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Supercharge Your Business Growth

Supercharge Your Business Growth: The Essential Role of Professional Services in Management and Expansion

Embarking on the entrepreneurial journey can be both exciting and challenging. The road to success is paved with both unique obstacles and opportunities. It’s crucial to recognize the power of professional services in addressing these challenges and propelling your business to new heights. By understanding the importance of these services, acknowledging the disparities within the professional landscape, and taking active steps to seek out support and hire professionals, you can create a solid foundation for success that not only allows your business to soar.


Recognizing the Common Obstacles Faced by Black Canadian Entrepreneurs

As a Black Canadian entrepreneur, it’s essential to acknowledge that you’re not alone in facing certain unique challenges. These challenges can range from limited access to capital and difficulty securing loans to navigating the complexities of business plan writing and contract bidding. Understanding these common obstacles and acknowledging that they are not exclusive to your business is the first step in proactively addressing them. By identifying these challenges early on, you can take the necessary steps to overcome them and ensure your business thrives.

As an entrepreneur, you expect to wear many hats. In fact, 86% of Black businesses have less than 5 employees*, making it tempting to become a jack of all trades. But it’s essential to be attuned to the signs that it might be time to bring in a professional. For example, a recent study found that 39% of Black business owners admitting to being late in completing their tax returns*.  As a business owner it is imperative to manage your financial records and staying up to date with tax obligations is not only vital for your business’s financial health but also for maintaining compliance with government regulations.  Financial advisors, accountants, legal and IT service providers can address specific challenges and help to overcome hurdles that are common for business owners and these professionals can take this burden off your plate.


Top 5 reasons to hire professionals to support your business

    1. Gaining Access to Expert Knowledge 


      Think about how, by partnering with a marketing professional, you can reach new customers, expand your target audience, and increase your overall market share. This leads to a stronger, more recognizable brand that attracts loyal customers and generates consistent revenue.


      Professional service providers bring valuable expertise and specialized knowledge to your business, empowering you to navigate challenges, uncover new opportunities, and make well-informed decisions.

    2.  Boosting Efficiency and Productivity

      Engaging professionals lets you focus on your core business activities, ensuring your time and resources are optimally utilized while the experts take care of the specialized tasks, leading to a more productive business that gets more done.

      For instance, with the assistance of a professional bookkeeper or accountant, your business benefits from well-organized financial records and timely tax filings. This not only helps you avoid penalties but also provides you with valuable financial insights, enabling you to make data-driven decisions for the future success of your business.

    3. Gaining a Competitive Edge

      Professional services provide valuable insights and expertise that can help you stay ahead of industry trends, implement innovative strategies, and adapt to the dynamic business environment, giving your business a competitive advantage.

      Engaging a skilled graphic designer or web developer results in a professional, visually appealing brand identity and online presence. This enhances your credibility and customer trust, ultimately leading to higher customer retention and a positive reputation in your industry.

       

    4. Building Valuable Connections 

      Collaborating with professional service providers can introduce you to important networks and relationships within your industry, opening doors to new partnerships, collaborations, and business opportunities.

      An example, working with an experienced professional in proposal writing and contract bidding can lead to winning more contracts and securing new business opportunities. This will contribute to the growth and expansion of your business, increasing its competitiveness in the market.

       

    5. Growing and Adapting with Ease

      As your business expands, professional services can support a seamless and efficient scale-up of your operations. They also offer flexibility by providing resources and assistance when needed, without the long-term commitment of hiring full-time employees. 

The elephant in the room – professional service cost

Even though hiring professional services might feel like an added expense initially, it can lead to substantial cost savings over time. Professionals can prevent costly mistakes, streamline processes, and uncover cost-saving opportunities in your business.

For example, hiring a financial advisor or accountant can help you optimize your financial management, leading to improved cash flow, better budgeting, and increased profits. This provides a strong financial foundation for your business, paving the way for long-term success.

At FACE, we recognize that for start up companies and growing businesses that the cost to hire professional services can be a challenge.  With that in mind, we partnered with TD to launch the Propelling Black Entrepreneurship program that will offer 50 grants ranging from $2,500 to $5,000 to qualifying Black entrepreneurs across Canada as subsidies to contract corporate business service providers.

Our goal through this program is to support Black Canadian entrepreneurs in the creation of their business and financial documents, including business plans, financial statements, and tax filings to help improve access to financing.  The program will start in April, to sign-up for details visit facecoalition.com/resources


*Source: DBPA LABOUR MARKET NEEDS ASSESSMENT 2022, ISED CANADA 2021.

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Rob G.C. Sobey

Board Member

Rob G.C. Sobey is a corporate director. Mr. Sobey was the President & Chief Executive Officer of Lawton’s Drug Stores Limited from 2006 until his retirement in 2014 after 25 years with Sobeys. He serves as a director of SeaFort Capital and the Institute of Corporate Directors. Mr. Sobey is Chair of the Sobey Art Foundation, a member of the Queen’s Smith School of Business Advisory Board and serves on several foundation and not-for-profit boards. For his work as an Honorary Colonel of the Canadian Army, Mr. Sobey received a Queen Elizabeth II Diamond Jubilee Medal. He holds an undergraduate from Queen’s University, a Master of Business Administration from Babson College, and the ICD.D designation.

Denburk Reid

Board Member

Denburk Reid is the founder of Montreal Community Care Foundation (MCCF). Its mission is to empower youth by developing their leadership skills by using programs, workshops, and events, and by building bridges between communities. As the founder of MCCF, he beliefs that the youth hold the key to Montreal’s future and over the past eight (8) years, its programs have helped hundreds of Montreal youth stay on track, perform community services as well as set and achieve academic and life goals. The organization seeks to empower youth to become engaged citizens and leaders in their homes, schools, and communities. For the past five (5) years, MCCF celebrates and promotes community engagement across Montreal through the Montreal Community Cares Awards.

Along with his role as the founder of MCCF, Mr. Reid is the Founder of Red Rush Basketball & Red Rush Basketball Leadership. He has a passion for empowering youth and meeting them where they are lends to a successful outcome.

Abdikhier Ahmed​

Board Member

Mr. Ahmed is a recognized community leader in the non-profit sector with specializations in immigration and refugee resettlement, poverty reduction, and community empowerment. A dynamic, highly motivated individual with extensive experience in program development and delivery, providing strategic visioning and leadership. Over 10 years’ experience managing programs for non-profit organizations and working with communities and people from diverse socio-economic and cultural backgrounds both locally as well as internationally. Fluently multi-lingual: speaks and writes English, Swahili, Somali and basic Arabic. This experience help guide Mr. Ahmed when he was in the role of Director of Policy at the Office of Canada’s Minister of Families, Children and Social Development.

Mr. Ahmed is currently the Executive Director of Aurora Family Therapy Centre. Aurora is a progressive, non-profit family therapy centre that offers family therapy on a sliding scale; sees clients through services funded by Manitoba Department of Families and Department of Justice; provides community building groups for Newcomers to Canada; hosts a Psycho-Social Settlement Needs Assessment program for incoming refugees; provides summer youth programming for many newcomer communities; supports its own staff and other agencies through vicarious trauma and resilience programming; develops supportive relationships with community partners, and engages in advocacy for accessible community-based therapy services for all. Aurora is in the process of becoming a Centre of Excellence in providing cross cultural therapy from a systemic lens with a special focus on psychological trauma & recovery and community development.