Category: Business Financing
The Metaverse and its impact on small businesses
The Metaverse. As a small business owner, does this term stir curiosity, confusion, or even fear? Maybe you’re wondering if the Metaverse is the future of the Internet, and if your small business can benefit from it? Is the Metaverse already here? While there has been a lot of buzz around it, it’s still very…
Summer marketing strategies for SMBs
Summer is almost here, but now is not the time to take a vacation from marketing. Depending on your industry, you might see sales ramp up or slow down during the summer. Either way, you don’t want to stand still while your competitors get ahead of the curve. Summer marketing can be different in many…
Building a resilient SMB supply chain
Supply chain issues continue to haunt small business owners well into 2022. These issues materialized during the onset of the pandemic and were further exacerbated by the recent war in Ukraine. While it may seem that only larger companies are affected, supply chain disruptions impact small businesses just as much. In a recent survey, up…
How rising rates impact your SMB
Since March of 2020, borrowing rates in Canada have been historically low and low-cost money has been flowing into small businesses. With record-high inflation knocking at our door, the Bank of Canada announced a series of incremental rate hikes to wrestle inflation under control. Rates will likely continue to climb even further as inflation remains…
CDAP – Canada Digital Adoption Program
The Canada Digital Adoption Program (CDAP) For small business owners, cost has always been a limiting factor in adopting new technology. Let’s face it, it’s expensive and can be a challenge to identify which tools and strategies will benefit your business in the long run. Luckily, the Government of Canada is implementing The Canada Digital…
Small business leadership traits to master
For any business endeavor to succeed, you need a solid leader who possesses a specific set of traits. In larger corporations, leadership has always been a highly discussed and celebrated topic. But what about leadership in small businesses? SMB owners are typically thrown into the fire as leaders and expected to adapt quickly. With your…
Tax season 2022: A guide for Canadian SMB owners
Tax season is officially here. If you’re new to the Canadian small business environment, you may be unfamiliar with the tax laws that apply to small businesses and self-employed individuals. Just like employment income, income from your small business is subject to taxation. In Canada, small businesses and self-employed income can be defined in many…
Optimize your SMB for a post-pandemic world
With some countries already removing Covid-19 restrictions entirely and talks of learning to live with the virus, small business owners are now wondering how they can optimize their business to succeed in an eventual post-pandemic world. It comes with no surprise; small businesses were affected by the pandemic and experienced an unprecedented pace of change.…
What cybersecurity means for SMBs
The Covid 19 pandemic has brought on several changes in the way SMBs do business. More and more, we’re seeing Canadian SMBs embracing digital tools and technologies to better serve their customers. In fact, a new study from PayPal Canada shows that 47% of Canadian small businesses started selling online in 2020. While digital transformation…
SMB strategies to manage inflation
With ongoing supply chain issues and the Omicron variant taking our country by storm, a lot of uncertainty remains for 2022. One major uncertainty is inflation. Much of the current inflation is due to significant imbalances between supply and demand for goods and services. In 2021, we saw a surge in consumer demand and a…
SMB hacks for improving cash flow
Managing cash flow. As an SMB owner, those three words may seem daunting at first, and we don’t blame you. Research shows 64% of Canadian small business owners are burdened with cash flow issues. If you can efficiently manage your cash flow, you will have much more available capital to play with. This comes with…
How to make your SMB sustainable
More and more, we’re seeing small business owners and entrepreneurs wanting to contribute to a sustainable economy. Small business owners and their employees are now in a position to make a difference and to seize this opportunity to build and grow an economy that’s sustainable. By doing so, they will cater to a larger audience,…
Term loan vs. line of credit – How are they different?
A fixed term loan provides a lump sum of money that a borrower pays back with interest over an agreed-upon period. A line of credit, meanwhile, provides access to a sum of money that you can use as needed. Both options can provide you with funds in advance so that you can use them immediately. As…
What is collateral and do I really need it for a business loan?
Traditionally, collateral has been considered an important part of qualifying for a small business loan. In fact, it’s one of the Five Cs used by many traditional lenders to help them evaluate a potential borrower. The term collateral refers to “an item of value used to secure a loan”. Traditional lenders, like banks, typically look for secure…
Summer 2021: What to expect and how to prepare your small business
As summer approaches, the COVID-19 vaccine rollout is sparking optimism for Canadian small businesses. According to Deloitte’s 2021 Economic Outlook Report, “the Canadian economy has proven more resilient than expected” and we can expect to see a surge in consumer spending as public health restrictions taper off over the next few months. SMBs can look…