MBC had the pleasure of attending the Toronto Entrepreneur Show, which was a day full of learning, exploring and networking catered for our core clients, small to medium-sized firms.
In a presentation by Chris Baur, Vice President of Business Markets at RBC, it was pointed out that the small business market is quite saturated, in fact, 54% of Canadians have thought about or have started a business in the last year. This makes the market quite competitive. Thriving, let alone surviving is a challenge and here are some reasons why, as stated by the entrepreneur population:
It’s not all bad news though. There are definite advantages that come with being a small business, including being nimble enough to adapt to the ever changing business environment.
The key to success seems to be Resourcefulness and Technology.
The up and rising gig economy refers to a growing number of freelancers that are looking for flexible part-time work. This gives small business owners more access to talent without the typical long-term large price tag. The way to tap into this pool is through your network, various gig websites or through your local schools and universities.
Once your needs increase, Managed Services firms such as MBC are another way of getting a large variety of service without the price tag. For companies that are unable to sustain their own departments such as marketing or IT, these routes are a good way to keep up with the workload.
The key to using these resources to the fullest is to clearly identify your needs and have a very clear on-boarding system for freelancers and professional service firms. Setting clear expectation is the first step to having them met.
Technology has become a pillar of every business and embracing new technology is not only a way to excel, but a way to stay afloat. This applies to office administration tools, social media, having an appropriate network set-up and making sure security measures are in place. The speed, efficiency and safety of business have changed and in the competitive market, it’s essential to be on top of the curve. Embracing new technology also contributes to innovation and has shown to increase sales and profits.
So whether you are just starting out or going through some growing pains, keep resourcefulness and technology top of mind.
As always, MBC is here to guide you should you have any questions regarding your IT needs.