b'SME BUSINESS SUCCESSFUTURE-PROOFINGBy Kelly ParkerYOUR BUSINESST h r e e S M E b u s i n e s s o w n e r s s h a r e t h e i r t o p 10 t i p s f o r s e t t i n g y o u r b u s i n e s s u p f o r f u t u r e s u c c e s sA dapt or perish. In the businessis Michif (Red River Mtis) and the foundereconomic fluctuations and other chal-world, this adage applies nowand creative director of Bloom + Brilliance,lenges, invest in new opportunities as more than ever, especially asan intersectional and Indigenous femi- they present themselves, and maintain small- to medium-sized (SME)nist-led branding and web design studio.forward momentum, no matter what is businesses cope with a never- put in its path.ending stream of escalating challenges.Heres what they had to say.Across the country, business owners areBE PROACTIVE ABOUT2 MORE CUSTOMERSgrappling with running their companies1IS OFTEN AFINANCIAL HEALTH MISPLACED FOCUSefficiently while still turning a profit. StackThis might seem obvious because as theThe natural inclination in starting an SME on a pace of change that seems to onlyfinances go, so go the fortunes (no punbusiness is to focus all efforts on estab-be quickening, and it becomes clear thatintended) of any business, but there islishing and growing the customer base. business owners need to learn to keepa big difference between being proac- Then, when a business sees choppy up. They need to future-proof their busi- tive versus reactive when it comes towaters ahead, logic would suggest that ness in order to thrive and overcome anythe books. With SME business ownersmore customers will be the answer. But roadblocks placed in their way.already wearing so many hats, it is easyin reality, that could be wasted energy to push this off to someone else.and resources. HOW DO THEYGO ABOUT DOING THAT?When we get our financial statements at Aboriginal Business Report spoke tothe end of the year, often its too three Indigenous SME business leaderslate for us to react because thats to learn their top tips for future-proofinga picture of what happened, SMEs. Shannon Pestun, a member ofnotes Shannon Pestun. We the Mtis Nation of Alberta, is an award- need to be able to use the financial winning entrepreneur and co-founder ofinformation thats available to us. It The Finance Caf, which offers financialstarts with good bookkeeping and learning experiences to women entre- good record keeping so that we preneurs. Colby Delorme, originally fromcan start making those decisions Manitoba, is a Calgary-based Mtis entre- and can see those early warning preneur and president of the Imaginationsigns and adapt our strategies Group of Companies, a manufacturer ofwhere necessary. certified organic ceremonial tobacco. He also holds an Institute of CorporateIn short, being on top of the Directors Designation from the Rotmanfinances in real-time allows School of Management. Janelle Desrosiersabusinesstoweather 102A CCAB PUBLICATIONSpring 2024'