Effects of Current Events on Small Business

January 1st, 2018 not only brought in a new year but a new reality for small businesses across Ontario. I’m sure I don’t need to tell you about it, but here’s a quick breakdown for you just in case! The province of Ontario recently announced a plan to increase the minimum wage, from the $11.60 it was at, to $15.00 over two years. As of January 1st, 2018, the minimum wage rose to $14.00 and will get to $15.00 on January 1st, 2019.

This decision has brought a hailstorm of opinions from all sides of the court. And while I won’t take a specific stance one way or another in this blog, I think it’s important to highlight how current events can directly and dramatically impact small businesses. Also, how you, as a small business owner, can progress your business in light of new challenges you may be facing as a result of these increases.

As a small business owner, I know all too well the challenges of trying to build and grow your business on a limited budget. As a professional who works with many clients at all stages of the business life-cycle, I have seen, first-hand, the struggles that many business owners face in trying to allocate costs effectively, in order to do all of the things they want and need to achieve success. At Key Element Solutions, the basis of our service offering is the knowledge that many small business owners do not have the capital necessary to house a full spectrum of staff. This reality has become even more prominent as the government moves to adjust wages.

So, what can you do? The decision has been made, and the way your company reacts will be crucial to its survival over this period of transition. Already, we have seen many big-name organizations, such as Tim Horton’s, receive public scrutiny for their practices in cutting hours, shifts, and releasing non-essential staff. The balancing act between being fair and being able to make ends meet seems relentless. For this, and many reasons, we have actively supported our clients and our network in the pursuit of aligning themselves with excellent freelancers who can meet their needs for a cost they can comfortably take on.

In our blog, titled “How to Capitalize on Freelancers” (available here), we shared some of the top reasons why small business should be pursuing and fostering strong working relationships with freelance professionals who not only enjoy the tasks you hate but who will perform for your business with the same passion and energy you do.

Remember, where there’s a will, there’s a way. Current events, including severe weather activity, political noise, and economic shifts can and will impact your business from time to time. While overcoming these challenges may seem daunting at first, with a few adjustments, and a focus on success, you will be able to weather the storm (pardon the pun!)

When in doubt, Key Element Solutions can ensure you always have the solutions and services you need, without having to provide space, equipment, and training for any new in-house staff member! Whether you’re in your start-up phase, or proudly running your small business, the reality is, capital for employees is a massive expenditure that some organizations can’t or don’t want to have to take on. We will help you get the expertise you want, minus the cost you don’t.

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