Jessica Tan: Helping Canadian small business owners build for what’s next

Think about the neighbourhood coffee shop, the local electrician or the independent retailer you rely on. Behind each business is an owner making decisions that most of us never see.

Should I open another location? Invest in new equipment? Take on a major contract? Hire now or wait?

Those decisions affect more than the business. They can also affect an owner’s employees, family and financial future.

That was at the heart of the conversation I brought to the CanadianSME Small Business Summit in Toronto. It was a valuable opportunity to connect with entrepreneurs and business leaders and talk about what it takes to navigate change and keep growing.

I’ve worked in different countries and in organizations of many sizes. One thing I’ve learned is that business rarely follows a straight line. Markets shift, technology evolves and Client expectations change. No one can predict every challenge. What matters is staying curious, adapting and being ready to make the decisions that move your business forward.

Our latest Sunlife research shows just how closely those decisions are connected to an owner’s own financial future. Nearly seven in 10 small business owners say greater financial security would allow them to make bolder business decisions. The same number say their personal financial future depends on the success of their business. 

Creating room to make the next move

When I talk with small business owners, I’m often reminded how closely their business is connected to the rest of their lives. The savings that might fund a new hire or a second location may be the same savings set aside for their children’s education or their own retirement.

For many owners, a business decision is also a family decision. Having a stronger financial foundation can create more room to invest, hire or explore a new market. But owners don’t build successful businesses on their own. Having the right people around them matters too.

Investing in people is investing in the business

I believe culture and performance go hand in hand, and small business owners see that connection too.

70% say investing in employees strengthens their long-term resilience, while 76% say a stable workforce gives them greater confidence to grow.

A strong team helps a business serve its Clients, solve problems and adapt when circumstances change. Supporting employees’ development, health, financial security and wellbeing is not separate from growing the business; it’s part of how sustainable growth happens. 

Preparing for what comes next

At Sunlife, we see the needs of small business owners from both sides: as individuals planning for their own futures and as employers building businesses and supporting the people who help them succeed.

That means looking at the whole picture. It can mean helping an owner protect what they’ve built and plan for their personal financial future, while also helping them support their employees’ health, wellbeing and financial security.

Running and growing a business can already be a lot to manage. Bringing those needs together can help owners focus on what matters most: building a strong business, supporting their people and being ready for whatever comes next.

Small businesses are part of the fabric of communities across Canada. When we support both the people building these businesses and the people helping them succeed, the impact reaches well beyond any one company. When small businesses grow, their employees, families and communities grow with them.