Women entrepreneurs are making great strides in a very competitive business world by bringing innovation and creativity to the forefront. Although there are many difficulties and opportunities surrounding women in business, one of the most important areas that needs focus is cash flow management. For the purpose of this blog, I’d like to discuss special issues and tools of empowerment for women in small businesses.
Nurturing personal relationships, leveraging professional connections, and embracing online communities can provide you with the invaluable support and guidance you need to navigate the challenges and thrive in the competitive world of entrepreneurship.
Alberta's technology industry is on the rise, with Calgary and Edmonton emerging as key tech hubs in the province. As an entrepreneur, you can tap into a large and diverse talent pool, benefit from a supportive startup ecosystem, and enjoy government support for innovation. However, like any growing tech scene, there are also challenges to be aware of, including competition for talent and access to capital. In this blog, we explore the opportunities and challenges facing entrepreneurs in Alberta's tech scene, and how you can navigate them to build a successful business. Click to read more and discover the potential of Alberta's tech sector for entrepreneurs.
The number of women-owned businesses in Canada is on the rise, and there’s a lot to celebrate on this International Women’s Day on March 8, 2024. However, research from our partners at the Women’s Entrepreneurship Knowledge Hub shows that women in business—especially those with intersecting identities—still face numerous challenges.
The Alberta-based non-profit dedicated to women entrepreneurs
expands access to its flagship digital business development
courses across Canada.
March 6, 2024 (Edmonton, AB) – On the eve of International Women’s Day, Alberta Women Entrepreneurs (AWE) is pleased to announce the national expansion of two of its marquee courses, Bold Leadership and Strategic Edge, to women entrepreneurs from coast to coast to coast.
Designed to empower women entrepreneurs ready to engage with the next stage of entrepreneurial success, both the Bold Leadership and Strategic Edge programs have proven track records within Alberta, providing established entrepreneurs with the tools necessary to adapt to the digital landscape, grow their businesses, and expand to new markets.
"The potential of women entrepreneurs for spurring economic growth is incredible. Women-owned businesses contribute $150 billion to the Canadian economy and employ over 1.5 million people. Advancing women’s equality in Canada could add billions to the GDP.”
We should be proud that Canada is a world leader in women’s entrepreneurship. AWE is thrilled to be able to share our programs with women entrepreneurs across the country and make those resources available to women-led businesses outside of our province.”
While most women in corporate positions have access to professional development courses, woman entrepreneurs often find themselves in search of women-focused learning and connection opportunities. AWE provides top-tier business development courses, networking opportunities, and mentorship programs for a community of goal-oriented women within a flexible platform that allows them to work on the business while they’re working in the business.
Aimed at established businesses ready to invest in new digital tools, AWE’s Bold Leadership Program supports women entrepreneurs who want to rethink their businesses with a digital lens and implement technology to improve their business performance.
The AWE Strategic Edge: Leadership for Growth program supports established women entrepreneurs ready to shift to the next stage of entrepreneurial success to build a growth strategy that’s relevant to their business and the increasing complexities of a digital world. Most participating businesses post annual revenue of over $500,000 and are looking to move forward toward new opportunities for growth.
In addition to the two courses, AWE offers access to capital information and strategic financing services. To date, AWE has provided loans to women entrepreneurs amounting to more than $43 million.
The nationwide Bold Leadership and Strategic Edge courses are being delivered in partnership with the Reseau des Femmes d’affaires du Quebec, British Columbia’s We-BC, Manitoba’s Women’s Enterprise Centre, the NFLD & Labrador Organization of Women Entrepreneurs, and the Ontario-based Paro Centre.
AWE’s program expansion has been made possible thanks to funding from the Government of Canada’s Women Entrepreneurship Ecosystem Fund. This is one of the main components of Canada’s first ever Women Entrepreneurship Strategy, which is helping thousands of women entrepreneurs start and grow their businesses.
Registration for the programs is now open to women across Canada on the AWE website: www.awebusiness.com
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About Alberta Women Entrepreneurs
Since 1995, Alberta Women Entrepreneurs (AWE) has provided tools and resources to women across the province to help them achieve their entrepreneurial goals and to grow their businesses. For over 28 years, AWE has built a network of successful educational and mentorship programs built around our core values: Capital, Connection, and Capacity.
Dedicated to inclusivity and diversity, AWE plays a pivotal role in supporting women entrepreneurs, integrating them into a broad network that celebrates their achievements. This commitment is highlighted at AWE's annual awards ceremony and reinforced by the organization's delivery of over 1,500 workshops annually. Representing more than just an organization, AWE embodies a diverse and experienced community that is deeply committed to guiding and elevating women entrepreneurs at every stage of their journey.
Women entrepreneurs are making great strides in a very competitive business world by bringing innovation and creativity to the forefront. Although there are many difficulties and opportunities surrounding women in business, one of the most important areas that needs focus is cash flow management. For the purpose of this blog, I’d like to discuss special issues and tools of empowerment for women in small businesses.
Women-owned SMEs also focus on inclusivity by providing opportunities for equity-deserving groups such as women, Indigenous Peoples, Black and racialized people, and 2SLGBTQ+ communities.
- Women’s Entrepreneurship Knowledge Hub, State of Women’s Entrepreneurship 2023
Small Business Week 2023 has come to a close, and it's time to reflect on the central themes of community and inclusivity that were at the core of this year's celebrations. It's with great pride that we reflect on the past week, giving recognition to the dedicated community partners and our team's involvement.
This annual event, celebrated in Alberta and beyond, serves as a vital platform for recognizing and promoting the remarkable contributions of small businesses to our economy and society. During Small Business Week, there was a concerted effort to highlight the ways in which these enterprises enrich our communities. Communities showed tremendous support for small businesses, fostering a sense of local support and collaboration. Thank you to our partners, who organized several events over the last week to showcase and encourage residents to shop locally.
Small Business Week also emphasized the importance of collaboration among small businesses, where they join forces with industry leaders and investors in order to grow their businesses. Recognizing the need for mentorship among the community and access to connections that help aspiring entrepreneurs receive guidance from seasoned business owners, passing on knowledge and expertise, and strengthening the sense of community. Additionally, we experienced a few events that provided platforms for entrepreneurs to receive the capital their business needed to grow.
Averaging the quarterly Canadian Survey on Business Conditions reports, we estimate that 18% of businesses, including small, medium and large businesses, are majority owned by women in Canada. (Small and medium-sized enterprises account for 99.8% of these.)
- Women’s Entrepreneurship Knowledge Hub, State of Women’s Entrepreneurship 2023
Inclusivity was another key theme of Small Business Week 2023, ensuring that all entrepreneurs, regardless of background or circumstances, have an equal opportunity to succeed. The {insert event} highlighted the importance of diversity in entrepreneurship, with discussions that focused on women-led businesses, immigrant and minority-identifying entrepreneurs, and Indigenous-owned enterprises. Access to resources, including funding, business support services, and training opportunities, was underscored as crucial for ensuring that no one is left behind in the entrepreneurial journey. Work-life balance and mental health in the entrepreneurial world were discussed to create a supportive environment for all entrepreneurs. Additionally, the event emphasized the need for accessibility, ensuring that physical and digital spaces are accessible to all entrepreneurs, including those with disabilities.
https://wekh.ca/research/the-state-of-womens-entrepreneurship-in-canada-2023-research-preview/
There are more than 100,000 businesses in Canada owned by people who identify as 2SLGBTQ+, contributing more than $22 billion in economic activity and employing more than 435,000 Canadians. Despite their significant contributions to the economy, these entrepreneurs face unique challenges related to their identity, including discrimination, difficulty obtaining funding opportunities and government assistance, and harsh public evaluation.
- Women’s Entrepreneurship Knowledge Hub, State of Women’s Entrepreneurship 2023
Small Business Week 2023 was a testament to the remarkable resilience and innovation displayed by small business owners. It emphasized that the values of community building and inclusivity should be ingrained in our daily operations. As we wrap up this inspiring week, we are grateful for our community partners, and we salute our dedicated team for their active and impactful participation. Together, we look forward to a future where the entrepreneurial ecosystem in Alberta is even more robust and inclusive.
Sources:
Women entrepreneurs can create a healthy work environment that prioritizes the mental well-being of their employees. By fostering a positive culture, promoting work-life balance, providing resources, and leading by example, women entrepreneurs can cultivate a supportive and thriving workplace that benefits both their team and their business.
In the face of recent wildfire tragedies that have impacted our beautiful province, we extend our heartfelt empathy and support to you. We understand the challenges you may be facing and want to provide guidance on how to navigate the effects of the wildfires on your businesses, as well as offer insights on recovery strategies.
The devastation caused by wildfires can lead to significant physical and emotional challenges for entrepreneurs. Loss of property, disruption of operations, and the emotional toll of witnessing the destruction of the communities we hold dear can be overwhelming. It is essential to prioritize self-care and support networks during these difficult times. During and after wildfires, customers and employees may have concerns about safety, air quality, and the viability of doing business in affected areas. These concerns can impact customer footfall, employee morale, and overall business confidence.
Wildfires can disrupt the day-to-day operations of businesses, forcing temporary closures or reduced productivity. Evacuations, power outages, and transportation issues can make it difficult to serve customers or fulfill orders. The sudden drop in revenue can create financial strain and uncertainty for entrepreneurs. Wildfires can, in particular, disrupt various industries, including agriculture, forestry, tourism, and outdoor recreation. Damage to crops, forests, and tourism infrastructure can lead to reduced productivity, job losses, and decreased revenue for businesses in these sectors, especially those who rely on a busy summer season.
Wildfires can cause significant damage to residential and commercial properties, as well as critical infrastructure such as roads, power lines, and water systems. Rebuilding and repairing these assets can impose a heavy financial burden on affected communities.
Wildfire smoke can have adverse health effects, leading to increased healthcare costs. Communities affected by wildfires may experience higher rates of respiratory illnesses, allergies, and other related health issues, requiring increased medical attention and healthcare resources.
Wildfires can result in long-term ecological damage, affecting ecosystems, biodiversity, and water quality. The loss of natural resources and the need for habitat restoration can have indirect economic impacts, such as reduced availability of timber for forestry operations or reduced attractiveness for outdoor tourism activities.
The economic toll of wildfires is significant. The destruction of residential and commercial properties, along with critical infrastructure, can require substantial investments in rebuilding and repairs. Entrepreneurs may face financial burdens in restoring their businesses and may need to seek assistance or secure additional funding.
Wildfires can disrupt various industries crucial to Alberta's economy, such as agriculture, forestry, tourism, and outdoor recreation. Crop and forest damage, closure of tourist attractions, and decreased visitor numbers can lead to reduced productivity, job losses, and decreased revenue for businesses in these sectors.
Following wildfires, insurance costs may increase for entrepreneurs in affected regions. Insurance providers may adjust premiums to reflect the heightened risk of future wildfires, impacting the affordability of coverage for businesses. It is essential to review insurance policies and explore options with knowledgeable professionals to ensure adequate coverage.
Governments at different levels allocate significant funds for firefighting efforts, emergency response, and recovery programs. These expenditures can strain public budgets, diverting funds that could have been allocated to other priorities. However, government support programs may also be available to assist entrepreneurs in their recovery journey.
Developing a comprehensive business continuity plan is crucial to navigate through wildfire disasters. Such a plan should include evacuation protocols, remote work arrangements, alternate supply chain options, and communication strategies to keep stakeholders informed.
Maintaining open communication with employees, customers, suppliers, and other stakeholders is essential during and after wildfires. Be transparent about your business's status, any operational changes, and safety precautions taken. Regular updates and reassurances can help build trust and loyalty.
Conduct a thorough financial assessment of your business to gauge the extent of the wildfire's impact on revenue, cash flow, and profitability. Seek expert advice to explore financial support options, including government grants, low-interest loans, and community initiatives designed to aid business recovery.
Supporting your employees' physical and emotional well-being is paramount. Offer resources such as counseling services, flexible work arrangements, or access to community support networks. Remember, a healthy and motivated team is crucial for business resilience and recovery.
Consider diversifying your business offerings or expanding into new markets to mitigate the effects of wildfires on your revenue streams. Adapt your products or services to cater to changing customer needs or tap into emerging opportunities arising from recovery efforts.
Engage with other entrepreneurs and community organizations to collaborate, share resources, and support one another. By pooling knowledge, skills, and networks, you can collectively overcome challenges and enhance the recovery process for all.
Alberta, we stand with you during this challenging time. While wildfires have had a profound impact on our businesses and communities, our resilience and determination will guide us toward recovery. By prioritizing self-care, implementing recovery strategies, and leveraging available support systems, we can navigate through the aftermath of wildfires and rebuild stronger, more sustainable businesses.
Remember, you are not alone. Reach out to local business associations, support organizations, and fellow entrepreneurs for guidance and assistance. Together, we can overcome these challenges and emerge stronger, reaffirming the indomitable spirit of Alberta entrepreneurship.
Wishing you strength, perseverance, and success on your journey to recovery. Please reach out to info@awebusiness.com if you need any business advising unique to your business, and don’t forget to visit our webinars here to join a group advising session. Our Emergency Planning is also linked here.
Starting May 9th, any Albertan that was evacuated due to wildfires for 7 days or more can apply for a 1-time emergency evacuation payment. Eligible evacuees will receive $1250 per adult and an additional $500 per child under the age of 18. Families of 4 can receive $3500. Payments to evacuees will be made by e-transfer.
Stay up to date on the status and latest data on the wildfires here.
Alberta's technology industry is on the rise, with Calgary and Edmonton emerging as key tech hubs in the province. As an entrepreneur, you can tap into a large and diverse talent pool, benefit from a supportive startup ecosystem, and enjoy government support for innovation. However, like any growing tech scene, there are also challenges to be aware of, including competition for talent and access to capital. In this blog, we explore the opportunities and challenges facing entrepreneurs in Alberta's tech scene, and how you can navigate them to build a successful business. Click to read more and discover the potential of Alberta's tech sector for entrepreneurs.
As the world celebrates Earth Day on April 22nd, businesses and entrepreneurs are being reminded of the crucial role they play in the sustainability of the planet. Alberta, well-known for its oil and gas industry, has seen a significant rise in environmentally conscious entrepreneurs in recent years. Alberta women entrepreneurs especially are at the forefront of this movement, driving innovation and creating new business models that prioritize both profitability and environmental responsibility. These entrepreneurs are paving the way for a more sustainable future, while also promoting economic growth and job creation.
Harvard School of Business refers to business sustainability refers as the ability of a business to meet its present needs without compromising the ability of future generations to meet their needs. Sustainable businesses prioritize the use of renewable resources, minimize waste, reduce carbon emissions, and engage in ethical and socially responsible practices.
It is a company’s strategy to reduce negative environmental impact that results from their operations within their industry. Using environmental, social, and governance (ESG) metrics is how companies will evaluate their business sustainability. Being conscious of your business’s impact and how it affects the future of not only the ecosystem, but long term longevity of your business is key. Some ways to apply sustainability strategies in your business, according to IBM, include:
- Deploying infrastructure that reduces greenhouse gas (GHG) emissions. Preserves water resources and eliminates waste
- Operating dynamic and efficient supply chains to empower a circular economy, encourage reuse, design out waste, promote sustainable consumption, and protect natural resources
- Enabling sustainable development by assessing and improving resiliency while adhering to external regulations and development goals
Emissions Reduction Alberta, a not-for-profit organization that invests in innovative technologies and practices to reduce greenhouse gas emissions. Emissions Reduction Alberta funds projects that reduce emissions in Alberta's energy, agriculture, and industrial sectors, while also promoting economic growth and job creation.
Another Alberta-based business making waves in sustainability is Poppy Barley, a luxury footwear and accessories company who holds ethical manufacturing standards in addition to quality product at the forefront of their mission. Originally based in Edmonton, Alberta, sisters Justine and Kendall Barber launched Poppy Barley in 2012, and have since expanded their business in Edmonton to open a storefront in Calgary and an upcoming store launch in Vancouver, BC. Poppy Barley is a certified B Corporation meaning they meet the highest standards of verified social and environmental performance, transparency and accountability.
Certified B Corporations have a triple bottom line of purpose, people and profit. This is embedded into the laws of their corporation and means they equally consider the impact on their employees in addition to their production partners, customers, community, and the environment when making decisions.
Sustainability is not just about reducing carbon emissions and minimizing waste. It's also about engaging in ethical and socially responsible practices. Alberta entrepreneurs are committed to social sustainability, ensuring that their businesses are inclusive, diverse, and supportive of their communities.
Alberta women entrepreneurs are leading the way in business sustainability, promoting economic growth, and job creation while reducing their environmental impact. As we celebrate Earth Day, let us recognize the crucial role these entrepreneurs play in shaping a more sustainable future. By supporting sustainable female-owned businesses, we can all contribute to a healthier planet and a more prosperous economy.
Sources:
https://online.hbs.edu/blog/post/what-is-sustainability-in-business
https://www.ibm.com/topics/business-sustainability
For women entrepreneurs, it’s not just about working harder or better than the competition. It's about utilizing technology and tools that can help you work more effectively and efficiently. New technology in the digital world can empower you to build your business, no matter the industry. For business owners, knowing what type of technology to use can be a challenge, though. Where should you get started?
The following are some of the best options in new technology for the digital world for women entrepreneurs.
