Though Canada and the rest of the world are still in the midst of the COVID-19 pandemic, many businesses are already looking towards a post-Coronavirus world. With vaccines reaching thousands of people every day, there is hope on the horizon. However, this doesn’t change the fact that many small businesses have been ravaged by the virus over the past year. Between stay-at-home orders, health protocols, lower consumer spending, and general economic instability, many small businesses have had to shut their doors for good.
Nonetheless, many other small business owners have found ways to persevere during this crisis. If you’ve made it this far, you’re probably wondering how you can recover from COVID-19 in the coming weeks, months, and years. Fortunately, we have a few tips to help your small business rebuild from this devastating pandemic.
Invest in Your Business Now
It may seem counterintuitive to invest during such uncertain times, but when it comes to the success of your business, there’s no time like the present. Now is a good time to enhance and grow your business – whether that is by using funds set aside for a rainy day, or by you taking out a loan. In a time when most businesses are cutting back and trimming down, you should be ramping up to stand out from the crowd and weather the storm.If you’re wondering where to get the money to grow your business at a time like this, you could consider a loan. A loan can help you upgrade your equipment to fit the needs of our new pandemic reality. It can also help you hire new talents and expand your physical location as you grow. Naturally, you will need to be careful not to overextend yourself financially. However, taking on a bit of risk today could pay dividends just a few months or years from now.
Apply for Financial Assistance
Fortunately, the Canadian government and the government of British Columbia are taking this pandemic seriously. The government understands that this virus has had devastating effects on both businesses and workers. As a result, financial assistance programs have been put in place to help small businesses get by for the short term.
While you cannot expect the Canadian government to hand out money to everyone, there are various programs that could give you quick access to cash. In most cases, these funds come in the form of temporary credit or low-interest business loans. In any case, you can learn more about applying for financial assistance via the official Canadian government website. If your business is in British Columbia, you can also find more resources for financial assistance through Small Business BC’s COVID-19 Support Service here.
Pivot Your Business for the Future
Many business owners hoped that this crisis would pass quickly and continued with doing “business as usual.” Unfortunately, COVID-19 is still here, and inaction is not the answer. If you want to recover and grow your business during these turbulent times, you must be willing to implement changes that will make your small business more sustainable for the long term.
For example, many businesses have chosen to pivot their product lines to address COVID-19 related issues. Clothing shops now produce and sell masks. Similarly, alcohol companies have transitioned into hand-sanitizer production. Even if you cannot find a way to tailor your services or products to the current climate, you can make your business as accessible as possible. Since people are more focused on safety than ever, make sure that people can easily access your business without risking their health in the process. This way, you can bring customers back to your business and provide a much-needed boost to public safety at the same time.