How to Keep Your Canadian Business Thriving in 2021

A new year is a signal for change and growth, and that includes your business. Across Canada, brands are planning their yearly calendars and looking at the possibilities that lie ahead. No matter the size of your company, there are important steps to take to secure your brand and ensure you’re able to grow as the year progresses.

We’re breaking down our tips and tricks for keeping your Canadian business thriving in 2021.

Prioritize the Customer Experience

Without a loyal customer base, your business likely won’t have much longevity. Your job as a business owner is to add value to their lives through the products you’re selling or the service you offer. There’s more than one unique way to improve the consumer experience — it might be adding additional payment plans in the form of monthly installments, or expanding your delivery radius. It could be in the form of a rewards system that leads to additional discounts or exclusive products. Whichever avenue you choose to explore, as long as you’re listening to your customers and prioritizing their needs you’ll continue to build those brand advocates.

Look at Loan Options

Owning your own business comes with financial waves that may leave you at times with a shortage of funds. This is where it’s important to know what your borrowing options are — to ensure you’re using available resources to keep your business sustained and positioned for success.

Small business loans are a commonly used traditional route, though these lending options are often more time consuming and convoluted than their alternatives. If time isn’t on your side, payday loans are important to consider if you need to borrow money online in Canada to meet your business expenses.

Requiring onlythe most basic financial details, an efficient lender will have no problem accessing the money you need without skipping a beat — and you can comfortably make your outstanding payments or cover those unexpected costs.

Embrace Social Media

Digital marketing isn’t going anywhere and business owners at every level must prioritize their virtual presence. Since close to 50 percent of consumers use social media, it’s become a key component for Canadian businesses when it comes to marketing their brand. These demographics can be broken down by location, age, and even which platforms gain the most traction. Whether you’re social media savvy or you hire a third party expert, this is an investment in your business that will continue to offer results.

Keep Track of KPIs

You may have a long list of goals you want to achieve or milestones you want your business to meet. Keeping those in mind, you should have one or two key KPIs — key performance indicators — that become your primary focus.

These are performance measurements designed to grow your audience reach and expand your business. Every brand is unique, but your KPIs should be clear and manageable — you’ll want to ensure you’re checking in daily, weekly, and monthly to make necessary adjustments. Whether you’re looking to grow your quantified leads, increase sales by the next quarter, or improve your average conversion time, an organized agenda and accountability will keep your KPIs on track.

Prepare for Emergencies

Expecting emergencies is part of owning a business, but being prepared for them is what will set you apart. The economic climate has changed drastically in the last year and it’s become clear that anything can happen. Every fourth quarter, review your emergency plan and check in with your finances. Are you in good standing or do you need to reevaluate your investments? Knowing how to respond to a crisis is part of the foundation you need to grow a successful business.