Are you a small business owner? Here are some things you’re probably not doing to help you succeed
Credit to Author: Staff Writer| Date: Fri, 14 Oct 2022 13:14:24 +0000
October marks Small Business Month in Canada, and as we celebrate these important businesses and the impact they have on our economy, we can’t overlook the contributions of one specific community that’s instrumental in shaping and growing the small business landscape in Canada: Immigrants and newcomers.
With more than 33 per cent of Canadian businesses owned by immigrants, this group represents a powerhouse of fearless and determined business leaders committed to building and maintaining a critical part of Canada’s economy. This is especially apparent when considering that nearly two-thirds of Canada’s labour force is driven by small businesses.
Immigrant-led businesses are helping to bolster the Canadian economy for the present — offering more than a quarter million jobs to Canadian citizens — and the future. But, there’s no question that the pandemic and current downturned economic market has brought challenges to owners as they look to maximize their bottom line. As such, they are being required to be much more creative and innovative with how they go about driving profits to remain afloat.
How digitization is opening new revenue streams and opportunities for businesses
Canadian small businesses are continuing to seek out opportunities to scale and identify new revenue streams, with many taking advantage of international markets that have become viable and accessible with digitization, especially amidst the pandemic. Whether it’s looking internationally to increase sales with a larger customer base, securing necessary goods and resources, or tapping into skilled workers in other countries, online platforms and tools have brought added ease to managing business operations in global markets.
But despite significant positive change made possible through digitization, many small businesses are likely overlooking important online tools and offerings that can be easily implemented to help cut business expenditures, enhance profits and even strengthen team productivity and rapport, especially with remote employees.
Seeking out online tools that drive enhanced profits and efficiencies
One tool helping businesses to cut unnecessary costs is Wise, a universal account and app that enables you to send, spend or receive money internationally without hidden fees on international transactions. Wise lets you hold more than 50 currencies, move money between countries and spend money abroad like a local in 170 countries. It also uses the mid-market foreign exchange rate without the markup and hidden fees charged by banks, remittance or other international money providers, providing an instant and transparent solution 4x cheaper than alternatives.
Plus, Wise recently launched the Wise card in Canada, a contactless Visa which works similarly as other cards commonly found in your wallet but backed by the Wise account. So whether you’re sending or receiving payments internationally to pay staff, acquire goods and services, or to sell your offerings to a wider consumer audience including those internationally, the Wise account enables you to save money on your small business costs.
Leveraging digital technologies that can help you manage a digital workforce
In addition to capitalizing on apps and services that enable businesses to save on unnecessary fees to drive profits, it’s important that businesses look inward at how their digital working environments may be impacting business performance, especially given the volume of remote workers.
According to a recent study, 16 per cent of employees globally are now working completely remotely given the pandemic. Workforce values have shifted, and more than ever, skilled workers are looking for flexibility in how they work and where they work. In fact, according to a new survey released by Wise, more than one quarter of Canadians said given the pandemic, their employers have given them more flexibility to work anywhere in the world and if given the opportunity, 53 per cent of Canadians say they would work abroad.
With significant changes to workplace norms ignited by the pandemic, it’s important that small business owners — especially those with remote workforces — adopt new online tools and technologies to remain connected and able to manage operations efficiently and effectively. Whether it’s adopting cloud-based platforms for information sharing and storing to enhance productivity, or utilizing virtual platforms to engage in team building experiences that cultivate rapport and keep employees engaged, there are many solutions to explore when managing a digital team.
Celebrating the growth and achievements of Canadian small business owners
Now more than ever, the success of the Canadian small business community is reliant on the ability, and willingness, to adapt to changing environments driven through digitization.
This October, as we celebrate small business owners and their commitments to underpinning the Canadian economy, let’s also celebrate what this new online world has afforded us. Whether it’s the ability to leverage new digital tools that foster growth and enhanced profits, or the ability to extend business cross-borders, the online world has opened new doors for Canadians businesses to reap success and shine on the global stage.
Sponsored by Wise
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