What is SBEC anyway?
Acronyms, am I right? We all use them when we are on the inside like it's no big deal - but when you are unfamiliar with an industry or organization, and they come up, it is easy to become overwhelmed or tune things out and miss out on valuable support. So let's bring you into the conversation about who we are and what we do at your local Small Business Enterprise Centre or SBEC. Our team of Small Business Advisors serves the small business curious of St. Thomas and Elgin County throughout all phases of business, from discovery and planning to launch and growth. Operating as part of the St. Thomas Economic Development Corporation, our services are available at no cost through the added support of Elgin County and the Province of Ontario. Our organization is part of a Province-wide network of small business centres allowing us to connect you with more resources and learning opportunities to grow your business. In addition to one-on-one or group consultations, our team offers business plan guidance, training sessions and seminars, access to local connections, grant programs for young entrepreneurs and those starting out, and community events to support building strong network connections. The Horton Farmers' Market operation is also a part of how we support the local community of small business owners. While the market is essential to our greater community for many reasons, to our small business owners, the market can act as a great launching point. Several local small businesses have taken off from there and now have storefronts. The Horton Farmers' Market is a producer-based Farmers' Market that draws vendors from a maximum distance of 60km from its location at 10 Manitoba St. Another unique way we support the community is through GROW, an accelerator program offering no-cost space to small businesses considering expansion into a physical location. The Caboose at Jumbo is an option to be a three-month stepping stone between home-based and storefront. Or the opportunity to give it a try at a low-risk point. If you are in business or looking to get in business and located in St. Thomas or Elgin County, contact our team of passionate small business advisors. They are always excited to meet new folks, celebrate your wins and assist with navigating the inevitable tough spots. Reach out before you need a listening ear or practical advice. Connect with us on social media and stay tuned for exciting announcements, celebrations of local businesses, and the incredible events ahead. This article was originally featured in Hometown St. Thomas - March 2023 - enjoy the full edition here
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Talbot St. has worn a lot of styles - from dirt to brick, to pavement featuring streetcar tracks to ultimately what we have now! The time has come for the work to continue improving both the street and what lies beneath. As our City continues to grow and evolve so must the infrastructure!
Phase three of the Talbot St. Reconstruction continues the work that was completed in the West End in 2018 and will bring the section of Downtown from Mary St. to Ross Street up to the standard set in the west end with incredible railway-themed touches, increased parking, and upgraded light standards - in addition to the necessary work to the replacement of Sewers, Watermain, Utilities below. During construction, sections of the road will need to be closed to vehicular traffic from March to October to complete the work safely and in a timely manner. Construction will be phased and include tight schedule deadlines and financial penalties to ensure it is completed quickly. Pedestrian access will generally be maintained with minor disruptions. The construction will be completed in two stages beginning in March with an expected completion in October. For more information regarding this project, full details and plans are available on the City of St. Thomas Website. For our small business community that calls Talbot St. home, this project is, on the one hand, very welcome. There is an excellent understanding that this is essential work that needs to happen, and better if it is planned than an infrastructure failure. The finished streetscape will also be an incredible upgrade with a fresh look to accent the historic downtown area. However, there is also some genuine and reasonable concern that the construction will impact visitation to their businesses. And that's valid too. The great words of a classic film, "If you build it, they will come," raises a great argument with the caveat that folks need to KNOW that something has been built so they CAN come. And this is the principle we are going to touch on here. Because yes - your foot traffic is likely to be impacted. So what can you do about it? Keep your customers in the loop about what to expect.
Stay Positive with your customers, but also be authentic.
Give your customers a reason to visit.
Keep communication up
Make new friends
Don't ignore your financials.
This is an incomplete list - there will be more ideas that surface over the coming months - the key is to remember that you aren't alone, and your neighbours will be experiencing at least one of the same external factors that you are - lean on one another and lean on us too. When we are reviewing business plans, next to financials the marketing plan is generally the next most common element that has us asking for more details and clarification. Whether you are submitting for a grant or loan funding or just creating a plan to help guide the growth of your business; a Times Square billboard isn't required for success but a comprehensive marking plan is key.
Simply stating "will use social media" isn't an adequate plan - which platforms, how often, what type of content, budget allocated are all elements to consider and include in your plan. We've outlined a few places to start building the framework for your plan below:
We all like making that sweet, sweet cheddar, and many people think of revenue as the life blood of their business. But it’s not the full story of having a successful business.
No matter what size or stage your business is in here are 3 things you need to focus on: Profit You can have lots of revenue and still not have any money left in the bank at the end of the day. There are so many businesses that do this to gain market traction, including Amazon and Facebook. I hate to break it to you, but you aren’t Amazon. Nor do you want to be! They aren’t profitable. Get your business expenses under control so that after all the dust settles you have some profit that you can take home. The key to actually making a profit is… Set good prices Do you honestly know how much it costs you to deliver your goods or services? Including your labour? Or are you just basing your prices off what your competition charges? Are you really going to that they did the math? Get your calculators out and add up every penny that goes into your offerings. Know how much it costs and make sure you are actually turning a profit on each product. Reoccurring Revenue I don’t have to tell you how hard you need to hustle to sell a product. It’s hard to land a customer, so it is important to think about additional revenue streams, complimentary products, or a slick way of getting your customers back for more of the same thing. Bonus: How to reign in your expenses and actually make a profit Most people make purchase decisions by looking at their bank account balance and businesses are money eating monsters. Every month, look at how much money came into your business bank account, and how much went out. Make it a habit to pay yourself something every month. Even if it is just a small amount. Transfer that money out of your business bank account and you will spend less money on the business AND start paying yourself. Twofer! Stop running your business blind to the numbers and start making a PROFIT today. Need specific advice about your business? Book a free meeting with a local business advisor. As a small business owner, you have a lot of responsibilities. You wear a lot of hats and have multiple tasks in the air on a daily basis, so it can be challenging to focus on the bigger picture. But January is a great time to widen the lens and examine what your bigger picture for the year ahead looks like. To work towards business growth in 2023 and beyond, setting SMART goals is essential. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound. Setting goals that meet these criteria will ensure that you’re taking meaningful steps towards achieving success for your business this year. Let’s dive into what each of these elements mean for goal setting. Specific and Measurable Specific goals are more likely to get accomplished because they provide direction and clear objectives that you can work towards achieving. They should also be measurable so that you can track your progress throughout the year. For example, if one of your goals is to increase website traffic by 10%, then you will be able to track how close you are to reaching this goal at any given point in time by tracking website visitors or other key performance indicators (KPIs). This will help keep you motivated as you move closer towards achieving your goal! Attainable and Relevant Your goals should be attainable but also challenging enough to push yourself out of your comfort zone. It’s wise to set realistic expectations to avoid becoming overwhelmed or discouraged when something doesn't go as planned. Additionally, make sure the goals are relevant to where your business currently stands and where it could potentially go in the future. For example, if your current customer base is primarily local customers, then setting a goal of increasing international customer numbers might not be feasible or relevant right now. Time-Bound Lastly, all goals should have an end date attached so that there is an element of urgency and motivation behind achieving them by a set time frame. Without a deadline in place it can be easy to procrastinate, leading to decreased productivity levels over time. So make sure all of your goals have an end date attached! When setting goals for your small business this year, remember to keep them SMART—specific, measurable, attainable, relevant and time-bound—so that they are achievable yet still challenging enough for growth! Doing so will help ensure that 2023 is a successful year full of progress towards achieving bigger and better things!
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