Read our blog post to discover our tips on how to bounce back from business challenges and some available second wave grants for small businesses!
Owning and Managing a Business during the Second Wave
COVID has been extremely unpredictable and disrupted many people’s lives and businesses. This week on our Instagram Live at 5, we hosted Tara Clark and Elizabeth Verwey to discuss ‘Managing a Business during the Second Wave’ and share their input on the latest challenges for business owners and the available second wave grants for small businesses.
What have been some changes in managing a business during the second wave?
With the constant ambiguity and regulation changes, small businesses are forced to be adaptive to survive. However, some of these changes might limit operations. As Ontario moved back a modified version of Stage 2, some businesses in the service and entertainment industry had to shut down. This might highly impact their ability to survive past the 28-day closure.
In addition to operation limitations, difficulty in learning new tools might also be a challenge for some business owners. As businesses pivot to online operations, the lack of experience with some online tools might slow down operations and business growth.
How can businesses turn this challenge into an opportunity?
Some businesses adopted new services and products to increase their income streams. Selling masks is one common product some businesses now sell to have an additional income stream. Additionally, there is improved collaboration in the community of business owners. Our guest Elizabeth shared how she and other business owners did voluntary work to help other small businesses with their services and setup.
However, not all businesses are facing challenges. Although some industries may be diminishing, some are growing rapidly. Organizations that provide business services might be growing faster than before as many businesses had to pivot to online platforms to ensure their business’ survival.
Even some businesses in struggling industries might find growth opportunities during the second wave. As the internet breaks physical boundaries, some businesses are finding growth opportunities in going national and even global.
Are there any second wave grants for small businesses?
In addition to the continuing wage subsidy program and individual relief benefits, there have been some changes to the rent assistance program. The tenants can now apply for rent relief rather than the landowner. This eases the application process for many businesses that are still renting office space and stores while struggling with their finances.
There are also workforce training grants across provinces that reimburse businesses for a significant portion of their training expenses. Each province’s grant might differ but is available. This might not only cut expenses on getting the demanded services but also become an investment on employees.
Our advice to small business owners:
Connect with your existing connections to elevate your business:
Many businesses are seeking help. The shared empathy on the same challenges might allow others to help you with tools and collaborations you need.
Manage your expenses:
Looking over your business subscriptions every set period might help you go over the services you pay for. This can increase your awareness on your spendings and eliminate services you no longer need.
We hope you enjoyed reading our blog about ‘Millennials and COVID’! Check the full live chat here. You can find our live chats and more of the latest financial news on our News Blog. Stay tuned to learn more tips on a new topic each week on our Instagram Live at 5 on Instagram! Aside from our live chats, we post daily financial updates on social media!
To learn more about our guest Elizabeth’s Spoken Lives Summit, click here.
If you are looking into a great masterclass hosted by our guest Tara, click here.