The COVID-19 pandemic has left many small businesses in Canada struggling to keep their heads above water. Now that provinces are starting to open, it’s time for business owners to take control of their destiny. We’re here to help you by providing 5 tips on how your small business can succeed post-pandemic!
1. Maintain a Positive Attitude
Although the past 2 years have been rough, we can be grateful that Canada is beginning to open up again. When running your business, a positive attitude will directly correlate to positive results. Look at your situation as an opportunity to be creative and innovative. Savings are at an all-time high due to the pandemic, and customers are ready to spend! As Bobby Unser once said, “Success is where preparation and opportunity meet.”
2. Network with Other Businesses
Building relationships through networking is one of the best things you can do for your business post-pandemic. By creating a network, in person or online, you’ll gain valuable insight into how other small business owners are surviving and thriving post-pandemic – plus it’s always great to have something in common! A large part of maintaining a healthy business is the connections it makes through professional networks. For example, if COVID-19 forced you to lay off employees permanently (or temporarily), there are many groups dedicated specifically towards helping employers find new jobs for their discharged workers; this kind of assistance could benefit both parties involved! Check out local Facebook groups and online forums in your area to find small business owners who are already part of a network, and then reach out if they seem like a good fit.
3. Keep Track of Expenses/Income
Keeping accurate records of your expenses and income will help tremendously when applying for relief-related grants post-pandemic. Additionally, maintaining this information will ensure that all relevant income and expenses are accounted for when filing taxes, which can become tedious and expensive without proper records.
As COVID-19 continues to stir uncertainty and impact small businesses across Canada, our grant search tool is a valuable resource for those seeking relief or monetary funding. Our simple, free database has over 300 grants ready for applications and can save you hours of searching on the web.
4. Be Flexible in Business Operations
If COVID-19 has taught us anything, it’s that life (and business) is truly unpredictable and full of surprises. Being open to new ideas as well as trying out different approaches such as expanding distribution channels through e-commerce, or increasing production will ensure that your business continues to thrive regardless of socio-economic conditions. Through digital channels such as Facebook, Instagram, and your own website, you can improve your business marketing operations and attract new consumers.
5. Utilize Government Resources
In addition to COVID-19 relief grants, there are a few other funding programs available for small business owners who want to strengthen their businesses. For example, the Canada Small Business Financing Program (CSBFP) can help you if you’re looking for financing and working capital support. The CSBFP provides loans of up to $500,000 with terms ranging from one month to five years at an interest rate that is usually lower than commercial rates. If your business is in a remote or rural area, CO-QUEBEC is offering up to $100,000 in matching funds that will be used towards new equipment and machinery purchases. There are numerous government programs that may provide financial aid, loans, marketing support, or help. All you have to do is search! Luckily, with our FREE grant search tool, you can find grants that your business is eligible for in a matter of minutes. You can learn more about CSBFP and CO-QUEBEC, using our search tool here.
Being a small business owner can be hard enough without the COVID-19 pandemic. But it doesn’t have to feel like you’re fighting an uphill battle anymore. In this article, we’ve provided 5 tips that will help ensure your company’s success during this difficult time for Canada’s economy as a whole. Our team of volunteers is here to help you succeed in a digital age through our grant-finding tools, resources, and services. We’ve helped many Canadian businesses grow by providing them access to government resources, and connecting them with other entrepreneurs – so let us know what we can do for you today!
Summary For Small Business Owners:
- Maintain a positive attitude
- Network with other businesses
- Keep track of expenses/income
- Be flexible in business operations
- Utilize government resources