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Monday, 23rd November 2020 | Small business financing Canada,Management

Better business & customer service in 2021

As you build your new year’s strategy, consider these ideas to make your business stronger in 2021.

As 2021 grows closer, many small business owners are making plans with an eye towards rebounding from a year disrupted by the pandemic. Now is the time to plan, but COVID-19 is really only one of many variables impacting small businesses right now. The pandemic affected how products and services were offered and delivered, and will have implications well into 2021. But savvy business owners are also planning against other market forces like the shift to big box stores and the uber-fast delivery expectations set by Amazon Prime. As you build your new year’s strategy, consider these ideas to make your business stronger in 2021.

Make purchases and delivery easier—for everyone

According to web registrar GoDaddy, “Roughly half of those [businesses] surveyed had a website or active social media account before the pandemic hit. That number has almost doubled.” Businesses who want to maintain or grow during COVID-19 are flocking to online and the next big shift is going to be the adoption of platforms that do everything in one place: sales, email communication, and even marketing.

By undergoing a digital transformation, small businesses can improve their own system while continuing to offer top-notch customer service—and it’s not as complicated as you might think. Take for example, Coffee Tree Roastery, a small shop in Toronto’s West End that, as a response to the COVID-19 retail shut downs, began selling online and offering local delivery or pick-up. They chose the Canadian platform Shopify, which allows them to manage everything from online orders and payments, to in-store POP transactions with one system. For their customers, this represents an easy way to order and pay 24/7.

Some businesses are new to being online, while others are ready to adopt better digital tools. Wherever your business is in regards to your digital presence, now is the time to invest in online.

Go all-in on customer service

It’s tough to compete with the lightning fast delivery times of Amazon Prime or the rock bottom prices offered by some big box stores. Our advice? Don’t. Cultivate your advantage where the giant retailers can’t compete—the personal touch.

You’ve already taken steps towards an online platform so your customers receive the fast and easy ordering process they deserve. Next, figure out what more you can do to make shopping with you pleasant, stress-free, and perhaps even memorable. Free local deliveries, discounts for in-store pick-up, and personalized invitations on key dates like birthdays or anniversaries are all terrific ideas.

Be memorable

Find ways to stand out beyond your customer service efforts, too. Take 15 minutes with your team to brainstorm strategies that make your product or brand memorable, with an added bonus for “feel good” touches. Even if you’re only allowing curb-side pick-ups, consider putting out a small hot apple cider to warm up your customers. Include a hand-written note on the bag for the personal touch. Or, tuck a little freebie like a candy cane or chocolate into the order.

Earn a loyal following

Building your brand is about more than just awareness. You want to earn your customers’ loyalty. Think about ways you can inspire your customers to not only return for more of your product or services, but also recommend you to their friends, family, and colleagues.

Tap into what matters. For example, if your customers value their local shops, find ways to reinforce this like giving them a branded reusable shopping bag. Remember your customers’ names and listen when they tell you about their lives. Recalling their order or their children’s names will go a long way to making them feel special. Encourage repeat customers with VIP offers or discounts. Positive interactions are an incredibly powerful advertisement for your business.

There are many challenges facing small businesses as we roll into 2021, but there’s no shortage of pathways to success. Customers want what they’ve always wanted—fast and easy ordering, a pleasant experience, and a personal touch. COVID-19 has caused notable changes in the shopping experience, but good service is always appreciated, even from six feet away.

Kickstart Your Small Business Marketing for 2025

The new year brings fresh opportunities to innovate and elevate your small business marketing. As the holiday season becomes a memory, it’s time to pivot your focus toward long-term strategies that will drive success throughout 2025. Whether it’s adopting cutting-edge tools or connecting more deeply with your audience, these actionable insights will ensure your marketing efforts stay ahead of the curve.

1. Build on Holiday Momentum with Retargeting Campaigns

The holiday season introduced new customers to your brand—don’t let that engagement fade! Use retargeting ads to reconnect with holiday shoppers. Showcase complementary products or services they didn’t purchase and exclusive “New Year” offers to bring them back.

2. Embrace AI for Personalized Marketing

Artificial intelligence continues to transform how small businesses engage with customers. From predictive analytics to dynamic content recommendations, AI helps deliver hyper-personalized experiences. Consider tools like AI-driven email campaigns or chatbots to enhance customer interactions and stand out in a crowded market.

3. Refresh Your Digital Presence

Start the year strong by giving your digital channels a makeover. Update your website with new visuals, optimize navigation for user experience, and refine your SEO strategy with 2025’s trending keywords. Ensure your site is mobile-friendly and fast to keep customers engaged and ready to convert.

4. Explore New Platforms and Trends

Social media remains a powerful marketing tool, but 2025 requires more creativity. Platforms like TikTok and the metaverse offer fresh ways to connect with tech-savvy audiences. Experiment with short-form video content, AR/VR experiences, or even NFTs to create memorable interactions with your brand.

5. Double Down on Customer Trust

Data privacy is front and center in 2025. Be transparent about how you collect and use customer information. Offer clear privacy options and emphasize your commitment to protecting their data. This builds trust and positions your business as a leader in ethical marketing.

6. Prioritize Local SEO

Local SEO remains a cornerstone for small businesses in a world dominated by digital-first strategies. Optimize your Google My Business profile, collect reviews, and use geo-targeted ads to reach customers in your area. Hosting local events or offering community-focused promotions can also drive foot traffic.

7. Lean Into Video Marketing

Video content continues to dominate consumer preferences. Use videos to tell your brand story, showcase products in action, or highlight customer testimonials. Consider live-streaming events or tutorials to connect with your audience in real time and build deeper engagement.

8. Implement Interactive Content

Interactive marketing is a powerful way to keep customers engaged. Quizzes, polls, and augmented reality tools invite participation and make your content more memorable. For example, a quiz like “Which Product Matches Your New Year’s Goals?” can drive traffic and generate leads.

9. Adopt Growth Marketing Strategies

Growth marketing is all about looking at the bigger picture. Beyond acquiring new customers, focus on retaining them and increasing lifetime value through upselling, cross-selling, and loyalty programs. Tracking customer feedback and behaviour is key to refining your approach.

As the new year unfolds, seize the opportunity to innovate and connect with your audience meaningfully. By implementing these strategies, your small business will thrive, building on the success of the holiday season and paving the way for sustainable growth. Start today, and make this year your best yet!

Marketing

Leverage Location-Based Marketing to Drive Your Business This Holiday Season

As the holiday season approaches, small businesses have a prime opportunity to connect with local customers through location-based marketing. Targeting customers in your area can effectively boost foot traffic, build community presence, and keep your business top-of-mind during this bustling season. With the power of location-based marketing, you can drive more sales and enjoy a stress-free, profitable holiday season.

At iCapital, we understand that Canadian businesses thrive on community connections and efficient strategies. Here’s how to use location-based marketing to make the most of the season and grow your business.

Capture Attention with Geo-Targeted Ads

Location-based marketing starts with targeted ads designed to reach customers in your area. Platforms like Google Ads and Facebook Ads allow you to set specific geographic boundaries for your campaigns. This ensures that your ads are seen by people in your vicinity who are most likely to visit your store or use your services.

During the holidays, highlight seasonal promotions, special events, or limited-time offers. Show local customers what they’re missing out on by showcasing your products or services that make holiday shopping more accessible and enjoyable.

Create Localized Offers and Discounts

Incentivize local customers to visit your business by offering exclusive deals and discounts based on location. Send push notifications or SMS messages to inform nearby customers about in-store discounts or flash sales. For example, a “Holiday Cheer Discount” for customers within a certain radius can motivate them to stop by and explore your offerings.

Remember, the holiday season is fast-paced. Time-sensitive, location-based deals create a sense of urgency that can encourage quick visits and conversions.

Use Google My Business to Enhance Your Local Presence

Your Google My Business (GMB) profile is an essential tool for location-based marketing. Keep your profile up-to-date with your latest holiday hours, contact information, and special events or offerings. Positive reviews on GMB can also influence local customers, as they’re more likely to choose a business with a solid reputation in their area.

Add engaging photos of your holiday displays or featured products. Customers can feel the festive spirit and be inspired to visit in person. A well-maintained GMB profile improves your online presence and builds trust and accessibility for nearby customers.

Partner with Local Influencers for Greater Reach

Tap into the influence of local personalities to amplify your reach. Partner with influencers who resonate with your brand and are active in your community. A well-known local influencer endorsing your business can introduce you to a broader audience and add a layer of credibility, encouraging local customers to visit.

For example, a local influencer can showcase your holiday gift selection or feature an in-store event on social media, drawing in customers who trust their recommendations.

Encourage Customer Check-Ins and Social Sharing

Leverage the power of customer engagement by encouraging check-ins and social media shares. Offer incentives for customers who tag your business in holiday shopping posts or check in on platforms like Facebook and Instagram. These check-ins increase your visibility and create organic word-of-mouth marketing as their followers see your business pop up on their feeds.

Adding a seasonal hashtag and festive backdrop in-store can make this experience even more enticing. When your customers share their holiday shopping with you, they promote your business to their friends and family—right when they’re likely making holiday purchasing decisions.

Drive Success This Holiday Season with Location-Based Marketing and Stress-Free Financing from iCapital

With the right strategies, location-based marketing can transform the holiday season into a period of growth and opportunity. Whether you’re a local shop or an expanding business, these tips will help you reach your nearby customers and make this holiday season one to remember.

If you want to enhance your marketing efforts or prepare for the seasonal surge, iCapital offers stress-free financing solutions tailored to Canadian businesses. Contact us today to learn more about how we can support your growth, allowing you to focus on connecting with customers and building your business this holiday season.

Marketing

7 Tips to Avoid Spoiled Inventory

For restaurant owners, managing inventory is crucial not only for profitability but also for ensuring the safety and quality of products. Spoiled inventory can lead to financial losses, customer dissatisfaction, and potential health risks. By implementing effective inventory management strategies, you can minimize waste and maintain a high standard of food quality.

Understanding Inventory Management

Inventory management involves tracking, storing, and controlling the movement of goods within a business. It helps businesses optimize operations, reduce costs, and improve customer satisfaction.

Key Tips to Avoid Spoiled Inventory

Implement a Robust Inventory Management System:
Use a dedicated inventory management software or system to track stock levels, expiration dates, and product locations.
Conduct regular stock counts to verify accuracy and identify discrepancies.

Follow the FIFO (First In, First Out) Principle:

Rotate your inventory to ensure that older products are used or sold before they expire.
Store products in a way that facilitates FIFO, such as placing newer items behind older ones.

Set Inventory Par Levels:

Establish minimum stock levels for each product to avoid running out while minimizing excess inventory.
Regularly review and adjust par levels based on demand and sales patterns.

Organize Your Storage Space:

Label shelves and storage areas clearly to prevent misplacement and confusion.
Maintain proper temperature and humidity levels for different product categories.
Regularly inspect storage areas for signs of spoilage or damage.

Build Strong Relationships with Suppliers:

Negotiate flexible delivery schedules and order quantities to minimize excess inventory.
Communicate any changes in demand or product requirements promptly.
Consider collaborating with suppliers on joint promotions or waste reduction initiatives.

Conduct Regular Inspections:

Inspect incoming shipments for damage, spoilage, or quality issues.
Perform periodic checks on stored inventory to identify products nearing expiration.
Take immediate action to address any problems or concerns.

Train Staff on Inventory Management:

Educate employees about the importance of proper inventory handling and storage.
Provide training on how to use inventory management systems and follow company procedures.
Encourage staff to report any issues or concerns related to inventory.

By implementing these strategies, food businesses can significantly reduce food waste, improve profitability, and ensure the safety and quality of their products. Effective inventory management is a vital component of successful food operations.

Management

Simple Strategies to Manage Your Seasonal Inventory

When managing seasonal inventory in the retail sector, careful planning is critical. Many retailers find themselves in a balancing act between avoiding leftover inventory and also empty shelves. To escape heavy markdowns at the end of a season and potential cash-flow problems, follow these strategies for profitable results.

Planning for Success

Start Early: Begin planning well in advance of each season, reviewing last year's sales data to identify trends and patterns.
Create a Detailed Plan: Organize your information into a comprehensive plan, breaking down each season's data by category or time frame. This will help you visualize your inventory needs and make informed decisions.
Leverage Data Analytics: Utilize data analytics tools to gain deeper insights into customer behaviour, demand forecasting, and inventory performance. This can help you optimize your stock levels and avoid overstocking or understocking.

Timing is Everything

Anticipate Demand: Forecast demand based on historical sales data, market trends, and upcoming events or promotions. This will help you determine the optimal time to order and replenish inventory.
Avoid Stockouts: Ensure you have sufficient inventory to meet customer demand, especially during peak seasons. Stockouts can lead to lost sales and customer dissatisfaction.
Stagger Shipments: Consider staggering shipments throughout the season to avoid excess inventory and reduce the risk of markdowns.

Repeat Success

Identify Best Sellers: Analyze your sales data to identify your top-selling items for each season. Prioritize these items for replenishment and ensure they are always in stock.
Optimize Reordering: Implement a system for reordering popular items based on sales velocity and demand forecasting. This will help you maintain optimal stock levels and avoid stockouts.
Monitor Inventory Levels: Monitor your inventory levels to ensure you have enough stock to meet demand without overstocking. Use inventory management software or tools to track stock levels and identify potential issues.

Making the Most of Seasonal Cash Injection

If you've secured a seasonal business loan to support your inventory needs, here are some practical ways to use the funds:

Inventory Investment: Allocate funds to purchase additional inventory, particularly for high-demand products or new offerings.
Marketing and Promotions: Invest in marketing campaigns to drive sales and increase brand awareness during your peak season.
Staffing and Training: If needed, hire additional staff or provide training to ensure efficient operations and meet increased customer demand.
Equipment Upgrades: Consider upgrading equipment or technology to improve efficiency, productivity, and customer experience.
Debt Reduction: If applicable, use a portion of the loan to reduce existing debt and improve your financial health.

Marketing and Customer Engagement

Leverage Seasonal Marketing: Create targeted marketing campaigns to promote seasonal products and drive sales. Utilize email marketing, social media, and in-store promotions to reach your customers.
Engage with Customers: Seek customer feedback to understand their preferences and adjust your inventory strategy accordingly. Offer personalized recommendations and provide excellent customer service to encourage repeat purchases.

By following these strategies and staying informed about market trends, you can effectively manage your seasonal inventory, minimize waste, and maximize profitability. Remember, consistent planning, data-driven decision-making, and a focus on customer satisfaction are essential for success in the retail industry. Contact iCapital at 1.877.251.7171 to apply for a business loan and get the funds you need in 48 hours.