Starting a business

Lessons from a Small Business Owner

In support of Small Business Month, Intuit QuickBooks Canada is sharing the results of a #SmallBizLessons pulse-check survey, capturing key findings from 583 small business owners across the product and service industries in Canada. We’re highlighting the learnings that small businesses and QuickBooks customers have gathered over the past 18 months, one of the toughest periods in our history that small businesses have faced.

But if anyone can find a silver lining when faced with a challenge, it’s small business owners and entrepreneurs. Our survey revealed that over 1 in 4 (28%) small business owners say building an emergency cash fund was their top lesson learned during the pandemic.

We checked in with our customers and friends at local Halifax brewery Good Robot Brewing Company to hear what they’ve learned.

1. Focus on E-Commerce

“Being a hospitality focused business put us in a position to pivot quickly when we went into lockdown. We quickly jumped on daily calls to figure out how we were going to keep revenue coming in and by the end of the next week we had an e-commerce store to service our city. Although COVID has been incredibly hard for us and our industry, we’ve learned to adapt to current business climates and use the resources we have to the best of our ability.”

2. Understanding Your Finances is Critical

“We made the full switch to QuickBooks Online from QuickBooks Desktop during COVID. These tools have given us the convenience of QBO payments and even more up-to-date information on our payables and receivables, which has made focusing on cash flow much clearer and easier. We have learned the importance of maintaining focus on cash flow – especially as we move away from COVID-19 and the support we were able to access as we continue to look for opportunities to grow.”

3. Adapt Your Product Offering to Fit Your Customer’s Needs

“Our brewery has used the changes COVID has brought as an opportunity to focus on production and distribution in canning our product. This initially unwanted shift has increased capacity and taken our distribution opportunities beyond our province and towards new markets. We’ve also maintained our e-commerce business and will continue to grow where our customers are meeting us.”

These lessons can make a big difference for a small business. Show Canadian SMBs your love and support this month and throughout the upcoming holiday season.

About the Survey:

The study, conducted leveraging Pollfish on behalf of Intuit QuickBooks Canada, was completed by 583 Canadians. All 583 Canadians identified as small business owners. Of the total, 262 identified as having 1-15 employees and 321 identified as the sole proprietor. The estimated margin of error for the total sample is +/- 5 percent at a 95 percent confidence level. The study took place online on September 22, 2021.

Related Articles

Looking for something else?

Get QuickBooks

Smart features made for your business. We've got you covered.

Firm of the Future

Expert advice and resources for today’s accounting professionals.

QuickBooks Support

Get help with QuickBooks. Find articles, video tutorials, and more.