25th August 2020
As businesses continue to navigate the unknown during the COVID-19 pandemic, as a small business owner I thought I would break from safety and cover a few questions around businesses and the challenge to survive, and even grow.
Let’s start with latest small business facts from a 2019 Small Business Profile published by the government of British Columbia.
Small business in BC are businesses with less than 50 employees and there were 508,700 of them as of 2018.
Consider the following:
In short, these businesses are the backbone of our economy in BC and across Canada.
So, if these Small Businesses are the backbone of our BC economy, how are they surviving during the covid-19 pandemic?
CFIB said that they had not analyzed the “breakdown between rural and urban small businesses”, and that business sectors have been a bigger factor in how well a business is currently doing.
“In sectors like hospitality, those regions will be harder hit, compared to sectors like agriculture and construction,” said Jones. “That’s been a bigger factor than geography.”
Without verified statistical data and analysis, we don’t however fully understand the impact of the pandemic on these businesses, employment, and the economy in general.
For every business that closes, there are customers, suppliers, and competitors among other stakeholders that need to adjust to these market changes.
It may take months, or years to really understand the fallout from the pandemic. Consider the implications for the following:
For those companies that have managed to survive the challenges in the first half of the year, what can be expected leading into the second half of the year?
I thought it would be good to consult someone with experience.
John Boudreau is a business consultant with Align 4 Growth and has over 35 years of experience in sales, revenue, and business growth.
I had the opportunity to discuss with John where we are now with COVID-19 and what suggestions he has for small businesses.
John replied, “What can you compare this to? This is a highly unpredictable situation. It’s not unreasonable to be focused on simply surviving, but also consider how to grow during the pandemic.”
John indicated it’s important to consider a number of things, including the state of your business now, and potential growth opportunities as well.
There were some general considerations John identified in relation to moving forward:
It’s also critical to look at where the business intends to go.
Whether it’s recovery, or planned growth, what’s the plan moving forward?
John indicated that while there are many challenges for small businesses, there are also opportunities that may require your business to pivot and adapt to get where it needs to go.
We have seen a range of responses, and outcomes from the pandemic, both positive and negative.
Some businesses have been severely impacted and closed down, or are close to closing down, while many businesses have weathered the storm to date, and in some cases have grown.
To best prepare small business for the coming months, John has recommended businesses focus on the following:
Posted in: Safety Blog