Worker Scarcity in Canada and What Businesses Can Do to Respond
Almost 40% of Canadian entrepreneurs are already having difficulty finding the workers they need. And there’s no relief in sight for at least a decade.
As a result, some companies are unable to fill customer orders or even have to refuse them. Quality is suffering and competitiveness is declining.
BDC surveyed more than 1,200 entrepreneurs about how a worker shortage is impacting their business. We found affected firms are 65% more likely to be low-growth businesses.
When done well, email marketing is an effective way to communicate with your customers. Email is inexpensive, convenient, and is easy to track. Consider an email marketing strategy that respects Canadian laws and targets your clients with the right message.
Today's business environment is competitive - that's why it's more critical than ever for you to find new customers and to keep the ones you have. Typically, it's less costly to retain your existing customers than it is to find new ones. As a result, you may want to consider implementing a customer relationship management strategy in order to systematically and efficiently approach satisfying your customers to maintain their business.
With the increasing number of entrepreneurs using digital assets like websites and social media profiles to grow their businesses, security is a growing concern at every level. Your business is important to you and so are your customers so it’s imperative you take the necessary steps to ensure you’re protected.
A bond is a form of insurance that protects your business against losses caused by internal fraud, theft, or incompetence. If mistakes are made by your employees that result in losses for your customers, restitution for damages is paid by your insurance company. Some businesses are required by law to purchase bonding insurance, and others do so to increase their business’ credibility.
Collecting the money that your customers owe you can be an arduous, stressful task if you don't approach it in a consistent manner. However, ensuring that you're getting paid on time is an essential aspect of business that will help you maintain positive cash flow. Just as your suppliers expect you to pay them on time, you, in turn, must require the same of your customers.
Approaching a bank or other private lenders for a loan can be a complex process, but knowing what bankers are looking for can help you successfully secure financing.
Effectively managing your business' finances is critical to your long term success. Good budgeting and financial forecasting skills can help you control your business' financial health.
