Small Business

Small business spotlight: Squibb’s Stationers

From the minute you walk in the door of Squibb’s Stationers, the difference between the shop and big-store chains is obvious. The locally-owned, independent shop offers an atmosphere that corporate businesses can’t replicate. Tucked away in Weston Village, a neighbourhood in northwest Toronto, the store seems like something out of a fairytale. With its creaky floors, quirky themed windows and shelves full of products ranging from textbooks, organic honey and fountain pens, you would almost think you were transported to Diagon Alley. Squibb’s was opened in 1927 by Arthur and Carey Squibb and is Toronto’s oldest bookstore and stationers. They recently celebrated their 96th anniversary and continue to offer the same personalized service since they first opened their doors. When asked how they’ve managed to compete with big chain companies, Suri Weinberg-Linsky, who owns the business alongside her husband, Mike Linsky, explained, “We don’t compete with them; they compete with us.” Weinberg-Linsky and her husband consistently go the extra mile to ensure their customers get the products they need in the best and most efficient way possible. During the COVID-19 pandemic, they frequently made trips around the GTA to personally deliver products to customers. Additionally, when the new school semester started a month into lockdown, Weinberg-Linsky and her husband drove over an hour to ensure students got their textbooks in time. Weinberg-Linsky said she believes that the personalized service they provide customers is how they maintain the Squibb value. Another way is being active members of the community. With her husband, Weinberg-Linsky took over the store in 2001 from her parents, who bought it in 1980. While there were two owners between 1972, when the Squibb family sold the business, and 1980, they didn’t embed themselves with the community. The original owners, Weinberg-Linsky, her husband and her parents all shared the common objective of ensuring Squibb’s maintains its connection with the Weston Village community. Weinberg-Linsky currently sits on several Weston Village boards, councils and volunteer organizations that support the local community through opportunities, initiatives and events. Squibb’s works with community members to support enhancement projects, like the “Welcome to Weston” signs that greet visitors on Lawrence Avenue West and Weston Road. She also lives in the area, which she believes motivates her to champion for the community. “I’m a neighbour. I’m a business owner. I’m a volunteer,” she explained. “It’s the personal service [that we provide]. Being part of the community, and working within the community, and being able to be interconnected. It’s all the pieces of a small village.” Squibb’s also frequently stocks and promotes books written by community members or that have a Weston connection. They’ve hosted various events to celebrate these books and their authors, including a double reading on the 50th anniversary of Hurricane Hazel, an intense hurricane that flooded Weston and killed 35 residents in 1954. Another way Weinberg-Linsky and her husband honour Squibb’s legacy is by remaining in contact with the founder’s children, grandchildren and great-grandchildren. Some family members even came down to celebrate the store’s 95th anniversary last May and gifted Weinberg-Linsky a teacup that belonged to Carey Squibb. They also sell organic honey produced by Andrew and Gabriel Bennet, two of Arthur and Carey’s great-grandchildren, demonstrating their continued support for the family who started the business 96 years ago. Despite all their success and essential presence in Weston Village, Weinberg-Linsky admitted that redevelopment plans threaten Squibb’s survival. After her landlords sold the building they rented their retail space from, a Dollarama was put in a few doors down and quickly cut into their sales. There are also plans to eventually tear down all the stores on the block and convert the space into condos. While these changes have rocked their business, Weinberg-Linsky and her husband are not ready to pack it in yet. “I’m not a quitter,” she explained. “There’s many days where I just want to pack it up and just say, ‘Forget everything.’ And then there are other days where I’m really energized.” Weinberg-Linsky also mentioned that Squibb’s has already defied survival expectations for independent bookstores in a market dominated by Amazon and Indigo, giving them hope that they can remain in business. “We shouldn’t exist,” she said. “We should’ve died like 30 years ago. We just keep pushing along and pushing along.” While there is an eventual closing date for the store, Weinberg-Linsky is proud of her and her husband’s work to continue Squibb’s legacy. From providing personalized service, curating a diverse product line and being active community members, Squibb’s remains the same quirky, friendly store it was when it first opened in 1927. Weinberg-Linsky also reminds herself to acknowledge their successes, even if sales have slowed down. “Successful means you have longevity,” she explained. Whatever the future brings, Weinberg-Linsky and her husband can be proud of all their hard work. They’ve powered on to ensure that Squibb’s is still Toronto’s oldest bookstore and stationers, proving that personalized customer service and community connections never go out of style.

For-profits supporting non-profits

Nowadays, small businesses have an obligation to support the community they conduct business in. Although small businesses already add aesthetic value to the community by providing unique and locally made products, another step in the right direction involves partnering with non-profit organizations in the community. Non-profit organizations are slightly different from charitable organizations. According to the Government of Canada, non-profit organizations are clubs or groups that operate on a non-profit basis to support social welfare, recreational sports, arts, culture groups and more. When for-profit small businesses and non-profit organizations join forces, both benefit from each other. Here are a few reasons why every small business should consider partnering with a non-profit. Creates public good A study conducted by the National Library of Medicine found that one of the ways small businesses played a part in combating negative economic and social effects during the COVID-19 pandemic was by partnering with non-profit organizations. These partnerships produce public good, meaning they foster the well-being of the community, through donations, workforce volunteering and marketing campaigns. This helps non-profits reach their goals and bring attention to issues in the community. Increases marketing opportunities Creating public good and increasing marketing opportunities collide when the partnership between a for profit business and a non-profit organization agrees on a cause-related marketing scheme (CRM). CRM is when a business donates a portion of its income to a non-profit organization when they make a sale, and in return, the non-profit markets its for-profit contributor. Whenever the non-profit holds events or fundraisers, its for-profit contributor is highlighted spreading awareness of the business in a positive way. If the non-profi organization explicitly aligns with the business’s mission or vision statement, its company morals become widely and clearly displayed. Boosts customer loyalty When non-profit events market small businesses, new audiences like volunteers, employees and supporters within that non-profit organization will shop at that business since their values align and the company contributes to their work. Consumers naturally want to contribute to businesses that give back to their community because they believe they are making a difference, hence why 88 per cent of millennial consumers are more loyal to businesses with a giveback element. Establishes a rewarding work environment Lastly, when a small business is partnered with a non-profit, employees often feel that they are contributing to the community they work in. This is because they have more opportunities to volunteer, and help non profits by working regular hours if the business has a CRM scheme. The result is increased passion and loyalty towards the business, creating less employee turnover. Ultimately, partnering with a non-profit can benefit a small business in many ways, such as through marketing, customer and employee loyalty and the location of operations. When a small business partners with a non-profit, it establishes itself as an essential contributor to the community.

How to make extra cash with side hustles

Side businesses are becoming an increasingly popular way to earn extra income. According to Self.inc, up to 45 per cent of working Americans have some form of side income. In Canada, an Ipsos poll recently revealed that 74 per cent of business owners and aspiring entrepreneurs feel motivated to start a side hustle. For Gen Z respondents , the number rose to 84 per cent. From covering the increasing cost of living to monetizing a hobby, many are seeing the benefits of earning an additional income. What is a side business? A side business is a way for individuals to earn extra money outside of their primary job. This can take the shape of many things. Walking dogs, selling candles, freelance writing — these are all considered side businesses as long as they earn the individual an extra income. As for which side business to start? It can be helpful to consider a current skill set you already have, . while also factoring in what kind of side business would fit into your work schedule. Consider the risk Cary Greene, an Ontario-based candle maker, recommends considering the risks before jumping in head first. “The risk of debt is very real,” Greene said. “For people who want guarantees, this can definitely be a problem.” Greene’s advice for those wondering what type of side business they should start is to consider whether you have more time or money. For her, creating a candle business offered a good balance due to its lower startup cost. Of course, with any business venture, some element of risk is involved. That doesn’t necessarily mean the risk isn’t worth taking, but just that the risk should be factored into the decision. “Either way, you’re going to be investing lots of time, so it’s really about how much money you’re able to invest,” she said. To Greene, investing as much as you are comfortable with potentially losing is worth it. Ultimately, it is best to identify your risk comfort levels before starting a new business. Service-based businesses For Paige Harris, a Toronto-based content writer, selling products was too risky. “It’s very competitive,” she said. “ You can’t really stand out unless you’re doing something really different.” That’s why she decided to start a side business focused on providing services to organizations and companies instead of selling a product. Harris designed her side hustle to be as efficient at making money as possible. She did this by having a virtually nonexistent startup cost and entering a high demand market. According to Harris, side businesses are best when they can provide something other peoples need but can’t do themselves. Harris said she believes that interest in your service is just as important as your skills. That’s why it’s crucial to research the market you want to break into to ensure there is consumer demand. Keep overheads as low as possible Because many people want to start side businesses for extra money, keeping overhead costs as low as possible is important. Overhead costs refer to ongoing business expenses not directly related to a specific product or service. According to Harris, she started her business with only a computer and an internet connection. These were things she already had, so she was able to get a business going with no upfront costs. Later, she added accounting software and a portfolio website when she grew her business to a point where it made sense to invest more money. However, keeping costs low may not be the right approach for those with more money thantime. For people who are busy with their full-time jobs, starting something that doesn’t interfere with their main source of employment may make more sense, like an antique reselling business. “There’s no one-size-fits-all, but I think, in general, people who want a side hustle don’t want to invest a ton of money,” Harris explained. Market to other businesses One challenge with launching any business is deciding on a target demographic. “There’s a lot of reasons business-to-consumer is just harder,” Harris explained. In Harris’s opinion, businesses typically have more money to spend than individual consumers, allowing them more flexibility and leeway with their expenses. “It’s a lot harder to convince a normal person to spend $500 on a piece of writing, but it’s a much easier cost for a business to justify,” she said. This way of thinking can also apply to other services besides content writing. For example, if an entrepreneur has a window washing business, it might be an easier sell to ask local businesses if they would like their windows washed, rather than asking homeowners. “If you build that relationship, they’ll keep asking for your services as well, rather than with individual consumers where it might just be a one-time job,” Harris explained. Embrace actively earning income While it may be tempting to search for a passive income, individuals interested in starting a side business should keep in mind the hard work involved. “You have to work hard. There’s nothing passive about running a business,” Greene explained. “We all want that passive income, but it just doesn’t happen.” To Greene, while passive income may be possible for a small percentage of people, it is better not to expect it. Instead, it’s best to factor in your skills, schedule and goals when deciding whether or not to start a side business and what type of industry to break into.

Garden your way to a profit

Gardening is more popular than ever. Canadians spent an impressive $747.5 million on nursery plants in 2021—a year-over-year increase of more than four per cent. The appetite for locally-grown food is strong, with 60 per cent of Ontario’s food grown in the province. With the growing desire to find meaningful work, some individuals are exploring how starting their own market gardens can fill that need. What is a market garden? Market gardens are small-scale farms that supply produce directly to customers. This business model differs from traditional agricultural businesses that sell produce to retailers at large scales. Market gardens also tend to sell a diverse number of crops rather than a few, which is more typical for traditional farms. Why start a market garden? Looking for a way to become self-sufficient, Jake Thompson started Black Oak Gardens, a micro-farm located near Orangeville, Ont. He started selling his food as a way to support his family’s homestead. The businesses began to grow rapidly, leaving Thompson struggling to keep up with demand. While growing food is hard work, it is something Thompson genuinely enjoys. “That is key — to enjoy it,” he said. The physical demands of farming mean it is not for everyone,  Thompson explained. He said many people enter the profession expecting easy money but are disappointed when they learn it takes hard work, risk and patience. For Thompson, despite the physical effort required, there are financial incentives to pursue farming. For example, he only works half of the year while still earning the equivalent of a full-time income. How to start a market garden? According to Thompson, adequate growing space is the most crucial element when starting a market garden. While he recognizes that many people don’t own plots of land, he said there are alternative solutions for those who do not have space for gardening. One option to consider is leasing a plot of land. Thompson explained that this eliminates the need for land ownership, which may make it a better choice for some people. The disadvantage to this, however, is the recurring expense. Regardless of sales, gardeners must pay rent monthly, which can be risky for some people. To secure a lower startup cost, Thompson said it’s possible to strike a deal with landowners for a percentage of the food grown. He explained that some landowners appreciate the opportunity to have access to free, fresh produce. Equally critical as land access is ensuring the legality of a business. Would-be market gardeners must review zoning bylaws to ensure they run a legal business. You have land. Now what? Thompson said that, after acquiring land, it is essential to have a way to store, prepare and transport the food. Storing and preparing the food can be two of the most challenging aspects when starting a market garden. “You definitely need a huge fridge and a clean space to wash and sort your produce,” Thompson explained. It’s much easier if you own a property that can be modified to accommodate food storage and preparation facilities. However, it is possible to reach an agreement with a homeowner who has a shed or a garage, Thompson said. If you convert a shed or garage into food storage and preparation facilities, check out local bylaws and provincial food safety standards. This information can be found by searching Ontario’s food safety laws and contacting a city’s bylaw office. As for transportation, Thompson stated that the easiest method is a car or a van. He has heard of some people who use bicycles and trailers to transport their produce in a large city centre. Where to sell? Common ways to sell produce from market gardens include farmers’ markets, restaurants or community-supported agriculture subscriptions (CSAs). CSAs are subscription-based boxes where customers pay a fee for guaranteed access to food from a farm. There are several directions to go regarding farmers’ markets, restaurants and CSAs. Thompson explained that which channel heavily depends on individual circumstances. “Since I have a car, I can get to farmers’ markets pretty easily,” he said. Thompson added that CSAs work best at farmers’ markets, so it may be best to pursue both rather than one or the other. Thompson said he believes that restaurants and hotels are often neglected sources of revenue. He elaborated that chefs love fresh, locally grown, high-quality food. Also, depending on the restaurants’ and hotels’ purchasing practices, some chefs don’t mind paying higher prices for better ingredients. The face behind the farm Thompson explained that regardless of where someone decides to sell, it’s as much about the food as it is about the people selling it. In his experience, consumers like to know who and where they buy from, making it important to establish customer relationships. If someone can provide that, the customers will come, Thompson said. With the right planning, even a gardening novice can start a market garden. Just make sure to consider the work and risks involved — after all, Old MacDonald didn’t have a monthly lease to pay!

Cafés and communities: Why coffee lovers should support local coffee shops

Almost everyone can enjoy a great cup of coffee, and it’s no surprise that the coffee market is heavily saturated and continues to grow. There are approximately 7,000 coffee and snack shops currently in Canada. In 2022, the Canadian coffee market was worth $5.3 billion, and the number of coffee shops grew 1.2 per cent. However, not all coffee businesses are the same. Big corporate coffee companies differ from small cafés regarding personal touch, sourcing and quality. To maintain authenticity, diversity and sustainability in the coffee industry, it is imperative to celebrate and support local cafés. Quality and sustainability are equally important for local coffee shops when sourcing coffee. Reunion Island Café, the flagship café of specialty coffee roaster Reunion Coffee Roasters provides many different coffee products, including organic and fair-trade coffee options. Located in Toronto’s Roncesvalles neighbourhood, they prioritize diversity in their coffee bean selection to ensure quality and a vast array of flavours. Although not all of their coffee products fall under the organic or fair-trade category, they always refer to Rainforest Alliance while sourcing their coffee. Rainforest Alliance is an international non-profit organization of farmers, forest communities, companies and consumers aiming for an environmentally sustainable world. Adam Pesce, president of Reunion Coffee Roasters and operator of Reunion Island Café, explained that they decided to take a multifaceted approach to sourcing. They use Rainforest Alliance as a baseline because they offer the least expensive premium and because of their work to promote the three pillars of sustainability: environmental, social and economic. When a product is Rainforest Alliance certified, the production process supports these three pillars. “Rainforest Alliance puts their focus on the social and the environmental, and the idea is that coffee that’s grown well by happy farmers is gonna end up being better,” Pesce said. Reunion Coffee Roasters is also B Corp certified and uses Bullfrog Power. B Corp is a third-party certifier that evaluates transparency and environmental responsibility in businesses, while Bullfrog Power provides renewable energy solutions to companies and organizations. “The environmental piece we’ve been doing for a long time with Bullfrog Power,” Pesce said. “We use renewable energy, work through source reductions and recycling programs and all these other things we can do to lower our carbon footprint.” Premium coffee roaster Birds and Beans Roaster’s local shop, Birds and Beans Café, has proudly served the Etobicoke community for many years. The business showcases how quality and ethical sourcing go hand-in-hand by providing coffee with different flavour profiles while ensuring all their products are certified organic and bird-friendly. “We did this for two main reasons: to help to preserve winter habitat for our migratory birds in coffee growing countries and to support farmers who are engaged in regenerative, organic agriculture,” David Pritchard, the president of Birds and Beans Coffee Roasters, explained. “These farms not only provide habitat for birds and other wildlife, but they provide valuable ecological services including carbon storage.” Local coffee shops also satisfy the social aspect of sustainability. Birds and Beans Café accomplishes this by maintaining strong relationships with farmers and importers who share their values. “We believe that an important element of ethical purchasing is purchasing from the same farms and co-ops year over year so they can count on our volume. Many larger roasters will chase lower prices by shopping around,” Pritchard said. Reunion Island Café also fulfills the social aspect of sustainability through its sales process. For example, the café donates sales from their bullet espresso to Grounds for Health, an organization that provides cancer screening and prevention programs for women in coffee-growing communities.  In addition, local coffee shops connect with the community by employing its members and providing comfortable spaces and activities. Pritchard said that Birds and Beans Café has provided stable, long-term employment for many residents of the Etobicoke community. Also, as a tribute to their passion for bird habitats, Birds and Beans Café sponsors monthly bird walks so people can see some of the birds their coffee helps conserve. Similarly, Reunion Island Café shows its appreciation for employees through their salaries, tips, benefits and flexible hours. In turn, employees give their personal touch and consideration to customers. “A lot of the time, the staff are making the drinks for the two or three people in the back of the line already because they’re regulars. That’s what people really value,” Pesce said. Due to ethical sourcing, quality and the motivation to give back to the community, community members can feel good about visiting local coffee shops to get their morning pick-me-up. Local coffee shops are much more than places where customers pop in and out. Pritchard said they are spaces where people can meet new people, share stories and support neighbourhood initiatives. Therefore, when consumers support local coffee businesses, they also support the community around them.

Business strategies for arts and crafts

Arts and crafts have become big business. One example is Etsy, which has increased in revenue and usage every year since 2010. In 2020, Etsy sellers sold US $10.3 billion to the platform’s 89 million active buyers.  Many people want to monetize their creative hobbies, and some entrepreneurs have been successful doing so. According to the Canada Council for the Arts, there are 158,100 professional artists in the country.  Given the competition, it is important that would-be arts and crafts businesses run tightly. There are several key areas that better the chance of success for many businesses just starting out or facing challenges. Pricing strategies Appropriate pricing can mean life or death for a business. In some cases, a business can close—in debt, all the while selling well. The market for handmade quilts provides insight into this phenomenon. Quiltdom lists the average market price for a handmade quilt to be US $400. This may seem expensive, but depending on costs, this price could actually put a business owner in debt.  Quiltdom lists the average cost for materials as US $183. Say the quilt takes 24 hours to design and create, and a business owner pays themself US $20 per hour. The cost of the blanket would already be US $663, even before factoring in any overhead costs. This means for every quilt sold at market value, a business owner in that situation could lose hundreds of dollars. So, what is a better pricing strategy? MadeUrban gives a traditional pricing formula. This formula is simply to take the total cost of production, then multiply it by two for wholesale cost. Then, multiply it by two again for retail.  There are other formulas as well. The traditional pricing strategy is useful and ensures scalability. That said, MadeUrban feels it is imprecise and could be too expensive in some situations. Many online calculators help with suggested prices for handmade goods. Though, it is also important to calculate prices manually to ensure all expenses are accounted for. Regardless of the formula chosen, it is crucial for business owners to pay themselves fairly. That includes all hours worked and overhead costs, deliberately factoring in a good profit margin. This will ensure a business is scalable.  Reconsidering a business direction Say a business is selling hand-spun yarn. Perhaps the material is $5 per skein and the total labour costs are $60 per skein. Because the skein takes three hours to make, and the owner decides to pay themselves $20 per hour.  Next, maybe overhead costs are $5 per skein, and profit margins are 10 per cent. In this hypothetical scenario, a skein of yarn would cost $77 before shipping.  The issue with this scenario is that the skein would be significantly above market value for yarn. The only areas that could be reduced are the business owner’s wages or the margins. Those reductions are possible, but owners should ask themselves if this would be a wise decision. In fact, the business is not scalable when too many cuts are made. Unfortunately, some businesses don’t make sense, given the global competition. It may be unwise to sell $77 skeins of yarn when others are selling them for $40. In situations like this, it’s important to be creative about solutions but also realistic. Some businesses just don’t work in the landscape. Revenue source adaptability As an artist or craftsperson, it may be tempting to only  sell physical items in a marketplace. This may be needlessly limiting and worse for a business.  Instead, a combination of many revenue sources may be a good choice for some businesses. For example, a ceramics artist can sell their work for a fair price. But they may not sell enough to make it a full-time income. To become a full-time artist, it may be worthwhile for the business owner to teach classes and workshops. They could also sell raw materials and supplies to their students with a profit margin and repair pottery wheels locally. Between these other three revenue sources, the ceramics artist would still get to do what they love. But they may earn more of an income.  Treating a business like a business For many artists and craftspeople, business is a means to an end. Many want to do what they love while making a living. An important overall consideration is the fact that an arts or crafts business is still fundamentally a business. To have the best chance of success, this deserves to be a guiding principle.

Hiring employees

In a business’ early developmental stages, the time will come to hire the first round of employees. There are a lot of elements to consider during the hiring process. In Canada, it is important to know the labour laws of your province since they vary from place to place.  You should be aware of the laws around minimum wage, which is $15 in Ontario. It’s crucial to know the laws around shift length (eight hours) and maximum hours worked per week (48 hours) as well. It’s also important to know about vacation time, breaks and benefits.  Minimum wage is the lowest possible hourly wage to pay employees. The rules around weekly and daily hours worked can only be exceeded if the employee has signed a written agreement. The Ontario government has posted a guide online that contains all the labour laws within the province.  After sorting through logistics, a business owner is ready to open a payroll account with the Canadian Revenue Agency (CRA). A payroll program account is an account number assigned to an employer or business owner. It serves to identify their business when dealing with the CRA. This 15-character payroll program account number contains the nine-digit business number (BN). The BN is a one-of-a-kind federal government number system that identifies your business and the accounts maintained under the business.  Setting up a payroll account allows the employer to post a job listing for the position they’re trying to fill. A job listing should state your business’ mission statement clearly and concisely. This is so that the prospective applicant knows what your business does and what it stands for. This way, they can determine whether they are a fitting applicant for the position. It is also important to state the competencies and duties of the position. Additionally, state the essential skills and required level of education or certification. It is also helpful to include any special considerations. These can include physical requirements (being able to lift up to 50 pounds, for example). Specific licensing, such as a driver’s license or firearm license required to fill the position should also be listed. Many job listings will also list that the applicant must be able to legally work in Canada. Typically, they’ll also list that they should be above the minimum age of employment for the specific job. Getting specific will weed out applicants who are ineligible or unqualified for the position. It also ensures that you only receive applications from people who will be a good fit.  After the job listing has been finalized, it’s time to post it so applicants can submit their resumes and applications. There are a few websites people look to when searching for a new job. Some of these websites are LinkedIn, Indeed and ZipRecruiter. You could also use your business’ social media accounts to post the listing.  Additionally, you can ask applicants to send their resumes and cover letters to your business email. There are also ways to contact post-secondary institutions to post your job listing on their student jobs board. That is in the case that you are interested in hiring students or alumni from specific schools. Following the posting of the job listing, you can sit back and watch the applications roll in! You will be one step closer to finding a qualified and reliable employee to fill your open position.

Speaking out

Within a diverse workforce, various creative ideas can be shared. These ideas can boost profits, organization, efficiency and more within a business. On the other hand, having a diverse workforce also means supporting everyone’s unique challenges.  Employees can struggle when they feel open communication with leadership is inaccessible. Whether it’s communicating an incredible idea or admitting difficulties with work due to mental health battles.  The Open Journal of Business and Management conducted a study on open communication in the workplace. It revealed that open communication involves employees and management feeling secure in giving feedback, asking questions, exchanging ideas, and voicing concerns.  When communication is continuously understood and perceived without judgment, a company has open communication.  The same study recognized that maintaining open communication in the workplace not only forms strong relationships. It also increases organization because everyone can communicate goals and changes. It raises confidence with decision making and strengthens company culture by sharing perspectives on services or products. However, achieving open communication is not as easy as it sounds. Open communication does not only  rely on proximity to leadership—it also requires compassion. This is especially true in regards to communicating information that requires vulnerability.  The National Library of Medicine conducted a study that surveyed working adults in Ontario. According to it, eight to 10 per cent of the working population goes through a major depressive episode.  HRReporter explains that 27 per cent of Canadians wouldn’t even consider relaying a mental health struggle to leadership. RBC identified that 75 per cent of workers feel that not reporting their mental health struggles negatively impacts their work. This means Canadians are purposely resisting the urge to communicate their mental health concerns. The same study found the most common barriers to communicating a mental illness include the fear of stigma, being treated differently and consequences to their career.  The National Library of Medicine’s study validates the fear of stigma. The misconception that mental illness is linked with violence and unpredictability has trickled into Canadian employers and employees’ minds.  As 64.2 per cent said they would be concerned about how the other person’s work would be affected. But only 19 per cent said they were concerned because they wanted to help.  Furthermore, trust is an important barrier to the fear of stigma. There must be trust in leadership to listen without judgment and take all ideas or concerns seriously. When employers are not truthful with their commitments, it creates an atmosphere of distrust. Thus, minimizing employees’ motivation to benefit the business they work for.  In addition, employers should organize employee-led discussion sessions to promote a safe work environment. These sessions can be dedicated to expressing ideas and brainstorming procedures to help employees when struggling. Or they can make space to list feedback and criticism.  This also contributes to the method of exploring different avenues of communication. Not every employee will be comfortable communicating through email. So, employers should incorporate a mixture of phone calls, video chat and face-to-face discussions.  Lastly, when employers lead discussions, they need to explain health holistically. Doing so makes it clear that mental health is just as important as physical health. Say, there’s a discussion on how the company policy provides services to deal with neck pain. The company should also mention how their policies and benefits help those with mental health disorders. The National Library of Medicine’s study also found that, 50.3 per cent of Ontario workers said policies and procedures directed towards mental health support would be helpful when they disclose their mental health struggles.   Employees shouldn’t be fighting their fear of communication alone because management has control of creating a safe work environment.  Open communication requires consistent check-ins and reassurance. Just like with any conversation, it’s dependent on effort from both parties.

Pursuing a small business in a tough economy

It’s no secret that small businesses affect the economy. In fact, the Business Development Bank of Canada (BDC) released statistics on it.  According to the BDC, small- and medium-sized businesses alone contribute 54 per cent of Canada’s gross domestic product. They also account for 98 per cent of the country’s businesses, employing more than 8.4 million Canadians. But, when the roles are reversed, what effect does the economy have on small businesses? Many people looking to launch their startups may feel worried doing so when the economy is down. However, economic slowdowns don’t mean you have to press pause on your business plans. In fact, pursuing your small business in this economy has its upsides. Here’s why you shouldn’t let tough economic times discourage you from fulfilling your goals. Lower startup costs Despite assumptions, starting your business when the economy is down is often cheaper than doing so in a healthy market. Economic challenges of any kind are bound to impact most businesses.  But this can be beneficial for those just starting out. An economic slowdown allows you to take advantage of cheaper prices from suppliers and manufacturers, according to the BDC. You may also find that overhead costs are lower. This allows aspiring business owners to cover the costs of rent, advertisement and materials at a lower price. Saving money is important for a few reasons. For example, your business may not work out. If so, your overall loss won’t be as big as it would’ve been if you started during an economic boom.  Also, spending little in the early stages of your business leads to fewer concerns around profitability. Since you spent less, you won’t need to make as much money to support both you and your business. Less competition  People are more likely to start their businesses when the economy is doing well. This gives you the upper hand. With fewer looking to pursue startups, there’s no need to worry about new businesses leveraging the same position as you. Instead, you can focus your efforts on standing out against the established competition.  However, pre-existing businesses will be struggling far more than those just starting out. Those businesses face budget cuts, layoffs and possible shutdowns. Meanwhile, there’s plenty of room for new business owners to steal the spotlight. Layoffs allow you to recruit experienced employees, and customers of businesses that closed down will be searching for a replacement. As long as you’re dedicated and have a competitive edge or niche, you’re at an advantage. The market will improve The economy will bounce back. Times of economic hardship don’t last forever. When things improve, you’ll reap the benefits. Although you may face challenges or limitations when starting out, like stricter budgets or lower profits, they will eventually pass. Once they do, you will begin to see an increase in sales and overall revenue. Things will even out over time. When they do, the cost-efficiency of starting while the economy is down will pay off. Customer loyalty The customers you gain during this time are more likely to stick around. In fact, you can prove to your current clients that you are dependable and resilient when faced with sudden change. Doing so will make them more likely to stay loyal once the economy improves. While your competitors are struggling, you can attract potential clients. In times like these, people are looking to save money however they can. If your business can offer prospective clients more affordable options than your competitors, they’re more likely to stick around long-term. So, before putting away your business plans, remember it’s possible to find success during challenging economic times.

Celebrating differences

Diversity has become an even more relevant topic when discussing the development of a work team. Many young business owners are busy playing catch-up because amplifying diverse voices wasn’t prioritized until recently.  Diversity represents differences in race, religion and gender identity. Differences in those pillars of identity promote diversity. However, Sciencedirect stated that diversity also means a distinction in age, physical abilities, cultural background, language and sexual orientation.  Harvard Business Review adds onto what is considered workforce diversity by including employees who have diverse career paths, industry backgrounds and education levels.  Workforce diversity is an essential business strategy.  In fact, it increases respectful employee dynamics by empowering underrepresented employees and appreciating different talents and abilities.  In a space where diverse employees excel, diverse clientele is exposed to different talents and skills. This elevates their experience from the moment they walk through the door.  An example of this is the ability to speak different languages. Sciencedirect confirms that when multicultural employees speak different languages and have different cultural understandings, they can better connect with customers. They do so by eliminating language barriers.  These critical skills extend to operations behind the scenes. Diverse workforces easily become knowledgeable in problem-solving due to the chance of sharing alternative perceptions and interpretations of an issue. In meetings or team gatherings, diverse workforces can voice additions to day-to-day procedures or company policies to better accommodate the needs of marginalized customers. Such improvements in business operations benefit businesses long term. Harvard Business Review found that businesses that welcomed diversity in their workforce were more innovative. In fact, businesses with above-average diversity levels had 19 per cent higher innovation revenues.  Innovation revenue refers to the revenue that results from new practices, procedures or products. Examples include changes in packaging, using digital technology and hiring a diverse team. Employing a diverse workforce is a profitable and ethical business practice.  Yet, only 40 per cent of Canadian businesses in 2022 have implemented diversity and inclusion policies. That number is five per cent higher than the 2020 statistic. However, more than half of the country’s businesses are still missing out on a profitable way to increase productivity. This may be due to businesses being influenced by possible collaborative issues. Sciencedirect says that although diverse employees can bring different ideas and perceptions to the table, this may cause disagreements with colleagues or management. However, conflict resolution in this scenario requires looking for similarities, respecting differences and listening to find a middle ground.  Consistently implementing ethics regarding diversity and inclusion is necessary. In fact, workplace discrimination against gender, race and religion are often to blame in collaborative conflicts with diverse employees.  This implementation can be easier for small businesses. They typically don’t have a large number of employees. Regardless, this quality is an advantage when it comes to enforcing diversity in the workplace.  Firstly, management can ensure diverse voices are being heard by approaching marginalized or underrepresented employees. This allows them to get their input on business decisions. It ensures that they are not overshadowed by other employees’ voices. The ability to have these important conversations are easier with a smaller team.  Furthermore, smaller businesses need to make an effort to put marginalized employees on track to management positions. This can be done through the development of leadership programs or promotions.  For small businesses in the hiring process, it is essential to let marginalized workers know they are welcome and wanted. That should be done from as early as the job description. This can be achieved through inclusive language, which uses gender-neutral terms and gets rid of  discriminatory vocabulary.  Ensuring visible minorities are welcomed within the workforce of a small business requires action. For one, owners and recruiters should push existing employees to refer minorities for available positions.  Lastly, once small businesses establish a diverse team, managers and owners need to keep up with religious and cultural holidays. Those in charge can plan how to celebrate such holidays in the workplace and avoid scheduling meetings on such days.  Achieving a diverse workforce should not work like a checklist. Workforce diversity is beneficial for business but it is also about providing underrepresented and marginalized individuals with the opportunity to feel supported in professional settings.