CDAP is quick and easy
According to Kovacs, one of the most surprising things about CDAP is how quickly and easily it works. Entrepreneurs can apply and get approval in as little as 10 to 15 minutes. This is great for busy entrepreneurs who don't have the time or resources to spend weeks on a complicated application process.
Use the digital audit to find new opportunities
Kovacs shared a case study of an Indigenous tourism operator who underwent a digital audit as part of their CDAP grant and discovered new advertising opportunities on Reddit and Pinterest. By running campaigns on these platforms, the operator saw four times the leads for half the cost. Kovacs also recommended doing a competitor analysis to see what strategies work for similar businesses.
Hire a youth and create a plan
Kovacs encouraged businesses to hire youth through CDAP's partnership with Magnet and create a plan for them to implement. He shared a case study of a seaplane company that received a wage subsidy of $7,300 to hire youth and implement a plan created by Kovacs' Jelly Marketing team. This resulted in increased revenue for the company. Kovacs emphasized the importance of including a youth plan in the overall strategy.
Look beyond BDC for funding
While BDC is a great option for funding through the CDAP Boost Your Business Program, Kovacs shared that some businesses have also been able to use their CDAP plan to secure loans from private investors and other financial institutions. This expands the funding options available to entrepreneurs.
Entrepreneurs can maximize the CDAP's benefits by taking advantage of the digital audit, hiring a youth, and exploring funding options with and beyond BDC. The CDAP is a great opportunity for businesses to step back and reevaluate their strategies, and with the help of an approved advisor like Kovacs, they can make the most of it.