Time to grow

BDC's Small Business Week provides support and mentorship to Canada's entrepreneurs

Michael Eibl of Kamloops, B.C., is a partner in BDC Consulting, a division of the Business Development Bank of Canada. — Marie Milner photo

The Business Development Bank of Canada (BDC) came up with an instant winner in 1979 with its idea for Small Business Week (SBW). From its conception in British Columbia’s Lower Fraser Valley as a week of local business management training sessions, the SBW idea had an enthusiastic reception. The following year saw SBW being held throughout the province, and in 1981 BDC launched SBW as a Canada-wide event.

As the parent behind Small Business Week, BDC organizes it, promotes it, and actually owns the trademark to it. SBW—held annually across Canada during the third full week in October (October 14 to 20, 2012)—provides a forum through which Canadian entrepreneurs may step back, examine their progress and, with the support of BDC, determine where they need to focus their attention to further the process of achieving their goals.

The 2012 theme of Small Business Week

Like any good team, SBW has a rallying cry, and this year it is a call to growth: “Aim high. Invest in your future.” BDC acknowledges that growth may take a variety of forms. Deepening and broadening an existing market, diversifying a product line, improving product quality—there are many variations on the theme of growth, depending on the type of business. Successful growth, however, needs a customized strategy.

Every year BDC puts together a series of articles that tackle some of the most important issues related to the current theme of SBW. This year BDC is trying to create awareness of the importance of planning growth soundly and having a financial strategy in place.

Each business will have its own questions: Where do we go for our financing? How do we best use the money? Do we have the right people in place? Is this a time to be bold, or is caution the wiser choice? How can we use the Internet and social media to promote growth?

The role of the consultants

This is where BDC Consulting comes into the picture. Michael Eibl, a partner in BDC’s consulting division, explained that an Internet strategy can help the small business find its place in the market. The basic elements of an Internet strategy can apply to any entrepreneur in any industry sector. First, though, Eibl examines the business at its source—the idea behind it. He makes sure that there is a business case to support the proposed investment. Once he is sure that the entrepreneur’s vision and goals are attainable, he looks at the available resources.

“Growth-oriented companies use the Internet to increase their sales and develop qualified leads,” said Eibl. “Companies that are more productivity oriented are looking to the Internet to streamline processes and reduce costs. The Internet is the number 1 tool that customers are using to find out about what’s available. It’s become more about your customers finding you than about you finding your customers.”

For Canadian entrepreneurs, BDC and Small Business Week can provide the bridge between the spinning-your-wheels of “Where do I go from here?” and the rubber-hits-the-road of “Here I come!”