How Small Businesses Can Recover From the Pandemic

How Small Businesses Can Recover From the Pandemic 

The impact of the COVID-19 pandemic could linger for months, if not years. Small businesses are doing the best they can to navigate these unknown waters, but the situation may not alleviate itself any time soon. Although different industries have varying recovery rates, it’s time to think about positioning your business for the return to a state of new normalcy. Take action to review your business and its financial situation to be ready to hit the ground running when restrictions begin to lift. 

3 Steps to Take as Part of Coronavirus Recovery 

Thinking about the long-term effects of COVID-19 is overwhelming. Remember, you’re not alone. Many other small businesses are going through the same thing. Face the future head on to determine the best steps to take for recovery. 

Assess Your Situation 

Update your business financials to see how bad the damage really is. Compare this year’s figures to last year’s. Update your budget based on the cuts you’ve made. Take a hard look at your assets and reserves to know exactly where you stand. Check your insurance policies to see if you have any recovery for lost income, as well.  

Update Your Business Plan 

Before you borrow money or take advantage of government assistance, you should consider how your business will move forward to the new normal. The Canadian Federation of Independent Business offers templates for new policies and procedures to help you develop a plan to move forward. Using your business plan as your guide reminds you of your mission and goals, to keep you focused on why you started your business in the first place. 

Know What Emergency Relief Your Business Is Eligible For 

The Canadian Chamber of Commerce has a list of resources for small businesses. The government has offered many measures to support businesses during COVID-19, including: 

• A 75% wage subsidy backdated to March 15. 
• Emergency business loans up to $40,000 for qualifying businesses. 
• Deferrals of GST and HST and duties and taxes on imports until June. 

Watch for more programs that offer financial support as more organizations respond to COVID-19. 

Maintain Your Entrepreneurial Spirit 

Small business owners are some of the most creative people in the country. Keep looking at your options and adapting to the situation. Find new ways to serve your customers. Talk to your employees and business partners about ways to adjust and minimize the negative impact of COVID-19. Use this situation to help you set up a contingency plan for the next crisis. The more you think outside of the box, the more chance your business has to survive and thrive again.