Over the last 15 years, Canada has experienced a significant amount of economic volatility, with everything from global financial crises to shifts in market trends and the pandemic taking a lasting toll on Canadian businesses.
Currently, small businesses in Canada are suffering decreases in profitability of up to 35.6%. In addition to issues with the supply chain, rising interest rates, labour shortages, and debt are among the other obstacles at the moment. Now, despite these facts, research is showing that the majority of small businesses remain optimistic during this time.
In Oakville, we are home to upwards of 8,000 businesses in various industries who all possess a unique vision for how they can provide value to our town. With that fact in mind that there have been, still are, and forever will be hurdles to overcome for businesses in Canada, we must recognize that surviving as a business means consistently searching for new ways to add value.
Five of our community's local business staples share the unique traits they possess that have helped them succeed long-term as a small business owner in Oakville. These will make you wonder if a general formula exists for owning and operating a successful business.
First, we have Lucio Palozzi, Vince Ricci, and Anthony Cappuccitti (Buca Di Bacco) demonstrating how to be proactive when faced with change:
They say your ego needs to be in check as a leader to create a culture that differentiates the work experience just as much as it does the customer journey. Being in the community for over 20 years, Anthony, Lucio, and Vince are no strangers to hard times.
"The pandemic was hard on all restaurants; it was something that forced us to adapt," Anthony said.
"While the restaurant was closed, we decided to develop a delivery app, join Uber Eats and Skip The Dishes, and repaint the inside… Because when else would we be able to do that?".
Before this point, the leadership team at Buca was already making it a point to look for the next thing that would separate them from other restaurants. When asked the question, "What makes a great leader?"
Anthony replied, "Someone who listens and engages their team, and someone who asks for advice as opposed to always trying to give advice because my biggest asset is my employees."
In an interview with Tim Jackson, President & CEO at Shad Canada, he said, "Good entrepreneurs - see signs; great entrepreneurs anticipate change."
While the pandemic was something that no business could have anticipated, places like Buca Di Bacco, which are pre-conditioned to look for new opportunities, will grow their business in the long run when faced with change.
Mato & Luka Zovko (SST Oakville) are great examples of what it's like to have a strong work ethic and mentality when it comes to taking the risk of overtaking a dying business:
Tim Jackson had a baseball analogy when discussing risk as a business owner that went, "It's better to be 7 for 10 than 5 for 5". I brought this analogy up to U of T, and Wilfrid Laurier, business professor and principal at Swanston Management & Consulting, Dr. David Swanston replied, "If you're going 5 for 5, you're probably playing it safe, which in the long run hurts small businesses".
"Playing it safe" was never in the cards for Mato & Luka Zovko, who took over the business from a previous owner amid Ontario's second lockdown when no revenue was coming in.
When asked about what they sought for SST, Mato said, "While Covid was tough for SST, we were able to overcome the drought through re-establishing the brand and image that was created here in the last 14 years".
Mato and Luka work full-time jobs in addition to running SST, a 6 a.m. to 10 p.m. workday, 7 days per week, that had no guarantee their efforts would pay off. When asked what advice they would give to young entrepreneurs, Mato and Luka emphasized the importance of intent.
They said, "Any idea or service can succeed here if you believe in your brand and strategically plan your approach to the right demographics. I'd say to really make sure you understand your community and tailor what you have to offer to the right audience."
Community is something The Kings Arms prides itself on, a 23-year-old staple in Oakville's nightlife scene led by Rob O'Donovan and Angelo Triant. These leaders recognize the importance of connection within the community and how that creates opportunities for crafty marketing.
Knowing their establishment is always open much later than most, Rob and Angelo would at one point go to other local spots and hand out flyers for "industry night," when local restaurant staff could stop by to unwind after their shift and have someone take care of them.
When I brought up personal touches like this from owners to David Swanston, he noted, "Part of the reason local businesses have been able to survive in Oakville is because of the efforts by owners that couldn't be handled solely by a large staff."
"You don't always have the luxury of managing; you have to be a visionary and a strategic thinker, among other things."
Oakville is a unique city where many ambitious entrepreneurs see different visions. Founders of Village Cigar Jerry Filice & Ryan Baker are examples of successfully combining hobbies and passions with business acumen.
I asked Jerry what he would tell himself, looking back to the time when he first opened in Oakville. He said, "Expansion is tricky. Nothing is ever as good or as bad as it seems. There's always a middle ground where you need to really live. If you can do that, you'll have a long life in business".
Longevity isn't without its challenges. But for business owners like Jerry and Ryan, combining a passion for barbering with a love for cigars has made overcoming those challenges even more rewarding.
As many entrepreneurs will tell you, a "never finished" mentality is needed to succeed as a small business. But finding new challenges to seek out shortly after tasting success is something not many will embrace readily. However, the owner of Burrows Clothiers, Blake Lennox, claims this is the accurate measure of entrepreneurial longevity.
At the age of 23, Blake recognized his potential to make an impact in the retail industry. In doing so, he took over Burrows Clothiers, a business successfully operating for over three decades before his involvement.
Burrows has been highly successful over the years due largely to Blake's ability to respond to success the same as he would a failure, maintaining a humble and growth-oriented mindset. He sets "high but manageable goals," which allow his team to stay motivated.
As small businesses continue to face obstacles, these stories remind us that it is possible to overcome challenges and thrive in Canada with the right focus.