Entrepreneur Neda Ghazi is learning how to harness new technology to help her run her creative agency.Jennifer Roberts
In 2015, when Neda Ghazi co-founded Comfable, a Toronto-based creative agency and consulting business for other start-ups, she had no background, education or training in operating a small company. “There were a lot of things that I didn’t know about running a business,” Ms. Ghazi explains. As CEO, she’s responsible for the agency’s marketing and operations, among other tasks.
Recently, with the advent of AI, Ms. Ghazi is learning how to harness new technology to aid in running Comfable, which currently has four full-time and two part-time employees. “I have to wear different hats, and AI helps me learn the things that I don’t know about,” says Ms. Ghazi.
One of her responsibilities is writing job postings for new hires. Without a dedicated HR department, Ms. Ghazi uses AI to help craft a description based on her needs. “[ChatGPT will] draft me the job posting, and then after that, I go back and forth to make sure it’s exactly what I want,” Ms. Ghazi explains.
Like many small business owners, Ms. Ghazi is upskilling to contend with the latest technological advances. Ms. Ghazi leans on YouTube videos, Slack channels for entrepreneurs and networking with other business owners to get advice and help on using AI and ChatGPT to its fullest.
She’s also taken leadership courses at the University of Toronto’s School of Continuing Studies about conflict management and negotiation. “I know now that these softer skills are very important: how to deal with your client and your internal team,” Ms. Ghazi explains.
Business owners who are keen to future-proof their operations and be ready for what 2025 has in store should consider upskilling. Like Ms. Ghazi, that can look like a combination of formal and informal training.
Sal Rabbani, managing partner of advisory services for BDC, a bank for entrepreneurs, works on a team that helps small businesses grow their operations. Economic, geopolitical and technological changes are creating a complex landscape for entrepreneurs.
“The next five years will continue to be challenging for businesses,” Rabbani explains. Climate change is one major factor that Rabbani says will affect the way small businesses operate. He points to a March 2023 report released by BDC which estimated that 92 per cent of major buying organizations would require their suppliers to disclose some form of ESG information by 2024. “Adopting environmental, social and governance practices will be an imperative,” Mr. Rabbani explains. “Reporting on your ESG efforts will be increasingly necessary to enter the supply chain of a company.” Understanding ESG principles and reporting will help small businesses get ahead in 2025.
Mr. Rabbani also highlights labour shortages as a growing concern for the future. That makes people management skills important for small business owners to hone if they don’t already have a designated HR person in place.
“Entrepreneurs should focus on a people strategy that considers competitive compensation, growth opportunities and a positive culture that will help them attract and retain talent,” Mr. Rabbani explains.
Like Ghazi, he also recognizes the importance of small business owners harnessing AI. “It not only has the potential to save time and improve efficiency, but it can also enhance customer service, growth forecasting and support marketing efficiency,” he explains. Mr. Rabbani recommends BDC’s Entrepreneur’s Learning Centre as a free resource for small business owners to upskill on their own time.
At Futurpreneur Canada, entrepreneur-in-residence Dominik Loncar is also looking at 2025 trends in order to advise young and emerging entrepreneurs he works with on their business plans and strategies.
Echoing Mr. Rabbani’s advice on the importance of ESG, Loncar says that small businesses, especially those in retail, will need to sharpen their social media and marketing strategies to highlight socially responsible messages from their businesses. “I think businesses today are held to a higher ethical standard than they were in the past,” Mr. Loncar explains. “They need to get better in understanding the stories they’re telling.”
As the costs of living and doing business increase, Mr. Loncar also highlights the importance of understanding cash flow. It’s something that’s always been essential to running a small business but is all-the-more important heading into the unpredictable economic landscape of 2025. Webinars and courses on budgeting and forecasting cash flow can help entrepreneurs upskill to better manage their finances.
Mr. Loncar reminds small business owners that once they’ve made some efforts to upskill, they might recognize where their strengths lie and outsource certain tasks and responsibilities to experts. However, a responsible entrepreneur should also have a basic understanding of all elements of their business.
“I tell people to do it first on your own,” Mr. Loncar says. “Then, outsource it to someone else once you’ve understood it.”
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