Growing your business and thriving in this new normal.
On June 25th, we discussed how businesses were able to
grow and thrive in this new normal.
For business owners and entrepreneurs across the region, the COVID-19 pandemic has posed many challenges. Many companies have closed their operations while others have made significant changes in the way they operate, scaling down for the foreseeable future. For others however the past months represented an opportunity to grow and digitally transform their business.
In this episode we explored how some businesses were able to grow and thrive in this new environment, and which digital solutions can help with your goals.
About the speakers
The importance and role of small-medium businesses
Employers: 86.4% of all businesses in Canada have fewer than 20 employees. Before the COVID-19 pandemic, small businesses accounted for half of private sector jobs and for two-thirds of net new jobs created from 2000-17. Permanent closures of small businesses are thought to generate longer lasting unemployment than temporary furloughs and layoffs do.
Economic multipliers: Many larger firms rely on small businesses as suppliers, direct customers for Business to Business services, or employers for many of their customers. Often, small businesses form a significant percentage of industries that have high employment multipliers, so job losses in these industries could cause significant job losses in the broader economy.
Community hubs: Small businesses form the backbone of many communities. According to a 2019 study, nearly twice as many Canadian consumers prefer shopping with small business over big business - and one in five are willing to pay more. Small business owners help build a sense of community and are more likely to build personal relationships with their customers.
Entrepreneurship engines: Small Businesses owners innovate, compete and work hard - they are entrepreneurs who solve problems and create unique opportunities, particularly for women, minorities, and immigrants. Families that own businesses tend to be more upwardly mobile than those employed by others.
Adopting new technologies
Local Businesses that can pivot digitally, and adopt digital technologies, to enable their customers, partners and the communities in which they operate, will have the best opportunity to not only survive but thrive in the long term.
Although it is hard to predict a recurrence of the virus or any crisis for that matter COVID-19 has changed the world, and business. The future we envision post-COVID is one where people and businesses are prepared and enabled through technology.
Whether it is to continue business operations or maintain access to essential needs, the digital economy will play a crucial role in all aspects of our live.
This is a brave new world and we are here to help you innovate and evolve.
