If you’re interested in applying for the Boost Your Business Technology Grant from the Canada Digital Adoption Program (CDAP). If you are a small to medium business or SME, then this grant is one of the best options to grow your company.
Many starting and even older small businesses need to keep up with the rapid changes in the market. Not all small companies can risk changing their traditional processes into digital ones. Most of them will need financial assistance to start the transition.
CDAP offers this financial assistance and the Boost Your Business Technology Grant
is just one of its offerings. This grant aims to help SMEs situate themselves online and use new technologies to operate and grow their businesses.
What Is the Boost Your Business Technology Grant?
If you’re interested in the Boost Your Business Technology Grant, you have to be familiar with what it includes and what its limitations are. This grant is made for those who wish to leverage technology in order to improve their operations.
When you’re looking for productivity and efficiency then this grant is perfect for you. Through the grant, you can connect with potential clients across the globe, engage with your customers easily, and acquire important data about your customers’ preferences.
If you apply for the Boost Your Business Technology Grant, you will be able to hire a digital advisor for your business. The amount that the grant covers is about $15,000 which is roughly 90% of the total hiring costs.
How the Grant Helps SMEs
SMEs are the backbone of business in provincial and countrywide markets. The more SMEs thrive, the more people gain access to employment. That also means there will be more income generated in the economy. Below are some advantages of choosing the Boost Your Business Technology Grant.
1. Ease in Adapting and Integrating New Technologies
It will be easier for you to acquire new technology when you have the assistance of a grant. All you have to do is ensure that your business is eligible. The grant can offer up to $15,000 worth of services which you can use to hire a digital advisor.
You can also access a loan of $100,000, interest-free. The condition of the loan is that it should be used for the acquisition and implementation of new technologies for your business. You don’t have to worry about how to do this since the digital advisor that works with you can help create a Digital Adoption Plan (DAP) for you.
Apart from that you are also able to gain $7,300 in wage subsidy funding. This will be used to hire a recent graduate or a student that could help your business with using your new technology. The purpose of this is to ensure that your business can successfully transition into using signal marketing technologies in the future.
2. Solving Financial Barriers
Plenty of SMEs struggle with budgeting for their businesses. It’s because there is a limited amount of revenue that you expect and you have to plan how to spend it wisely. That is also the reason why some businesses stay stuck in a phase for a long while.
If you don’t want to remain stagnant for a long time, then applying for the Boost Your Business Technology Grant can potentially save you. The amount that you get from the grant will be more than enough to get you through some of your financial troubles.
For plans, you have your digital advisor, which is also 90% covered by the grant, available to help you. They will assist you in creating your goals and objectives for implementing the new technologies into your marketing strategy.
3. Fully Embracing the Digital Transformation
The Boost Your Business Technology Grant’s biggest goal is to help you transition and fully embrace your new digital transformation. It is always the worry of SMEs to suddenly change their processes as it will involve plenty of time and money to execute.
However, if you have your CDAP grant on your side, then you have much less to worry about. You will have a digital advisor to talk to, and they could give you sound advice on which action you should take.
Once you start integrating your systems into more digital platforms, the easier it gets. Your production processes become more streamlined. The amount of production that your company creates turns more efficient and faster.
4. Improving Supply Chain Logistics
The internet and new technology have given plenty of new opportunities to improve SMEs’ supply chain logistics. Every company needs to be able to meet the supply and demand of its customers. Having ready data that is available to your clients and stakeholders will help solve plenty of production issues.
You want your company to have visibility and a regular audit. New technologies can help with automatically scanning and identifying where add-ons or upgrades to products should be included. It’s crucial that SMEs quickly collect data that will aid in their logistics report.
Being able to connect and communicate timely with their suppliers and customers to address growing demand. You want to ensure that you have enough products or services to meet the demands of your customers.
5. Lessens Overhead Costs
Automation of processes can lessen overhead costs for SMEs. The Boost Your Business Technology Grant enables you to use technology to protect your investments. You gain more abilities through data protection, all-time efficiency as well as expansion.
Many businesses nowadays take advantage of digital data-saving platforms to store their valuable data. Not only does this mean less use of printing and paper, but anyone in the organization can also access the needed files in seconds.
Having the ability to protect your information, documents and data gives you more security. Thanks to the modern tools of today, many traditional company procedures that would take time can now be automated and done quickly and more seamlessly.
Why Digital Processes and Marketing Is Vital for SMEs
SMEs need to keep up with the fast-changing market and one of the best ways is to adapt to modern technologies. The only problem is that some companies that aren’t big enough tend to have trouble transitioning.
That’s why CDAP offers grants that can give SMEs more advantage in competing with new businesses as well as older businesses in the same market. Enhancing productivity and efficiency can bring a lot of positive changes to small companies.
SMEs often struggle with only having access to fewer resources which is why they can benefit greatly from automated processes and new technologies. The Boost Your Business Technology Grant makes it possible to allocate more of their time and effort to strengthening the core of their business.