To start a business today requires a certain level of grit and innovation. For the last five quarters, more businesses have closed their doors for good than opened — an “entrepreneurial drought” according to the Canadian Federation of Independent Business. But local entrepreneurs remain resilient in the face of taxes and rising costs of business. The CFIB’s Business Barometer, which relies on monthly surveys of owners around the country, indicates more owners anticipate a healthier business economy a year from now than not. To round out Small Business Month, BCBusiness reached out to a handful of experts for their best advice for business leaders to beat the odds.
“Know what every product or hour actually costs you … and price from there.”
“A lot of new owners price to win customers,” says Kalith Nanayakkara, senior policy analyst at the CFIB. 71 per cent of B.C. owners report tax and regulatory costs as their heaviest financial burden. While acknowledging customers’ spending limits, Nanayakkara encourages owners to take a good look at their pricing strategy at least once a year and account for each cost of business, from taxes to time.
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“Pick the most annoying task on your to-do list and ask Claude how to automate it.”
Georgiy Sekretaryuk is a work-smarter-not-harder kind of guy. The AI and data consultant (and BCBusiness 30 Under 30 winner) encourages overwhelmed business owners to hand off their tedious admin work onto AI. “The biggest opportunity for businesses is to give their teams superpowers with new tools,” he says. By letting it cross your ‘t’s and dot your ‘i’s, automation technology can help business owners focus on what matters: their products and customers. “Measure the time saved, and repeat. You’ll be surprised how quickly those hours add up.”
“The people around you shape the decisions you make …”
“Start building those relationships before you need them,” says Jacqueline Gilchrist, director of program operations at The Forum. Launching a startup — especially in an entrepreneurial drought — can be confusing. Like with any venture in life, surrounding yourself with mentors and peers at various stages in the same journey “gives you somewhere to test your thinking, ask the questions that feel too basic and learn from choices already made.” Finding the right supports can be especially pivotal for women entrepreneurs, who face higher barriers to securing funding per WeBC. If you need feedback on anything from pricing to hiring a leadership team to protecting cash flow, The Forum offers a weekly peer connection program and free webinar series where seasoned founders share their experiences scaling a business. Sometimes the best safety net is another brain to bounce ideas off when things go south.
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“Ask the city what’s planned for your street before you sign.”
Unexpected and prolonged street closures have claimed many a business in B.C. Local shops rely heavily on foot traffic and accessibility to generate revenue, and CFIB research shows that businesses in close proximity to construction projects endured average losses of 22 per cent and $10,000 in extra costs. 22 per cent of B.C. business owners also cite crime as a significant obstacle they face — 7 per cent higher than the national figure. Nanayakkara urges owners to do their due diligence before signing a lease: “Ask the shop next door what a typical week looks like. A transit project outside your door can change your foot traffic for years.” Checking who’s responsible for property taxes and shared costs, how increases are calculated and whether construction is planned in the neighbourhood could be the simple difference between keeping your doors open and being blindsided by street closures.
