3 Tips to Help Support Your Small Business’ Road to Recovery

Lightbox with as sign we are open again behind a glass door of the cafe. We're open again after quarantine, video of small business owner. Please wear a face mask and keep your distance to protect (Lightbox with as sign we are open again behind a glas

As the COVID-19 vaccine begins to reach Canadian communities, many small business owners are viewing 2021 as the year to shift from crisis response to rebuilding and recovery.

“While the pandemic continues to pose uncertainties, it’s important that business owners do not remain idle,” recommends Lori Darlington, vice president of small business and strategic partnerships at RBC.

“This is a critical moment to proactively reflect and start thinking about changes and actions you can take today to better position your business for the future.”

For those looking to prepare for their small business’ recovery, consider these three tips:

  1. Explore all available relief programs.

Many initiatives – including the Canada Emergency Business Account and EDC and BDC Business Credit Availability Program – have updated eligibility requirements throughout the pandemic. Be sure you’ve checked the latest updates as these solutions can provide the critical temporary relief your business may need as vaccines continue to make their way to communities.

  1. Speak with financial experts.

Reach out to your financial partner to proactively discuss your cashflow and recovery plans, as well as flexible credit options. Sharing details on your company’s situation will help bank advisors provide financial and business solutions tailored to your unique circumstances.

  1. Focus on what you can control.

Take this opportunity to strengthen relationships with your employees, customers and community by helping to protect their health. In addition to adhering to physical distancing and sanitation requirements, explore resources that may be included in your payroll software or health benefits to support your employees’ mental well-being. Protecting your greatest asset – your human capital – will have a tremendous ripple effect on customer loyalty, brand reputation and operational resilience.

Source: News Canada (NC)

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