CDAP Digital Adoption Plan Guide
Small to medium size enterprises (SMEs) can kick-start their digital transformation and get up to $15,000 in funding by creating a digital adoption plan. The Canadian government funded the Canadian Digital Adoption Program (CDAP) with $4 billion for the next four years. The purpose is to support Canadian small and medium-sized businesses by boosting their technology and staying competitive in the market.
With technology rapidly changing, it’s crucial to adapt and improve your understanding of your consumers, business, and employees to strategize effectively. The key is to pay close attention to how new solutions can satisfy your company’s needs and increase productivity. This will be accomplished through the creation of a CDAP digital plan.
The Boost Your Business Technology grant offers successful applicants access to up to $15,000 to employ a CDAP digital advisor and defray the costs of their digital adoption strategy. Following completion and approval of the digital adoption plan, business owners are eligible to apply for a $100k BDC 0% loan to implement the plan, and they will be eligible for a subsidized employee.
If your business is further along in the lifecycle and you’re looking to be equipped with better cybersecurity, or you need to consolidate your back office software, then this grant is for you!
Determine your Eligibility
Small and medium-sized businesses must confirm their eligibility by meeting all the requirements in the criteria below:
- Is a for-profit
- Is privately owned
- Is an incorporated business under the rules of Canada or a province or territory, or a sole proprietor whose owner resides in Canada
- Has between 1 to 499 full-time employees
- Has had at least $500,000 of annual revenue in one of the last three tax years of submitting a grant application.
- Is a company that adheres to laws governing labour, the environment, and human rights as well as ethical business practices.
What are the CDAP Benefits?
- For up to a $15,000 grant, 90% of the costs of creating the digital adoption plan will be covered.
- The Business Development Bank of Canada (BDC) is offering an interest-free loan of up to $100,000, on a 5-year term.
- Employ a post-secondary student or recent graduate for short-term employment to assist with digitizing your business. Wage subsidies will equate up to $7,300.
What is included in a CDAP Digital Adoption Plan?
The Answer Company will provide a high-level summary of the key elements of the CDAP digital plan for the SME. We will examine important business factors, including the company’s opportunities, risks, strengths, and weaknesses. We will evaluate the current information systems and technologies and pinpoint any external issues.
A minimum of three potential digital/technology solutions will be identified for the SME to consider. Each solution will have a detailed explanation on how it will enhance the SME’s operations. We will then develop a roadmap where we will determine the important components of implementation including timeline, dependencies, expenses associated with acquiring the technology, etc.
Together, we will discover the skills and abilities your business will need to possess and the requirements to execute the top three digital solutions to achieve your transformation goal.
How long will it take to create a digital adoption plan?
Each digital adoption plan is tailored to meet the specific requirements of the business. The timelines can vary, but on average, digital plans can be completed within six weeks. The Answer Company can assist you in creating the CDAP digital plan and expedite the process a few weeks after signing the contract.
Complete the Digital Needs Assessment (DNA)
The Digital Needs Assessment is a tool for the applicant to self-evaluate. The Answer Company will guide you through a detailed evaluation of the company’s digital maturity in contrast to a set of benchmarks related to the Canadian industry. This will help the applicant understand its current digital capabilities and maturity. You will be able to determine areas that require polishing for continued success.
How can The Answer Company help you?
The Answer Company is a leading provider of ERP consulting services dedicated to advancing your company through specialized ERP software solutions. We are committed to providing businesses with effective answers to specific problems. During our comprehensive ERP installation process, we identify areas for process and financial improvement to ensure that businesses are thriving in their market.
As an ambassador of the Canada Digital Adoption Program, we are a certified CDAP digital advisor for the program to help small and medium-sized businesses develop a digital adoption plan that meets the CDAP requirements. You will have the opportunity to receive guidance and expertise from us to propel your business forward.
Achieve your digital transformation goals
We will review your business’s current state regarding your strengths, weaknesses, opportunities, and any potential threats to better understand your business’s overall health. A complete comprehensive report will be completed, summarizing the expenses associated with putting the digital transformation in place.
Additionally, new technology solutions and their benefits will be identified. The company’s objectives will be at the forefront when considering which technology should the company acquire. We will then guide you by developing a thorough implementation plan that includes dates, expenses, and resources to maximize the funding and complete the project in a timely manner.
With the CDAP grant, what business technology should I introduce to my business?
We have a wide network of experts who are well-versed in technology, and they can help identify the right solutions for your business. We will help you assess your business and develop a digital adoption plan to tackle your goals. Achieving your next milestone is around the corner! Get started today and contact one of our digital advisors.