefficiencies in processes while suggesting ways to improve them. With these benefits, we can increase emphasis on employee growth and personal development by analyzing individual performance data and building targeted training programs. AI also analyzes communication patterns among teams and suggests ways to improve teamwork, creating the foundation for a collaborative and inclusive hybrid work culture, leading to greater employee satisfaction and ultimately talent retention.

With evolution comes the opportunity to explore and enhance our skills. I encourage embracing this moment with an open mind and limitless interest. Seek tomorrow with thoughtful curiosity as a recipe for both personal and business success, to which I wish you all in 2024 and well beyond.

Technology as a Bridge to Business Success As 2024 unfolds, it is important for SMBs to strategically navigate the constantly evolving business landscape. Today, technology isn’t just an option; it is a necessity for staying competitive and building a sustainable business.

The democratization of technology has levelled the playing field for SMBs - the tools that were once available to large enterprises are now accessible to smaller businesses as well.

Therefore, the key lies in discovering these

Prashant Ganti Head of Product Management, Zoho Finance and Operations Suite

Prashant Ganti has over 20 years of experience in the software industry with a deep focus on financial technologies.

In his current role as the Head of Product Management, Zoho Finance and Operations Suite, he is responsible for revenue growth, product direction and drives improvements and enhancements to the products across regions. In addition to this, he oversees the global advisor program that focuses on building alliances with audit and advisory firms.

resources and exploring possibilities beyond our comfort zones. SMBs must ask themselves, ‘What are we spending too much time on?’ Be it compliance or creating visibility on their finances to plan, businesses must actively seek out technology that solves these complexities.

Don’t see technology as a challenge; it acts as a bridge between your imagination and the business outcomes you are striving for.

Whether it is simplifying your day-to-day operations or expanding to new geographies, technology goes beyond saving time by providing additional value that you can leverage to gain better confidence not only in your business but also in your finances.

In essence, we are living in the best time for SMBs to thrive. The resources are at our disposal; it's up to us to leverage them.

SMEs at the intersection of resilience and optimism As we embark on a new year, I can’t help but reflect on the tenacity, grit and innovative spirit that Canadian small business owners and entrepreneurs demonstrate. In the face of economic challenges, rapid technology development, increasing inflation and more, your perseverance continues to be exemplary and I extend my heartfelt admiration to each one of you.

We find ourselves at the intersection of resilience and optimism,

And in the pursuit of growth, it is essential to recognize the invaluable role that technology plays. Embrace the digital era by supporting your teams with cutting-edge tools that enhance productivity, foster collaboration, and help you conduct business more efficiently. Technology is not just a tool, it is an enabler of

respondents are optimistic about 2024.

and yourself to achieve the fullest

two pillars that define the Canadian small business community.

This resilience and optimism were highlighted in Zoho Canada’s recent business outlook report, which shows that 74% of

Despite the economic fluctuations, your ability to adapt, innovate, and persevere is the driving force behind our

collective success. The challenges we face can be stepping stones for growth, and it is this grit and spirit that propel us forward.

Beyond my admiration, I also have some (humble) advice. Optimism, paired with strategic planning, is the catalyst for growth. As small business owners, you are not merely reacting to change but shaping it. Embrace the opportunities that arise, leverage your strengths, and cultivate a culture of innovation within your businesses and ventures. The Canadian marketplace is dynamic, and your visionary approach will be the guiding light that propels your businesses to new heights.

progress, connecting us in once unimaginable ways. By harnessing its power, you empower your people potential possible, ideally leading to success in an ever-evolving business landscape.

Above all, remember in our vibrant, diverse Canadian business community you are never alone.

Together, we will overcome

challenges, celebrate victories, and pave the way for a future defined by growth, resilience, and unwavering optimism. Your journey is our shared journey, and I am confident that the path ahead is one filled with boundless possibilities.

Chandrashekar LSP

Managing Director , Zoho Canada Chandrashekar (LSP), Zoho Canada’s managing director, is committed to creating and spreading awareness of Zoho. He cut his teeth in the software domain with the WebNMS division of Zoho and has journeyed with the company at its crucial pivot points. LSP is based out of Cornwall, Ontario and holds a masters degree in information systems and applications.

2024: Setting Goals for Visible Success Hello Entrepreneurs! As we step into the upcoming year, let's reflect on the wise word of Tony Robbins: "Setting goals is the first step in turning the invisible into the visible." Seize this moment to map out a clear path for success in 2024, redefining our course and leaving behind the shadows of the past. Success relies on careful planning, strategic execution, and an unwavering commitment to your goals.

Construct a detailed plan that paves the way for financial success.

Robert Gauvreau

Chief Executive Officer at Gauvreau | Accounting Tax Law Advisory Robert Gauvreau is an award-winning FCPA who works exclusively with entrepreneurs to help them make more money and gain financial clarity in their businesses. As a financial expert, business coach and author, Robert shares his insight and wisdom as a public speaker, is often cited in major business journals related to money, finances, and entrepreneurship, and works directly with more than 1,000 Business Owners across North America, helping them build more profitable businesses. Bob challenges the status quo within the accounting industry. Unsatisfied with the limitations of conventional accounting, Bob turned down leadership opportunities with a global accounting firm for a life of entrepreneurship. His passion for helping entrepreneurs gain financial clarity and generate greater financial results in business led him to trade customary for creativity, establishing a new and innovative firm concept.

The firm he founded in 2008, Gauvreau Accounting Tax Law Advisory, is one of Canada’s Fastest Growing Businesses as recognized by The Globe and Mail, Maclean‘s and Financial Times.

In the pursuit of these ambitions, prioritize not just keeping your financial information up-to-date, but ensuring it is backed by accuracy and reliability. This solid foundation empowers you to make well-informed business decisions, navigating the intricate path to future success with certainty.

As you navigate your entrepreneurial journey, view every moment as a chance to learn and grow. Let go of the past and embrace the present moment—immerse yourself in the journey, take on challenges with resilience, and strive for the greatness that awaits you in 2024.

Resilience Beyond Boundaries: 2SLGBTQI+ Entrepreneurs and the Importance of Diversifying Canadian Supply Chains January is often a time of reflection and goal-setting for me. Looking back on my year in review, reflecting on successes and setbacks, and taking these lessons forward into the new year. 2023 was certainly a busy and exciting year; one that I characterize with the words resilience, diversity, and celebration, for many reasons.

Notably, I want to take this opportunity to celebrate the incredible resilience and strength demonstrated by the 2SLGBTQI+ business community over this past year.

2SLGBTQI+ entrepreneurs in Canada face unique challenges, navigating societal biases and overcoming hurdles that are often invisible to those who do not share their experiences. In the face of challenges and adversity, this diverse community has not only persisted but thrived, making significant contributions to our economic landscape.

In this context, I want to emphasize the importance of supplier diversity. Recognizing and purchasing from businesses and entrepreneurs from diverse communities is not just an act of inclusivity, it's an investment towards a more robust Canadian business landscape. Supplier diversity fosters innovation, creativity, and a more equitable distribution of economic opportunity.

As businesses and entrepreneurs, we have the unique opportunity to contribute to a more inclusive future by actively and purposefully diversifying our supplier base. This benefits not only us but society as a whole. Integrating diverse-owned businesses into supply chains is a tangible way to break down barriers, challenge stereotypes, and create opportunities for those who have been historically marginalized.

The resilience of 2SLGBTQI+ entrepreneurs in Canada is a source of inspiration for me and should be for us all. As we continue to navigate the ever-changing landscape of business, let us champion and prioritize supplier diversity. Together, we can build a more inclusive and resilient economy that benefits us all.

73 - CanadianSME - January 2024

Darrell Schuurman Co-Founder and CEO of Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC)

Darrell Schuurman is an advocate of effecting social change through the economic empowerment of 2SLGBTQI+ entrepreneurs. He is the co-founder and CEO of the CGLCC, Canada’s 2SLGBTQI+ Chamber of Commerce, a national not-forprofit organization with a mission to expand the opportunities and advancement of the 2SLGBTQI+ business community in Canada. He has been committed to CGLCC’s mission since 2003. He is a Former Managing Partner at DNA Marketing Group and the CoFounder of Travel Gay Canada.

Creating a Prosperous Future with AI 2024 will undoubtedly be a year brimming with promise and potential. And that promise and potential will be made possible by the immense opportunities that Artificial Intelligence (AI) will present for your business. Embracing AI isn’t just about staying ahead; it’s about unleashing a new realm of possibilities. AI is no longer the sci-fi future; it is the present. And most importantly, it is more accessible than ever. This technology is a game-changer, offering tools that can

transform how you operate, market, and grow. Many of you run your businesses very lean, and many of you are solopreneurs, so imagine AI as your tireless partner, working around the clock, offering insights and solutions tailored specifically to your business needs.

AI can revolutionize your customer experiences through personalized recommendations and smart chatbots, offering a level of personalization and efficiency that was only a dream before. Similarly, operational efficiency is where AI drives top value.

From inventory management to financial forecasting, these algorithms can analyze patterns and predict trends, helping you make informed decisions quickly.

Gen AI also levels the marketing playing field through targeted advertising and content creation: AI enables you to reach the right audience with the right message, amplifying your brand’s voice in a crowded marketplace. But perhaps the most significant advantage of AI is its ability to learn and adapt. It's not just a tool, but rather a learning system that evolves with your business, continually offering new insights and opportunities for growth.

As small business owners, you are the drivers of innovation and progress. AI is here to empower you, to take your creativity and passion and amplify it in ways you never imagined. Embrace this technology, explore its potential, and let it be the driver of opportunity in 2024. Remember, the future isn’t written; it’s created. With AI, you have the power to create a future that is prosperous, efficient, and above all, uniquely yours.

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Miki Velemirovich Head of Product, Alexa Translations AI

Miki is an innovative leader with over 20 years of experience positioning companies for rapid, scalable, and sustainable growth.

Across his career, Miki has gained a blend of experiences in product development and management, growth marketing, and business strategy, with expertise driving growth for Global Fortune 500 companies, mid-size scale-ups and start-ups. Miki’s entrepreneurial mindset has enabled him to build new products, divisions, and companies with scalable, sustainable foundations and profitable business models.

Throughout his career, Miki has been a frequent invited speaker, provided thought leadership on podcasts, created industryleading content, and served as a member of multiple councils, panels and roundtables.

Miki’s professional experience is complemented by an MBA in Marketing and Strategy from York University’s Schulich School of Business. He additionally holds a Chartered Marketer Designation through the Canadian Marketing Association.

Outside of work, Miki is an avid guitar player and enjoys restoring classic cars.

Embrace the “Solo” in Solopreneurship: Maximise Digital Tools Made for Entrepreneurs To fully maximize your time and efficiency in 2024, make sure to reflect on your 2023: What went wrong? What went right? Which strategies do you need to modify or pivot?

What can you delegate and streamline with digital tools? To do so, I offer two very simple pieces of advice: review your

original business plan (or create one if you haven’t already) and empower yourself and your business with digital tools.

Shane Murphy CEO , Ownr

Shane Murphy is the CEO of Ownr, a venture of RBCx that makes it easier and more affordable for businesses to incorporate, register and confidently handle ongoing legal compliance. With almost a decade of experience as a lawyer, Shane initially cofounded Founded Technologies in 2017 as an innovative, all-inone technology platform that provided businesses with the ability to automate sophisticated legal tasks such as incorporations, equity management, and legal agreements. Founded was acquired by Ownr in 2020, with Shane moving into the role of COO. He has since moved into the role of CEO. To date, Ownr has helped over 125,000 Canadians launch into entrepreneurship

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Review (or create) your business plan: It’s easy to lose

track of your goals and original roadmaps once you’re kneedeep in operations. Before powering into the new year, take a day or two and review your business plan to remind

yourself of where you expect to be at this stage of your journey. Remember that a business plan is always an evolving document, so feel free to revise based on what

you’ve achieved and learned through the year. If you find areas that you need to modify or even cancel, now is the time to do it. It’s also a great opportunity to sit down with an accountant or financial advisor to go over your budget and capital before you commit to any ambitious goals.

Don’t underestimate the power of digital tools: As the world becomes increasingly digital, it also brings good news to

small business owners. It means tasks that would have required specialized teams and resources can now be automated, streamlined, and centralized. Don’t underestimate the power of emerging tech tools to solve problems for early-stage business owners. Powerful tools like Ownr exist just to ease the administrative tedium of legal paperwork and bookkeeping—leaving busy entrepreneurs with more time to focus on building their passion and making small business ownership even more achievable.

With economic conditions continuing to be volatile and unpredictable even in the new year, I want to take this moment to congratulate all small business owners who took a chance on their passion to bring their business ideas to life. Small businesses are what strengthen Canada’s culture and economy and I’m so proud that Ownr has helped over 135,000 Canadians launch their business. And in 2024, we’re going to work harder to empower even more dreamers to become entrepreneurs.

New Year, New Possibilities: Reflecting and Revitalizing Colin McIsaac

Vice President and General Manager, Lenovo Canada & Lenovo North America Solutions

As Lenovo’s General Manager of Canada and North America Solutions, Colin is responsible for sales, operations, culture, strategy, and customer satisfaction within the North America region. He has overall P&L responsibility for Canada including Commercial, SMB and Consumer segments and routes. He also has dual responsibility for the Strategic portfolio of offerings for Lenovo North America.

A new year presents the opportunity to reflect and revitalize both our personal and professional lives. The past year brought new challenges to the global economy, but also opened new doors of possibility with the advancement of innovations like generative artificial intelligence. Through it all, small business remains the beating heart of our economy and our country.

Colin’s 25 years of experience spans multiple roles, opportunities and experiences in the technology business. He has held successive North American leadership positions at both IBM and Lenovo. He is passionate about driving broad market engagement, building powerful and effective teams, and promoting technology to enable successful business outcomes.

Colin has a Bachelor of Commerce degree from the University of Toronto and sits on the Board of the Information Technology Association of Canada (TechNation) as well as the Canadian SME Small Business Foundation.

He lives in Toronto with his wife and 3 sons and in his spare time he enjoys technology, sports, and spending time with his family.

As we enter the new year, I encourage you to stay ambitious and bold with your goals. Stay curious and open-minded to how new technologies can help you grow your business and better serve your customers.

And lastly, stay engaged with your community and your network to keep the spirit of collaboration and innovation alive.

Our relationships are an invaluable currency, especially when we’re all weathering economic headwinds.

On behalf of Lenovo Canada, we wish you a happy and healthy start to 2024.

Strategizing for Success in 2024 With 2023 in the rearview mirror, it is time to start thinking about success in 2024. Marketing will play a key role in helping small businesses grow and adapt. With advances in generative AI, small business owners now have information and tools that can help them compete with larger companies when it comes to marketing efforts like social media, email marketing, and SEO! Make it a point to start learning how to use

tools like Chat GPT, Copy.AI and more to help with images and content creation, as well as planning your strategy and learning new skills.

Hank Hoffmeier

Sr. Manager of Marketing and Operations, iContact Hank is an author, speaker, podcast host and Sr. Manager of Client Solutions at iContact, a Ziff Davis company. With a passion for all things digital and social, combined with more than 20 years of experience in sales and marketing, he has been dubbed the Digital Marketing Infotainer because he makes marketing fun and successful.

Many tools such as Canva and even iContact have added powerful AI tools to help you grow your business. Make sure to try iContact for your email marketing campaigns.

Email marketing should be a major pillar of your marketing efforts. This marketing channel offers the best results for your efforts and is easy to use as it is affordable. Some key things to remember for your email campaigns is to have effective subject lines, engaging and valuable content, as well as a strong call to action. Go beyond the basics with segmentation and automation to help send the right message, to the right person, at the right time.

I would like to thank the CanadianSME organization for allowing me to share my knowledge with the small business community.

Here is to much success in 2024 and beyond!

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EY Canada Entrepreneur Of The Year Program Director, Assurance Partner, EY Private

Rachel Rodrigues CPA, CA, EY Canada

Health and Well-being: Employee well-being is a cornerstone of a thriving and sustainable workplace.

Recognizing the profound impact that a healthy and content workforce can have on organizational success, businesses are increasingly prioritizing initiatives that support their employees' mental, physical, and emotional health.

Customer-Centric:

Rachel is an Assurance Partner with EY Private. She supports entrepreneurs, private businesses and their owners.

With over 15 years’ experience, she has in-depth knowledge of the complex business challenges entrepreneurial entities face.

She focuses on helping private, high-growth companies in a variety of industries, including retail, health care, manufacturing and technology with accounting and tax issues, M&A and crossborder issues in Canada and around the world.

As entrepreneurs gear up for the challenges and opportunities that 2024 may bring, it's crucial to embrace a strategic mindset and adaptability to thrive in the dynamic business landscape. Here are key pieces of advice to guide entrepreneurs in the coming year: Embrace Technological Advancements: Technology can provide a significant competitive advantage and open new possibilities for innovation. Harness the potential of emerging technologies, including artificial intelligence, blockchain, and the Internet of Things, to elevate your business processes, boost efficiency, and maintain a competitive edge in the market.

Prioritize Sustainability: In an era where sustainable practices are highly valued, assess the environmental and social impact of your business operations. The integration of sustainability and social responsibility into business strategy resonates with conscious consumers, investors and employees and ultimately contributes to a better world.

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Understand and adapt to the evolving needs of your customers. Embrace customer feedback, utilize data analytics, and tailor your products or services accordingly. A customer-centric approach not only fosters loyalty but also enhances brand reputation in a competitive market.

Cybersecurity Vigilance: With increased reliance on digital platforms, cybersecurity is paramount.

Protect your business and customer data from potential threats by investing in robust cybersecurity measures and staying informed about the latest security trends.

Cultivate Community: For entrepreneurs, the significance of community cannot be overstated. A strong and diverse entrepreneurial community provides a valuable network where knowledge, experiences, and insights can be shared. This collaborative environment facilitates learning, allowing entrepreneurs to glean from the successes and challenges of their peers.

By incorporating these strategies into their business models, entrepreneurs can navigate the challenges of 2024 while positioning themselves for sustainable growth and success in the ever-evolving global market.

Canadian Small Business Owners’ Quiet Courage Will Drive Success in 2024 The last three years have been overwhelmingly tough for many small businesses.

After surviving the pandemic and its impacts, Canadian business owners faced an uphill climb with soaring inflation, spiking interest rates, higher operational and labour costs and, for many, grappling with repaying government loans designed to keep businesses afloat at the height of the pandemic.

If 2023 was the year of resiliency and endurance, then let 2024 be the year of renewal and growth. That’s not to say there aren’t more challenges ahead. On the contrary, the rise of artificial intelligence (AI), frequent storms and unpredictable weather, and a bumpy economic road that may see interest rates stay higher than usual for many months

Danis h Yusuf Founder and CEO , Zensurance

Danish Yusuf is the Founder and

are facts we all have to address. In light of that, it may be difficult to feel optimistic about the year ahead. But that’s where I believe our country’s small business owners have an upper hand.

By nature, Canadian small business owners are inventive, determined, and fearless. It’s that in-grown tenacity that will empower them to not just survive but thrive. After all, our midyear survey of small business owners found a majority (71%) were confident they’d be successful in the second half of 2023. That bodes well for our country’s small business

CEO of Zensurance. He is a former leader in McKinsey &

community.

Company's digital insurance practice supporting insurance clients globally on defining their digital strategies. Before McKinsey, Danish was a software architect and developer at IBM Canada, covering everything from mainframe development to web development. Danish earned a bachelor's degree in Software Engineering from the University of Toronto and has an MBA from Harvard Business School.

Here are three reasons why I am optimistic for small business owners in 2024: 1. Technology

More small businesses are enhancing their digital capabilities and leveraging AI to streamline their operations and increase revenue.

2. Adaptability

Small business owners are adopting a resourceful mindset to deal with economic headwinds. While cost-cutting where possible is necessary, owners are focused on decreasing debt and driving sales through new channels.

3. Inflation

It’s expected that inflation will continue to recede in 2024, and with it, the Bank of Canada (BoC) will slowly lower its benchmark rate in the latter half of the year (the BoC’s rate is 5% as of November).

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Courage doesn’t always roar. Sometimes, it’s a whisper at the end of a day that says, “Try again tomorrow.” Canadian small business owners might not be full of bravado, but they are quietly courageous.

Envisioning a Prosperous Year for SMBs

Shawn Ostheimer Founder and President, The Answer Company

Since 1994, Shawn has been at the forefront of driving The Answer Company's expansion, transforming it into one of Canada's largest independent firms specializing in ERP and Accounting software implementation and consulting.

Collaborating closely with leading technology partners such as Sage and Acumatica, Shawn brings their solutions to life for clients. With over three decades of experience in implementing financial and management software systems, Shawn has played a pivotal role in enhancing various aspects of clients' businesses. Actively involved in company operations, his

Through times of uncertainty and change, we have noticed some key strategies business leaders adopt that consistently differentiate high-performing businesses from the rest. As we enter the New Year together, we are thrilled to share some of the valuable insights we have gathered along our journey: First and foremost, it is essential to have a deep understanding of your purpose. This is the compass that will guide all of your business decisions. Your purpose is the heart of your business, setting the tone for your journey ahead.

As we continue to navigate global uncertainty, businesses

must remain agile. Many are leveraging automation & and technology to gain real-time visibility — to remain competitive, stay on top of costs & forecast accurately, reduce administrative costs and streamline processes so they can do more with less.

Technology plays a crucial role here. The move towards cloudbased systems and finding practical applications of AI continues to be at the forefront of leadership priorities. Having access to key insights anytime anywhere enables leaders to make data-

primary focus is advancing clients through the strategic use of technology. Shawn's unwavering commitment to delivering outstanding customer service has not only been crucial to the company's success but

backed decisions quickly and therefore pivot their strategy if necessary. It also allows for greater flexibility and business

has also become a cornerstone of The Answer Company's culture.

Finally, focus on your People. In addition to the clients you serve and the communities you do business in, a motivated and skilled workforce is an invaluable asset. Nurture a positive work culture, provide skill development opportunities, and empower your team to contribute their best.

As we bid farewell to the challenges and triumphs of the past year, I’d like to take a moment to recognize the remarkable fortitude and resilience exhibited by the small business community. In our 30-year ERP consulting journey, we have faced a fair number of economic and global uncertainties, learning valuable lessons along the way. Today, we see a unique opportunity to make an even greater impact for our clients and their businesses. Our commitment to Propel Businesses Forward remains unwavering in the coming year.

continuity in challenging times and, of course, automating mundane tasks and simple processes to reduce errors and costs.

Over the last few years, we’ve been honoured to receive the Small Business of the Year recognition by Canadian SME, and we are brimming with excitement as we hand over the torch to other ambitious small businesses like yours this year.

Let's inspire, collaborate, and keep pushing the boundaries of progress together.

On behalf of The Answer Company team, we wish you all a healthy and fulfilling year ahead.

Empowering your business in 2024 It’s this togetherness that I think we often don’t speak as much about as we should. We know that Small Businesses play a vital role in our communities; they shape our neighbourhoods, they create representation and diversity, and add local

character and vibrancy. But it should be a two-way street. Small Business owners should harness the opportunities that exist in their communities, and form relationships with other business owners

Suzanne Trusdale TELUS, Vice President, Sales, Small Medium Business, TELUS, Small Medium Business

Suzanne is deeply invested in empowering diverse entrepreneurs and business owners to succeed. Prior to joining the TELUS team 25 years ago, she owned a restaurant and catering company. Suzanne is currently TELUS’ Vice President of Sales for Small Medium Business. She is a strong advocate of diversity and inclusion; she serves as Global Co-chair for Connections (a network focused on the career growth and progression of women at TELUS) and Executive Sponsor for Spectrum (TELUS’ resource group for 2SLGBTQIA+ and allied team members).

We are all very aware that it’s a challenging time right now for Canadians, and especially for Canadian Small Businesses. However, in the face of challenges that the current economic climate presents, it's the resilience of Small Business owners that truly make a mark, adapting to change and embracing innovation with tenacity. Small Businesses have an incredible impact on the vitality of our communities, they drive positive change, and foster a sense of togetherness.

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around them. Think about it as social or community capital. It’s the art of creating relationships and networks and building trust with supportive,

reciprocal individuals or businesses. Creating these relationships, and learning from one another, really can make a difference and allow a Small Business new opportunities. Not only that, but we all require a supportive, safe network to lean on.

This idea of togetherness doesn’t just stop with our communities, and between individuals. It also extends to larger businesses and governments of all levels supporting Small Business. What’s key is for Small Businesses to take advantage of the

opportunities out there. At TELUS, through our Stand With Owners program, we recently awarded five amazing Canadian Small Businesses $125,000 in funding, advertising, and technology, as well as $25,000 prizes to fifteen finalists to help grow their businesses. Each year, we ask game-changing Small Businesses across Canada to apply. It’s programs like this that make such a difference, and I encourage every owner to keep an eye out for these amazing, helpful opportunities.

Small Businesses play such an important part in Canada and our communities, and I encourage every owner to make connections with members of the community build that social capital, embrace innovation, engage with the community around them - and take advantage of the programs that exist to make today and tomorrow better for all of us.

Lean on a

Global Community Looking at the year ahead, I’m reminded of the saying, “If you want to go fast, go alone. If you want to go far, go together.”

It rings especially true with eBay where our marketplace exists to uplift and

Garry Thaniel

Senior Director and General Manager of eBay Canada GarryThaniel is the Senior Director and General Manager of eBay Canada. He previously served as General Manager of Sneakers on eBay’s Verticals Leadership Team (VLT) where he drove innovation, growth and unique consumer experiences, propelling eBay’s Sneakers category to secure the market position in the overall space.

With 15+ years of experience as a business executive in the retail sector and management consulting, Thaniel’s expertise in balancing strategic planning and tactical execution led him to be the Vice President of Corporate Partnerships at Instride for their retail and consumer goods sectors. Before Instride, Thaniel served as CEO of ONA Designs International, LLC, a purveyor of fine bags and accessories for the photography, creative professional and travel marketplace.

He has also held several leadership roles with Sears Holding Corporation, The Grayson Group, GS1, AT Kearney, and Macy’s. His career started at Lord & Taylor where he helped launch several new brands, including Lilly Pulitzer, Eileen Fisher, Tommy Bahama and more. He also led planning for the Premium Denim business, where he grew its offering from eight to thirty-three stores and helped launch brands such as Hudson, Diesel, Citizens of Humanity, and Seven.

Thaniel is an alumnus of Harvard Business School and Bucknell University where he is still an active member of the Bucknell University Trustee Board and Harvard Business School Alumni Board of Directors. He has also served as a Board member of the BucknellUniversity Alumni Association and the Black Retail ActionGroup (BRAG).

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bring people together.

For Canadian entrepreneurs, eBay connects your business to millions of buyers from more than 190 markets. The vast majority – 99 percent – of Canadian small businesses on eBay export to an average of 18 countries.

Consider the Quebec-based small business that caters to car lovers from

across the globe looking for the missing

part to complete their latest restoration.

Or the collectibles seller from a small town in Ontario with customers from Japan to Peru – players of games and

fans of athletes that are taking the world by storm. And what about the boating supply store in Halifax that went from a seasonal to a year-round business by reaching buyers in the southern U.S. and beyond?

With eBay, it is possible to stay local and go global. Our teams and tools are designed to make it easy to set up an online store, and we are committed to our sellers’ success. We don’t own any inventory, so we’re never competing with your business – we win when you win.

If you aren’t using a global marketplace already, let 2024 be the year you take the next step with eBay. Together, we’ll go far.

When Indigenous people and businesses prosper, so does Canada Some may be surprised by the enormous contributions Indigenous businesses are making to the Canadian economy. I am not. And we are just getting started.

Indigenous businesses contribute nearly $50 billion annually to Canada’s GDP, and there are more than 75,000 Indigenous-owned businesses and entrepreneurs in Canada.

As the rest of the country awakens not only to their ethical and moral responsibilities to economic reconciliation but to the incredible business case for it as well, more organizations,

corporations and all levels of government from municipal to

federal, are finding ways to do business with Certified Aboriginal Businesses, a verification administered by CCAB. As an organization, we are proudly bold. Whether it is the City of Calgary’s recent commitment to becoming a CCAB Supply Change Champion to demonstrate its intentionality in Indigenous procurement or the federal government implementing a 5%

Indigenous procurement mandate, action is speaking louder than words for some. I would say for too few still, but we are seeing progress.

The Ontario Chamber of Commerce (OCC) and CCAB recently released Sharing Prosperity: An Introduction to Building Relationships for Economic Reconciliation in Ontario. The resource is part of the Economic Reconciliation Initiative, a partnership between both organizations aimed at advancing economic reconciliation by building business capacity to implement the Truth and Reconciliation Commission’s Call to Action 92.

It offers practical guidance on building mutually beneficial relationships with Indigenous people, businesses, and communities while addressing historical context, Indigenous rights, challenges facing Indigenous businesses, and meaningful opportunities for engagement.

Big or small, regardless of industry or geography, Indigenous procurement is always an option for purchasers who want it to be.

Whether a business needs printing projects completed, pipefitting services, safety gear or legal assistance, there is an Indigenous business to take that order and make that happen.

Economic reconciliation happens at the policy level, yes, but the proof is in the purchase orders. That’s all our responsibility.

Tabatha Bull

President and CEO of Canadian Council for Aboriginal Business Tabatha is Anishinaabe, a proud member of Nipissing First Nation.

Awarded CEO of the Year for 2022 by the Ontario Chamber of Commerce, Tabatha as CCAB’s president and CEO is committed to helping rebuild and strengthen the path towards reconciliation and a prosperous Indigenous economy to benefit all Canadians. As an electrical engineer, Tabatha is committed to supporting Indigenous inclusion and diversity in Canada’s energy sector.

Serving the Indigenous community through CCAB’s commitment to supporting the Indigenous economy, Tabatha is an appointee to many boards, including the Dexterra Group, Wigwamen Inc., CN’s inaugural Indigenous Advisory Council, and Catalyst CEO advisory board in Canada to name a few.

Tabatha is dedicated to diversity and removing systematic barriers to improve opportunities for Indigenous businesses and women across all industry sectors.

Exploring More CrossCanada Connections in 2024 At the beginning of every year, I take a moment to reflect on the conversations I’ve had with entrepreneurs and ecosystem support organizations across the country and think about how we can work together to improve the small business landscape across Canada.

This year, the Startup Canada team had the unique opportunity to fly across the country and connect in person with over 1,600 entrepreneurs on our Startup Canada Tour. Stopping in Whitehorse, Halifax, Vancouver, Calgary, and Brampton, we heard the unique stories and challenges impacting Canadian business owners in different regions - as well as their collective experiences. In Whitehorse, the geographical location was holding many entrepreneurs back from desired growth, while in Halifax, many entrepreneurs were seeking more diversity in entrepreneurial support spaces and events. In Vancouver, we heard many entrepreneurs' frustrations over limited funding opportunities, Calgary echoed this sentiment with the added need for more support for 2SLGBTQI+ and women entrepreneurs. Our fifth and final stop in Brampton echoed the need for increased resources for equity-deserving founders and increased access to funding nationwide.

While we heard the diverse challenges and needs of

entrepreneurs, we also got to witness the strength of the Canadian entrepreneurship ecosystem in each of these cities.

Community support and uplifting and celebrating fellow business owners were common themes shared at every stop of the Tour. We saw how support organizations worked tirelessly to develop new resources for local entrepreneurs to build and grow their businesses. Both in on-stage panels and off-stage conversations, we heard small business owners champion one another and work together to rebuild after the impacts of COVID-19 and recent financial crises.

This year, we are continuing Startup Canada Tour, visiting four new cities, building on the power of community, and connecting the entrepreneurship ecosystem from coast to coast to coast.

We know that when we work together, we can make Canada the best country in the world to be an entrepreneur.

You can explore more insights from our 2023 Startup Canada Tour and get the latest updates on our upcoming Tour stops by visiting www.startupcanadatour.ca.

Kayla Isabelle

CEO - Startup Canada Kayla Isabelle is the Chief Executive Officer of Startup Canada, the gateway to Canada’s entrepreneurial ecosystem. Startup Canada’s mission is to connect Canada’s entrepreneurs with the tools, community, and support they need to start and build their businesses. Kayla has dedicated her career to supporting entrepreneurs and is passionate about leveraging the power of storytelling in the business community, particularly for women entrepreneurs, as the host of the Startup Canada Podcast.

The Power of Payment Automation Solutions Early in my career in financial services at a large Canadian bank, I got to work with many small to

medium-sized businesses (SMBs). It was eye-opening to see the sheer number of businesses that operated with such thin margins that something as simple as a slight delay in receiving a payment from a customer could jeopardize their survival as a business.

Hamed Abbasi

Co-founder & CEO, Plooto Hamed Abbasi, Co-founder and CEO of Plooto, spearheads a dynamic team delivering a leading payment automation solution for small-tomidsize businesses. Previously, he cofounded Vast Studios, a gaming company, leading to its acquisition in 2014. Hamed's strategic leadership expanded Vast Studios globally. Now focused on Plooto, he is committed to making financial growth attainable to all businesses by unlocking the power of seamless cash management.

After leaving the bank to pursue an entrepreneurial path, the pain of managing financial operations became personal. As one of the owners and operators, I was solely responsible for managing all aspects of our cash.

This included invoicing, collecting payments, managing expenses, and ensuring that employees and suppliers were paid on time. This manual approach was not only

time-consuming but also prone to errors, leading to delayed payments and disrupted cash flow. More importantly, it chipped away crucial hours that I could have spent on growing our business. This taught me an important lesson: staying on top of our cash flow wasn’t just an operational task, but an imperative to growing our company and achieving our goals.

Times may have changed but the fundamentals remain the same. With high inflation and rising cost of capital, cash on hand makes the difference between failure and growth. An unpaid invoice or delays in receiving payments can quickly snowball into bigger issues. For business owners who want to grow confidently in 2024,

automating financial processes, starting with Accounts Payable and Receivable, is the best way to address inefficiencies and gain visibility into their cash position.

The post-pandemic world presents numerous opportunities for entrepreneurs to succeed – but it’s no secret that many challenges still abound. A crucial pitfall faced by many businesses is lack of cash flow — 82% of businesses cite cash flow problems as a significant factor in their failure.

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Payment automation solutions accurately display where each dollar goes and when to expect a cash influx. This insight unlocks the ability to forecast more accurately, invest in R&D, and know when to hire.

My advice for budding entrepreneurs is to not neglect this critical foundation and to invest in building efficient financial processes from the start. It’s not just about saving time and money, it's about realizing your full potential as an entrepreneur.

Make 2024 your year for innovation with the Research Facilities Navigator Each new year brings a renewed sense of possibility.

For leaders of Canada’s SMEs, it’s a time to reflect on the lessons of the past year, to set new goals, and to create an achievable plan to realize them. These days, advice abounds on what businesses can do to be more successful. Among the most important is the value of an R&D strategy that makes sense for your business.

Along with the potential to bring something new or

improved to market, there are several benefits to making R&D a part of your business goals for 2024. It

can save your business money, as you discover ways to do more with less. It can attract new and retain existing customers by helping you to differentiate your offerings from those of your competitors. It can make your business more adaptable to new, sudden and unexpected changes in the market when you need to

pivot quickly. It can help you attract and retain skilled

Roseann O’Reilly Runte President and CEO , Canada Foundation for Innovation

Roseann O'Reilly Runte is the President and CEO of the Canada Foundation for Innovation.

She has led a number of universities in Canada and the U.S. and has played a role in the economic development of the regions in which they were located. A member of the board of a number of businesses including the National Bank of Canada, LifeNet and Jean Coutu, she has also served as President of the Canadian Commission for UNECO, of the Foundation for International Training and as a member of the executive of the Club of Rome and the Royal College of Physicians and Surgeons. She has been a member of the Virginia Industrial National Development Authority, the Virginia Advanced Shipbuilding Integration Center, the Ontario Québec Private Sector Advisory Committee and the Advisory Board for SunGard SGT. She has a Ph.D. from the University of Kansas.

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workers and investors looking to work with companies demonstrating a commitment to innovation and creativity.

Finding the right R&D partner to help with goals like

these is simple and easy with the Research Facilities Navigator. Launched in 2013 by the Canada Foundation for Innovation, the Navigator is an online directory of research facilities that helps businesses find and connect with the research expertise, services and state-of-the-art equipment they need to fulfill their R&D strategy, solve their innovation challenges, and increase their chances of success.

Covering traditional, emerging and advanced sectors of Canada’s economy, the Navigator has helped connect hundreds of innovators with research experts based in universities, colleges, hospitals, non-profits and federal government departments and agencies from coast to coast to coast.

I invite you to make the Navigator a key tool in your R&D and innovation toolbox, and 2024 your year for innovation.

Best wishes for a successful year ahead,

Celebrating SMB Resilience in 2024 As we kick off 2024, it's important to recognize the dedication and resilience demonstrated by small business owners across Canada. Your commitment has not only sustained local communities but also

created economic growth. At Samsung Canada, we admire and acknowledge your hard work, perseverance, and contributions to our society.

In this era of technological advancements, we

understand the significance of innovation in propelling your business forward. As you navigate the evolving market landscape, Samsung Canada is

James Arndt

Head of Enterprise Business Division, Samsung Electronics Canada

dedicated to offering support as you evaluate and

integrate technology into your business strategies.

Our commitment extends beyond providing topnotch products; we strive to be your trusted partner in leveraging technology to unlock new possibilities for your business.

From vibrant displays to content management systems,

James Arndt is the Head of Enterprise Business Division at Samsung Electronics Canada where he oversees sales, product management and supply chain functions. James’ deep experience within the enterprise category, together with his 11-year tenure at Samsung Canada, drives the division forward to deliver effective solutions to customers as well as sustainable growth for the future.

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our range of digital signage products is designed to empower your business. We aim to provide small business owners with cutting-edge tools that not only streamline operations but also enhance the overall customer experience. Whether you seek to modernize your storefront, optimize employee communications, or communicate effectively with customers, Samsung's digital signage solutions are tailored to meet your needs.

Your success is our success, and together, we can create innovative, engaging experiences that drive your business to new heights.

Streamlining Operations with Technology As we embark on a new year, I am honoured by the opportunity to offer advice to small business owners and from my perspective that advice comes in the form of leveraging technology to thrive in a digital world.

I’ve been in the telecom and technology sector for over two decades, having spent time in various product

development, marketing, and sales roles focused on the small business sector. During that time, I have witnessed the impact of several technological innovations, ones that have taken the world by storm to smaller-scale

innovations making meaningful impacts. The commonality

between the two is the desire to find a better way of doing the things they care about and stand out from the competition.

The key to applying technology to your business is embracing it as a growth tool. Technology should be viewed as an investment to be made rather than a cost to be minimalized.

Start by evaluating your current technology infrastructure and identifying areas where you can streamline operations, improve efficiencies, and save costs. Consider if there are ways to enhance the customer experience by optimizing your website to be mobile device-friendly and accessible. Embrace e-commerce and explore opportunities in the digital marketplace to expand your customer reach and increase revenue. If you're spending more time fixing IT issues instead of focusing on growing your business, partner with managed IT service experts who can handle your day-to-day IT needs.

Most importantly, it is critical to invest in cybersecurity enhancements to protect your business and employees from digital attacks.

In the ever-changing business landscape, adaptability and innovation are essential, and technology is a valuable tool that can help ambitious business owners grow and stay competitive. While making changes can take time, with dedication, perseverance, and a forward-thinking mindset, you can reach your maximum potential within 2024. I wish you a prosperous and empowering year ahead.

Jamie McNicol

Vice-president of Small and Medium Business Growth, TELUS Jamie McNicol is an accomplished executive with 20+ years of experience in sales performance, business transformation, and operational excellence. As the Vice-president of Small and Medium Business Growth at TELUS, Jamie leads a national sales team focused on customer acquisition and cross-sell programs, driving optimal outcomes and customer satisfaction.

Innovating for a Secure Business Future

Katie Ferguson

Small and Medium Business Lead, Cisco Canada Katie Ferguson leads Cisco Canada's Small & Medium Sized Business organization and is passionate about helping Canadian companies unlock digital excellence to power their purpose. She brings over a decade of experience working in the technology industry. For the past 7 years, she's been at Cisco helping customers solve their business challenges through technology that drives innovation.

The landscape for businesses has been spun on its head, bringing with it new requirements for cybersecurity. Cisco data shows that 77% of Canadian companies expect a cybersecurity incident to disrupt their business in the next two years, but only 9% are ready to defend against cyber threats. Small businesses are not immune which means cybersecurity isn’t just a nice-tohave. So, what’s the best advice for SMBs for 2024? Make cybersecurity a priority.

In today’s business environment, significant thought and effort need to be given to how to protect employees and customers, devices, networks, data, and applications that operate dynamically. While it can seem overwhelming for small businesses to take on, keeping things simple with integrated platforms to achieve security resilience while reducing complexity can make all the difference.

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Our small and medium business landscape in Canada is vibrant and has a tremendous impact on our communities, our country and the world.

By investing in tools that build reliance, enable innovation and support business outcomes, we can make sure that our small business community can continue to grow and thrive.

Re-defining your relationship with work in 2024 No matter the size of the company, small business owners dream big. And we all benefit. They are the backbone of the Canadian economy. When they succeed, we all do. Their work inspires me all the time, which makes me proud to see so many companies trust and partner with HP to help power their workforces and allow them to do what they love every day.

Mary Ann Yule President and CEO, HP Canada

Mary Ann Yule is the President and CEO of HP Canada. With more than 20 years of experience, she is a trailblazer in innovative personal systems and printing technologies, including 3D printing, digital manufacturing, and related services and solutions. Since joining HP Canada in 2016, her proven track record of driving results continues to deliver breakthrough market outcomes across HP’s portfolio and credited with establishing HP as the most sustainable technology company in Canada as well as one of Canada’s Best Diversity Employers.

Mary Ann holds a Kellogg-Schulich Executive MBA from the Schulich School of Business in Toronto, attended Ryerson University, and holds numerous professional accreditations, including Six Sigma Executive Champion. She is a highly sought-after speaker on positive disruption driven by technology megatrends like 3D printing, sustainable impact, diversity, and inclusion.

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Unquestionably, small business owners put everything into their companies – physically and emotionally – logging long hours and wearing many hats, all to ensure future success even when they are not at work.’ But this dedication shouldn’t come at the expense of our health.

HP recently launched its first HP Work Relationship Index to better understand the relationship between people and their work. It revealed that only one in four Canadian knowledge workers have a healthy relationship with work, a signal of this pivotal moment in time to humanize the workplace.

The study found that people’s attitudes towards work have

changed, with employees prioritizing purpose and empowerment.

They want leaders to lead with compassion with 69 percent of Canadians saying it is important for leaders to demonstrate empathy.

Fostering a healthy workplace is not just the right thing to do for your employees - it's also good for business. When their relationship with work isn’t how they want it to be, employees are more likely to feel disconnected from work and look for another job. Employees who feel seen and heard, and who gain a sense of purpose through their work, are more likely to stay and help build your company into what you dream it can be.

At HP Canada, we’re proud to partner with small businesses on the right technology and service solutions that help create the type of workplace Canadians require to thrive. One that’s flexible, innovative, secure, engaging and operating with impact. As leaders, I encourage you to be intentional in creating a healthy work environment for your teams. The time to act is now - growth fueled by happiness and health is most sustainable and ultimately a key driver to your success.

Encouraging Global Expansion for SMBs

Malcolm Bruce CEO , Edmonton Global

Malcolm Bruce is a visionary executive with a progressive career in leadership and the first CEO of Edmonton Global, the regional investment attraction and trade company representing 14 municipalities that make up the Edmonton Metropolitan Region. By drawing on his proven ability as a strategic planner and team builder, Malcolm is promoting the Edmonton region as the business location of choice for global investment.

Malcolm brings a 30-year military career with an extensive background in strategic planning, organizational change, financial management, issues management, and stakeholder engagement.

Hello, As we approach 2024, I'd like to express gratitude for the businesses that are driving our economy forward. You are the job creators, the service providers, and the future builders that we need to build prosperity across Canada. The impact you have is immeasurable, and I am proud to live in a country that embraces an entrepreneurial spirit.

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Looking forward, I want to encourage you to think about your business goals globally, not just locally.

Regardless of where you are in your business journey, selling across the globe is not only within reach but also the best way to grow. Exporting companies not only more money due to access to larger markets and populations but they also experience faster growth. By diversifying into multiple markets, exporting companies can also weather economic ups and downs more effectively, avoiding vulnerability associated with a single market focus. Moreover, exposure to different ways of doing business makes exporters more innovative by consistent exposure to new technologies and processes that enhance efficiency and relevance.

There are also many advantages that only Canadian companies can take advantage of when exporting. For instance, Canadian companies enjoy access to larger markets compared to other countries. With free trade access to 51 countries, including the entire G7 and European Union, Canada’s 15 free trade agreements significantly expand global trade opportunities. With coverage of approximately two-thirds of the world’s GDP, these agreements grant access to over 1.5 billion consumers globally, which far exceeds our Canadian population of over 40 million.

Within the coming year, I hope to see more Canadian companies looking beyond our local communities to expand to new places. I strongly believe all companies should be making the most of Canada’s trade advantages, and I would encourage businesses of all sizes to think globally within the upcoming year. On behalf of our team at Edmonton Global, I’d like to wish you a fantastic 2024 filled with growth, new connections, and hopefully newfound global success.

All the best, Malcolm Bruce Edmonton Global, CEO

Digital Renaissance: Transforming Canadian SMEs for Tomorrow's Economy Working with small business associations coast to coast, I have witnessed a nascent digital revolution—a gradual transformation not just of technology, but of dreams and ambitions. In Canada, where small and medium-sized enterprises (SMEs) form the robust backbone of our economy, embracing digital tools is an act of bold vision, a step into a future where growth and competitive edge are redefined. But not enough SMEs are making this leap into the digital era. For them, I believe, embracing digital tools is not just an option but a necessity when it comes to business growth and competitive advantage.

The few SMEs making this digital journey a reality reveal, quite tangibly and visibly, the remarkable potential digitalization holds. It's a narrative beyond mere technology—it's a reinvention of business culture. For Canadian SMEs, this is an invitation to step into an arena of innovation, to reshape and revitalize their operations in ways previously unimagined.

In today's digital-centric world, visibility and connection are the currencies of success. This year, the landscape for SMEs is set to be transformed with advanced, accessible tools for targeted advertising, as the Cubeler Advertising platform will offer in 2024. These innovations promise to level the playing field, allowing small businesses to weave compelling stories that resonate with their unique audiences.

The future also heralds a new era of decision-making powered by AI and analytics. Upcoming platforms, like the Cubeler Insights platform set to launch in 2024, are poised to offer SMEs deep insights at no cost, empowering them with the ability to make strategic, data-driven decisions that were once the domain of larger corporations.

Marc Pearson is the Vice President of Global Channels at Strategic Alliances at Cubeler. He is responsible for the growth of the Cubeler Business Hub through external partnerships, creating market awareness and driving new revenue channels.

Marc's experience in managerial and leadership roles spans over two decades.

His business background lies in emerging technology, such as telecommunications, artificial intelligence, data and enterprise-level SaaS solutions.

Marc also has extensive experience in developing and managing every aspect of partner relationships, from strategic alliances to channel partnerships. This gives him extensive knowledge of multiple business communities across every industry—from every perspective.

Networking in a global economy is crucial, and the future holds promise for spaces that will connect Canadian SMEs with a world of opportunities. These platforms, including the Cubeler Networking space slated for a 2024 launch, aim to break down barriers, enabling seamless collaboration and access to diverse markets, which are essential for growth and expansion in our interconnected world.

Addressing financing accessibility remains a key part of this transformative journey. For this reason alone, Cubeler launched a financing platform with digital financing solutions to provide SMEs with easier and faster access to credit, simplifying the financial challenges that often hinder their growth and innovation.

In 2024, the path towards digital transformation for Canadian SMEs will not just be about adoption—it will be a path of reinvention and, to make it all worthwhile, a journey of endless possibilities. The coming years, especially 2024, hold immense promise, with new tools and platforms set to unlock potential and drive growth.

It's a thrilling time for the SME members of Cubeler Business Hub and Cubeler itself to be part of this journey, supporting and celebrating the successes of Canadian SMEs as they embrace a digital future rich with opportunity.

Marc Pearson

Vice President, Global Channels & Strategic Alliances ,Cubeler

Embracing the future with optimism As we stand at the threshold of an exciting new year, I would like to take a moment to thank and express admiration for Canada’s resilient small business community.

Reflecting on the challenges of the past year, and the rapidly changing business landscape, I am reminded of the incredible strength and determination displayed by small business owners. As the proud CEO of a global

leading provider of HR, health & safety, and employment law consultancy services it is a privilege to support such a dynamic community.

At Peninsula Canada, we know the pivotal role that small businesses play in driving innovation, fostering economic growth, and creating employment. For over 40 years, Peninsula has been helping small businesses with HR and health & safety compliance. We are trusted by 140,000 SMB owners globally. In Canada, we support over 6,500 SMBs by providing tailored documents, 24/7 expert advice through our adviceline, and employment management software, backed by our best-in-industry service promise.

We pride ourselves on delivering a service that mitigates risk, adds value, and allows businesses to focus their time on what they started a business to do.

2024 holds promise and many growth opportunities and we are ready to embark on his journey hand in hand with you, as a trusted partner. As the driving force of our economy, we are committed to providing the support and expertise needed for your continued success.

Here’s to a successful year ahead!

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Raj Singh

Chief Executive Officer , Peninsula Canada Raj has a background in IT, procurement, financial planning, business intelligence and growth. He spent two years in Canada setting up Peninsula operations there, was CEO at Peninsula Ireland for two years and now heads up our Canada operations as CEO at Peninsula Canada and BrightHR Canada.

His strategic acumen, commitment to excellence, and unwavering dedication have been instrumental in helping the business grow. Raj is known for his collaborative leadership style and for fostering a culture of innovation and inclusivity.

Add regular “think time” to your business priorities to boost your success 2023 was marked by business transformation in response to the current economic times and the evolution of how we conduct business today, postpandemic, both internally and externally. Canadian SMEs are facing an increase in demand for a strong digital presence, a changing workforce, emerging AI, and increased competition, to name a few. Successfully running your business, today, requires a continuous assessment of various facets, including your marketing

strategy, sales approach, operational workflows, staying abreast of industry trends, and carving out time for networking.

The reality is, we're often pulled in multiple directions and get caught up in the day-to-day operations more

so than we would like to or out of necessity, underscoring the crucial need to take a closer look at how we're spending our time – the balance between our day-to-day operations and our "think time."

This dedicated thinking time is a cornerstone for any business owner or manager. It's an opportunity for

reflection on your business trajectory from a strategic

standpoint, an evaluation of your value proposition, and an alignment check with your customers' evolving needs.

Are you truly attuned to feedback, product/service reviews, and the reasons behind missed business opportunities? Is it the right time to consider expanding your offerings and phasing out outdated ones? It's all part of the continuous process of adapting and thriving in the dynamic landscape of business.

My advice is to incorporate quarterly "reflection periods," or even more frequent ones, into your business priorities. To ensure this is an effective use of your allocated time, make sure you've gone through your quarterly results and compared them to your annual goals. Evaluate any lost leads, consider customer feedback, reviews, and recommendations, and if applicable, meet with your team, before you begin the reflection period. This practice will enhance your proactive leadership skills, enabling you to respond and adapt swiftly to industry trends, identify potential opportunities, and ultimately boost your bottom line over time.

Ritu Kohli-Sethi

Managing Partner , Greater Toronto Executive Centre Ritu Kohli-Sethi is the Managing Partner at Greater Toronto Executive Centre (GTEC), a work space solutions provider, including fully furnished offices, meeting rooms, including a training space, and virtual office services. With more than twenty years of extensive expertise in operational strategy, management, and business development, Ritu stands as a seasoned professional.

Ritu holds an MBA from Ivey School of Business and has completed several certifications in various areas, such as property management and risk management. Ritu is a firm believer in continuing education for both professional and personal development and finds great joy in chronicling her life experiences, through her blog page and written submissions for various business publications.

Thrive in 2024 with Shoplazza's Support Shoplazza, celebrated for transforming complex technological challenges into accessible solutions, is proud to introduce the AIGC Comprehensive Tools. Our philosophy is simple yet powerful: provide tools that empower every entrepreneur, regardless of their technical know-how. Our global presence, spanning over 150 countries and supporting more than 360,000 merchants, is a testament to our

Alyson Zhang

commitment. This reach is further strengthened through our strategic partnerships with industry leaders like Google,

Alyson Zhang is the co-founder, COO, and

A significant addition to our suite of tools is the AI Video Generator: Wondershare Vibor, now available in our App

Co-Founder, COO, and Head of Internationalization at Shoplazza

Head of Internationalization at Shoplazza.

She earned her Bachelor’s degree in law from Durham University (LL.B.), and her Master’s degree in Finance & Banking Law from University College London (LL.M.). She also holds a professional qualification as a Barrister & Solicitor in Ontario, Canada.

With a robust career history, including positions at Linklaters and Michael Page, Zhang has extensive experience in corporate governance, information security compliance, human resource management, and architectural design.

As 2024 unfolds, the business world continues to evolve, presenting unique challenges, particularly for small businesses like yours. In an economic climate marked by inflation and intense competition, Shoplazza stands with you, committed to levelling the playing field and ensuring that you have a fair chance to compete and succeed. Embracing the Online to Offline (O2O) strategy, we aim to bridge the gap between your digital presence and physical interaction points, enhancing customer engagement and driving growth.

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Facebook, TikTok, and Snapchat, and our innovative O2O approach.

Store. This innovative tool is designed to democratize video creation, allowing you to experience the wonders of AI-driven content production. With an easy-to-use English interface, you can generate video scripts using keywords and pictures.

Wondershare Vibor offers over 100 video templates and 300+ AI avatars in various languages and skin tones, catering to diverse markets worldwide. This exciting AI-powered tool makes it possible for small businesses to create impactful

video content for websites, social media, or ads at a fraction of the usual cost, seamlessly integrating with our O2O strategy to enhance your online and offline presence.

Shoplazza's AIGC tools, including Wondershare Vibor, are not just about technological innovation; they are about providing equitable opportunities for small businesses to shine in a crowded marketplace. By simplifying content creation and marketing, and leveraging the O2O model, we aim to give you the resources to focus on what you do best – running your business. In these challenging times, Shoplazza is more than a platform; it's your partner in growth. We invite you to explore the possibilities with our AIGC Comprehensive Tools, Wondershare Vibor, and our O2O strategy. Learn more about how we can support your business at www.Shoplazza.com and join our community on social media platforms like Twitter, LinkedIn, Instagram, and Facebook.

2024 is a year of opportunity. With Shoplazza by your side, you're not just surviving the competition; you're poised to thrive.

Optimism for SMB Growth in 2024 As we approach the new year, I want to take a moment to express my deep appreciation to the small business community.

Your unwavering commitment, resilience, and hard work have been inspiring. Despite our challenges, you've continued to push forward, innovate, and make a difference in your communities.

Thank you for all that you do.

Looking ahead to 2024, I am optimistic about the opportunities to come. Attracting and hiring top talent will continue to be a

key differentiator, and I believe that small businesses can succeed in this area. Small companies can create a workplace culture that attracts and retains the best and brightest by

offering employees a strong sense of work-life balance and flexibility, career advancement and development opportunities, and competitive compensation and benefits.

Generative AI is another tool that will be a crucial pillar in

helping small businesses get ahead in the coming year. As the technology continues to evolve and become more accessible, small businesses will have the opportunity to leverage AIpowered tools to streamline processes, automate tasks, and gain insights that were previously out of reach.

Generative AI can create personalized marketing campaigns that resonate with customers on a deeper level. Targeted messages can increase engagement, conversions, and more revenue.

Generative AI can also be a hiring tool.

By helping small businesses identify the most qualified candidates for a given role by analyzing resumes and job descriptions, companies can save time and resources to hire the best talent for their team. Of course, AI is new and evolving in the workplace, but I believe that generative AI can be a powerful

tool for small businesses when used responsibly and ethically. It can help smaller companies better compete with their larger-sized peers. Gen AI is a tool that can help small enterprises work more efficiently, make better decisions, and ultimately achieve their goals, allowing them to level the playing field.

As we look ahead to 2024, I am

confident the small business community will keep pushing forward, innovating, and making a difference.

May the coming year be filled with

growth, success, and prosperity. May we continue to work together to build a brighter future for ourselves, our employees, and our communities.

With Warmth, Heather

Heather Haslam

Vice President, Marketing, ADP Canada Heather leads the Marketing mandate to support businesses across all segments in Canada. In her role, Heather provides strategic direction for planning, product marketing, campaign management, branding, and employee communications.

Heather has more than 20 years of 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 and engage and build alignment with leaders/teams across functional areas. Before joining ADP in early 2016, she held various roles at BCE, primarily in Bell Business Markets, across Sales, Marketing and M&A.

The single most important thing you can do for your business in 2024 It’s January, The top of mind for Canada’s small and mediumsized businesses is how to get and stay ahead by taking advantage of the market opportunities 2024 presents. As companies set goals and strategize for the year ahead, we see industries across the country faced with a pressing challenge – the anticipated labour shortage predicted in 2023 has arrived.

In the latest report from Statistics Canada, we see a clear increase in the number of businesses citing the recruitment of skilled workers as an obstacle.

Access to dynamic talent could be what makes or breaks an organization in the year ahead and business leaders across

the country are faced with some tough questions. How will you compete, launch new research or deliver successful innovation projects? Do you have the budget? Do you have the knowledge and expertise in-house to get the job done? Where and how will you find the right people to drive your business?

The single most important thing SMEs can do to set themselves up for success in 2024 is to ensure steady access to skilled labour and the fresh thinking they bring. We know SME owners and entrepreneurs in the innovation space have big,

meaningful ideas, but often they are working with limited

resources and financial constraints. Connecting you to the right talent is key.

As Chief of Business Development at Mitacs I’ve seen firsthand the impact access to the right talent can have on the success of businesses across Canada. By accessing Mitacs’s extensive network and experience within Canada’s innovation ecosystem, our SME partners are connected to world-class talent – a skilled workforce with the tools and experience needed to foster new research and development and to grow productivity. With over 25 years of experience connecting industry partners to top talent, Mitacs can help solve your most pressing challenges, allowing you to take your organization to the next level. Not only do we match your business to the best-fit talent and skillset, but we also provide funding, investing in your business success.

This is the year to discover how fresh and funded talent can support your business goals. If you have a project, idea, or business challenge in mind for 2024, let Mitacs help you get started. Visit www.mitacs.ca/discover-business.

Tash Ismail

Chief Business Development Officer, Mitacs A seasoned Executive and consultant, Tashmia currently serves as the Chief Business Development Officer at Mitacs. Here she leads a large team operating across all 10 provinces and works towards building and connecting knowledge networks to drive innovation with impact, nationally in Canada, and internationally with partner countries. Mitacs is a critical nexus point in enabling industry, academic institutions and government to work together towards aligned goals in driving industry innovation, productivity, growth and a prosperous society for all.

Make the Trend Your Own in 2024 Make the Trend Your Own in 2024 As we step into 2024, the marketing landscape is buzzing with fresh ideas.

At VistaPrint, we’ve noticed that there’s a big focus on keeping things personal. Why? Because brand building is all about fostering stronger, more meaningful connections.

That said, terms like artificial intelligence might make your head spin. We get it. However, there are several ways small business owners can take advantage of emerging marketing trends to

create impact. Here are a few themes to keep in mind as you grow your business in the new year:

Personalize the Experience: The ability to stand out hinges on a small business’s willingness to make each interaction feel personal. Even as digital marketing and AI make it possible to supercharge customer engagement, the appeal of physical, tangible products is making a comeback.

As a small business owner, you can hop on this trend by creating

Bridge The Divide Between Print and Digital: Print or digital? Well, why not both? The lines between offline and online have blurred – and that’s a great thing for small business marketing. Print assets that feature digital components like QR codes can drive traffic to valuable online real estate, encouraging greater engagement.

Those QR codes can lead to all sorts of things – landing pages,

sign-up forms or social media channels – to enhance the consumer experience and make each interaction more memorable.

personalized products that uniquely represent your business. From custom merchandise and apparel to drinkware, products that are tailored become much more impactful vehicles of connection.

Build Narrative Into Packaging: The product or service a small business offers is just as

important as the experience. Print

marketing, particularly compelling packaging design, has become a unique canvas for storytelling, enabling small businesses to extend brand visibility.

Erin Shea is Senior Director and Head of North America Marketing for Vista, the design and marketing partner to millions of small businesses around the world.

Erin Shea

At the end of the day, packaging does more than hold a product. It creates a moment between you and your customers, holding their attention and inviting them to engage with you and share their experience with others.

Happy New Year and best of luck in 2024!

Senior Director, North America Marketing at VistaPrint

Navigating 2024: A Small Business Venture Towards Innovation and Efficiency In the ever-evolving landscape of entrepreneurship, time and resources stand as our most valued assets. As we stride into this New Year, small businesses aren't merely confronting challenges; they're seizing them as opportunities to redefine strategies and amplify operations. Studies reveal that, on average, small business owners handle approximately 4.2 roles within their businesses. Limited IT resources and tight budgets, compounded by the complexities of managing a workforce and

Mohan Mailvaganam National Vice President – Digital Services and Workflow Automation Practice

As a leader with over 20+ years of in-field experience in Digital Transformation, Mohan brings a wealth of experience and expertise in areas such as digitization, information management, workflow automation, and business process outsourcing. During his 24+ year career at Xerox, he has undertaken diverse roles within the Xerox fold over the years, yet all aligned with the shared goal of helping businesses of all sizes move to a digital way of working.

In his current role as the Canadian Practice Leader, his organization is focused on helping businesses leverage accessible, innovative, industryleading automation technologies, and managed services to transform clients' back offices and become less reliant on paper. They are making the transition towards digital and touchless processing.

integrating incompatible new technology, lead to an average of over seven unconnected business applications. This lack of integration where the work is done, coupled with a lack of ROI clarity, poses challenges in maximizing the value of each dollar spent.

Freeing up schedules and enhancing efficiency is the elusive, eternal promise of technology. Reclaiming time from repetitive and tedious

tasks means gaining more time for productive and rewarding work. After all, the additional time spent on the things that matter most for your business could be the difference between a robust month and a challenging one. But how do you create that time?

The Xerox RPA Service Advantage for 2024 Robotic Process Automation (RPA) and Artificial Intelligence (AI) stand as distinctive yet mutually advantageous technologies.

RPA specializes in automating the repetitive and rule-based tasks of the business world, mirroring human actions with precision. RPA was previously viewed as an enterprise solution due to the scale of problems associated with automation, not to mention substantial costs. However, when offered as a service with targeted goals and specific results, RPA becomes an affordable option for SMBs. Empower Your Business in 2024 and Beyond Xerox believes in a collaborative approach to assessing customers' situations, understanding the problems they aim to solve, and identifying the best solutions. Xerox's services range from simple invoice processing automation to more complex AI-based solutions tailored to various client needs.

Discover how Xerox Robotic Process Automation (RPA) services can help you boost efficiency. Access this free 45-minute webinar, now available On-Demand. Tune in to scratch the surface of what's possible.

Learn more about Robotic Process Automation (RPA)

Transformative Shifts: Canadian Small Businesses Ride the Wave of Major E-commerce Trends The manner in which Canadian small and medium-sized enterprises (SMBs) conduct business has been fundamentally transformed by the exponential growth of digital transformation. By embracing technological advancements, these businesses are effectively navigating the e-commerce landscape by capitalizing on innovative trends to improve customer experiences and stimulate expansion. The following five significant trends are reshaping the e-commerce landscape of Canadian SMBs. Although growth is decelerating, online sales as a share of total retail sales stayed at a record 18.9% in both 2021 and 2022. More than 20% growth is anticipated by 2027. In fact, there were $20.43 billion in online sales made by BFCM in 2022. However, in 2023, this exceeded $28.8 billion, with Black Friday contributing $16.4 billion and Cyber Monday contributing $12.4 billion.

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Using AR to Revolutionize Product Visualization A revolutionary new technology, augmented reality (AR), lets buyers try on things in their own homes before buying them.

Canadian SMBs are incorporating augmented reality (AR) into their online stores so consumers can virtually try on clothes, see how furniture will look in their homes, and see what cosmetics hues will look like before buying. Increased customer trust in online purchasing is a result of this trend, which improves the shopping experience while decreasing return rates.

E-commerce Upselling and cross-selling with the Help of AI: Customizing the Buying Experience Through smart upselling and cross-selling tactics, artificial

intelligence (AI) is transforming the way SMBs engage with consumers. Algorithms driven by artificial intelligence (AI) study consumer habits and preferences to recommend enhanced or complementary items, which boosts value proposition and ultimately drives sales. To increase sales and customer loyalty, small and medium-sized businesses (SMBs) in Canada are using AI to provide tailored suggestions.

Enhancing Accessibility and Convenience via Smarter Mobile Shopping Tools Canadian SMBs are putting an emphasis on optimizing their

mobile platforms in this mobile-centric environment.

Businesses are always innovating their user interfaces to make navigation easier and transactions faster. This includes

responsive web design and specialized mobile applications. To top it all off, technologies that are compatible with mobile devices, such as one-click purchases, voice commerce, and augmented reality apps, are improving the shopping experience overall and satisfying the needs of customers who are always on the go.

Additional Payment Options: Diversifying Payment Flexibility As a means to appeal to a wider range of customers, Canadian SMBs are increasingly focusing on expanding their payment choices. Companies are starting to accept digital wallets, cryptocurrency payments, payment plans, and buynow-pay-later alternatives in addition to the more conventional ways. This adaptability decreases cart abandonment rates and maximizes sales conversions while simultaneously expanding the consumer base.

Sustainability: Recommitting to the Cause and Meeting Customer Expectations Sustainable e-commerce is becoming more important for small and medium-sized businesses in Canada as a result of rising customer awareness of environmental issues. In an effort to meet customer expectations, more and more companies are embracing environmentally friendly packaging and advertising items that are supplied ethically. Small and medium-sized businesses (SMBs) can attract environmentally concerned buyers and build long-term connections by highlighting sustainability initiatives.

Loyalty Cultivation with Smarter Mobile Shopping Tools and Subscription Model Growth To encourage repeat business, Canadian SMBs are branching out beyond one-time sales and embracing subscription models.

Providing services or goods via subscription allows companies to secure ongoing income streams while also satisfying consumers with ease and value.

Improving customer engagement, streamlining purchase experiences, and encouraging long-term commitment may be achieved by combining subscription services with smart mobile applications.

Ultimately, SMBs in Canada are being propelled toward innovation and expansion by a surge of revolutionary e-commerce trends—a product of the digital era.

Businesses can gain a competitive edge in today's digital market and keep up with changing customer habits by embracing these trends. With the rapid advancement of technology, small and medium-sized businesses in Canada have a great opportunity to take advantage of new trends, providing exceptional customer service and ensuring long-term success.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit here. To stay ahead with the latest news, follow us on Twitter at @canadian_sme.

We encourage you to join our community of business-enthusiastic individuals.

The Evolving Horizons of

Cloud Computing:

Within the dynamic realm of technology, cloud computing emerges as a

prominent catalyst driving business transformation and innovation. The year 2024 will witness significant

transformations in the domain of cloud computing, marking the beginning of an unprecedented era of opportunities and adjustments. In this domain, ten unique trends are

positioned to redefine the standards of cloud utilization, mirroring an ever-evolving web of developments and obstacles.

Global expenditure on cloud computing infrastructure is projected to surpass $1 trillion in 2024, marking the first time this milestone will be reached. The driving forces behind this will include an increasing need to embrace new platforms and as-a-service options, such as artificial intelligence (AI) services. Discover the all-new tech trends projected to be witnessed in the forthcoming and their implications in the next few minutes.

Diverse Service Options Offered Through Hybrid And Multi-Cloud Strategies Multi-cloud strategies are being adopted by organizations in search of a variety of services from numerous providers. Although this methodology ensures flexibility and cost-effectiveness, it complicates data management and system integration. The proliferation of hybrid models, which combine on-premises and cloud infrastructure, highlights the need for adaptability and security in the face of an abundance of service alternatives.

Foster Agile Experimentation With Cloud-Driven Transformation And Innovation The adoption of artificial intelligence, the Internet of Things, blockchain technology, and quantum computing is made easier by cloud computing, which acts as a doorway to a wide variety of transformational technologies. It does away with the need to make direct investments in infrastructure, which in turn encourages flexible experimentation and makes it possible for enterprises to rapidly investigate new technologies and evaluate the potential advantages they may provide.

Instant Solutions: An Overview of Real-Time Cloud Infrastructure In the year 2024, there is an increasing use of real-time data for the purpose of gaining insights that are up to the minute. The increase in the consumption of streaming data, which includes anything from video chats to entertainment, is driving up the need for storage solutions that provide fast access, such as Flash and solid-state devices. These solutions are designed to satisfy the desire for instantaneous cloud services.

Cloud Computing Accessibility Enabled by AI as a Service An essential enabler for the democratization of access to artificial intelligence is cloud infrastructure. Cloud platforms that provide AI as a service are used by businesses that are unable to amass a substantial amount of resources for artificial intelligence efforts. This accessibility enables transformational artificial intelligence technology, which in turn propels improvements in both the economy and society.

Cloud Computing for a Sustainable Future with Zero Emissions

New Approaches to Cloud Computing: Serverless and Pay-as-You-Go Cloud computing is undergoing a revolution as a result of the rise of serverless models, which eliminate the need for organizations to operate servers. Structures that are based on pay-as-you-go allow for effective usage of resources, which in turn frees enterprises from the expenses associated with server maintenance during times of inactivity and enables targeted resource allocation.

Advanced Technical Abilities for Simplified Cloud Computing

The commitment of major cloud service

As low-code/no-code solutions make application

made by industry leaders such as Amazon and Microsoft to achieve zero emissions is fueling the push toward renewable energy sources.

providers streamline the process of deploying and managing cloud services, reducing the need for highly technical expertise.

providers to achieving net-zero emissions has a significant impact on the development of sustainable cloud solutions. The commitment

This is further emphasizing the need for ecofriendly cloud computing solutions in 2024.

The Growing Necessity of Encryption, Authentication, and Recovery for the Cloud A growing number of cloud services are seeing

an increase in demand for encryption, authentication, and disaster recovery mechanisms as a result of the changing nature of the threat environment. As a result of the development of cyber threats that are fueled by artificial intelligence, providing strong security and resilience has become an extremely important issue for both providers and customers.

Protection of Personal Information While Using Cloud Services The trajectory of cloud privacy is shaped by a combination of technological, regulatory, and legislative measures. Businesses that utilize cloud services must carefully manage the trade-off between taking advantage of the benefits offered by the cloud and ensuring the security of customer data. This has led to continuous advancements in privacy solutions.

development accessible to non-technical users, accessibility becomes even more important. By using natural language tools and user-friendly interfaces, cloud

Improved Power Efficiency: The Pervasiveness of Edge Computing The proliferation of edge computing is being driven by

advancements in power-efficient processors, memoryefficient algorithms, and robust networks such as 5G. In 2024, there is a growing momentum behind the paradigm

of processing data closer to its source. This approach aims to optimize bandwidth, enhance responsiveness, and drive efficiency across a wide range of applications.

In a nutshell, the year 2024 is signaling the commencement of a revolutionary period for cloud computing, which will be filled with both breakthroughs and problems. A symbiotic link between technical improvements, user accessibility, and the critical need for security and sustainability is driving the trajectory. This interaction is a defining characteristic of the trajectory.

The adoption of these trends has the potential to redefine the contours of cloud consumption, which will, in turn, drive enterprises toward more agility, efficiency, and creativity.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit here. To stay ahead with the latest news, follow us on Twitter at @canadian_sme. We encourage you to join our community of business-enthusiastic individuals.

Making Sense of Tech Trends

How Innovations Are Changing Business Landscapes for Canadian SMEs Within the ever-evolving realm of SMEs, technological developments serve as catalysts for progress. Prominent trends such as predictive AI and sustainability adoption possess the capacity to bring about significant changes, offering both prospects and obstacles for enterprises striving to adjust and prosper in the era of digitalization.

A developing technological trend of 2023 is AI. A 2023 McKinsey study found that 79% of respondents had AI exposure, and 22% used it for work. AI will undoubtedly remain popular due to its success and acceptance, but it's not the only business technology making headlines—tech trends to watch in 2024.

From tenth position in 2023 to third place in 2024, sustainable tech went up the tech trend rankings by Gartner.

According to the company's predictions, by 2027, the sustainability of IT departments will be linked to performance measures for 80% of chief information officers.

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The Impact of Predictive AI on Canadian Small Businesses A key technological development that is reshaping small and medium-sized enterprises (SMEs) in Canada is predictive artificial intelligence (AI).

Machine learning algorithms and predictive analytics allow companies to sift through mountains of data in search of patterns in customer behavior, industry tendencies, and ways to improve internal operations. Small and medium-sized enterprises (SMEs) may improve customer experiences and streamline internal operations by using predictive AI to optimize decision-making, forecast wants, and personalize offers.

Technology Responsible AI: Adopting AI in an Ethical Way Among Canadian SMEs, the moral foundation of AI adoption is becoming more important. Ethical concerns, accountability, and openness in implementing AI systems are all part of responsible AI. Each year, businesses are placing more emphasis on inclusiveness, data protection, and impartial algorithms. Small and medium-sized enterprises (SMEs) may reduce legal and reputational risks while simultaneously building trust via the use of responsible AI.

Reducing Cyber Risk: Safeguarding Against Attacks Cybersecurity is becoming more important for SMEs as they digitalize more and more of their activities. The security of

sensitive information, financial assets, and client records is of the utmost importance. Encryption techniques, multi-factor authentication, and routine system audits are becoming priorities for Canadian SMEs when it comes to cybersecurity.

Businesses can better withstand ever-changing cyber threats if they take a proactive approach to cybersecurity.

Maximizing Efficiency: Collaborating with Robots Robotics has expanded beyond factory floors and into many SME industries, where it has increased production and efficiency.

Cobots, or collaborative robots, are becoming more commonplace as a means to automate mundane jobs, enhance

processes, and increase accuracy in the workplace. Small and medium-sized enterprises (SMEs) in Canada are jumping on the bandwagon for human-robot collaboration because they see the value in it for increased efficiency, lower costs, and new ideas.

Green Technology and Sustainability: Reducing Negative Effects on the Environment Green technology is being employed by Canadian SMEs as part of their operations in a world where sustainability is becoming more and more prioritized. Businesses are embracing sustainability by switching to renewable energy and green manufacturing. Adopting green tech has several benefits, including reducing environmental effects, saving money, staying in compliance with regulations, and appealing to consumers who are concerned about the environment.

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In 2020, an estimated 29% of the world's energy came from renewable sources, as reported by the Centre for Climate and Energy Solutions. As wind, hydro, and solar technologies advance and become more affordable, the number is projected to increase to 35% by 2030.

Technology and business are constantly influencing the strategy, operations, and innovation of Canada's small and medium-sized enterprises (SMEs). There is a tremendous opportunity for development and competitiveness in embracing these technological advances. Nevertheless, being flexible, putting plans into action strategically, and keeping an eye on ethical issues and risk management are all essential.

It is imperative that Canadian SMEs, which are at the crossroads of

technological innovation and corporate strategy, tread carefully in this age of

fast digital change. The incorporation of technological breakthroughs requires a cautious approach, combining innovation with ethical, legal, and operational issues, even though these improvements offer tremendous opportunities. In a company world that is becoming more and more techdriven, the capacity to successfully use these trends might determine success or failure.

CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit here. To stay ahead with the latest news, follow us on Twitter at @canadian_sme. We encourage you to join our community of businessenthusiastic individuals.

Key Strategies for SMEs to Fortify Against Cyber Attacks Revealed by

In a revealing interview with CanadianSME Small Business Magazine, Smriti Arya, Content Analyst at GetApp Canada, shared her expertise in safeguarding small and medium-sized enterprises against increasing phishing attacks, especially during the holiday season. She highlighted key vulnerabilities such as heightened email activity and reliance on open WiFi networks. Emphasizing the effectiveness of cybersecurity training, Arya underscored essential components like understanding various cyberattacks, conducting knowledge assessments, and promoting strong password policies. Additionally, she advocated for the critical role of technology solutions like antiphishing software and multi-factor authentication, alongside broader cybersecurity practices, to bolster defenses against these growing threats.

Smriti Arya is a Content Analyst for GetApp Canada, delivering key insights regarding software, business and tech trends directly to local SMEs.

To begin with, could you share a bit about your professional journey, specifically what led you to your role as a Content Analyst at Gartner?

I have been working in the content writing and research field for the last 8 years and I am adept at meticulously researching a variety of topics.

Coming from a technical academic background, I love writing on different technology trends and platforms. My work was recently featured in Canadian HR Reporter and Business in Vancouver.

My research and data analysis skills with a wide understanding of software and technology helped me achieve the role of a content analyst at Gartner where I enjoy working on consumer and B2B surveys designed to help us analyze and discover industry trends.

Content Analyst for GetApp Canada

Phishing attacks on small and medium-sized enterprises appear to increase significantly during the holiday season. What in your view are the factors that make these businesses particularly vulnerable to such attacks during this period?

Here are some possible factors that could lead to a holiday-specific increase in phishing attacks leading to vulnerability among small and medium-sized businesses:

Increased email activity: With lots of “happy holidays” emails from management, clients, and external addresses,

cybercriminals may get the opportunity to send a malicious link that can go undetected. If a worker falls prey to such emails, the entire organization

could be at risk for a large-scale cyberattack. In fact, our study also revealed that 9 in 10 survey respondents received a phishing attack via email.

Interviews Use of open WiFi networks: When people are on the move during their holidays, they usually make use of unsecured public/open WiFi networks to check their emails which can put them at risk of cyberattacks.

Inevitable spike in online shopping: The holiday season usually brings a spike in online shopping with people buying gifts for their loved ones. But, unfortunately, this can turn out to be a profitable season for cyberattackers as well, as they might use a

Knowledge assessments Cybersecurity training should also include a component for assessment to know how much each employee has learned about cyberattacks. Such assessments can be in the form of attack simulations that could help employees understand how a cyberattack might happen and how to report such emails. In case employees fail to pass such quizzes, a follow-up training course should be provided to them.

Educating the team on the importance of strong passwords Unique and strong passwords can potentially lower the

variety of attack methods such as impersonating work colleagues or friends and sending employees malicious links to redeem

chances of accounts getting hacked. Therefore, implementing a strong password policy at work and educating employees on the use of this policy could

It has been observed that organizations which

take in their company to ensure data security, 52% of the respondents reported that they adhere to the

rewards.

implement cybersecurity training tend to see a decrease in successful phishing attacks. What essential components do you believe should be included in this training to effectively equip employees against these threats?

We asked respondents who belong to senior management/leadership and who have phishing awareness training programs in their company if they find such training useful. 88% said that the

training helped them notice a decline in successful phishing. In this context, it is important for organizations to conduct such programs for their employees on a regular basis.

Companies may include the following components when designing cybersecurity awareness training programs for their employees:

Deep dive into the different types of attacks The holiday season usually brings a spike in online shopping with people buying gifts for their loved ones. But, unfortunately, this can turn out to be a profitable season for cyberattackers as well, as they might use a variety of attack methods such as impersonating work colleagues or friends and sending employees malicious links to redeem rewards.

help ensure a secure environment. When we asked senior manager respondents about the actions they

password policy for data protection.

Data privacy policies It can also be essential to include knowledge of data privacy policies in your cybersecurity awareness training programs. Employees should know who has access to specific company data, how to store it securely, and how to prevent unauthorized entities from accessing such data.

With the rise of remote and hybrid work models, which are believed to be more vulnerable to phishing attacks, what specific strategies would you recommend companies adopt to safeguard their remote workforce?

Our research study reveals that 80% of senior manager respondents believe that companies operating remotely/hybrid are more prone to phishing attacks. Here are some strategies that companies may adopt to safeguard their remote workforce:

Implement virtual desktop infrastructure for remote/hybrid workforce Virtual desktop infrastructure (VDI) allows employees to access work-related applications on a virtual machine that is located on a server in the data centre.

In this context, VDI is designed to limit the risk that nonbusiness apps can bring by restricting employees to only use work applications on a virtual network.

Interviews Encrypt stored data

Encrypting data stored in a work device could be an ideal practice to ensure data security. In case a device is stolen, employees may avoid a data breach issue if the data stored on it is encrypted. Implementing this strategy can help keep the data shared between company-owned servers and remote locations encrypted and make it unreadable for unauthorized entities without an encryption key, such as a PIN or password.

Establish remote work policies Make sure to have comprehensive remote work policies in place that can include the eligibility to work remotely, the use of strong and unique passwords, installation of SSL security, and virtual private networks (VPNs).

According to 63% of those respondents whose companies use it, the software regularly prevents phishing attacks, while 33% say it only prevents attacks from time to time. Looking at the stats, organizations should not just rely on such software to stay protected from attacks, but should also have other measures in place to double down on security. Therefore, organizations should use anti-phishing software as well as additional cybersecurity practices to ensure a secure work environment for everyone.

Based on your extensive experience and understanding of cybersecurity threats, particularly phishing attacks, what key piece of advice would you offer to small and mediumsized enterprises to bolster their defenses against such cyber threats?

While it’s not mandatory to implement all of these cybersecurity controls, we encourage small and medium-sized businesses to adopt the following practices to defend against cyber threats:

Implement strong user authentication policies Beyond establishing policies to restrict access to certain websites and educating employees about cyberattacker tactics, how significant do you think the role of technology solutions, like anti-phishing software and multi-factor authentication, is in protecting businesses from phishing threats?

Anti-phishing tools are designed to identify malicious data or messages through emails, links, or pop-up windows. Such software platforms usually comprise different computer programs such as firewalls, anti-virus programs, and email security software programs.

Speaking about our survey, it was revealed that over half (55%) of surveyed senior managers stated that their company has anti-phishing software in place, whereas 36% don’t, while 9% are unsure about it. Of those respondents who admitted to having anti-phishing software in their organizations, a significant proportion believe that it can help them defend against phishing attacks.

Ensure that all work devices authenticate users before they are able to access the company’s information and apps.

Organizations can use two-factor or multi-factor authentication wherever possible to enhance security.

Conduct regular data backups and encryption Run data backups on a regular basis so that sensitive data is always secure even if a cyber incident or a natural

disaster happens. Encryption is another important aspect when it comes to data security as it can prevent third parties from reading/understanding encrypted data.

Provide tailored training programs to employees Educating employees on different cybersecurity incidents and prevention strategies can reduce the likelihood of such events and make them able to safeguard their accounts against such attacks.

Leverage the use of security tools Install anti-virus, anti-phishing, and firewall software on work devices to avoid phishing attacks and protect against malware.

Monitor security activities Last but not least, it is crucial to monitor all the security activities organizations have in place to understand whether more strategies should be introduced to double down on security and how current cybersecurity techniques are working.

Navigating the Future:

5

Transformative Trends Reshaping Canadian Small Businesses in 2024 Canadian small businesses are preparing themselves for a period of significant change characterized by technological advancements and changing consumer preferences as the business landscape continues to evolve. Looking towards the future of 2024 and beyond, five significant trends have the potential to redefine the operations and customer engagement of enterprises.

A Revolution in Hyper-Personalization Using Machine Learning There has been a shift toward hyperpersonalization as a result of the merging of consumer data accessibility with cuttingedge technology such as AI and machine learning. In order to keep up with this trend, it is essential to use data-driven insights to provide customized suggestions, unique promotions, and interactions. Nevertheless, CXOs face a formidable obstacle in striking this balance between personalization and protecting client privacy.

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Business Trends Prioritizing the Customer Journey via Trust Building

Artificial Intelligence and Emotional Intelligence in Interactions

More and more, businesses are realizing the importance of the whole customer experience rather than concentrating on individual encounters. It is becoming more and more important to create flexible customer journeys that are responsive to changing demands. The goal isn't to make a quick buck but to create long-term connections by providing everbetter service.

The emphasis has shifted from efficiency to emotional intelligence as AI and ML become core components of customer service operations. The integration of AI technologies that can comprehend and react to client emotions is a responsibility placed on CXOs. Improving emotional resonance and creating a more genuine and engaging experience for customers is achieved by using sentiment analysis, Natural Language Processing (NLP), and compassionate algorithms.

To Engage Customers More Efficiently via Voice Interaction Business developments in 2024 will be

significantly influenced by the widespread use of voice-based interfaces, which are not limited to homes. Voice commands are changing the way customers interact with companies. They can now make orders, get help, and get information, all with the press of

Recognizing and embracing these new trends is crucial for small companies in Canada to thrive in this ever-changing business ecosystem. Businesses' success stories in 2024 and beyond will be defined by their ability to navigate the terrain of hyper-personalization, improve customer journeys, communicate with voice, achieve omnichannel harmony, and use emotional intelligence in AI-driven interactions. Businesses may flourish in the face of changing customer expectations and technology breakthroughs by embracing these revolutionary trends.

a button. Businesses need to rethink their approach to consumer contacts and make huge investments in voice-enabled technology if they want to be part of this movement.

Efficient Brand Communication with Omnichannel Harmony Attaining seamless integration across several channels is of utmost importance in the current corporate environment and will be a prominent feature in the 2024 business trends.

It is essential to maintain a consistent and cohesive identity throughout all customer engagement channels, ensuring that branding, message, and service quality remain constant.

Being present on many platforms is not enough; it is essential for organizations who want to succeed in the changing market.

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CanadianSME Magazine is an invaluable resource for small companies in Canada, both new and established. To subscribe to our magazine, please visit here. To stay ahead with the latest news, follow us on Twitter at @canadian_sme. We encourage you to join our community of business-enthusiastic individuals.

As managers, we all need to be better planners by making sure our team is part of the process and buys into the plan. As part of our research on how to hold better planning meetings, we looked into various industry studies and landed on these top 5 tactics to produce better outcomes.

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Yes, Zoom and Teams made getting teams together a mouse click away, but research has shown you're more likely to reach a desired outcome when you plan in person. For example, according to Entrepreneur, you are ten times more likely to close a deal when you meet face to face. The fact is, humans are social animals and it’s often in the “soft edges” of meetings that real breakthrough ideas spark and interpersonal chemistry makes the sum greater than the parts.

Business Planning

On average, a person looks at their smartphone 220 times a day. That can be distracting when group focus is the name of the game. But instead of banning devices altogether, let folks know you've scheduled short breaks throughout the meeting for responding to emails or texts.

Make sure your attendees know the agenda and their roles, and are assigned any homework well in advance of the meeting so when they get there, they're ready to go. It's also great to give each person a role and responsibility for the session to keep them engaged and the meeting focused and efficient.

If you’re running the meeting, especially if you’re the senior manager, create lots of

room for others to contribute. Don't let your agenda dissuade others from putting forth

their own ideas or opinions. Most plans fizzle when a leader creates an echo chamber,

forcing others to do something because they’re told to, rather than genuinely buying into it. It takes a village to create a successful plan.

Sure, it’s easy to go to the office, but a recent study from

the Moller Institute found that almost 70% of professionals prefer planning meetings offsite where there is less distraction, more privacy and a new perspective from the fresh environment. But don’t do planning sessions in spaces like coffee shops, where distractions are high and privacy is low. Instead, try a bythe-hour, on-demand meeting solution like Just Boardrooms to find a meeting place that fits your needs, suits your style and leaves your guests impressed.

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The beginning of the year is often the busiest time as you and your team plan and implement 2024’s plans. Make the most of your planning by adopting these proven strategies, used by Fortune 500 CEOs to start up entrepreneurs, to get ahead and stay ahead of the competition.

Book your meeting space today on

www.justboardrooms.com!

Beyond Funding - What Can Incubators and Accelerators Offer Entrepreneurs in Canada?

Entrepreneurship is a journey fraught with challenges, and for many aspiring business owners in Canada, navigating the path to success can be daunting.

However, the country's robust ecosystem of incubators and accelerators has been a game-changer, providing invaluable support beyond just financial backing. In this article, we will explore the multifaceted benefits that incubators and accelerators offer to entrepreneurs in Canada, demonstrating that they are more than just sources of funding.

Mentorship and Guidance One of the most significant advantages that incubators and accelerators bring to the table is access to seasoned mentors and industry experts.

These programs typically connect entrepreneurs with experienced professionals who can provide guidance on various aspects of business, such as product development, marketing, sales, and strategy.

This mentorship can significantly accelerate a startup's growth by helping entrepreneurs avoid common pitfalls and make informed decisions.

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Networking Opportunities In the world of entrepreneurship, who you know can often be as crucial as what you know.

Incubators and accelerators in Canada provide an extensive network of fellow entrepreneurs,

investors, and potential partners. By participating in these programs, founders can access a broader ecosystem that can lead to valuable collaborations, partnerships, and funding opportunities. The connections made within these networks can be instrumental in a startup's journey to success.

Resources and Infrastructure Incubators and accelerators offer entrepreneurs access to a range of resources and infrastructure that would typically be beyond the reach of most startups. This includes office space, equipment, software, and legal and financial services. These resources can help entrepreneurs reduce their operational costs and focus more on developing their product or service.

Funding Education and Training Successful entrepreneurship requires continuous learning and skill development. Incubators and accelerators often provide tailored educational programs and workshops to help entrepreneurs enhance their knowledge and skills.

These programs cover a wide range of topics, including business strategy, financial management, marketing, and communication skills. By participating in these programs, entrepreneurs can better equip themselves to overcome the challenges they face.

Validation and Credibility Being part of a reputable incubator or accelerator program

can lend credibility to a startup. Investors, customers, and partners often view these programs as a stamp of approval, signaling that the business has undergone rigorous evaluation and is worth considering. This validation can make it easier for startups to attract funding and gain trust within their industry.

Exposure to Funding Opportunities While funding is not the sole focus of incubators and accelerators, they do play a crucial role in connecting startups with potential investors. Many of these programs have extensive networks of angel investors, venture capitalists, and corporate partners actively looking to invest in promising ventures. By participating in these programs,

entrepreneurs increase their visibility and chances of securing the financial backing they need to scale their businesses.

Customized Support Incubators and accelerators in Canada understand that every startup is unique and faces its own set of challenges.

Therefore, many of these programs offer customized support tailored to the specific needs of each entrepreneur.

Whether it's access to specialized mentors, industry-specific resources, or market research, these programs adapt to provide the most relevant assistance to help startups thrive.

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In Canada, incubators and accelerators are far more than just sources of funding for entrepreneurs. They provide a holistic support system that encompasses mentorship, networking, resources, education, validation, customization, and exposure to funding opportunities. Entrepreneurs who take advantage of these programs often find themselves better equipped to navigate the challenges of building a successful startup. As Canada's entrepreneurial ecosystem continues to grow, the role of incubators and accelerators will become increasingly vital in nurturing and propelling innovative ideas into successful businesses.

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