SME Transformation, Trends, and Grants in 2020

Life and business in 2019 has been like a secret experiment. I have been known as the keeper of business intelligence through my speaker network WSN. However, what is happening behind the scenes is what you need to pay attention to now and in the years to come. What was sparked as a need to survive, has become a revenue driver for the leading edge businesses I now serve. It's creating and growing a unique supply chain to bring resources (innovation, technology, human capital) and funding to businesses for next level growth. From Canada to China, from China to Africa I have been a mover and shaker of opportunities that are multiplying in trade dollars.

The secret sauce behind this economic engine....identifying business challenges and providing a business grant strategy as a solution.

Sounds simple...but its not.

The business and grant strategy support work I do today is shifting how Canadian businesses expand and how ROI is shifting for Canadian grant resource funders as an added bonus. I am creating an undercurrent of opportunity for global economic growth in Canada and the results and going to change how people plan their businesses of the future.

Transformation: It all Starts with Adapting to Change

As a SME it is no longer a world where you start our being a widget sales company and remain there forever. Since my business world started over 20 years ago (marketing, teaching start ups ups, training speakers, platform for entrepreneurs/influencer's) I have morphed into a business connection and intelligence hub sparking innovation through grants, and building revenue growth locally, nationally, and internationally.

How did this Happen?

This shift in business innovating came out of a need to survive as traditional oil and as markets in Canada cut the head off my business in 2016. I thought I was an open platform business (no direct O&G clients) in Calgary, but realized my business and the business networks I was part of in Canada were directly tied to oil and gas globally. As prices started to fall in the O&G sector I realized I was the knee bone connected to the hip bone. The flow of funds to support Canadian business growth (my strategic business training and speaker network), were being seen as a unwarranted expense as cost cutting took precedence over opportunity and expansion thinking.

I knew we had to refocus our business model to find ways to get investment back into the business community more strategically. I started attending trade talks and global discussion groups. I started searching for where the new opportunities were. If my business was to survive I needed to be able to have a business model to adapt to future influences and welcome new resources. A philosophy I now use with my clients (what got you here is not what will bring you next level success). A business model that takes into consideration agile shifts and industry needs.

I invested my time to meet key stakeholders both in the private and public sector to understand our new reality and how to bounce back. Through this process I discovered the power of where to focus and how to help businesses leverage grants for their future success.

I started finding and matching companies to grants for business planning and training ( hiring experts in my network to solve industry problems). I found and set up funding that helped businesses solve leaks in their business systems through training (67% - 100% reimbursed). Then I stumbled into hiring grants, research and innovation grants, and now global trade grants. Not only is there money for businesses, the connections being made through this is spinning opportunity for the clients I serve and the resource partners I work with. A triple play win with Canadian industry leaders taking centre stage.

Trends

The future of business in Canada is about where we put our energy and focus. Its not about what we have done in the past but on leveraging market opportunities locally, and globally for the future. I have been working with top CEO's, innovators, and tech firms in Canada and know a few things all business owners need to pay attention to. Here is my top 5 trends I think are relevant to focus on for the future growth for all.

1. Innovation Strategy in Business (Key sectors: Energy, Health, Agriculture, Tech, Environment, Green Business Strategy)
2. Data Collection, Management, and Knowing How to Use data to Market your Value
3. The Internet of Things and How to use in Your Business (Relevance to SME's and big business)
4. Building Global Partnerships / Canada Free Trade Opportunities
5. Grant Strategy For Innovation, and Expansion

Grants

As you focus on growth in 2020, you need to start thinking about the available resources or buckets of funding for expansion. Today the government, lenders, banks and VC capital partners are looking for strategic opportunities to invest in. Each has a system of how they evaluate your risk and return. Grants are structured in the same way.

In my experience, those looking for grant funds typically do not get the importance of positioning their message, and structuring the relationships to meet the needs of of the funding requirements. This results in a 0 return in grant funding access.

To be effective at securing grant funding, you first must have your business ducks in a row. I suggest a review of your business growth plans, what the leaks in your systems are, and what you need to add in to expand locally and globally. What intelligence are you missing on your team? What ways can you innovate your existing business? What are your timelines? Are you positioned to action a grant strategy if a resource becomes available next month? What do you need to know to get ready? Where you are spending money and where are losing money? What government or economic development teams can help you win?

Buckets of Funding

As a grant strategist I help people look at the core elements of their business and the buckets of funding to help them expand. The typical buckets of funding businesses access are private capital (owners investing in their business), venture capital, banks or lending institutions. The one bucket most don't plan for in their strategic growth, is the grant resource funding bucket. In the work I do around business grants, I have come to realize how unprepared firms are to address this area. Partly because they may have tried and been unsuccessful (trust is lost in the grant process and give up); or because they don't have time time or talent on board to do it right. As grants rules and requirements are unique (and can change) it's not like applying for a loan. You need to understand the rules of the game, and the focus of the funder to get results.

Spending 110 % of my time in the Canadian business grant space, I receive calls from business owners frequently and realized grants are often misunderstood. The three biggest misconceptions on grants:

1. People think they are a simple bank loan then can use to operate their business
2. Expectations on timelines (apply today and approved tomorrow)
3. Grants are a waste of time.

Misconception 1: Grants are unique beasts and come from a economic needs in the market (ex Employ more people). Sharing what your business plans are helps grant strategists build a plan for aligned resource allocation. You need to share what your plans are so you can gain the value of the funding pools available. Most grants are designed for helping you move forward on an area of expansion not to fund your day to day operational expenses. When you understand how to use grants, the funding value increases.

Misconception 2: Much like planning your business, grants take time. Most funding does not happen within a week or two. Its a process and depending on the funder can take between 2 weeks to 6 months to secure if you qualify. Typically, the larger the dollar value of the grant, the longer the process is to receive funding.

Misconception 3: Grants are of huge value if you plan for them in your business strategy. I have applied and secured close to 1 million dollars worth of grants for Canadian businesses in 2019 to expand, hire, recoup r& D expenses and go global with their operations. Keep in ind when applying for grants that the grant funders are often spending tax payers money so are looking for well thought out projects that communicate value, ROI, and your firm has the right mix of business intelligence to move things forward. The better you can communicate your value the better your chances of securing funding.

Once businesses see the results of grant funding successes, they pursue grant funding more frequently. They keep us on their speed dial as they take action on new ventures (innovation) or business directions (hiring/going international). They call and ask, " Is there a grant for this? " If done right, grants can be a funding pool to support and accelerate your business growth.

As you plan for 2020 and the next 10 years, be open to adapting or transforming your products/services to meet future client needs, stay aware of the trends facing your business locally and globally, and evaluate how you maximize buckets of funding for your growth.

Make 2020 a year of collaboration levering people and resources to help you grow. You don't have to do it all on your own.

Wishing all a successful 2020!