With the developing speeds of globalization, innovation in digital transformation has made a new advanced scene. As a result, the Government of Canada created the Canada Digital Adoption Program (CDAP). All because of the 2021 administrative spending plan, the aim is to manage progressive changes.
As an approved digital advisor, we were hoping you could go through some basic needs and benefits of CDAP. So you may better decide if your business needs it or not.
Which companies should take CDAP seriously?
- With lack of technology
- Confused about the right digital tool for their business
- Small businesses looking for fast growth
- Companies looking to walk with digital transformation
List of benefits of CDAP
- Increase productivity and efficiency
- Innovative workplaces
- Higher customer satisfaction
- Better employee experience
Small businesses that need to adopt digital technology are at the center of the CDAP program. This program will invest $1.4 billion over four years with the help of two streams.
These streams are the Grow Your Business Online and Boost Your
Business Technology Stream.
- Grow your Business Online stream will support SMEs to get e-commerce opportunities with micro grants.
- Boost Your Business Technology stream will support businesses with advanced technological updates, including industrial companies in manufacturing and processing.
Stream 1- Grow Your Business Online
The Grow Business Online stream of the CDAP supports up to 90,000 independent companies. Unfortunately, these companies still can’t use the chances of internet business and digital innovation. Where Cafés, the travel industry, entertainment, and new companies are some fruitful candidates. Also, this stream gives micro grants to 11,000 youthful advanced counsels in Canada. All they have to use their abilities and practices to assist SMEs.
Digital technology implementation costs might be $2,400 for qualified candidates in Grow Your Business Online stream.
Qualified candidates for the same will meet the following criteria:
- It is a for-benefit business.
- It Is enlisted and is customer-facing.
- It is open to customers face to face.
- Has at least one worker;
- It is focused on keeping an advanced reception procedure for at least a half year after program interest.
- It will take part in follow-up reviews and share data with the Government of Canada. And have business distributed as a beneficiary of the funding.
For this program, candidates should meet the following action rules:
- Take on advanced innovations that will empower the business to serve customers all the more. As well as attract new customers in a digital marketplace.
- Influence new e-commerce business, including, yet not restricted. For example, digital e-commerce plans, SEO, social media advertising, fees for subscription-style, etc.
The application admission period for this program will close once all financing is completed.
Stream 2- Boost Your Business Technology
It allows SMEs to use CDAP’s funding and adopt new technology for their business. In addition, CDAP will include the approved partners for food, manufacture, services, and other industry stakeholders. These will work together and achieve the goal in time.
This stream presents grants that will cover 90% of eligible costs. Which up to $15,000 to put together and carry out an advanced reception drive for SMEs.
It might qualify the steam on the off chance that they meet the accompanying criteria:
- Has been consolidated, or the sole owner is a Canadian occupant;
- It is a for-benefit business that is exclusive;
- Keeps 1-499 full-time same (FTE) workers
- Should have a minimum of $500,000 annual revenue in the previous three tax years.
For an exhaustive comprehension of this program, kindly survey the complete framework.
Applicants will be the digital advisor that helps SMEs to develop digital marketing plans, outlining the following:
- Hire the services of a digital advisor
- complete the report outlining the financial costs of implementing the digital adoption process
- Outline how new existing employees will carry out the digital adoption plan
- Create a robust implementation roadmap for timelines, costs, resources, etc.
- Develop recommended digital strategies that help the business achieve goals
The Boost, your Business Technology stream, will close after funding is dispensed.
If your business needs government financing programs, there are many. Whereas using grants and loans are the most effective ways to complete the digital transformation.
While applying for one of these grant programs, if you are looking for an official CDAP Digital Advisor, NetKarma is here to help.