On Thursday September 1st, our CEO, Karen Try met with Tyler Jeffery who is an Account Manager at The Business Development Bank of Canada [BDC]. In his role, Tyler works with small to medium-sized businesses to provide guidance and assistance in all areas of financial management so they may increase profitability and boost the value of their company.
The Business Development Bank of Canada [BDC] complements the charter banks and is a financial institution devoted to Canadian entrepreneurs. It is a Crown corporation that operates at arm’s length from their sole shareholder, the Government of Canada. The mandate of the BDC is to be the bank for all entrepreneurs, offering support for the business life cycle and making entrepreneurs’ well-being a priority. The BDC provides funding and advice to small and medium-sized firms in all industries and stages of growth.
Industries such as manufacturing, wholesale, construction, transportation, food, and beverages have been hit hard by the pandemic and have reached out when they have reached their line of credit. Because of flexible financing, advisory services, and smart capital, the BDC can often support businesses when charter banks cannot.
If you have additional questions about the BDC, you can visit their website: www.bdc.ca or contact Tyler directly at tyler.jeffery@bdc.ca. During their one-on-one, Tyler and Karen discussed various topics that small business owners may find useful. Read on to learn more.
Q&A with Tyler Jeffery
Q:What is the most common challenge that leads a small business owner to seek advisory services?
A:Business owners are good at what they do but often find they are lacking in financial management. Owners get consumed by the day-to-day business management. Tyler’s role is to assess the business’s current financial situation, identify gaps, and then help them to prioritize processes to improve cashflows and avoid financial pitfalls in the future.
The duration of the program is 8-12 weeks. During this time, Tyler advises his clients on the available funding opportunities, either in the form of financing at a reasonable interest rate or grants that are currently available. One example is the current grant referred to as the CDAP [Canada Digital Adoption Program] that was implemented by the government in January 2022. This grant helps small and medium-sized enterprises (SMEs) build their digital plan and adopt digital technologies to increase their competitiveness.
The CDAP covers items directly related to the digital plan, such as the following:
Acquiring IT equipment
Installation of new technologies
Updating and/or expanding IT equipment
Training staff on onboarded technologies
Materials and support services directly related to onboarding the technology
Further advisory services on particular aspects of the digital adoption plan
Source: bdc.ca
Q. Do you have general tips to help all business owners avoid financial pitfalls in their business?
A. The ability to analyze cash flows and maintain regular financial oversight is crucial for business owners. Developing financial acumen can reveal more opportunities to boost cash flow for a better and healthier organization.
Q. At what stage in a business’s life cycle would you recommend that a small business owner get in touch with you?
A. Tyler works with business owners at all stages of their business life. A new business owner that brings experience, a solid business plan, and cashflow projections can benefit from the services of the BDC. Generally, a small business would go to the BDC after 24 months in business with demonstrated growth and $250K – 350K (CAD) annual revenue.
Q. Since many small business owners relied heavily on rent and salary subsidies to survive the pandemic, they agreed to take out a loan that now must be paid back in full by the end of 2023. Can the BDC help those already cash-strapped businesses?
A. Where a chartered bank generally requires securities for lending, the BDC can be more flexible in financing a business with strong cash flow projections and a solid business plan. In other words, if a business is currently operating with positive cash flow and is solid overall, the BDC may be able to help as financing is typically more flexible.
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Do you know how many companies lose touch with a client before they even begin collaborating with them? And, do you know the cost of letting that happen? In the world of business, you already know how important it is to make a good first impression. However, following up in a timely manner on a first inquiry or email introduction is just as essential (if not more so) than the initial meeting. And when you neglect possible customers, you may miss out on valuable opportunities. According to a recent study from LeadConnect Marketing, as many as 78% of customers buy from a company that responds to their inquiry first.
Think of it this way – when a client requests a quote from you, they are shopping! They have decided to start researching before committing and making a purchase. A quick follow-up response is your chance to show that you care about more than just a sale and are interested in building a relationship. This shows potential clients you have not forgotten about them and that you are available to them should they need additional assistance.
Also, when you follow up with them right away, they are more likely to trust your brand. Simply following up with a potential client might be what entices them to do business with you. On the other hand, a lack of communication or negative interaction could influence a customer to choose a competitor instead.
When you receive an inquiry, you should contact the person or business as quickly as possible to ensure they feel you have noticed them. You can think of following up as a form of customer service since doing so improves the flow of communication and allows you to address their concerns upfront.
Have you ever responded to an inquiry immediately with a quote or proposal and not received a response from your potential client? If you shrug and move on, the possibilities end. There could be a fortune in this follow up! So many things could happen to derail a prospective buyer from responding and your cheery follow up email or call, could spark the action to close the sale!
Many businesses who schedule appointments for their clientele have learned that sending reminders and following up to confirm the scheduled appointment a few days before, will result in less no-shows because people do forget and do get busy. Incorporating this customer service follow up is a win for your business to stay booked and busy!
Here are some simple things to consider when following up:
Take a few minutes to send an email, text, call, or even send a handwritten note.
Treat everyone with respect. Listen to what they have to say.
Quickly respond to an inquiry or introduction but be sure to use a message that doesn’t seem canned or meaningless.
Don’t assume you are being ghosted. Reach out to keep the conversation going and build the relationship.
Over to you
The bottom line is that prompt follow-ups are essential to your business’ success, both now and in the future. Effective and timely communication, especially at the beginning of the relationship, goes a long way toward a successful future working together.
Have you ever found yourself staring at your screen, wondering what to write, but the words just won’t come to you? Or perhaps you’re creating a post for social media that you believe to be original, but you can’t help but feel like you’ve written it before? If so, you might be experiencing what’s commonly referred to as “writer’s block.”
What is writer’s block? When writers are stuck for ideas, it is known as writer’s block. It affects writers at all phases of their careers, and if ignored, it can prevent you from writing for days, weeks, or even months.
The good news is that you can avoid writer’s block and keep your writing fresh! Here are some ideas for “beating the block” and staying in the zone.
Keeping content ideas fresh
Every content writer faces the challenge of keeping their content fresh, informative, appealing, and on brand. It’s essential to give your readers the kind of content they want. Consistently doing this will have a significant positive impact on your readership. What’s new? What has changed? Think about offering a new perspective to your readers.
If you’re stuck for ideas, give one (or all!) of these a try:
#1.Be the customer. Take a step back and observe your company from a customer’s point of view. What questions do you have? Share answers to those questions in your writing.
#2. Solve a problem. When you are networking or talking with other business owners, what are the common topics of conversation that keep coming up? Do they want to learn more about topics like cash flow, marketing, how to handle challenging clients, or how to target a particular demographic? What problems can you help solve?
#3. Discover what’s happening in the world. Take a few minutes to browse social media, respectable news outlets, YouTube, and even TikTok! Or, if you find yourself with even more time to spare, binge-watch a popular TV series, attend a concert, or spend an evening at the movie theatre. Find out for yourself what people are talking about right now and incorporate it into your content.
#4. Take time to prepare and plan. Make a “special-days” calendar or check out fun holiday ideas from sites such as HootSuite. Tuck away testimonials from emails or recommendations from social media. These great reviews make uplifting content to easily inject in an e-newsletter or in social media posts.
#5. Do you think you’re funny? Try your hand at creating memes! We subscribe to imgflip.com and have a lot of fun (and even internal company competitions) developing memes.
#6. Go behind the scenes. Show your readers who you are. Humanize your brand by taking candid shots of staff at work, celebrating your team members’ birthdays, and sharing staff recognition.
#7. Create a poll or survey on social media and ask people what they want to hear about. Current Revenue Canada regulations, deadlines, or news? Trends on social media? The Pantone colour of the year if you’re considering rebranding or refreshing your website? Everyone has an opinion and they’re usually happy to share it!
#8. Build a list of FAQs. Which questions do your clients, readers, or prospective consumers often ask you? Make a list of the questions and respond to each one, providing examples when possible. You can also create a few case studies.
#9. Interview experts within your industry. Interviewing someone within your field is a great way to establish an emotional connection between your company and its audience. The content you capture during the interview has the potential to supply material for your blog and social media for some time. You may even consider recording your interviews and converting them into podcasts for even more content. (https://www.myobontario.ca/podcasting-101/)
#10. Become a savvy content curator. There will be days when you’d rather not reinvent the wheel, and that’s fine. As you know, there is already a ton of content out there on the internet. Look for interesting, relevant, and timely posts and share them with your followers from time to time.
Over to you
We hope these suggestions help you get your creative juices flowing again. Do you have a tip to add to this list? We’d love to hear what works for you when you’re experiencing writer’s block.
If you have been using GIFs for a while, then you’re already aware of their power to spice up your online conversations. Although they’re considered to be light and funny like memes, GIFs are becoming a growing trend for business marketing in recent years.
You may be asking yourself, “Why should I utilize GIFs for my business”? In a nutshell, GIFs are a quick and easy way to add eye-catching animations to your social media posts, emails, landing pages, blog posts, and more! Here’s what you need to know about implementing GIFs.
What Is a GIF, exactly?
GIF is an acronym that stands for Graphics Interchange Format. Merriam-Webster defines GIF as “a computer file format for the compression and storage of visual digital information; also: an image or video stored in this format.” https://www.merriam-webster.com/dictionary/GIF
GIFs were invented in 1987 by Steve Wilhite, a U.S. software developer, to use animated images that did not have excessively high file sizes. So, GIFs have been around for more than 30 years—longer than the internet itself!
In the simplest terms, it’s a small graphic that moves like a video, but plays on a loop.
The advantages of incorporating GIFs into your business content
Now that you know what GIFs are, the next step is learning about their marketing capabilities. Here are three benefits you may be interested in:
#1. They grab more attention than images.
GIFs have eye-catching motion and more energy, which makes it easier for your content to stand in social feeds, emails, ads, and more. GIFs are perfect for quick-moving social media feeds because they often last for a few seconds. This means they can quickly grab your audience’s attention while effectively communicating your brand’s message.
#2. Your customers love them.
GIFs are more popular than ever! They are also a great way to insert popular culture into your content. Perhaps you’ve seen some GIFs from your favourite TV shows – The Office, Schitt’s Creek, or Friends. Chances are many of your customers like those shows too! This incorporation will allow your followers to engage with content they can relate to. GIFs are also easy for people to share onto their own social media accounts or in emails.
#3. They are mobile-friendly.
GIFs can be used instead of videos, which might slow down your site’s speed and negatively affect the user’s experience. With their smaller file sizes, GIFs will help maintain a fan’s video engagement without requiring a significant bandwidth.
Ways to use GIFs for business
Before using GIFS, you should first determine whether they will be relevant to your audience. However, for most brands, they will be well-received, particularly if you are targeting a tech-savvy demographic. You also need to determine what mood, or vibe you want your content to relate – GIFs can be excellent for conveying a feeling when you pick the right one!
Social Media Examiner offers fantastic ideas to consider for incorporating GIFs into your marketing strategy:
When it comes to using GIFs in your company’s branding, you have more possibilities than you might think. Naturally, you’ll want to share them on social media. You may also consider adding them to emails, blog posts, and even your website. Here at MYOB, we occasionally sprinkle GIFs into our clients’ content. We also recently updated a client’s website with GIFs for their “Meet the Team” pictures. https://verto360.com/about/ The unique GIFs not only enhance their website, but also add a humanizing touch.
How to make GIFS of your own
Now comes the fun part – making a GIF! It turns out they’re quite easy to make and much simpler than creating video files.
There are numerous apps available for creating your own GIFs and many are free. With the help of these tools, you can upload photographs and make a GIF from scratch. You can use interesting extras like text overlays, filters, backdrops, graphics, emoticons, and other customizations in addition to your own photos. Perhaps you already have a video that you want to turn into a GIF? There are video-to-GIF converters online as well.
If you’d prefer not to make your own GIF, there are dozens of GIF search engines and libraries that house billions of them. One of the most popular sites is Giphy, which has more than 700 million daily users — and those visitors watch more than 11 million hours of content on Giphy every day. (https://giphy.com/about)
Over to you
GIFs can be a terrific business marketing tool and a fun way to bring energy to your content and messaging, and they’re here to stay!
If you’re interested in learning more about how we help businesses grow through social media and content, we’d love to talk to you about it! Feel free to call or contact us through our website.
What is it about your company that makes it unique and distinguishes it from others in your industry? It’s likely that your messaging and branding are the first things that come to mind. However, it’s actually your core values that defines the framework for your company: what you believe in, stand for, and aim for. They are the guiding principles that your company uses to manage its internal processes as well as its relationships with current and potential customers.
Let’s look at why it is important to determine your core values and what it means for your business.
What are core values?
Core values are the fundamental beliefs that guide a company and its staff. They set the standard for your organization. The caliber of your products or services, the quality of staff and clients you attract, what your business does and why: every single one of these aspects of company culture are influenced by your organization’s core values. They also communicate to potential clients that doing business with you is more than “simply “business.”
Why do you need core values for your business?
In a nutshell, a purpose-driven culture with engaged staff is needed for your company’s overall performance. Having well-defined core values will make this a reality. WordStream shares a list of the benefits of having all your people in alignment:
Improves output
Encourages better decision-making
Motivates action
Boosts customer services
Builds your company’s reputation
Creates resilience and confidence among your staff
Defining your core values should start with a thorough evaluation of your company’s culture and vision. Think of how you may use your values to show what your organization aspires to accomplish and represent. Be sure to ask yourself questions such as, “What is important for my business and to me,” and “What do I want my business to be known for?” to help guide you.
When you’re ready to begin the process of determining your company’s values, consider the following guidelines:
Keep them short
Be specific
Address both internal and external objectives
Make them unique
MYOB’s Core Values
Here at MYOB, our core values guide everything we do and allow us to “RISE” as an organization. The following defines what is important to us:
Respect: Communicate with clients, respond to emails and messages as promptly as possible, keep staff and coworkers in the loop and updated as a courtesy – check in with each other.
Be on time for zoom calls and dressed appropriately to show respect to whomever you are meeting.
Integrity: No excuses, step up and take responsibility, be accountable and reliable.
Service: Give a little extra attention, answer the phone, make time to listen.
Ethic: Confidentiality is critical, work hard, don’t waste time, be professional.
Over to you
Your company’s core values are its foundation. They are the enduring principles that show the world who you and your business are. They have a consistent impact on accountability and decision-making. And finally, they are extremely significant since they influence your company’s overall success. So, when deciding the core values for your business, be sure to do your research and remember to have fun when implementing them.
