Vancouver small business owners share what it takes to succeed in today's economy

Last month, small business owners in Vancouver came together for a roundtable discussion at Propaganda Coffee, hosted by Desjardins, to share their perspectives on current challenges and opportunities.

Each participant was a recipient of a Desjardins GoodSpark Grant, which provides funding to support small businesses as they innovate, grow, and find creative solutions to challenges.

The roundtable discussion was moderated by the President and CEO of Desjardins, Guy Cormier, and Business Planning Advisor and Strategy Coach of Small Business BC, Dylan Young.

We attended the event to get an exclusive look into the mindset of Vancouver entrepreneurs.

The challenges facing small business owners today

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One of the biggest challenges small businesses have faced over the past year is the transition from operating during the pandemic to returning to business as usual.

This is particularly true for Adam Harrison, who first opened his bike shop, Dial Bike Service, in North Vancouver during the pandemic. “We didn’t have any experience of operating not in COVID,” he says. “We’re literally learning how to run a business all over again.”

Elisabeth Baudinaud, founder of Carbon Wise, a company focused on low-carbon construction, says the impact of inflation on cash flow management is a constant struggle.

“Every day our margins are getting slimmer,” she explains. “Everyone else in the [supply] chain is taking more and more. It’s hard on our mentality because it’s an ongoing struggle to continue without raising our prices.”

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Meanwhile, Evan McDougall from Conifer Homewares, a sustainable home goods company, says price competition can be a big issue.

“It becomes harder and harder to compete with goods produced cheaper overseas,” he says. “People have less income, so one of the biggest challenges for us is trying to grow our business when people have less purchasing power right now.” 

Cormier points out that these challenges are common among many small business owners, with Desjardins hearing similar stories “from coast to coast.”

Finding success as a small business today

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If small businesses want to succeed, figuring out their long-term goals and staying focused is key.

This is especially true in today’s world, where economic challenges mean many companies must change aspects of their services to meet the needs of the market.

“As important as it can be to pivot, I see a lot of businesses throwing things at the wall and seeing if it’ll stick without actually thinking about what their long-term goals are,” says McDougall. “Small and midsize businesses can sometimes lose track of their goals beyond profitability. Obviously, that’s the first step to sustain themselves, but I think it’s really important to remember why they’re doing this in the first place.”

Cormier adds that this is not just important for small businesses, but is something he maintains as the CEO of a company with 58,000+ employees. “Each day I am in a mindset of trying to stay focused and purpose-driven and remembering who we are at our core as a financial institution. You need to take time to reflect: Am I heading in the right direction? Do I have to adjust? What was my purpose at the beginning?”

The importance of balancing mental health

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Stress, burnout, and anxiety — these are emotions that small business owners will likely experience at some point. That’s why taking care of mental health is so important.

Hannah Tepoorten, customer success and partnership lead at Tuktu Care Inc., a service that helps seniors and people with disabilities run simple errands, says it’s important to take a step back sometimes.

“The world will go on if you don’t answer emails for a day,” she says. “Everyone needs a quiet morning sometimes, and by taking that time we will be better leaders.”

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Tegan Woo, founder of Amoda Tea, an online tea store, stresses the importance of keeping an eye on employee mental well-being too. She notes this is something she is met with quite often and it can be challenging to figure out the best way to handle it.

For Donna Cheung, co-founder of film production and digital agency Wakefield Agency, it can be as simple as checking in on employees once a day and asking how they’re feeling. “It helps for them to be heard,” she says.

Cheung also recently implemented a four-day work week at her company which has helped immensely with wellness and productivity. 

How financial institutions can support small businesses

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When it comes to their financial institutions, small business owners feel it can sometimes be tough to get support. From long and painful loan application processes to rejected project funding, many are feeling fatigued.

It’s clear that financial institutions have an opportunity to do more for business owners. One of the ways in which Desjardins is stepping up is through its GoodSpark Grants program, which was created in 2021 to provide funding for small businesses struggling amid the pandemic.

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Since the program’s launch, Desjardins has delivered $6 million to 300 small businesses across Canada that are making a real impact in their communities through innovation, sustainability, or local involvement.

When Roberta La Quaglia, co-owner of Burnaby dessert parlour Glenburn Soda Fountain, received the grant, it helped increase profitability by allowing the company to make their own ice cream in-house. “For 7 years, we had been buying ice cream, so [the GoodSpark Grant] helped us get rid of the middle man while allowing us to make a product that was more in line with what we wanted.”

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Meanwhile, Harrison credits the GoodSpark Grant for helping his business through a very difficult time. When he and his Dialed Bike Service co-owner became ill after contracting COVID, things quickly became stressful with them both out of work. When they were awarded the grant, the money meant they could stay on their feet. “If we hadn’t got the grant, the business would have failed,” he says.

“Small businesses are at the heart of our communities and, above all else, Desjardins wants to help them grow. It’s important for us to be community driven — our purpose is to enrich the lives of our communities,” Cormier says.

Applications for this year’s GoodSpark Grant program are now open until December 3. For more information about the grants and how to apply, click here.