Are you not sure of what the Ontario reopening plan might mean for you as a business owner or customer?
This week on our Instagram Live we hosted Djanka Gajdel to discuss how small businesses have been impacted by the lockdown, what resources there are for them during the Ontario reopening plan and how we can support local businesses as customers.
Why are small businesses fundamental?
-
Economic Contribution:
Most small businesses are run by one founder which puts all responsibilities of all departments to the business owner. In addition to the challenges associated with extreme responsibility, the lockdown put a greater force on small business owners to survive and succeed. As nearly 90% of Canada’s economy is run by small businesses, it’s more important than ever to show our support as customers by buying local during the Ontario reopening plan.
-
Community building:
In addition to their support to the economy, small businesses also create communities. Do you have a favourite local restaurant or store you frequently shop from? These small businesses create a neighbourhood and help bring your community together. However, they might not be able to survive if they don’t receive support from their customers when they finally open their doors after months of lockdown.
What challenges have small businesses faced during the pandemic and how can we help them?
-
Changing buying patterns:
Compared to large businesses, small businesses might lack an online presence which amplifies their loss of sales during the lockdown. With most people preferring to make fast online purchases from Amazon or other big corporations during the lockdown, small businesses lost a significant number of sales. As we reopen the economy, small businesses get a chance to make up for their losses and truly depend on customers showing some support in their physical stores.
-
Lack of operations:
Unfortunately, some service-based businesses don’t get a chance to make online purchases as their service depends on face-to-face interactions such as hair salons and gyms. If you want to support your local service businesses while getting yourself in shape, make sure to visit these businesses.
-
Lack of funding:
There are many policies that prevent small businesses from surviving, such as the lack of funding and initiatives from banks and the government. Even the COVID funds provided by the government didn’t aid small businesses as much as expected since funds that need to paid back bring additional risk to the businesses’ survival. This leaves the business owners on their own and puts a greater emphasis on customers for survival.
-
Institutional costs:
As patios open this weekend, many are excited to take advantage of the nice weather and enjoy the patios at their local restaurants. However, do you know the costs of sustaining those patios? Small businesses seek opportunities to sustain and grow their business during the pandemic and the CafeTO program is one initiative that allows restaurants to build patios to improve business. Unfortunately, the costs associated with building these patios and insuring them have been extremely high. During the months of the lockdown, these patios may have brought more losses to small businesses than gains as they had to consistently pay for insurance and maintenance without getting any customers. For small businesses to survive and thrive, the corporations and government also need to show their support and lower their costs.
What resources are there for small businesses?
BIA (business improvement association) is a city-run association of volunteers working in different districts. The tax levies are higher for the businesses that participate in the BIA of their districts to fund improvements that will attract more customers to their district. If you are a business owner that wants to learn more about how you can get help or get involved during the Ontario reopening plan, check out your district’s BIA.
How can we help small businesses to thrive during the reopening?
It is very simple and easy for anyone to support small businesses and that is by buying local! Do you have a local restaurant or store you love? Visit their restaurant and purchase from them! Do you want to support a local business while getting yourself in shape? Visit a hair salon and get that haircut you were waiting so long for! Are you tired of being at home during the lockdown? Make your purchases from a local store instead of buying online from large corporations. Even if your purchases don’t seem a lot to you, it will definitely help small businesses.
We hope you enjoyed reading our blog! 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! Follow us on Linkedin, Twitter and Facebook and Instagram.
More Financial News & Events
Dealing with spending pressures
Jun
Behind the Scenes – Working with Lawyers on a Financial Plan
Jun
Positive Experience with Financial Planning – A conversation with Erin Leslie
May
What Are the Process of Putting Together a Financial Plan? – A conversation between Jackie and Jin
May
Creating Financial Transformations
May
Building A Brand Effectively in Second Quarter – A Conversation with Cassie Drake
May
How to boost your business mojo – A conversation with Valeri Hall Little
Apr
How to make a financial fresh start second quarter? 5 principles from Jackie Porter
Apr
The #1 Challenge that Leaders Face, from the Founder of Green Apple Consulting – Lisa Mitchell
Apr
What is entrepreneur resilience? A conversation with Karen Dean
Mar
Barriers that Women Face to Access Healthcare – A conversation with Sara Byrnell
Mar
Six Action Steps You Can Take To Build Your Financial Confidence
Mar
How do we build lasting relationships and what leads to the honeymoon being over? A conversation with Gary Direnfeld
Mar
Re-visiting the Wedding Ritual in 2022
Feb
What Does a Private Investigator Know About Love, Money & Relationships
Feb
Myth-Busters: Everything Small Businesses Should Know About Funding
Jan
Slay Your Impostor Syndome
Jan
How to Form A High Performing Team for Your Business
Jan
2021 Holiday Shopping Trends and Tips to Help Your Wallet
Nov
How to Financially Start Your Divorce Journey
Nov
Divorce Planning in the Pandemic
Nov
How to Deal With Financial Trauma
Oct
Lessons for Small Business Owners in 2021
Oct
Small Business Resources for Start-ups
Oct
Top 6 Real Estate Trends and Strategies
Oct
The Importance of A Mid-Year Tax Check-Up With Your Accountant
Sep
Top 8 Business Finance Tips for Business Owners
Sep
Pricing Strategy: How to Charge and Manage Your Clients
Sep
Everyone should have multiple income sources
Sep
How to Manage Back to School Season in 2021
Aug
How to Start a Small Business at Home
Aug
How to Become an Empowered Leader
Aug
How to Tame Your Spending Dragon Post COVID
Aug
What does financial planning look like at different life stages?
Aug
5 Factors to Consider When Moving Out After Divorce
Jul
Service-Based Businesses Post-Lockdown
Jul
Financial Planner vs. Advisor
Jul
Estate Planning: How to be Proactive Around Your Will
Jul
Women’s Health Initiatives in Canada
Jul
How to win with higher investment risk
Jul
Celebrating Pride 2021 and Identifying the Challenges of the LGBTQIA2S+ Community
Jun
Travel Restrictions between Provinces and Countries This Summer 2021
Jun
How to Support Small Businesses during the Ontario Reopening Plan
Jun
Treat Cash Flow Like Royalty
Jun
Financial Planning for Lawyers: Working with Lawyer’s Financial
May
2021 Federal Budget Programs to Help Childcare
May
Investing Tips For Empowering Women’s Confidence
How to Find Investors for Women Owned Startups
May
Top Work Benefits for Executives
You Can Have It All! Invest Responsibly and Profitably
May