GoFin: Find Your Funding

All grants and financial aids, in just a few clicks

GoFin is the fast and precise search tool that allows SMEs to identify funding sources tailored to their activities and specific needs.

Simplified Search for Grants and Funding for SMEs

We understand that it can be challenging for businesses to navigate the various available financial aid sources. That’s why SADC and CAE offer you a detailed and precise search tool that enables you to quickly and freely find the right funding for every situation.

Our GoFin search engine, powered by Fundica, lists thousands of funding programs at the local, provincial, and national levels. It continuously collects information to ensure results are always complete, up-to-date, and ranked by relevance.

4 Types of Funding Listed
  1. Grants: Non-repayable, they support specific objectives and are generally disbursed before or during the investment period.
  2. Government Loans: Repayable financial contributions with favorable conditions, generally disbursed before the investment period.
  3. Tax Credits: Potential reductions in payable taxes, disbursed after expenses are incurred for certain types of investments.
  4. Loan Guarantees: The government guarantees a loan, partially or fully repaying in case of default by the business. Provided before the loan is granted.
How to Use GoFin?
  1. Create your account for free.
  2. Fill in the 5 mandatory fields of your business profile.
  3. Adjust the filters to refine your search according to your activities and specific needs.
  4. View the results organized by type of financial aid (grants, loans, tax credits, and loan guarantees).
  5. Add financial aids to your favorites list.
  6. Need assistance? Click the link to find your local SADC or CAE and get support from our advisors.
Ready to Find Funding?

Access GoFin and identify the grants and financial aids that meet your business needs.

Digital Shift for Small Businesses

Acquiring digital tools to be competitive on the market is more accessible than ever for small businesses. Digital technology is now within everyone’s reach with a little know-how, the right tools, and a suitable strategy. This is where Road to Entrepreneurship comes into play; this portal helps businesses take the digital shift at their own pace.

The first steps of your small business in the digital shift

The web is vast, and it can quickly become intimidating. But having a digital presence doesn’t mean being everywhere all the time! Above all, the advisors from the SADCs and CAEs who support entrepreneurs and small businesses in their digital shift help them prioritize the actions to take. They proceed at your own pace, according to your real needs.

Taking the digital shift for a business can simply mean:

  • Reserving a domain name to create a future website
  • Acquiring inventory or accounting software
  • Increasing its social media presence
  • Receiving training to better master new technologies
How to continue your company’s digital shift

Small businesses with greater digital maturity can also reap the benefits. Across Quebec, the SADCs and CAEs offer them solutions to go further in their digital strategies. Our philosophy: a digital presence, yes, but also a quality presence. Consult your local SADC or CAE to see how to enhance your company’s digital shift and take advantage of specialized services:

  • Access to expert web resources
  • E-commerce feasibility study
  • Support with a website redesign
  • Addition of a transactional module or booking system
  • Etc.
Your digital projects, our expertise

Working hand in hand with local entrepreneurs is what gives meaning to our work. And that’s pretty much what we do best! Whether we’re helping a small business adopt digital technology or any other type of coaching, we’re committed to offering them 100%-customized support. Why? Because no business faces the same challenges or the same reality in the field, so there isn’t just one way for a business to take the digital shift.

Human Resources Management

Human resources management is an important component to ensure the success of a business. However, depending on the region, it can often be difficult to attract and retain employees, which adds to the multiple daily challenges faced by entrepreneurs.

If you’re having trouble with your human resources management, rest assured! There are several solutions and tools to help you improve it.

Time: the number-one enemy of your human resources management

Entrepreneurs often have two things in common: passion… and a lack of time! It’s mostly this second factor that harms the management of their human resources.

Since it’s impossible to invent time, you’ll have to find some! To do this, you can take stock of each of your tasks, along with their duration. That way, you’ll be able to check if your time is well distributed and—just maybe—free up a window.

This exercise is also interesting to do with your employees. Are they always busy? Could you free up one for a few hours a week to give you a hand with the human re-sources management? Sometimes, that’s all it takes

Get straight to the point

To be efficient in your human resources management, you need to have structured ideas. If you’re looking for employees, draw up a list of what you want and don’t want. That way, you’ll have a clear head when writing your job offer and conducting inter-views.

The same goes for managing your current employees. If you can verbalize your vision of things, it will be concise for them as well. You will thereby avoid potential conflicts.

That said, you won’t be able to have an enlightened vision without first asking yourself the right questions:

  • What do you want for your business in the next few years?
  • Have you established a growth strategy? If so, do you know how many additional employees you’ll need to achieve your goals?
  • Is there a job description for each position?
  • Is there a hiring procedure in place?

This type of simple questioning can go a long way toward creating an effective strate-gy. The advisors from your SADC or CAE can help you with your efforts.

Ask for help for better management of your human resources

Open-mindedness and communication are often a mark of good human resources management. If this doesn’t come naturally to you, that’s normal! Every entrepreneur has their strengths and weaknesses: they’re only human. Working on your shortcom-ings means investing in your business for the long term.

Don’t hesitate to contact the SADCs and CAEs in your region. By asking you the right questions, they will be able to diagnose your current situation and:

  • Discuss the possible options with you;
  • Provide you with simple and effective tools that will make a concrete difference;
  • Direct you to the right resources;
  • Etc.

Their advisors are local people who know and understand your reality. With them, you will be able to find realistic potential solutions for your human resources manage-ment. Solutions that match your needs.

Business Operation and Production

The proper management of the operations and production of your business is es-sential to remain competitive and stand out from the competition.

Observing your market, asking yourself questions, readjusting your goals, and evolving is often the only way to get there. However, in some businesses, the operation and production component sometimes gets left behind in favour of several other issues that need to be resolved.

Are you an entrepreneur looking to improve the management of the operations and production of your business? You’re on the right track with Road to Entrepreneur-ship!

Planification OBusiness operation and production: plan for your success

In entrepreneurship, failing to plan often means planning to fail.

Like a roadmap, your plan will tell you where you want to go, how long it will take to get there, and which path to take. There, you can write down all the steps of the operation and production of your business, the role of each player, the time that will have to be spent on each task, etc.

That way, your whole team will be on the same wavelength, and you will avoid wasting time.

Ask yourself questions

The market evolves, and so do your competitors. To achieve a form of operations and production management that leads you to success, it’s essential to conduct an annu-al checkup.

Is your market the same as last year? Where do you stand now? Has your competition significantly improved its production? Are there things that need to be corrected in your internal process? Are the timelines and goals you’ve set for yourself still reasonable?

All these questions will help you make diagnoses and find solutions

Our network can make a difference in the operation of your business

The SADCs and CAEs in your region are full of resources from which you could bene-fit to optimize your operation and production management.

Their advisors know the field and can help you with your logistics considerations. They have a perspective that some entrepreneurs may no longer have on their problems and are able to make concrete diagnoses.

Take advantage of the network offered by your SADCs and CAEs! Together, you will be able to make your project a success.

Marketing and Sales

The marketing and sales component demands a great deal of time, knowledge, and energy from entrepreneurs.

A good marketing and sales strategy and good planning are often at the heart of the success of a business. In some cases, they may even determine its success or failure.

That said, don’t panic! Your marketing and sales plan doesn’t need to be complicated. It’s sometimes enough to have the right avenues for reflection and simple tools to achieve your goals.

Marketing: the path that leads to the sale

To be able to draw up an effective game plan that will lead you to your sales goals, you need to understand the importance of the marketing component for your business.

Generally speaking, the concept of marketing encapsulates everything that is deployed to lead to the sale of your product or service. Analyzing the target customers and the market, branding, social media presence, advertising, participating in events… anything that leads your potential buyers to know your business and want your product or service is marketing.

Establishing a good marketing strategy is therefore the step to consider before thinking about the sales techniques to adopt. To know where to orient yourself with your strategy, dive back into

The sale: the decisive moment

The sale is a delicate moment where your potential customer becomes a buyer. This is where your whole marketing strategy bears fruit, so you have to make sure never to rush things.

Is your sales technique suited to the product or service you offer? Does it match your customers? Is your sales team made up of the right people? In marketing and sales, every little detail has the power to change the game!

Where to start with the marketing and sales component

Being a business manager requires you to wear multiple hats at once. If you’re overwhelmed and don’t know where to turn with the marketing and sales component, that’s totally normal!

Find the SADCs and CAEs in your region and contact them! Their advisors will help you think strategically and steer you toward realistic solutions. If you ever need more advanced support, they will be pleased to direct you to a more specialized resource or experts.

Marketing tools and practical documents

(this tool is available in french only)

Business Management

Knowing how to manage a business isn’t always innate. Each entrepreneur has their own unique strengths and weaknesses, and there’s nothing abnormal about that! If you want to improve the management of your business, you should know that sever-al resources are available to make your job easier. Road to Entrepreneurship is there to help you see things more clearly.

The importance of business management

The term “management” may seem vague, but it actually refers to several elements at once. Indeed, everything related to the management, organization, and direction tech-niques of a business is management.

This is therefore an important component in achieving your goals. A good business management plan is a little like the rudder of a boat: it’s what will keep you on the right path and lead you to the right port.

Where to start with the management of your business?

To reach an effective business management strategy, it’s best to draw up a clear and precise list of your goals. You will then be able to divide them into sub-goals that are achievable in the short to medium term. The goal here is to have a detailed vision of the steps to be taken and the resources to be mobilized to get there.

Taking a look at what surrounds you and staying open to the possibilities is also part of a good strategy. Even with a plan and defined goals, you need to know how to correct course to adapt to your environment.

Don’t know where to start with the management of your business? Contacting the advisors from the SADCs and CAEs in your region may be a good starting point. They will be able to direct you to simple tools that will make a real difference.

Rely on your team

More and more entrepreneurs understand: motivated employees are employees who will lead you to achieve your goals. How, then, do we bring about this motivation?

Several factors may influence the responses, but relying on simple elements such as developing a good team spirit, listening, well-being, and good communication of your objectives and changes is often a good way to stimulate your employees.

That said, no business is perfect! An entrepreneur may sometimes feel overwhelmed with the management of their team, and this is part of the job. The advisors from the SADCs and CAEs are there to support you at every stage of the development of your business, and management is part of this.

Accounting and Finances

The accounting and finances component is crucial to managing a business. That said, it’s often considered the pet peeve of entrepreneurs. Indeed, few people go into business for the pleasure of playing an accountant or tax expert!

The good news is that you can learn how to effectively manage your accounting and finances! Several resources and tools are provided to entrepreneurs to help them with this mandatory step.

SADCs and CAEs to help you with your accounting and finances

Learning about accounting and finances is essential for an entrepreneur.

The SADCs and CAEs in your region can help you understand your financial statement. They can also determine the important indicators with you that you will be able to track for the sound management of your finances. If your accounting needs ever require special expertise, they will steer you toward the right resources.

Contacting your SADC or CAE is often a good first step toward taking charge of the accounting and finances of your business. Their advisors know the realities facing small businesses in their region. They will listen to you and guide you toward concrete potential solutions.

Be diligent in managing your accounting and finances

To get right to the point, being up-to-date is key to the sound management of your accounting and finances. This is the only way not to get discouraged! In addition, this will allow you to identify your problems quickly and correct course without too many complications.

You’re not alone!

Would you like to better understand everything related to the accounting and finances of your business? Don’t get discouraged; you’re not alone!

Since you’re not the first or the last entrepreneur to encounter this type of problem, more and more software and online learning platforms are emerging. They are increasingly easy to use and often only require a few hours of training.

You can also find out about entrepreneur circles or mentorship options. Business owners sometimes feel isolated with their accounting and finance problems, which their friends and loved ones may not understand. Speaking with people who share your reality may lead to unexpected solutions

Why your business needs Google Business Profile in 2022

As a business, association or organization, Google Business Profile is a must-have tool for you. Google listings are now becoming a central, even essential element for your visibility. They allow you to share your information, but it is also a free tool that highlights your activities, products or services that benefit from Google visibility.

Google Business Profile is a complementary support to your website which has many advantages:

  • A digital business card on the most used search engine in the world
  • Multi-media visibility (search engine and maps)
  • An improvement in your position in search results
  • An increase in quality in-store traffic
  • A better understanding of your business
  • Simplified loyalty
  • Legitimacy in the eyes of Internet users
  • Better local visibility

It will also allow you to:

  • Interact with your customers on Google for free
  • Attract customers with a good business profile
  • Give your customers more ways to reach you

With your free business profile, you will be able to post photos and offers to show what makes you different, but above all, give reasons to your customers to choose you every time!

Do a test with your company, “google it”.

It will be the business listings that will be presented by Google that will appear first. You may find yourself, but your information is wrong (location, opening hours, photos, description, comments). You just might not exist! The file is to be created. This Google listing will be the first to come out, so your business must have its up-to-date listing. Your customers will use this information to continue their research, make calls or visits. Being connected to web users is essential today. Regardless of the size of your business, the benefits are important for your proper development.

Google Business Profile will allow you to:

  • Be spotted more easily
  • Help a customer get to you
  • Have feedback on your products
  • Develop the relationship with the users of your services

5 reasons your small business need to use it:

  • It’s free
  • Help your customers locate you
  • Ensure better visibility in mobile/web search results
  • Measure the traffic and audience of your business profile
  • Obtain the opinions of your customers

Where to start?

  1. Check that your company has its file. If it is not claimed, go claim it to take control of it. Validate the information therein and see if there is a way to improve and animate it.
  2. If you do not have a profile, go to create it at this address: https://www.google.ca/intl/en/business/

Google Business Profile displays information related to your business and puts your potential and current customers in direct contact with your business. It increases your visibility in order to retain your customers. Here is a tool to use without any moderation.

Business Takeover and Succession Planning

Business takeover can be an opportunity to set out on the entrepreneurial adventure in the best possible conditions. After all, the existing business already has valuable assets: customers, employees, suppliers, equipment, an established name, as well as know-how developed over time. For an entrepreneur who opts for business takeover, the challenge can be just as big and exciting as founding their own small business.

Small business owner seeks buyer

With retirements and the effervescence of the entrepreneurial community in Quebec, business takeover opportunities are becoming more numerous. When a small business owner is thinking about transferring their business, they can consider several types of buyers.

  • Family business takeover: The business is transferred to one or more members of the owner’s family, usually from one generation to the next.
  • Internal business takeover: One or more employees acquire the company for which they work.
  • Business takeover by an entrepreneur: The buyer is an entrepreneur outside the business who arrives with a fresh perspective.
The key to a successful business takeover: planning

Business succession planning can’t be improvised! Whether the small business is transferred to a successor who knows all its inner workings (family member or employee) or not, its takeover requires several essential steps. Once the right person is found to take the reins of the business, the terms of transfer, the transition period, the transfer of powers, and the buyer’s succession plan are all elements to be negotiated. Often, the transferring owner and the buyer will “coexist” for a certain time to ensure optimal business succession and continuity

Business takeover: support from a third party

In such a complex commercial transaction, several professionals are called upon to intervene: lawyers, notaries, accountants, and even psychologists or mediators. In addition to these professional services, did you know that SADCs and CAEs offer personalized, neutral, and 100%-confidential support to transferring owners and buyers? Their expertise in business transfer and their extensive knowledge of the business community in their region facilitate the business takeover process for all parties involved

Tools to ensure the success of the purchase of a business

(this tool is available in french only)

(this tool is available in french only)

Support for Selling Your Business

Selling your business isn’t a decision to be taken lightly! Retirement, a new entrepreneurial project, or a return to the job market as an employee: no matter what motivates an owner to sell their business, the right resources and coaching can make all the difference to get through this step smoothly

Selling a small business: where to start?
  • What are the motivations that are driving the owner to sell their business? Are they circumstantial or final?
  • Is the economic context favourable for selling the business or could the small business have more value in a few months or a few years?
  • If the business is struggling, are options other than selling possible or desirable to rectify the situation?
  • What elements could be improved before the transaction to increase the value or appeal of the business?
  • Has a potential buyer already been identified?
Selling your business at its fair value

To sell a small business, determining the value is the crux of the issue. Many owners choose to be closely supported for this decisive step. After all, the value of a small business rests on a multitude of factors that are not always easy to quantify:

  • Financial situation of the business and its competitiveness in the industry
  • Economic conditions and market status
  • Tangible and intangible assets: employees, sales force and distribution network, inventory, real estate, customers, digital presence and technological assets, intellectual property, etc.
  • Reputation of the business
  • Growth potential
  • Governance structure in place
  • And so much more!

That’s why, to sell your business and get a fair price, it’s best to be supported by professionals and benefit from an objective outside perspective

Guidance in total confidentiality

Selling your business is a strategic and delicate commercial transaction. When they support business leaders in these large-scale initiatives, SADCs and CAEs do so in total confidentiality and with a high degree of professionalism. Thanks to their knowledge of the field, they are in a good position to match sellers with buyers. This is what makes them partners of choice. Get in touch with your local SADC or CAE to sell a small business with peace of mind regarding the hurdles to be overcome

Tools and guides to ensure the success of the sale of a business

(this tool is available in french only)

(this tool is available in french only)

How to Find a Buyer for Your Business

How to plan your business succession?

For a small business owner looking to retire or simply change jobs, finding a buyer is challenging, especially in a regions. In general, transmission projects are confidential, to avoid destabilizing employees and weakening customers. Since few sellers announce their desire to sell with great fanfare, how can a rapprochement with potential buyers be envisaged and a successful succession take place? Follow these steps to publicize your transfer offer gradually and discreetly.

1. Finding a buyer for your business: planning is key

As mentioned above, finding a buyer for your business can be a challenge, business succession cannot be improvised! Between the moment when you think of selling your business and the moment when the transition will be official, several years may pass. Planning your departure in advance is therefore an excellent way to ensure the retirement you want.

Take the time to define your goals. Do you want to sell your business quickly or in several years? Do you plan to cease all activity or to pass the torch gradually while remaining active in the company? Do you want to sell to the competition or preserve the independence of your business? The answers to these questions will allow you to identify the buyer profile to seek.

Taking the necessary time to draw up a solid business succession plan will also allow you to test the waters around you, since it is essential to communicate your intentions and check the interest of the next generation. Start talking about your project to your relatives, your current employees, some of your clients, your professional network, etc. Perhaps the idea of taking up the torch will make its way to one of them to offer you the perfect match.

Finally, start delegating some tasks to empower your staff and focus on executing your plan.

2. Identify buyers for your business

The profile of your future buyer is already beginning to take shape among different types:

  • Family takeover: The business is transferred to one or more members of the owner’s family, generally from one generation to another.
  • Internal takeover: One or more employees acquire the company for which they work.
  • Takeover by an entrepreneur: The buyer is an entrepreneur from outside the company who arrives with a whole new perspective.

Regardless of the profile of the buyer for your business, they will arrive with their own roadmap, experience, personality and vision of things. They will be different from you, so do not bother looking for a clone of yourself! It is best to refine the search criteria and stick to the essential skills or abilities that they must have (customer relations, market knowledge, know-how) for better targeting.

To find a good candidate, mobilize your close personal and professional networks first: family, friends, customers, even suppliers. To increase the chances of finding a buyer, it is wise for a transferor to widen his circle by frequenting networks of local entrepreneurs.

The best door to knock on? The SADC and CAE consultants near you are important allies who know the local market better than anyone. Their networks, their partnerships and their exchanges under cover of confidentiality often lead to the discovery of potential buyers.

3. Consider human factors in your business succession plan

In addition to the transferor himself, loved ones, employees and partners will certainly go through a range of emotion and a lot of stress during the process. A key aspect of your business succession plan that should not be overlooked is the human aspect behind the process. Consider in advance each of these human factors vis-à-vis different stakeholders:

Buyer:

  • Does he share the culture of the company? Do its values match?
  • What are his management skills and leadership style?
  • What is his vision for human capital?

Employees :

  • Do you have a plan to effectively communicate the change to employees
  • How involved do you want them in the transfer process?
  • Are employees at risk of leaving? Do you have a retention plan?

Yourself :

  • Do you have a good network to support you? (coach, family, mentor, specialist advisers)
  • Have you considered the follow-up to your departure, what will be your activities? How to fill the void?
  • Are you ready to let go?

4. Finding a buyer: support from a third party

You have worked for many years to bring your project to where it is today, so surrounding yourself with a good team is essential for a successful transmission. In a commercial transaction of such complexity, several professionals are called upon to intervene: lawyers, notaries, accountants, and even psychologists or mediators.

Surround yourself with a competent consulting team that you trust;

  • Accountants: for a fair value of your company and realistic financial forecasts adapted to future operations.
  • Notaries/tax experts/Lawyers: for the choice of the best sales scenario according to well-calculated and desired tax and heritage impacts.
  • Financing and succession specialists: to align your expectations with realistic financing scenarios that are in harmony with the value of your business and the prequalification of the buyer.

In addition to these professional services, did you know that SADCs and CAEs offer personalized, neutral and 100% confidential support to sellers and buyers? Their expertise in business transfers and their extensive knowledge of the business community in their region facilitate the takeover process for all parties involved.

To avoid embarking blindly on a takeover process, the expertise of the advisers of your local SADC or CAE can be a solid boost.

Written with the collaboration of SADC Laurentides advisors.

 

Rédigé avec la collaboration des conseillers de la SADC des Laurentides.

How to Calculate Cost Price?

That’s it! You have made the decision to go into business for yourself and live your passion. You have found a catchy name for your small business, designed a logo, completed a market study and developed a marketing plan… Or do you simply have the wind in your sails and are preparing to develop new products?

Now you’re at the stage of pricing your products. How do you go about it? The first step is to accurately calculate your costs.

 

What is Cost Price?

The cost price represents all the direct and indirect expenses that your company will incur to manufacture a product or offer a service, as well as the profit margin. It allows you to determine the gross margin and to establish a selling price.

The cost price includes:

  • Production costs
    These include all the costs necessary for production: the cost of purchasing raw materials, staff salaries, the quota-share of depreciation linked to production, as well as other variable and fixed costs that may apply, such as rent, electricity consumption, etc.
  • Production purchase costs
    These relate to the supplies used during production: delivery costs, customs duties, etc.
  • The cost of product and service distribution
    These are all the costs linked to the marketing of the product or service: advertising costs, transportation costs to the point of sale, packaging costs, etc.
  • The administrative costs of producing a product or service
    These are the costs related to the support and administrative functions of the company (after-sales service, general services): the salaries of the management teams, the accounting department, etc., the quota-share of depreciation of the equipment used by these services.

Why is it so important to determine the cost price?

Regardless of the size of your company or your sector of activity, calculating the cost price is a fundamental tool for setting the selling price of your goods or services. Once determined, you can try to reduce it as much as possible, in order to increase your profit margins. It is an essential tool for your business plan, one that gives you a head start when it comes time to apply for financing.

How to calculate the cost price?

The calculation of the cost is done according to the direct and indirect expenses of your company. It must be determined for each product or service you offer. It is calculated by adding the direct and indirect expenses, then dividing the sum obtained by the quantity of goods produced or services rendered.

Cout de revient EN

Calculation example

Let’s take the example of Julie, owner of a woodworking shop. For her first year in business, she has decided to offer only tables.

If the direct expenses to produce 100 tables are $25,000 and the indirect expenses are $40,000, the cost of production will be calculated as follows:

(25 000$+ 40,000$) / 100 = 650$

The cost of Julie’s tables is $650.

This calculation allows Julie to know the unit cost of her tables, and to set the selling price so that her business can break even. Julie will then have to determine the amount of margin that will allow her to make a profit from the sale of her tables.

If Julie wants to offer other products to her customers, such as chairs, she will need to allocate her business costs to her tables and chairs to determine the cost of each product.

Are you ready to determine the cost of your products or services?

The advisors at your local SADC and CAE are there to support you in this crucial step, to help contribute to the profitability of your business. They will help you demystify each step and make the process of determining the cost price simple, or almost!

7 Tips to Better Manage Your Company’s Cash Flow

Julien’s landscaping business is booming. The phone doesn’t stop ringing and the customer base has doubled in the last year. Julien needs to hire 4 additional employees to meet demand and honour his contracts.

To help him cover the increase in his payroll, he needs financing. He applies for a loan from his bank. He receives a negative response from the financial institution. Why? The company’s liquidity is insufficient. A large part of the liquidity of Julien’s young company is, in fact, immobilized in the equipment. This is a concrete example of how liquidity affects a company’s ability to grow.

It takes money to make money! It is essential to have working capital that matches your ambitions, and to be ready in the event of unforeseen events or exponential growth, as in Julien’s case. In order to establish a realistic growth plan, it is always best to anticipate and plan when it comes to cash flow.

Here are 7 tips to help you manage and optimize your business’s cash flow:

1. Assess Cash Flow

Knowing how much money comes in and out of your business is essential to understanding and managing your cash flow. Analyze your cash flow regularly to make sure you always know where your money is going and how much you have.

2. Develop a cash flow budget

Having a budget for your cash flow will help you understand your financial situation and plan for future spending. A cash flow budget will help you track your business expenses and prevent you from running out of money.

3. Negotiate payment terms

Negotiating payment terms with your suppliers can help you manage your cash flow and ensure you don’t run out of money. It’s also important to negotiate payment terms with clients, so you receive payments on time and have enough money to cover your expenses. Additionally, you can consider options like factoring, invoice financing, and lines of credit to help increase your cash flow.

4. Reduce Costs

Reducing costs is a great way to increase your cash flow. Look for ways to reduce expenses, such as by renegotiating contracts with suppliers or finding ways to reduce overhead costs.

5. Increase Income

Increasing your income is another great way to increase your cash flow. Consider ways to increase sales, such as launching new products or services, or offering discounts or promotions.

6. Use technology

Using technology can help you streamline processes and save money. Investing in software and automation can help you save time and money, and manage your cash flow more effectively.

7. Monitor your cash flow

Monitor your cash flow regularly to ensure you always have enough money available to cover your expenses. Review your cash flow statements and balance sheets regularly to ensure you are aware of any changes in your financial situation.

To transform this advice into concrete actions, and adapt them to the reality of your business, the advisors of your local SADC and your accountant are your allies.

5 Measures to Help your Business Fight Inflation

INFLATION:  a continued rise in the general price level……. according to the Merriam-Webster

This increase will have been 8.1% over 12 months (June 2022). It will be long remembered as the largest annual change in the Consumer Price Index (CPI) in almost 40 years, according to Statistics Canada, particularly for SMEs.

Small and medium-sized businesses face many challenges, such as labour shortages, which lead to wage increases, higher procurement costs, and less flexible suppliers.

In short, input costs are going up and profit margins are going down. These impacts of inflation put the financial health of businesses at risk.

While you can’t control inflation, you can implement strategies that will help you fight inflation and protect your small business.

1. Analyze your Data

In order to implement winning strategies, you must first have a clear picture of your financial situation. The more accurately you know your market and your situation, the better able you will be to make the right decisions.

Knowing the cost of each product or service is essential at this stage.

Even if you have already done the exercise, several variables change simultaneously in the current market, including input costs and salaries. It is important to have a clear view of the current situation.

Doing so will allow you to determine whether some of your products or services are less profitable or even losing money. With this information in hand, you can implement the following action.

2. Reviewing Your Pricing and Products

Are some of your products or services very profitable, while others are eating into your profits? Consider keeping the more lucrative ones.

This is a difficult decision, given that you have always offered a wide variety of services and products to your customers?

Be transparent; customers will appreciate it if you tell them why a product is temporarily unavailable.

You offer free delivery for purchases over a certain amount and your shipping costs have skyrocketed?

Consider increasing the purchase amount for free delivery or offering a discount when customers pick up their order in shop.

3. Improve Supply Managements

Your suppliers have a direct impact on the cost of your inputs and therefore on your profit margin.  They too are affected by inflation: price increases, transport costs, shortages of certain products, etc.

In order to secure supplies, guarantee the price of purchases and demonstrate your commitment to your suppliers, why not sign longer-term supply contracts with them?

Your suppliers will be grateful for the trust you place in them and, as a result, will be more inclined to negotiate. It all starts with a solid relationship!

4. Optimise Your Operations

A few adjustments can sometimes make a big difference!

Efficient working methods can save you time and money.

For example, did you know that by investing in digital transformation, productivity increases 15% to 25%?

You generate more products or services without having to work longer hours or hire more employees.

The cost may seem high at first, but investing in new technology will save you money in the long run.

To save money in the short term, consider working on the quality of your service. This will help limit replacements and returns. This is a simple but effective way to protect your profit margin.

5. Innovate

“Nothing is permanent except change” stated Heraclitus.

Wear your creative entrepreneurial hat to innovate and think of ways of optimizing or changing your manufacturing methods to reduce your input costs.

Involve your employees; two or more heads are better than one.

Beyond the five actions suggested to protect your small business from the effects of inflation, there are many other strategies that can be initiated.

The consultants at your local SADC are there to support you. They will be able to guide you and help you find solutions adapted to your small business.

Doing business in a pandemic

Businesses and COVID-19: Doing business in a pandemic

It’s no secret that the pandemic has challenged many businesses. With COVID-19, many industries were severely impacted, and in some cases completely paralyzed. Entrepreneurs across the province are struggling to keep their heads above water with all the closures and restrictions that affect their businesses. Yet, some are actually seeing their businesses grow exponentially and are acquiring new customers. Here are 5 opportunities SMEs can seize during this volatile, yet innovative time.

Sort out the business’ finances

With all the obstacles brought on by COVID-19, Quebec businesses, regardless of their financial health, have had to take stock of their finances. The urgent nature of this situation led a good number of businesses to reduce their operating costs, tighten control over their cash flow, and prepare financially for the relaunch of their SME. Though sometimes a difficult exercise, it is a beneficial one for long-term profitability.

Take advantage of technology

Within the first few months, businesses started shifting towards digital. COVID-19 changed the way consumers shop, and SMEs who took advantage of that are now seeing that their efforts have paid off. There are numerous ways a business can optimize their digital presence: a website redesign, increased presence on social media, promotional initiatives, etc.

Shift to online commerce

Similarly, the shift to online commerce has forced entrepreneurs to rethink how they can connect with their customers. Yes, for some businesses, online commerce meant creating their first transactional website. For other businesses, a completely reinvented offer for online commerce will be the basis for their relaunch.

Rethink the way we work

Working from home, teamwork tools, certain activities shifting to virtual, hybrid models: COVID-19 has certainly shaken up some habits for teams within businesses. Some innovative ways of doing things are now well established and may very well be here to stay. The flexibility they offer has allowed us to be more efficient, to reduce certain expenses, and to continue our business activities despite the restrictions in place.

Return to growth

For many entrepreneurs, the pandemic provided the opportunity to adjust their focus and conduct a major exercise in strategic thinking. Is the business’ service offer still relevant to the market? How have the needs of consumers changed since the business launched? Are our ways of doing business still aligned with these expectations? For SMEs, a relaunch will take the form of renewal. In diversifying their clientele, products, or services, these businesses gained valuable knowledge from COVID-19 and will start anew with an even stronger foundation.

Circular Economy: a Winning Business Strategy

If you were told that there was a magic formula to turn your waste products into money, would you want to know about it?

Here it is: The Circular Economy.

Leaving the magic aside, the circular economy is real. It’s a business strategy you can incorporate into your small business right now.
It’s a different way of doing business, one in which waste products are seen as a resource.

The circular economy improves the environment and the economy through two main mechanisms:

  1. Rethinking our production/consumption patterns to consume fewer resources and protect the ecosystems that generate them.
  2. Optimising the use of resources that already circulate in our societies.

 

01 titreorangeciculaire en mars2020 EN

The Potential Benefits of a the Circular Economy for your Small Business

This new business strategy has peaked your interest and you are ready to make the effort to integrate it into your business?

Several avenues can be explored to make this shift. Rethinking your products, for example, by offering a new range of used or reconditioned products can have several positive effects for your company, including cost reduction, improved profitability and reduced environmental impact.

The opportunities and economic impacts of the circular economy on your small business are numerous.

An initial case study on the circular economy in Quebec was conducted to identify economic sectors with a high circular potential and to measure the benefits.This study concluded that in addition to reducing environmental impact, the circular economy has the potential for increasing employment, boosting GDP (gross domestic product) and fostering the development of new markets.

Small Businesses that Have Made the Transition

Many small businesses and organizations across Quebec have integrated the circular economy in their business strategy or made it their primary mission.

Here are a few examples that illustrate how a small business, regardless of the industry in which it operates, can participate in this collective effort.

The three young bakers behind Crème Boulangerie Pâtisserie had the anti-waste idea of reusing spent grain, a highly nutritious grain residue from beer brewing, which is incorporated into baked goods. The spent grain is harvested at Brasseurs du Monde, which is next door to the bakery and generates no pollution.

The company also aims to reduce local food waste through partnerships with local farmers by recovering seemingly out-of-spec fruit, vegetables and herbs for use in making muffins, pies, jams, etc.

 

This Gatineau restaurant and bar has integrated the circular economy within the restaurant sector. The owners of the business want to minimize waste production and limit waste.

Due to the actions taken in 2017, the business diverted 77% of its residual materials from landfill, banning number 6 plastic (not recyclable in the Outaouais) and plastic straws.

To limit waste, they rotate their product offer, for example, one selection of kombucha per week, and they limit the variety of products offered.

Where to Start?

These examples of businesses that have embraced a circular economy demonstrate the opportunities and economic impacts of this business strategy.

Would you like to follow in their footsteps, turn your company’s waste into money and participate in changing the way our society produces and consumes?

The advisors from your local SADC or CAE are there to support you and guide you to the right local resources to make your project a success.

How and Why to Conduct a Market Research?

Contrary to popular belief, conducting market research is not just for large companies. Analyzing your market in a simple way is worth the effort, as it allows for more informed business decisions and helps prevent costly mistakes. A crucial element in launching a new product or service, it serves, among other things, to develop your business plan.

Conducting a market research is an important element in launching a new product or service. It provides valuable information on the potential size and scope of your target market, as well as customer preferences and buying habits. In this blog post, we will see why it is important to conduct market research and how to go about it.

Why Conduct Market Research?

Why Conduct Market Research?

Launching a new product or starting a business is an exciting and rewarding adventure, but it is important to understand the market before diving in. Conducting market research is essential to ensure that the product or service will be well-received and meets a need. For your brilliant idea to translate into success, it must first and foremost fulfill a need or offer a solution to a problem.

Take the example of Jasmine, who owns a pet grooming salon. She has been thinking about adding a daycare service for her four-legged clients. Her family and friends are thrilled with this idea and find it brilliant. Should Jasmine let their enthusiasm convince her to move forward with her project?

While their approval gives Jasmine a good dose of positive energy, it is better for her to conduct a survey among her current and potential clientele to gauge their interest. Before investing time and money in adding a new service, it is essential for Jasmine to analyze current market conditions, gather opinions from her clients and potential consumers, define the needs of her target market to tailor her offer, and of course, know her competitors to position herself well.

Once the market research is completed, Jasmine will have precise data that will allow her to make an informed decision about the feasibility of her project. This data will be valuable when applying for funding and for estimating potential revenue.

Are you planning to start a new business, add a product or service to your existing range, or expand your offering into new markets? Conducting market research will allow you to validate the relevance of your project and plan an effective and thoughtful marketing strategy.

3 Key Steps to Conducting Market Research

1- Information Gathering

The first step in market research is to identify and analyze current market conditions. Collecting data on the current market and its trends will help you identify opportunities for success, risks, and obstacles to anticipate.

  • Who are your competitors?
  • What are the needs of your target market?
  • What are the strengths and weaknesses of existing products?

2- Field Verification

Once the market conditions are identified, the next step is to understand your potential customers. This involves studying the behavior, needs, and preferences of the target market, as well as identifying potential areas for innovation.

Surveys are a valuable tool for collecting this data and completing your analysis. This information can then be used to develop a marketing strategy and a product range that meets the needs of your target market.

3- Positioning and Marketing Strategy

Now that the initial analysis is complete, and you have confirmation that your market is real and sufficient, you can define your offer, position yourself against the competition, and develop an effective pricing strategy and promotion plan.

At first glance, conducting market research may seem long and tedious, but it is an essential step to ensure a successful launch and long-term success.

Do you have a project in mind? The advisors at your local SADC or CAE will be pleased to assist you during all stages of your market research.

Digital strategy for businesses: 5 reasons why a website is always essential

Who benefits from developing a digital strategy? The answer is simple: all businesses, from multinationals, to small local businesses, to the self-employed. So why is it that in 2020, 46% of Québec businesses still don’t have a website? This figure even rises to 62% for businesses with fewer than 5 employees.

Many believe that because their customers are local, they can do without this tool, or that social media can replace a website. However, in an era of labour shortages and the importance of online reputation, these companies are missing out on important business opportunities.

A website and a business page on a social media platform have different purposes, they are complementary in a successful digital strategy. Are you a small business owner still hesitating to take the plunge? Here’s why having a website is more important than ever.

 

Reason #1: Be Visible and Accessible

Every entrepreneur has heard the expression “if you don’t show up in Google, you don’t exist.” Today’s Internet users search the engines based on a problem they want to solve by typing in keywords, specific questions and locations. If your company does not show up in the results, your competitors benefit from your absence. This is why a well-referenced website is crucial.

Social networks are part of an effective digital strategy, but you should know that they are not favoured from an SEO point of view. It is difficult to get good SEO using a Facebook page, for example. It will only come up on search engines if you type in the company name. Furthermore, companies that only have Facebook pages have little chance of reaching their customers adequately. According to the new algorithms, less than 6% of your followers will see your posts. Unless you invest in advertising, the organic reach of some social media is now extremely low.

To reach as many consumers as possible, developing a digital strategy for your business, starting with the creation of a website, is essential.

Reason #2: Build Your Credibility

A successful website gives your business credibility; it’s the foundation of any digital strategy. Studies have even shown that the majority of consumers have less trust in companies not having a website. If an Internet user, a job applicant for example, is looking for information about your company and only finds a Facebook page, your credibility suffers! Internet users expect any serious, professional company to have an up-to-date business card on the Web, even if it is only a showcase site.

Reason #3: Build Your Corporate Identity

On your website, you provide consumers with clear information about your business, products or services. It also allows you to showcase your expertise and accomplishments, as well as communicate your history, values and even your employer brand via a “career” page (a must in a labour shortage). This is how you manage the perception that consumers have of your company.

Reason #4: Make Your Customers’ Lives Easier

Internet users have high expectations; they want to be able to find information about your services and products in a few clicks. They don’t have time to scroll down a Facebook page to find what they are looking for! They want to be able to act quickly: request a quote, make an appointment, make a reservation, view a menu, etc. These are all features that can be added to your website easily and inexpensively. An ideal digital strategy would consist of feeding your news and updates to social networks, and prioritizing your website for static information.

Reason #5: Propel Your Business

Your website works for you 24 hours a day, 365 days a year. If it is well designed visually and technically, it is one of your company’s most effective sales tools. With a contact form, your website can generate questions and requests outside of your business hours, which you will then respond to as soon as you open the next day. This is a good way to stand out with respect to customer service.

Since Internet users need an answer to their question quickly, focusing on a “Frequently Asked Questions” section, explanatory videos or technical data sheets, can help potential customers make a decision. Create this content once and direct customers to this information for years! You will spend more time working on revenue-generating activities and less time answering calls about your hours of operation and other basic information.

Conclusion

Having an active social media page is certainly part of a good digital strategy for your business, but alone it will not be enough. Investing in a website is more cost-effective than the value of missed opportunities resulting from not having one.

If you want to take your business to the next level, but are concerned that a website is too complicated or too expensive, turn to your local SADC or CAE. Their advisors can guide you through the digital transformation of your business by directing you towards simple and accessible solutions.

 

Source : https://statistique.quebec.ca

5 Reasons to Build a Social Media Strategy for Your Business

For or against using social media?

Even if just thinking about it gives you a headache, social media has become a must for businesses that want to stand out!

Here are some compelling statistics:

  • 78% of Québec adults use one or more social media platforms;
  • 33% of Québec adults use social media as their main source of information;
  • 3.5 hours is the average number of hours Québec adults spend on social media every day.

It’s a safe bet that your current and potential customers are included in these statistics.

Social media has become an essential tool for any business, regardless of its size. It allows you to reach out and engage with your customers, develop your online visibility, build brand image and awareness, acquire new customers and much more. It is a powerful marketing tool provided you have an effective social media strategy.

What is a social media strategy?

A social media strategy identifies a company’s communication goals and needs in developing its online presence, interacting with present customers, while reaching out to prospective customers.

In other words, it entails planning the actions you will have to carry out on social networks to achieve your company’s marketing objectives.

Still sceptical? Here are five reasons to convince you to use social media to promote your business and communicate with your customers.

1. Increase Visibility

Pour être connu, il faut être vu. De nombreux clients potentiels peuvent vous découvrir sur les réseaux sociaux. Chaque fois que vous partagez du contenu engageant, c’est une opportunité de mettre de l’avant votre entreprise. Que ce soit vos produits, vos services ou votre marque employeur. Élargissez votre audience en publiant du contenu, sur Facebook et Instagram, pour commencer.

2. Improve Communication With Customers

Social media is an effective marketing tool, but it is also a great way to communicate. It allows you to get and stay in touch with your customers. Comments, customer answers to questions under your posts, shares of posts and likes are all opportunities to develop a relationship with your audience and create a bond of trust and credibility.

3. Faire des investissement marketing à faible coût.

Marketing on social media is a more affordable investment than traditional advertising channels. It only takes a few hours a week to plan quality content for your audience. A great way to increase traffic to your website or visits to your business.

4. Get to Know Your Clients and Potential Clients Better

Millions of people surf social media every day in Québec alone. Being on social media allows your company to understand their needs and expectations, to analyze their behaviour, to collect data and comments. All of this is done in order to create effective promotional campaigns and to meet the needs of your target clientele.

5. Gain Customer Trust 

Having a presence on social media demonstrates that you care about your customers’ opinions. By giving them the opportunity to share their feedback, you show your commitment to providing quality service. Satisfied customers are your best ambassadors!

 

Now that you know the reasons for building a social media strategy for your business, are you ready to get started?

Your local SADC advisors will be happy to help you develop a customized marketing plan.

Employer Branding and HR Marketing: 3 Important Things Small Businesses Should Know

In today’s labour shortage, small businesses are making greater efforts to recruit, often unsuccessfully. Employer branding and HR marketing are therefore a priority in developing their market attractiveness, now, more than ever.

Given their current position of strength, candidates are now the ones who shop around for the company that best suits their needs, expectations and values. Companies of all types and sizes are turning to employer branding as a tailor-made solution to these challenges. Building a strong employer brand not only attracts the right profile of candidates, but also improves the level of engagement of current employees and helps in their retainment.

While the concepts of employer branding and HR marketing are more prevalent than ever, implementing these strategies may not be easy for many small businesses in the region. Here are 3 things you need to know to convince yourself to get started!

 

1. What is an Employer Brand?

The employer brand is the set of elements that make up the image that the company conveys to its current and future employees. It includes the company’s identity (DNA, mission, vision, values), its reputation among its employees (internal image) and the promise made to future employees (external image).

Once you have defined your strategy, your employer brand becomes the common thread for presenting yourself in a consistent manner to enhance your image and engage your community, especially on the Web and social media.

If you’re one of the many companies that are feeling the labour shortage, defining and communicating your employer brand are an integral part of an effective HR marketing strategy.

2. How do you Define your Employer Brand?

As mentioned above, defining your employer brand is the foundation of a successful HR marketing strategy. Why? Because it reveals your company’s culture, values and actions. By revealing your company’s culture, values and actions, you will distinguish yourself from your competitors in the eyes of the talent you are seeking.

In order to identify your employer brand, ask yourself the following questions:

  • What words do your employees use when talking about your company
  • What makes them happy when they’re at work?
  • Why have your employees chosen your company over another?
  • What makes an employee decide to stay with your team over a long period of time?
  • What sets you apart in terms of human resources? What benefits do you offer (vacation, training, work environment, diversity policy, etc.)?
  • Is your company involved in your community?
  • What are the values that drive you to offer more to your employees and your community?

Once well established, your employer brand will be much easier to promote.

3. Where do you Start to Build your Employer Brand?

Why focusing on HR marketing and employer brand outreach is a strategy that small businesses can take on is that it consists mostly of online content and social media. While the “career” section of your website will be the place to convey the “static” key messages of your employer brand, your social media channels will allow you to give life to your brand on a daily basis with posts related to:

  • The company’s culture (the company’s values, the actions and activities that stem from them, the work environment, the tone, the team members).
  • Company news (awards, distinctions, new contracts, new employees, retirements)
  • Employee recognition (individual achievements, work anniversaries, the impact of team members)
  • News external to the company but related to your activities (Earth Day, Volunteer Week, World Mental Health Day, etc.)

In addition to being free, social media allow you to reach a large pool of people and to broadcast more “personal” content, i.e. content that reveals the people behind the company.

Short on time and social media are not part of your expertise? Don’t hesitate to contact your local SADC or CAE! Their advisors will guide you to the appropriate resources.

Business Automation: 5 Solutions for Dealing with the Labour Shortage

Automating certain tasks in business by using technology to speed up key processes can be much simpler to implement than we might think. It doesn’t necessarily mean using ultra-sophisticated and expensive artificial intelligence.

Many tasks can be automated in order to save time, and ultimately money, be more efficient, and help to counter the current labour shortage. Although automation requires an investment, the medium and long-term benefits are well worth the cost. Here are several tasks that can be easily automated within your company.

1. Automating Customer Relationship Management (CRM)

Customer Relationship Management (CRM) software is a system that consolidates all communications (emails, calls, meetings), documents, quotes, invoices, and tasks associated with each customer into one place. A CRM replaces the many applications, databases and spreadsheets that companies use to track customers and business partner data. The entire team can access this data at the opportune moment to close a sale or provide better service. The result: better organization, more efficient teams, optimized time management and increased profits.

2. Automating Account Management

Accounting software increases your efficiency given its ability to automate basic calculations and administrative procedures related to all financial aspects of your business. It can prepare invoices and employee payrolls, automatically schedule payments and reminders to suppliers, track cash flow, manage inventory, etc. In short, it can automate all the transactions within the account book. Automatic data entry also avoids manual entry errors and generates accurate and compatible financial reports.

3. Automating Appointment Scheduling

Whether it is for service companies wishing to facilitate appointment scheduling with their customers or for those wishing to limit the exchange of emails in planning meetings, appointment scheduling is a simple and efficient software solution. Connected to your personal calendar, these applications such as Calendly, Microsoft Bookings or Go Appointments, allow your customers and collaborators to choose a time slot from your availabilities. You can also choose to automatically assign a Zoom or Teams link to meetings. Links to these applications can be made available directly on your website or in your email signature, so that your customers can schedule meetings with you in seconds.

4. Automating Social Media Management

In small businesses, the animation and management of different social networks can quickly become a headache for a single person. Collaboration and automation platforms like Later and Hootsuite allow for teamwork and information sharing. With this, you can schedule posts in a calendar ahead of time and you can share access to that account with the rest of your social media team. You can connect multiple networks to it, such as Facebook, Instagram, Twitter, LinkedIn, etc. This makes it much easier to share the work and plan ahead.

5. Automating Recurring Payments

Finally, go over your monthly and annual subscriptions to make them automatically renewable. Some purchases or rentals are necessary for your business and must be renewed anyway, such as your domain names, your website hosting, some software, etc. By activating automatic renewal, you will save time. Sometimes you can even save money by choosing a longer renewal period (e.g. every five years instead of every year). This is especially relevant for long-term leases, such as your website’s domain name (URL).

Simply put, automating your business can begin with small tasks, when combined, will save you time and money. Your actions will be more efficient and better targeted, and help you better manage your business.

4 Good Reasons to Participate in Entrepreneurial Competitions

Engaging in a competition is a powerful accelerator for any entrepreneurial project. Beyond tangible rewards (scholarships, support, mentorship), it’s the perfect opportunity to forge connections with seasoned entrepreneurs and expand your professional network, a crucial lever in the startup phase.

Although many entrepreneurs cite a lack of time as a reason not to participate in entrepreneurship competitions, the benefits in terms of validation and improvement of their project are worth the sacrifice. Submitting an application requires a detailed file, including a robust business plan, and offers an opportunity for deep reflection on the project. Feedback, whether positive or requiring adjustments, provides valuable insights to refine and strengthen the idea. In summary, participating in a competition is beneficial, whether you receive praise or constructive criticism.

Why Participate in Entrepreneurial Competitions?

1- Gain Visibility and Credibility

Participating in an entrepreneurial competition proves to be an effective strategy to increase both visibility and credibility. The appeal of your project to the public and the scale of the competition play a crucial role in visibility potential, with benefits including features on the competition’s website and networks, press coverage, and more, ensuring increased recognition within your ecosystem. Moreover, being selected by a jury, often comprised of recognized professionals, enhances your credibility, offering additional assurance to your future partners and investors through this external validation of your project.

2- Develop Your Network

Participating in an entrepreneurial competition is an efficient and quick way to develop your network. You will have the opportunity to connect with other candidates, experienced entrepreneurs, professionals, and investors, who can become valuable resources for your project. These interactions provide fertile ground for exchanging ideas, receiving advice, and gaining external perspectives, thereby allowing you to refine and improve your project. Additionally, attracting the attention of the public and judges can open doors to potential partnerships, significantly accelerating the development of your network and business, an opportunity that would have been difficult to seize without this competition experience.

3- Growing as an Entrepreneur

The preparation and participation in an entrepreneurial competition force you to sharpen your ability to communicate your project, both in writing and orally, thereby improving your persuasion and effectiveness at all levels of your entrepreneurial journey, especially during development. Filling out the application form is an introspective exercise that pushes you to deeply analyze your business, highlighting your strengths and clearly identifying your performance indicators, according to criteria valued by external observers. This process also prepares you to receive feedback from professionals, capable of revealing unforeseen issues and obstacles, thus offering you a valuable perspective to evolve as a manager and entrepreneur.

4- Winning Prizes, Obviously!!

Winning an entrepreneurial competition offers not only valuable visibility but also prizes in scholarships varied and tailored to the needs of budding entrepreneurs. These rewards, ranging from financial support to specific services (such as SEO, management, graphic design, communication), as well as personalized support by experts, hosting, or equipment, are designed to give a significant boost to your project. In summary, whether it’s direct financial aid, the opportunity to benefit from mentorship, services dedicated to the development of your business, or a place in an incubator or accelerator, each form of award is a major asset for starting on solid ground.

Some Recommendations:

  • Determine your goals. Are you primarily looking for funding, media visibility, validation of your concept, or professional support?
  • Select the competitions that are most likely to help you achieve these goals, considering the intentions of the organizers and their selection criteria.
  • Participating in many competitions can be tempting, but be aware of the time this involves. Ensure that the effort is worth it.
  • Prepare your pitch carefully before presenting to a jury. Your presentation should be concise and impactful. If participating as a team, evenly distribute speaking time and highlight your complementarity.
  • In case of non-selection, ask for feedback to improve your future presentations. Juries are generally willing to help unsuccessful candidates.

A Few Provincial Entrepreneurial Competitions:

Are you a flexipreneur? Flexipreneurship demystified

Have you heard of flexipreneurship? This type of entrepreneurship which, as its name suggests, is based on flexibility by combining several occupations, has been present for many years and tends to gain more and more momentum. Yet we are only just beginning to give it the place it deserves.

 

Who are flexipreneurs?

“A flexipreneur is a person who is currently carrying out or intends to carry out entrepreneurial activities in parallel with another occupation (employment, family care, etc.) which brings them extra income in the form of self-employment or other form of business. Flexipreneurs are therefore part-time, hybrid or atypical entrepreneurs, i.e. they combine several occupations at the same time. For them, the entrepreneurial project does not represent a full-time occupation. Also included as flexipreneurs are people with a seasonal entrepreneurial project.”

Source : SADC Shawinigan

Flexipreneurship: a widespread reality

Born from a study conducted between 2018 and 2021 by the SADC Shawinigan, the concepts of flexipreneur and flexipreneurship are however far from being marginal.

Indeed, in 2021, according to data from the Global Entrepreneurship Monitor82.7% of emerging women entrepreneurs and 80.5% of men, would combine their entrepreneurial activities with a job.

Concerned by the issues and challenges faced by many of these part-time entrepreneurs, several SADCs and CAEs in Quebec have paved the way for assistance programs that reflect their reality.

When being a flexipreneur rhymes with challenges

Many flexipreneurs are women and the results of the study show that despite strong efforts for growth, businesses owned by women show a slower growth rate than those owned by men. What could be causing this phenomenon?

According to what has been observed, women tend to favor a “small steps” approach. They would also need more support than men for the growth of their project.

However, the existing support is mainly focused on a “classic” business model, centered on risk taking and the amount of hours of work. This lack of resources focused on their real needs would be at the origin of the impostor syndrome which prevents many flexipreneurs from moving forward as they would like.

Flexipreneurs in the region, why reach out to local SADCs and CAEs

At the time of the study, just over half of flexipreneurs said they wanted to carry on business full time in the next few years. The SADCs and CAEs in Quebec are therefore tending to integrate more and more measures to provide a framework and help them achieve their objectives.

Using our services means:

  • Flexible financial suppoort
  • Support at each important step
  • Neutral help that will guide you to the expert resources that correspond to your reality.
  • Access to training and a vast network of expertise

Are you a flexipreneur and want to take your project even further? Find your SADC or your CAE and ask for advice without delay!

How can small businesses integrate sustainable development

Sustainable development for small businesses: simple actions in 3 parts

While many large corporations, organizations and municipalities have already integrated sustainable development practices into their daily lives, for small local businesses, following suit does not always seem easy.

Yet sustainability for small businesses is undeniably profitable. Environmentally and socially advanced companies show superior financial performance. They attract and retain employees more easily and face lower financial and reputational risks.

So why are some of them still reluctant to get started? Lack of manpower, lack of access to expertise, funding and lack of tools that stick to their own reality are the most cited reasons. This is why the SADC and CAE advisors who support small businesses in the field are able to guide you through simple, realistic sustainable development practices that are adapted to the available resources.

 

What is sustainable development for SME’s?

The approach aims to ensure that the activities of the company have a positive impact on its business environment and its community through the progressive adoption of management practices that improve its performance in terms of:

  • financial
  • environmental
  • social

The process can be applied to all types of businesses and can be adapted according to the available resources, even minimal ones. Where to start? Sustainable development for small businesses is accessible, starting with very simple actions that focus on 3 axes. It’s your turn!

1. The environment and sustainable development for small businesses

When we talk about sustainability for small businesses, the first idea that comes to mind is the impact on the environment. But how to include practices that will help its preservation without a large financial investment?

Starting with simple, but consistent actions is often the best way to generate lasting change. To achieve this, you could comb through certain elements that are part of the daily operation of your business. Here are some examples of small gestures with a big impact:

Energy efficiency :

  • Installing electronic thermostats can save up to 10% of your annual heating costs.
  • Develop an incentive to remind employees to turn off behind them to avoid leaving lights on unnecessarily.
  • Changing your traditional lighting to LED technology saves 85%.
  • Maintaining your heating, ventilation and air conditioning system can reduce your bill by approximately 15-20% annually.

Waste:

  • Try to generate as little as possible.
  • Recycling costs less than $5 per cubic meter, compared to a cost of $6 to $15 to dispose of the same amount of waste.
  • Have you been interested in the circular economy? Is there another business in your area that could use your waste?
  • Dispose of your obsolete electronic equipment at the drop-off point closest to you.
  • Activate the duplex option of your photocopiers and printers.
  • Avoid unnecessary packaging, to save money.
  • Large volume of cardboard? Get a cardboard compactor and resell them.

Transportation:

  • Prefer telephone or videoconference meetings when possible.
  • Would planning carpooling within your team be possible?
  • If you offer a delivery service, would it be possible to equip yourself with a hybrid car for this task?
  • Consolidate your routes with delivery route optimization software.
  • Make sure your tires are properly inflated once a month and save 3% fuel.

Eco-responsibility is increasingly one of the priorities of our governments. It is easy to predict that in a few years, new standards will be applied in this direction. Why not start changing your habits now?

2. Sustainable development for small businesses: social component

Carrying out sustainable development actions for small businesses is an excellent way to address the problems of attracting and retaining workers. Here are some simple things to think about that could help you contribute to the well-being of your employees:

  • Offer a supervised telework option to your employees.
  • Invest in the health of your employees and benefit from better performance on their part, for example: workstation ergonomics, physical activity incentive, gym membership, bike rack, etc.).
  • Invest in the skills development of your employees.
  • Demonstrate your recognition and highlight the successes of your employees. Social media can be a good platform to do this. Feeling that you are making a difference within your team is extremely rewarding and helps create a sense of belonging.
  • Foster team spirit by organizing activities outside of work. It can be as simple as gathering outside when the weather is nice.
  • Encourage your employees to rest. For example, if an employee works in the evening, avoid, if possible, having him return first thing the next day.
  • Involve your employees in your sustainable development approach.
  • Create a sustainable development committee if your employees show an interest in it.
  • Make time and money available to your employees to support them in carrying out environmental and social initiatives.

3. Sustainable development for small businesses and the economy

To respond to the economic aspect of sustainable development, small businesses can make some eco-responsible changes in their production method and in the purchase of their raw materials. Entrepreneurs enjoy economic growth without harming the environmental health and human resource health of their region. Become a partner of your local economy:

  • Favor local suppliers: saves on transport costs. At the same time, inform consumers.
  • Encourage local retailers for your regular purchases (paper, hygiene products, household products, light bulbs, etc.).
  • Buy fair trade coffee and mention it to your customers when they come to meet you.
  • Buy and use reusable coffee filters.
  • Choose paper containing post-consumer fibres.
  • Provide local Christmas gifts to your employees.
  • Subscribing to daily newspapers or magazines in electronic format instead of paper.

Ready to integrate sustainable development for your small business? SADC and CAE advisors will be able to advise you and guide you to the right resources to optimize your actions.

Business Plan

Drawing up your first business plan is a task that is both exciting and complex. Your business project is coming together with more clarity, but maybe not all the details have been worked out. Maybe you still have questions and information to find. Writing a business plan for your company is precisely the opportunity to identify the gaps in your strategic planning. The business plan remains a reference document for the company, and it will evolve with your business project.

The value of a good business plan

Your business plan will be used to rally investors, lenders, business partners, financiers, shareholders, etc. around your project. It will also be useful to you when the time comes to apply for grants or join government programs.

An effective, relevant, and comprehensive plan lets you establish your credibility and that of your business project with these third parties. Even more importantly, writing a business plan is an essential exercise in reflection and strategic planning. It will help you implement your ideas and identify—from this stage—findings regarding the next actions to be taken.

Business plan: the essential elements to include

There isn’t just one way to put the outlines of your business project down on paper. The templates may vary, and ideally, they are tailored to the specifics of your project. That said, certain elements are essential in order to present a clear image of your project to your partners. Think about including them.

Example of a business plan structure.

  • Summary:
    • Summary of the project;
  • Project:
    • Presentation of the company;
    • Mission or mandate;
    • Short-, medium, and long-term objectives;
    • Products or services offered;
  • Sponsors:
    • Curriculum vitæ;
    • Personal balance sheet;
    • Organizational structure;
    • Legal form;
  • Market:
    • Identification of the target customers;
    • Qualitative and quantitative assessment of the potential market;
    • Evaluation of the competition;
    • Pricing strategy;
    • Advertising and promotion strategy;
    • Marketing strategy;
  • Operations:
    • Production;
    • Procurement (potential suppliers);
    • Development;
    • Labour requirements;
  • Financial forecasts:
    • Financial requirements (startup expenses and project cost);
    • Sources of funding;
    • Projected financial statements
Business plan writing guides

(this tool is available is french only)

Search for Small Business Grants

For most entrepreneurs, the search for small business grants is a necessary evil. Nobody likes spending hours sifting through the hundreds of available assistance programs and decoding the administrative jargon to find the most promising grants. Except, maybe, for the advisors from the SADCs and CAEs, who excel in this field…

First step: the search for small business grants

Before you even start searching for grants for your business, an analysis of your real needs is required. Above all, to find your way in the jungle of grants, you need to know what you’re looking for.

  • What type of project will the money received be intended for: maintaining or creating jobs, expanding, starting a business, including employees living with limitations, innovation, etc.?
  • What form of support do you need: wage subsidy, direct financial contribution, tax credit, government loan, access to specialized resources?
  • What are the specifics that could give your business access to grants and guide your search: start-up, company established in a rural area, developing industry, social purpose, field of research and innovation, etc.?
Coaching for drawing up grant applications

Once the search has been done and the small business grants have been identified, the work is far from over! Now, you will have to draw up your applications and gather the supporting documents. This step alone may require a great deal of effort. That’s why the support of your local SADC or CAE can really guide you, especially if the technical language becomes an obstacle. With their coaching, you can put together more impactful documents that meet the many requirements of small business grants. Seek out the resource centre in your region to receive this valuable support

Always searching for new grants for businesses

New programs are constantly appearing in the business community, and so much the better for the entrepreneurs who benefit from them! But you still have to know that they exist. Always on the lookout for new grants for businesses in your region, your SADC or CAE keeps an eye out for you and looks after your interests.

Market Research

Market research is a crucial step in the startup of your business. This is what will confirm or disprove the viability of your project.

Three factors must be taken into account when conducting your market research: the market in general, your target customers, and your competition. The goal of the exercise is to collect enough information on these three elements to be able to analyze them. That way, you will get a comprehensive picture of the situation in which your new business project or company will be established.

Studying your market

Studying your market in a general sense is essential to the success of your business. To do this, you can:

  • Monitor the consumption habits specific to your field;
  • Follow the trends;
  • Observe the social and economic environment that is most conducive to the target market;
  • Etc.

The data you’ve collected will help you determine if the sought-after market is conducive to receiving your product or service, if it’s stable, if a long-term vision is possible, etc.

Studying your customers

To conduct your market research successfully, collecting information about your target customers is essential. To do this, you can:

  • Conduct surveys (mail, phone, in-person, etc.);
  • Bring together one or more focus groups;
  • Consult statistical registers, databases, and existing market studies;
  • Contact associations and read business reviews related to the sector;
  • Refer to specialists;
  • Etc.

The factors to be considered when analyzing your information will not be the same if your potential customer is an individual vs. a business.

Studying your competitors

Analyzing your competitors is an important part of your market research.

Are they established in your region? Do you offer the same products or services? What more do you offer? Where do you stand in your market compared to them? All these questions (and more!) must be taken into account in your market research.

To learn more about your competitors, you can:

  • Visit their website;
  • Go to their business;
  • Consult statistical registers and databases;
  • Test their products;
  • Read reviews related to the sector;
  • Meet with suppliers;
  • Attend trade shows, fairs, and exhibitions;
  • Etc.

There’s no set-in-stone method for conducting an effective market study, since each business is unique. To get advice that matches your situation, don’t hesitate to contact your SADCs and CAEs.

Entrepreneur Coaching According to Your Profile

Entrepreneurship has the wind in its sails in Quebec, and so much the better! Local small businesses contribute to the vitality of the economy, our communities, and our regions. But before setting out in business, it’s good to ask yourself whether you have the right profile to be an entrepreneur. What are the essential behaviours and skills to succeed? What elements of our future entrepreneur profile deserve to be improved? With support, many aspiring entrepreneurs become better business leaders.

Do you have an entrepreneur profile?

Do you have an innate sense for business? And beyond your intuition, is your profile that of an entrepreneur? A self-reflection exercise helps future entrepreneurs see more clearly:

  • Naturally, do you have these characteristics: leadership, autonomy, dynamism, perseverance, good stress management, appetite for risk, self-confidence, ease of communication, ability to adapt, integrity, reliability, realism, and optimism?
  • Do these prospects motivate you: creating your own job, creating other jobs, being your own boss, leading, achieving, and taking on challenges?
  • Have you considered the possible repercussions on your personal life?
    • Are you willing to make sacrifices to ensure the success of your business?
    • Are you willing to be paid less while growing your business?
    • Are you prepared to work long hours without knowing how much money you will earn?
Each entrepreneur has their own profile

Knowing how to surround yourself with the right resources also starts with seeking out, as a future entrepreneur, all the support to make a successful shift toward entrepreneurship. Across Quebec, SADCs and CAEs support businesspeople with a truly customized approach. Because each person’s challenges are different, and all success stories have their own frameworks.

Coaching to grow in your role

Each entrepreneur has their own challenges: the key is to know them well. The more you have a fair picture of your entrepreneur profile, your strengths, and your shortcomings, the more able you will be to develop a network around you to perform in the role to which you aspire.

  • What are the key skills that you will need to develop in order to succeed?
  • What training would allow you to improve your entrepreneur profile: management, starting a business, accounting, human resources management, technology, sales and business development, marketing, e-commerce, social media management?
  • What internal resources would you need to help you as an entrepreneur?
  • Could you transfer certain activities outside the business (accounting, payroll processing, marketing)?

Business Launch

Congratulations! You’ve reached the final stage of startup: launching your business.

A significant phase of your journey, the launch of your business doesn’t represent the end of the road! Many important details have to be planned before and during the launch.

Before the launch of your business

This is it! Your business will be launched for good! You start getting nervous, and the things to remember start piling up.

You’ve hired your employees, ordered the equipment you were missing, set up your premises… But have you thought about all the formalities required to launch a business? For example:

  • Obtaining your numbers (employer, tax, labour standards, etc.);
  • The registration or incorporation of your company;
  • Permits and licences;
  • Etc.

Have you been foresighted? Have the contracts, such as your lease or an agreement between partners, been properly completed? Has your accounting system been set up?

All these details will play a key role at one time or another in your business launch

Dare to promote your business launch

To ensure that your business launch is successful, it’s essential to make yourself known. Due to a lack of time, many entrepreneurs overlook this important step.

As each business is different, so are the methods for achieving this goal, but consider:

  • Your business cards;
  • Your brochures;
  • Your social media;
  • Participating in events;
  • Advertising;
  • Etc.
During the launch

The first year of launching a business should be seen as a test that will serve as a comparative model, so it’s important to take notes and leave a trace.

For example, you can evaluate the performance of your business according to the previously established financial forecasts and business plan. That way, you will have all the facts about your immediate results and what you aspire to in the future.

In addition, take the time to observe the changes in your environment and adapt to them. Don’t hesitate to redo a market study, analyze your customers, and review your strategies and your budget. Evolving often means guaranteed longevity!

The Business Idea

The business idea is the first step that gives the green light to your road to entrepreneurship. A bit like the foundations of a house, it forms the basis of your project.

If your business idea is solid, there’s a good chance that the rest of your journey will be, too. The tip to getting there? Asking yourself the right questions! By looking at your project with a realistic eye, you’ll be able to determine the potential obstacles, establish a concrete game plan, and avoid as many mistakes as possible.

En route to the right business idea!

The first question to ask before even thinking about your company idea is: what type of project do I want to embark on?

Do you want to buy a franchise? Take over an existing company? Start your project from scratch? These simple avenues for reflection will help you focus your energy on the right places and develop a plan that matches what you really want.

Launching a company from scratch

In the case of a franchise or takeover, the structure of the business will already be firmly established, and you can move on to the next steps.

However, if you want to create your project from A to Z, you’ll need to ask yourself the questions that will lead you to the right business idea:

  • What are the needs of my community?
  • Does a similar business already exist in my area? If so, what more would I have to offer?
  • How much am I willing to spend on the startup of my project?
  • Would I need premises? Staff? Equipment?
  • How many hours per week am I willing to work?

These questions are merely examples

Resources to bring your business idea to life

The SADCs and CAEs are full of tools to help you in the search for your business idea. While this may be your first experience in the business world, the advisors who work there rely on their knowledge of the field to offer you the perspective you need.

They can direct you to resources suited to your entrepreneurial project.