3 must-knows for any small business

(NC) Whether you’re considering starting a business or are already in the game, there a few things you absolutely need to know to stay competitive in today’s marketplace.

1. Digital is here to stay

Online capabilities were crucial during the pandemic and customers are not letting go of the convenience. While it may at first seem intimidating to bring your business online, the capabilities you gain and the exposure you find are unmatched and just-about mandatory for most businesses today.

2. Community is key

No business owner can go it alone. Networks and connections will go a long way to help your business remain viable in the long term. So, continue to nourish your social network and cultivate meaningful relationships with family and friends – as well as vendors and customers. Maintaining your mental health, having a support system and engaging with your audience will all make a big difference to your overall success.

3. It’s all in the details

Keeping on top of the nitty gritty behind your business is also essential. You know that your budgets, expenses and cashflow are important, but remember to brush up on tax laws in your area and any potential legal requirements for your business; you don’t want to be caught off guard or make a costly mistake. Review your business plan regularly and consider how the details may need to adjust, and any possible ramifications.

If you feel there’s opportunity to improve, consider looking into available tools and resources online. For instance, the federal government’s Grow Your Business Online grant offers funding and support to help businesses go digital. If eligible, you can connect with an e-commerce advisor and receive up to $2,400 to help you adopt or improve your digital technologies. Find more information at canada.ca/digital-adoption.

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