UNDERSTANDING DIGITAL TRANSFORMATION AND YOUR BUSINESS FUTURE

By Laura Didyk, Vice President Client Diversity, BDC

The last three years have thrown a lot of curveballs at entrepreneurs. First, the pandemic, and now the ongoing economic uncertainty has many business owners nervous. According to the Brookfield Institute, one important learning coming out of the pandemic is that Canadian small and medium businesses (SMEs) with higher rates of technology adoption were better prepared to adapt, experiencing smaller revenue and employment drops. So, let’s make 2023 the year your business begins to adopt technology to build strength to weather the storm - or expand.

If that sounds scary or overwhelming, it doesn’t need to be. Most of the entrepreneurs I speak to about digital transformation say they don’t know what to do, where to start, or have the time or money. In fact, a BDC report found 57% of entrepreneurs report low technology integration because they feel they lacked the skills and leadership to adopt it.

What I want to impress today is that going digital doesn’t need to be scary or expensive. It can (and should) be done at the pace you are comfortable with. It can be big bold moves like purchasing a CRM (customer relationship management) or ERP (enterprise resource planning) system, or in smaller steps like adding e-commerce to your website to sell online or digitizing your accounting or procurement management from excel to a software program. Even small steps can have a big impact on the success of your business by improving efficiency and errors.

GETTING STARTED: CANADA DIGITAL ADOPTION PROGRAM

There are many ways to get started, but today I am going to focus on the Canada Digital Adoption Program (CDAP). I truly believe this is a hidden gem.

The government is providing $4 billion in funding to help entrepreneurs transform their businesses using technology. The problem: very few people are using it. Why? No one is sure. My assumption is that business owners believe it’s too good to be true (there must be a catch), or that they will have to make a big financial investment. In reality, it’s a great opportunity to help future-proof your business.

The common feedback I hear from clients is some try to tackle digitization in an ad hoc way and then later regret that it doesn’t meet their needs. CDAP allows you to get expert advice tailored to your business so you can focus on your top priorities.

HERE’S WHAT YOU NEED TO KNOW

There are two CDAP streams depending on the size of your business. The first, Grow your Business Online, is for smaller businesses and provides up to $2,400 to help you set up e-commerce and start selling online.

The second option, Boost your Business Technology, provides up to $15,000 in funding to hire an expert advisor to create a digital adoption plan tailored to your business needs. Plus, an