New Small Business Grant

Effective January 2021, businesses that are required to close/restrict services can apply for small business support via a grant.

The grant starts at $10,000 and up to $20,000 for qualified Ontario businesses that demonstrate a revenue decline of at least 20% when comparing monthly revenue in April 2019 and April 2020.

Eligibility

A small business must:

• Be required to shut down or restrict service according to the Provincewide shutdown effective on December 26th.
• Have fewer than 100 employees at the enterprise level
• Have experienced a minimum of 20% decline as indicated above.

For small businesses not in operation on April 2019 or April 2020, as well as further details about the grant will be published during the month of January 2021.

For more information about the grant and additional small businesses support, you can visit the Ontario.ca website using this link

CEBA (Canada Emergency Business Account) loans increased

CEBA loans for eligible businesses was increased from $40,000 to $60,000. The applicants have until March 31st. 2021 to apply for the $60,000 loan, or the $20,000 expansion.

Further details can be found on this link

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Adding value to your customers is key to stay in business in the new normal.

The customers are the lifeblood of your business, so, it is important to keep them happy to ensure the continuity of your business.

Since it is expensive to land a new account, it is important to ensure that your corporation is focused on building a base of recurring customers, and adding value is a safe bet.

• Adding value means identifying the priorities of your customers and ensuring your systems and processes are built to address their needs.
• Adding value means that your customer’s experience is so memorable that they will come back.
• Adding value means that they will be happy to refer you.
• Adding value does not mean reducing prices. They can get it from any of your competitors.

Ask your customers if they will be willing to refer you. If the answer is negative, identify the issues and redesign your goals, policies and processes to gain their loyalty. In today’s digital world, a single negative comment can have a significant impact on current and potential customers. Ask why they buy from you, and ensure you are consistently delivering what they value.

Be sure that it is clear for all your employees the importance of having happy customers.

A few suggestions may include:

• Reward customer-oriented behaviours.
• Display banners at the employee’s coffee room, highlighting that the coffee is courtesy of your customers.
• Ask your employees to greet your customers by name after the purchase – refer to the name on the credit card.

Help your customers to expand their business, and improve the customer’s experience.

• Create events for your clients, aimed to help them grow their customer’s base.
• Connect your customers with peers to create synergies.
• Be a problem solver for them.
• Identify the processes that will Improve your customer’s experience when they buy your products or services.
• Take advantage of technology. Build your systems around improving your customer’s experience.

COVID-19 has forced most of the corporations to adopt digital technology. Adopt it redesigning your processes to ensure the end customer perceives value as a consequence of your transformation.

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