Executive summary
This research paper aims to evaluate Canadian business-supporting organizations, evaluating their roles, contributions, and the impact they bring to Canadian business. The article also will look at the challenges that this organization faces in elevating the domestic Canadian business to the international market. The opportunities that these organizations have will also be evaluated. The information concerning these organizations will be collected by using semi-structured interviews and closed-ended questionnaires. The research paper consists of an introduction part, methodology, limitations analysis of the topic, findings from the research, and conclusion.
Introduction
Businesses in Canada and all over the world have been successful not by their resources, strategies, and finances but by the support and advice offered by other organizations. In the current world, the competition is very high, and more resources are needed for small businesses that operate locally to access the international market. Therefore, Canadian business support organizations, which can be non-profit organizations, industry associations, or governmental organizations, take the risks of supporting the same business with a few areas where they need help for them to operate smoothly. The efforts by Canadian business-supporting organizations cannot be underrated because they do the dirty work to make the businesses in Canada successful both domestically and Internationally(Lefebvre & Lefebvre, 2002). Therefore, this paper mainly aims to explore some of the Canadian business-supporting organizations and identify what roles they play and the contributions they provide to businesses in Canada. The ways they promote the growth of this business in Canada and how they promote innovation and sustainability will also be investigated in this article. The article will investigate how Canadian business-supporting organizations make the market environment conducive for businesses in Canada to innovate, grow, and work in a sustainable environment.
Methodology
This research paper made use of secondary data and primary sources to get information. The secondary sources that were used to get information were mainly business journals, economic journals, and business reports. The reports were mainly used as evidence to reinforce the argument that the organization is getting most of its advice and financial aid from Canadian business-supporting organizations. In some other scenarios, the article will draw some information from case studies and information from the Canadian business official website. The method of data collection that will be applied in this research will be the qualitative data collection. The respondents will be sampled randomly from 15 organizations, and 30 respondents will be picked from each organization. Closed-ended questionnaires will be distributed in the organizations, and semi-structured interviews will be conducted for a period of seven days. The information will be analyzed by use of thematic analysis, and a conclusion will be drawn after the findings are compiled.
Limitations of the study
Random sampling bias: The random sampling method of the company managers and stakeholders would be biased, affecting the general information provided.
Uncooperative respondents: During the interview, there would be a few uncooperative respondents, failing to answer the question asked directly and clearly. In the questionnaire, some respondents did not answer some questions, leading to inaccurate analysis during data analysis.
Time constraint: The time allocated for an interview would be minimal, forcing some respondents to answer the questions asked briefly. The time constraints will make the information collected during an interview to be insufficient, affecting the overall data collection.
Analysis and critical thinking
From the collection of information concerning Canadian business-supporting organizations from qualitative research methods by use of semi-structured interviews and closed questionnaires, it was found that the Canadian business-supporting organizations are numerous but divided into three main categories: government bodies, non-profit organizations, and industry associations. The organizations are known as a medium for providing financial support for small entrepreneurs for economic development and acting as guidance for networking opportunities to promote international trade(Chiericati, 2022).
Governmental bodies
Under governmental bodies, the famous Canadian business supporting organization is Innovation, Science and Economic Development Canada, also known as ISED. It is one of the most crucial organizations that play an important role in promoting the economic growth and innovation of Canadian businesses via improvised programs and initiatives. The programs that it offers include assistance in promoting international trade, funding for international market research and development, and also supporting the business through investments (Baldwin et al.,2020). The other government body that works as a Canadian business-supporting organization is Export Development Canada, also known as EDC. This organization is among the companies in Canada that help Canadian business expand their operation in the international market by helping the companies with financial help, bonding services, and insurance coverage. In addition, this organization helps businesses in Canada mitigate the high risks they face while exporting and expanding in new markets.
Non-profit organizations
There are two main Canadian business-supporting organizations under non-profit organizations: the Canadian Chamber of Commerce and the Business Development Bank of Canada. Responses of the respondents, about 75% were in support of these two organizations as they are non-profit organizations with minimal complications and expenses. Many of the respondents, especially the business representatives and stakeholders, supported the Canadian Chamber of Commerce for its high level of advocacy at the federal level, helping the interests of the business be heard in the government and by policymakers(Seck et al., 2018). The business manager in Canada claimed that this organization provided them with resources and networking opportunities. Business Development Bank of Canada, being a financial institution, is very important for Canadian businesses as it offers the required financial aid for businesses in Canada. The company also offers the required advice and capital to businesses in Canada, helping small entrepreneurs operating domestically to grow and access international markets(Seck et al., 2018).
Industry associations.
The last category of Canadian business-supporting organizations is the industry associations. Organizations such as the Information Technology Association of Canada and Canadian Manufacturers and Exporters CME are the two most important organizations in this category. For Canadian businesses that deal with technology, ITAC acts as a representative of the businesses working in the technology sector by advocating policies that support their growth and development. The company provides channels and networks for accessing resources in the IT industry. On the other hand, Canadian Manufacturing and Exports mainly represent the manufacturers and exporters of products outside Canada(Lefebvre & Lefebvre, 2002). They offer services such as training programs, support, advocacy, and networking events that support businesses in the manufacturing sector to innovate and grow globally.
Finding
Effects of Canadian Business Supporting Organizations on Canadian Businesses
As mentioned earlier, the Canadian business support organization acts as one of the most important factors in the success of Canadian businesses. It has been mentioned that these organizations provide a variety of services, resources, advice, and programs that elevate the operation of that business. The Canadian business supporting organization impact the Canadian business in the following ways:
Promoting entrepreneurship and innovation
From the interviews, about 30 of the respondents out of 50 claimed that Canadian business-supporting organizations promote the level of innovation and entrepreneurship by helping them to easily access mentorship programs and funds(Lefebvre & Lefebvre, 2002). A good example that some respondents highlighted is organizations such as BDC and NRC IRAP, which offer financial aid and advice to SMEs on ways to start businesses and fund their operations, acquiring new products and technologies (Dilley,2019). The support from these organizations enables small businesses in Canada to take valuable risks to explore new opportunities in the market and promote their operation by use of available innovation.
Trade promotion and expanding opportunities.
Canadian businesses are able to expand to the international market easily with the help of these organizations. Organizations such as Export Development Canada have been given praise from the questionnaires as one of the important entities in providing finance, insurance, and solutions to risk management that help Canadian businesses penetrate the international market without difficulties (Baldwin et al.,2020). This organization offers trade mission training programs concerning exports and reports about market intelligence that are useful to Canadian businesses. These organizations, on top of that, create stronger partnerships in the foreign market, explore foreign markets, and create effective competition in the international market for Canadian business.
Advocating for Canadian business interests
Furthermore, these organizations can influence the policies and regulations made by Canadian governments for the effective operation of Canadian business. A good example of such an organization with that capability is the Canadian Chambers of Commerce. The industry association organizations and other advocacy groups take the risk of representing the voice of Canadian businesses and try hard to express matters that affect the operation of a business, such as taxation, barriers to trade, and regulations (Chiericati, 2022). These organizations work to create a conducive business environment for Canadian businesses by lobbying policymakers and governments with the aim of promoting economic competitiveness.
There are numerous examples to illustrate the effectiveness and impact of Canadian business-supporting organizations, but the most recent is the success of Canada Goose. This Canadian luxury brand got support from the EDC and other Canadian business-supporting organizations. Currently, Ada Goose operates internationally, specifically in international markets such as China and Europe. The ability of the company to operate in the international market was made successful with Canadian business support organizations’ help on matters such as financial and market insights supporting the growth and expansion of the company(Dilley,2019).
Challenges and Opportunities
Despite the good work and the success that the Canadian business organizations have been making to support Canadian bossiness, there are a few challenges that they need to overcome. The challenges include:
Funding: Many Canadian business-supporting organizations need more funds, and on many occasions, they operate under a limited budget. This limits their full potential to offer sufficient services and support to the businesses. Many of these organizations depend on government funding, which makes their resources unstable, affecting the long-term plans ineffective.
Poor organization and disintegration with the ecosystem: There is a high chance of duplication and ineffectiveness of these organizations because these operations are numerous, but they operate independently and end up overlapping mandates. Due to a lack of organized coordination, there is a high risk of gaps developing in the delivery of services, especially in businesses that seek complete support.
Adoption of ever-changing market trends: The increased changes in the rate of technology in the market are a big challenge to Canadian business-supporting organizations because there is a change in consumer behavior, innovation, and demand because of these trends(Lefebvre & Lefebvre, 2002). Organizations must adapt to these trends to avoid remaining behind in providing high-quality services to their customers and be competitive enough.
Opportunities
Collaboration and partnership: This is a good opportunity for these organizations. Working together and as a team makes it easy for the organizations to pool expertise and programs of funding together, making their operation easy and smooth.
Technology: This is another opportunity that organizations can enjoy when they embrace it. Digital platforms and other technologically advanced tools can easily improve the services that these organizations provide and also make it easy for businesses around the globe to connect.
Conclusion
The research has comprehensively highlighted the main areas concerning Canadian business supporting the organizations by categorizing them into three: non-profit, government bodies, and industry associations. Their roles, such as financing and offering advice, have been explained in detail. Some of the challenges, such as financial constraints, have also been explained. Therefore, there is a need for improvement of these organizations, especially on challenges that have been highlighted affecting them.
References
Baldwin, J., Dar-Brodeur, A., & Yan, B. (2020). Analytical Studies Branch Research Paper Series Innovation and Export-market Participation in Canadian Manufacturing. Retrieved February 25, 2024, from https://oaresource.library.carleton.ca/wcl/2016/20161220/11f0019m2016386-eng.pdf
Chiericati, C. <1997>. (2022). ROLE OF CHAMBERS OF COMMERCE IN INTERNATIONAL RELATIONS AND POLITICS Casa Study: Italian Chamber of Commerce in Quebéc, Italian Embassy Amman, and ICE Amman. Dspace.unive.it. http://dspace.unive.it/handle/10579/21798
Dilley, A. (n.d.). The Politics of Imperial Commerce: The Congress of Chambers of Commerce of the Empire. Retrieved February 25, 2024, from https://files.ehs.org.uk/wp-content/uploads/2020/11/29060809/DilleyFullPaperIG.pdf
Lefebvre, E., & Lefebvre, L.-A. (2002). Innovative Capabilities as Determinants of Export Performance and Behaviour: A Longitudinal Study of Manufacturing SMEs. Innovation and Firm Performance, 281–309. https://doi.org/10.1057/9780230595880_12
Seck, S., MacMaster, K., & Simons, P. (2018). Submission: 2018 Legislative Review of Export Development Canada. Articles, Book Chapters, & Popular Press. https://digitalcommons.schulichlaw.dal.ca/scholarly_works/174/
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