The majority of change within small companies in Canada occurs internally. We're not talking about a role shift, hiring a new employee here and there or picking a new paint hue for the office walls. The entire landscape tends to vary over time, in conjunction with the national economy rising and falling. For obvious reasons, change in the nation can be both a good and bad thing.
That being said, positive change hasn't been seen in Canada in some time. While the fiscal situation picked back up in a big way after the global recession in the past few years, the economy has hit a plateau more recently.
What does this mean for smaller startups? How can they branch out when the market is the same, competition is just as fierce as ever and it's relatively hard for new players to make their mark and succeed well into the future?
Bracing for the long haul
While the future in the Canadian business realm is far from dismal, experts say that it's not exactly bright either. Postmedia News reported that BMO Capital Markets Chief Economist Doug Porter has been quoted as calling the economy "lacklustre," and indicating that this trend is liable to continue for the new few months, at least. This is mainly because both the dollar and interest rates aren't expected to shift much.
There is hope, though. The news source reported that companies in certain areas - mainly Alberta, British Columbia and Newfoundland and Labrador - should see positive returns.
This means that entrepreneurs might want to consider expanding their offerings to these areas. The news outlet also noted that many business owners are investing heavily in their own operations to "get ahead of the game," so this tactic may also be weighed.
Implementing change wherever possible
Company leaders might want to keep their eyes out for methods they can use to enable easier payments for their patrons- a strategy that can go great lengths to getting cash flowing. For instance, Square recently announced that its Canadian customers will be able to accept payments made with American Express cards on the sales floor with their devices.
Currently, entrepreneurs in Canada have used Square to process more than $100 million in transactions. The recent development can go a long way to opening up business to patrons who want to pay with this type of plastic and attract new customers to the startups.