8 Eye-Opening Canadian Small Business Stats

To celebrate small business month/week/day in Canada here are two of my favourite things in one post: small business and fascinating statistics! No fluff, no sugar coating, just straight to the point. All of these stats have been gathered from Government of Canada's Key Small Business Statistic report:

Of the 1.17 million employer businesses in Canada, small business accounts for 97.7% of the total at 1.14 million (with 1.8% medium-sized and 0.3% large rounding out the total)

Small businesses employ over 8.2 million individuals in Canada, or 70.5% of the total private labour force

Small businesses were responsible for 87.7% of net employment change from 2005-2015 (1.2 million jobs!)

Over 80% of start-ups used personal financing to finance their businesses

More than half of small employer businesses are concentrated in two provinces (Ontario & Quebec)

Small businesses contributed an average of 30% of the GDP of their province

The highest percentage of SMB owners is in the 50-64 age group

15.7% of SMBs were majority owned by women and 19.7% were equally owned by women and men

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Unknown Wednesday, October 12, 2016  

Does Your Small Business Need a Blog?

As a small business owner or marketer you've probably heard the term "content is king" many times by now. And one of the best ways to create and share all sorts of visual, textual, and animated content where visitors can be engaged is via blogging. As a matter of fact many industry-leading marketing brands constantly highlight why blogging is important for business.

But with the huge surge in corporate blogging and content generation, does your small business really need a blog? Is it going to make a big difference? The answer is still overwhelmingly YES.

Here is why:

It Is Cost Effective

Creating a blog is fairly cost effective. Using blogging platforms such as the premium service from Wordpress would cost you $99 USD (there is a free version as well) on a yearly basis and that service basically allows for an integration of multitude of features:

• custom domain name
• combined blog and website in one place
• various plug-ins to help optimize for SEO, writing and editing
• easy to use interface
• responsive template designs so you don't have to start from scratch

With that being said, to produce engaging content you will still need to include visuals, videos and other features which may require time or financial investment. Luckily we put together a list of free online marketing tools to help keep things on budget!

Doing the actual writing or content creation itself will take some of your time, but once you get into the groove it becomes much smoother (and much more fun). Biggest investments will be learning and time.

Long-Term Lead Generation Tool

Blogging is not just a means of connecting to your audience on a more personal level, it is a fantastic lead generation tool. While timeliness (context is just as important as content) is a key component of capturing leads, according to HubSpot research 70% of traffic to their blogs each month come from posts that were published in the previous months and about 90% of the leads generated on their blog came from blog posts published in previous months.

If you put in a thorough effort to do proper research, create engaging visuals and reach your audience in the right way, previously published blog posts can be a fantastic lead generation tool.

Creates Storytelling & Networking Opportunities

If by now you are not aware of storytelling, take a look at our recent post covering the improtance of creating a brand personality. Basically, storytelling does not fall under marketing or ads, it is simply a way to evoke imagination within your audience. They should not be focused on your brand, they should be focused on your reader. Done right blog can be a huge storytelling venue where the reader engages with your content on a deeper level beyond just becoming a customer.

Such storytelling capabilities and/or useful blog posts can usually lead to networking opportunities. Readers can engage you directly in the comment section, become brand ambassadors (sharing your content on the regular) or even connect for potential guest blogging possibilities. A great example of this would be this exact blog post. I have made a reference to the HubSpot blog and stats numerous times because I regularly consume their content that I frequently share. They publish useful information all the time!

Increases PR Outreach Possibilities

Some posts can spread like wildfire. Unexpected company announcements, emotion provoking videos or very helpful, in-depth guides quickly spread all over social media. Similarly to the networking point above, imagine one of your blog posts getting shared by an industry thought leader or a major news outlet?

While this is the ideal scenario it is much harder to achieve. Content within the blog post usually has to be very informative, ground breaking or engage the intended audience in a way that no one has yet done. No easy task, but not impossible either.

Contributes to SEO Efforts

Blogs are a fantastic way to improve your Google rankings. Why? Well, your corporate website (you know the one with the about us, history, products, etc.) probably does not have many pages. On top of that they probably aren't updated too often. This is where a blog comes in handy: you can research topics that are of interest to your audience (who would of thought there would be something more interesting than reading an "about us" page?) and create a visual, interactive story that they will WANT to engage with and most likely share.

What do you think is more likely to get shared? Your website home-page or a kick-ass blog they read on their phone while waiting for dinner? If you take a look at your own personal social media feeds they are more likely to be filled with videos and blog posts than corporate web pages.

Create buyer personas, research content and get creative! Blogs allow for more indexed pages and a broader search ranking. Imagine how many different terms you can focus on with blogs compared to just your website.

Uncovers Audience Insights

Not only does each blog post have some sort of call to action feature, but a blog usually consists of multiple topics and themes. Tracking, measuring and analyzing user behaviour and content consumption of your visitors can help shed light on future content focus. Perhaps your audience members prefer long articles full of how-to steps as opposed to listicles (listed points, such as 10 Ways to Do Such and Such).

Using this data to drive better content will help increase engagement, performance and even lead generation. Set clear goals you want to achieve with your blog and evaluate as you keep publishing content.

If you're on the fence about starting a small business blog, do it! Blogs are still a very useful tool to connect with your audience. 

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Unknown Monday, May 02, 2016  

Small Business Email Marketing Checklist [PDF]

Email marketing for small business is awesome, really really awesome! Done right it can lead to many positives in business growth, customer retention and lead generation.

In order to efficiently tap into all of these benefits, it is necessary to properly build each and every email marketing campaign to meet email spam regulations, focus on set goals and measure results. If you've ever had trouble keeping tracking of all of these things; fret no more! Below is a downloadable (and interactive) PDF checklist to ensure you cover all of the important details of every email campaign:

What does this PDF cover?

• CASL (Canadian Anti-Spam Legislation) requirements
• Technical email features
• Design guidelines for optimal performance
• Landing page features that lead to more leads

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Unknown Thursday, July 02, 2015  

Employee vs. Freelancer: What is the Better Fit for Small Business?

The truth, much like many small business questions, is that the answer to this question is "it depends". Not because it is the safe answer, but because it is the most appropriate one.

A lot of small businesses vary in how they function; operations, growth, comfort level with a non-employee resource such as a freelancer (an important factor), etc. Below you fill find an outline, including a neat graphic, on the difference between hiring employees or freelancers.

 Embed this Graphic on Your Website
<p> <strong>Please include attribution to the Digital Brand Lounge with this graphic.</strong><br /><br /> <a href='http://www.brand-lounge.nrdigitalbranding.com/2015/05/employee-vs-freelancer-what-is-better-fit-small-business.html'><img src='https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuxe6EpBcF2zxISxrE6prFEuUOLfv1c2RYAeC03y15TvFjudXOwAQY86Q7Tf1HFLHnywrw4kNiyKseCo16jn3QwwPAFNvUvfHmTCDiE-mAGXR5KyA9FCIoXTu88XTG9d4g_KHiwUBGsMY/s1600/employee-vs-freelancer-small-business-NRDB.jpg' alt='Employee vs. Freelancer Comparison for Small Business' width='540px' border='0' /></a></p>

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Employees

Usually the choice among small businesses, employees provide a reliable option on a daily basis. The huge benefit here is that small businesses rely on personal service from all of their employees to all customers. Having someone who truly spends time working on projects and dealing with customers can help build long-lasting relationships internally and externally.

When to Consider an Employee:

• a role which is important to the long-term health of the business (finance, customer service, etc.)
• demands high understanding of product/service/technology of company
• looking to build cohesive team

Pros:

• get familiar and personal with business, which helps in understanding day-to-day activities
• can cover other roles when colleagues are on vacation, sick, etc.
• potential to build a close-knit team for improved chemistry

Cons:

• can be quiet costly: time, training, salary (depending on experience/role), benefits, etc. (this is from an operational point of view for small business - employees should always be provided with adequate training & benefits!)
• potential of leaving (after all the investment into their development)

Freelancers

Great option for small businesses on a tight budget and timeline. Freelancers usually come experienced and require little training. This allows them to jump into projects and help accelerate (and improve) the process. The biggest benefit here is the flexibility option for employers: freelancers get paid on a per-project or per-minute rate, eliminating the need to pay them when work slows down.

When to Consider a Freelancer:

• time sensitive projects
• high expertise (such as specialized web coding)
• work overload for current team

Pros:

• majority of freelancers can do work remotely (depending on nature of work)
• cost effective option (once project is complete, they are no longer part of the payroll)
• no need for extensive training or development

Cons:

• no team chemistry, and no direct "management" of work if done remotely
• projects can sometimes be late if freelancer is taken up with a lot of clients simultaneously
• lack of familiarity with business

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Clearly each of these benefits/cons can go either way depending on the type of small business is in question: some owners/managers may be very comfortable with outsourcing work, while others prefer to keep everything in house. Some freelancers may be very costly (high expertise) compared to hiring an employee who can be trained to do the same, etc.

What would be the ideal situation?

Where small businesses have the exact right amount of employees and utilize freelancers when necessary. However, we all know that is not usually the case. Hopefully the above breakdown will help you make the right decision when the opportunity comes along.

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Unknown Friday, May 01, 2015  

How the Internet of Things (IoT) Will Affect Small Business

Internet of Things, or as the new IoT abbreviation is starting to take precedence, is sweeping the business world. It is all around us - from CES technology shows to business columns, but what is IoT? And more importantly how will the Internet of Things affect small business? Before I get into the influences, it would be beneficial to outline the definition of IoT, and according to Wikipedia this is what defines IoT:

the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure. Typically, IoT is expected to offer advanced connectivity of devices, systems, and services that goes beyond machine-to-machine communications (M2M) and covers a variety of protocols, domains, and applications. The interconnection of these embedded devices (including smart objects), is expected to usher in automation in nearly all fields, while also enabling advanced applications like a Smart Grid.

In other words, it will allow us to automate a number of manual tasks by using the already existing internet infrastructure. Instead of counting your own fitness exercise gains a smart bracelet will do it for you, or without looking in the refrigerator our smart-fridge will give us a list of groceries we need to purchase. But how does this relate to business?

In a number of ways, product and service providers of all sorts will be able to tap into this IoT potential to not only provide services to the customer but directly personalize messages on an individual level. Organizations will now be closer to people more than ever.

Here is our take on the influences IoT will have:

Improved and Catered Services

Early adapters of IoT will set customer expectations; if you cannot provide real-time solutions to those customers who seek it your business will need to catch-up, fast. While this sounds like a competitive issue, it could actually be a healthy competitive feature. Competitors pushing each other to provide the best possible service will result in improvements and advancements that customers will surely enjoy.

Similarly, catering to each and every individual will be a big part of small business operations. The emergence of big data and IoT will ensure that each business has access to a plethora of information to create custom interactions with potential and current customers.

Increased Need for Data Security

The recent Sony hack and data breach fiasco was all over the news. Why? Because a group of hackers were able to penetrate the security of what we thought was an unpenetrable organization while publicly releasing confidential information. This is just one of many everyday breaches which occur on the world wide web.

Small businesses offering wireless services or communication will need to ensure that their data is highly secure. With consumers relying heavily on personal mobile devices (often unprotected), the responsibility of security will fall to the service provider.

H2H Personalization

Although the idea behind IoT is a more immersed technological infrastructure, the communication in the end will be between individuals. People will require to provide a high level of personal information which organizations will be able to allocate for personal communication. As opposed to "mass emailing" or "Dear Sir" messages, the interactions will include actual names and facts. Won't be long until a personal bracelet will be sending us voice SMS messages informing us that we need to burn 200 more calories to meet our daily exercise goal.

Much like it won't be long before a partnership between the developers of the fitness bracelet and a nutritional supplements provider is formed to directly serve messages of matching supplements needed after each work out including where to get them, for how much and the amount needed based on exercise intensity.

Contextual Communication

Take the earlier example of a smart-fride telling the home owner that it is time to replenish some of the supplies in the fridge. Now imagine that a grocery store chain developed an app or service which allows them to read this information, combine it with that families buying habits (loyalty member data perhaps) and deliver specials or promotions right when they are needed. Ideal isn't it? While we are not fully at this stage yet, IoT will allow organizations to tap into the principle of "perfect timing" and allow messaging which is in tune with real-time customer needs.

Scary? A little. Convenient? Absolutely. After all who doesn't hate pouring a bowl of cereal only to find out that there is no milk in the fridge.

Bigger Digital Budgets

Implementing such services for a small business will surely require a bigger allocation of the budget to go towards digital communications or IoT technology/servers/services. It is safe to assume that over time the costs for these offerings will decrease but those organizations looking to be the early adapters will have to invest a higher amount in order to establish an effective service.

Complex Privacy Legislation

While our individual digital privacy has been a hot legal debate topic lately, the introduction of IoT devices and interactions will set forth an even more complex discussion of privacy laws for both consumers and organizations. People willing to integrate into a SmartGrid will have to sacrifice some privacy to enjoy the benefits. However, privacy legislation will be very particular as to what data small business organizations are eligible to tap into - making it complicated to offer the best services possible while simultaneously respecting privacy boundaries.

As much as the IoT can offer to make lives better, we are all still entitled to a certain level of privacy and no amount of convenience will trump that...at least for some individuals.

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Is your business planning for the utilization of IoT?

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Unknown Friday, January 16, 2015  

Entrepreneurship in Brazil 2014 FIFA World Cup Format

The excitement, the drama, and a combination of teamwork with individual efforts that define those sublime goals, saves or penalty shootouts. Who hasn't seen Robin Van Persie's flying header goal against defending champions Spain in Brazil FIFA World Cup 2014?! Not only was it a magnificent goal, but was turned into all sorts of memes around the web. Football (soccer) truly is a beautiful game, or as the Brazilians would say "jogo bonito".

Unbelievable goal by Robin Van Persie - World Cup Brazil 2014

With the semi-finals just a few hours away, and the game of the tournament coming at the end of this week I thought it would be a great topic to cover entrepreneurship in the form of a World Cup tournament. Plus did I mention it is extremely fun to connect business discussions with sports, if you don't believe me just take a look at this post on how the NBA rocks out with their digital presence.

Qualifiers

This is where teams have to compete in a randomly drawn, 5-country group from their continent with the top 2 countries qualifying and advancing for the final tournament such as Brazil 2014. During this stage very few supporters (other than within the country, or immensely immersed followers) are even aware of the games and/or progress of each team.

Similar process happens with entrepreneurship: when the founder(s) is establishing his or her unique idea, researching and planning out the organization virtually no one knows about it other than those involved. The planning and execution during this stage has to be spot on, because just as the group qualifications if you are not in the top two standings - your team/organization will not make it far enough to compete on the world stage. In Canada alone, only about 50% of start-ups or entrepreneurial endeavours succeed beyond the first 3 years of business operations.

Often under radar - majority of Canadian small businesses go through qualifications to survive 3+ years in business.

This where all of the blueprints are laid out and if done right, the organization "qualifies" to move on to the next level of competition:

Group Stage

Welcome to the group stage - by now each team has already proven itself ahead of the competition. While many people may not have been watching - your country (or organization) is now established itself in some way: a great defensive team, dominating possession, etc.

By now your business is starting to make some sort of noise - it has built a reputation for having unique products, extremely high quality, unimaginable technology/software, etc.

This however attract attention of others, there are four (or in entrepreneurship world often more) competing countries/organizations trying to establish a name for themselves as well. This is where the team has to be built just right and already in some type of groove or familiarity in order to ward off the competition.

While companies which are picked by experts as favourites to succeed, usually do - there is always an upset or underachievement which allows another entrepreneur to advance. Be honest, did anyone expect Spain to be knocked out in group stage? Absolutely not! Neither did you expect Costa Rica to top Uruguay, England and Italy as leaders of their group! 

While experts can predict which start-up will succeed, there are always under achievements: just like Spain failing to advance from the group stage.

Round of 16

The first level of knock-out rounds - by now your organization has established its team: you have hired the right people, found the necessary location, tools and collaboration to rise above the competition. Well - most of the competition, now is the time to go head-to-head with most immediate competitors and carve out your own brand within a tough market.

Utilizing all necessary aid can help: finding right employees or freelancers, effective marketing, powerful branding, financial programs, and any other means necessary. Sometimes the competitions gets really tough - how amazing was the Brazil vs. Chile extra time, penalty showdown thriller? What pushed them over the top was that extra detail of finishing penalties - staying true and effectively closing out the game. Professional SEO services, social media marketing or any other unique assistance can be the difference between getting knocked out or advancing!

Amazing match from both teams - Brazil edged Chile by a narrow penalty shootout result.

Quarterfinals

If an entrepreneur makes it this far, they have already done an amazing job. It is no easy task to get through qualifications/group stage and conquer the first knock-out match-up in the round of 16. By now many teams and businesses see the "tunnel at the end of the light", meaning that they are very close to the ultimate goal of being crowned champions (or establishing themselves as a strong, desirable brand in both of potential employees and customers).

To experience success at this level of competition, the organization has to have enough depth: players get injured (employees leave for other jobs), suspended until the next match due to accumulation of yellow or red cards (firing of employees not fit for the culture), fatigue (sick days) or any other circumstance. Hiring the right personnel to build a strong culture is crucial - having the right people to cover for others if need be, and dedicate themselves to a full-team philosophy increases the odds of success.

Trust, teamwork and collaboration makes Germany a success. Just like many successful entrepreneurial environments.

Much like a soccer team, any small business or organization is a team-oriented culture which thrives on collaboration. The German national team exemplifies how the midfielders (Philipp Lam played as a midfielder - although his natural position is full-back) are willing to commit themselves fully to both defense and offense in order for their team to dominate.

Semifinals

One step away from the biggest stage on football (or entrepreneurship) this is where great leaders have to come forth and utilize their skills to efficient execution. They have to take risks to separate from the competition, because at this level - the playing field is fairly equal and little separates competitors.

Instead of relying on just traditional websites, the leader may opt to build a responsive website or a fully functional mobile app to engage audiences beyond just desktop devices...even if it may not be the "industry standard". This gives employees confidence, the culture is clicking on all cylinders - work process is optimized, and everyone knows exactly what their role is. Ready to step up and perform at all times.

Great leaders take chances, especially risky chances others would not even consider. Just like Van Gaal did by substituting Tim Krul for the penalty shootout against Costa Rica.

Much like when Van Gaal (manager of Holland) decided to insert Tim Krul, the national team back-up goalie who has not played a single minute in the tournament, for the penalty shootout in their match-up with Costa Rica. While the move was risky, it proved to pay off as Krul saved two penalty shots and essentially won the game for his team. Krul was ready and did his job as soon as his team depended on him. It's all about taking chances that others may not be willing to!

Final Game

By now your organization has overcome all of the hardships of entrepreneurship - making it all the way to the biggest chance of its existence: a chance for ultimate success. While in FIFA football this is a World Cup trophy, for entrepreneurs it may be a number of things: investors, expansion, longevity, unmatched workplace culture, financial growth, etc.

The final step is having a dedicated supporter base (loyal customers), teammates full of confidence and competence (minimal margin for major errors) and the will of a champion (dedication). Believing in yourself and your organization increases the odds of ultimate success. The uncertainty will always there - but with those efforts present, the entrepreneurial journey reaches its summit. Although not the end, each organization (and national team) finds ways to evolve, find new talents and keep improving upon its strategy with lots of ups and downs.

As for this World Cup Final in Brazil - I have picked Brazil and Argentina to meet in the final, with Brazil the host nation winning the tournament. Both have lost key players (Brazil without Neymar, Argentina without Di Maria). Let's see if the teams can come together and overcome adversity as one.

Now enjoy the rest of the world cup, keep working on and believing in your entrepreneurial dreams.

Ole, ole, OLE!!!

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Unknown Tuesday, July 08, 2014  

2013 SMB Digital Marketing Holiday Wish List

Small businesses are always looking to improve their marketing and brand. With the year coming to an end, here are some things that I think small business owners would like to stuff their stockings with in order to get their organization and online community humming in the new year.

Stocking Stuffer #1: Responsive Online Hub

This is an idea that you may or may not have already come across, but it is something that every organization should be focusing on. As most blogs and business articles may have highlighted the trend for 2013 - it is now going to move into the affordable pricing for all business. With plenty of responsive design services available online, small businesses and organizations should be taking advantage in building their websites to be optimized for multiple devices. Why?

Well the way people interact and view content is shifting towards mobile. With ongoing statistics indicating the increase use of mobile devices for browsing, shopping, and content consumption it will be crucial for SMBs in effectively catering to their community.

Stocking Stuffer #2: Dedicated Online Involvement

The hardest part of having an effective branding strategy for the digital landscape. To really have an

effect online - there needs to be a significant amount of time invested in creating engaging content, interacting with audience and continuously improving your online hub. While having a digital media or marketing specialist is a privilege most small business can't afford, it would be the ideal situation. If this is not an option look into training current employees with the basics of SEO, web design, social media, etc. and have them be involved in all of your corporate efforts online. If that is not an option, look into the different digital branding services available and include these expenses into the annual marketing budget.

Another important factor in having this dedication last throughout the year (avoiding burn-out after the first few weeks) is to include it into the annual business planning. Most organizations budget their expenses for the year, plan their holiday events, promotions but very few include their online efforts into those plans. Create a content calendar, schedule updates, allocate employee (or personal) time to these efforts as they are as important as all other parts of your business!

Stocking Stuffer #3: Analytics Turned Into Analysis

Get involved in analytics - but don't just track numbers for the sake of tracking numbers and stats. Set goals, measure them and see how you are performing against your own expectations. Having numbers turned into meaningful results (whether positive or negative) is critical into successfully improving upon all of your digital efforts.


The most common website tracking service for website stats is Google Analytics, but having ways to measure social media efforts, email marketing, content reach and other online tactics is important as well. Find tools that are suitable for your organization, employ them and turn numbers into meaningful insights.

Stocking Stuffer #4: Subscribe To a Good Blog

Keeping up with the latest developments within your industry, online trends or just general business news. Blogs are not only a great way to stay up to date, but to learn something new - a way to engage on social media better than now, learn how to edit HTML web pages, increase email campaign responses, etc. Following a good blog can also connect you to industry experts, which can lead to establishing a new network to share ideas and knowledge.

For a good list of online marketing blogs covering everything from design to conversion, you can take a look at a solid list from unbounce here. So snuggle up for the winter season and increase your RSS feed with some of these great blogs.


What would you put as part of your small business holiday wish list for 2013? Leave your thoughts in the comment section and let us know!

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Unknown Sunday, December 08, 2013