If you are a small or medium sized business, then you make up 99.8% of businesses in this country and are vital to Canada’s prosperity (according to the BDC). However, chances are, you have experienced many ups and downs over the last 18 months.
Since October is Small Business Month in Canada, here are 31 daily tips for the month of October to help you improve and grow your small business:
Start on a small scale and see what works before expanding.
Build brand loyalty with clients with a points program, thank you cards and contests.
Come together with other small businesses and entrepreneurs in your community to share lessons learned and advice for navigating these uncertain COVID business environments.
Encourage your staff, clients, and colleagues to shop local. Share a recent purchase you made by giving that business a mention on your social media channels.
Consider being a mentor by sharing your experience and knowledge with a young entrepreneur.
Reflect on your business performance and try and find areas of improvement and efficiencies. Eliminate tasks that waste your time and don’t contribute to your growth goals.
Build small business awareness in your area. Provide your favourite local business an online review on Google or Yelp.
Improve your social media presence. Make sure you have a Google My Business page, website and set up profiles in platforms where your target audience hangs out.
Engage with clients on your social media platforms. Set up notifications so you don’t miss opportunities.
Learn from your customers. Make it easy for them to provide you with feedback.
Don’t spread yourself too thin. Determine your target audience/nice and focus on them.
Make sure your goals are SMART. Specific, measurable, attainable, relevant and time-based.
Establish a training program for new hires.
Have a go-to bookkeeper to manage your books and file tax returns.
Deliver exceptional customer services and stand out amongst your competitors.
Have a financial business plan to ensure you make the right decisions as your business scales and grows.
Establish routine weekly or monthly staff meetings to discuss projects, goals, and other business issues.
Be tax efficient. Understanding tax implications can have a huge impact on your bottom line.
Insure your human resources. Provide flexible and budget friendly health and dental coverage for your staff.
Protect your income. Ensure you have disability and critical illness protection in case you become sick or disabled.
Invest in education. Explore online business courses and tools.
Ensure you have the right tools to help you succeed. These tools include a laptop, smartphone, VPN, email, secure Wi-Fi connection, and mobile apps.
Be smart with borrowing costs. Shop around for the best rate for your capital financing.
Network by joining a local business chamber or association in your community.
Understand your strengths and delegate the rest.
Understand the legal requirements surrounding your business/industry.
Keep your employees happy and engaged. Have an ‘employee recognition day’, host a virtual team lunch, or add a wellness day to your group benefits program. Learn what keeps them motivated.
Learn from your mistakes and move on. Don’t dwell on the past or focus on blame.
Study your competition. Know their products, and what makes them successful.
Pay close attention to your cash flow. If it’s not revenue, it is an expense.
Check our list of helpful links for business owners. ~ see below:
Helpful links for the small business owner:
Economic support for BC businesses - https://www2.gov.bc.ca/gov/content/covid-19/economic-recovery/business-supports
Restarting your small BC business: https://smallbusinessbc.ca/restarting-your-business
Future of restaurants in 2021 - https://digitalmainstreet.ca/the-future-of-restaurants-in-canada-2021/
Helping BC industries grow and scale-up - https://www.innovatebc.ca/about/
Government of Canada small business resources - https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/checklist-small-businesses.html
Assistance for young entrepreneurs - https://www.futurpreneur.ca/en/about/
Helping small CDN businesses reach their potential - https://www.thinkingcapital.ca/about/
Measure your impact on your workers, community, environment and clients - https://bimpactassessment.net/