Managing Your Business Through COVID-19 Part Two

For many of us we are approaching the second month of major disruption in our day-to-day operations. With new details being provided almost daily by the Government of Canada, it can be daunting to sift through all the new information. There is a framework for the various supports available through the Business Credit Availability Program.

Update Your Plan/Budget

With a substantial amount of change to business operations in the near-term it’s important to keep a close eye on the market for the next 3-6 months to find opportunities to withstand the pandemic. Now that we’re familiar with the various supports available for businesses through the Government of Canada it’s time to input that into a budget or plan for the short-term to mitigate the impact of COVID-19.

During this challenging time, it’s important to recognize that everyone is impacted greatly by these changes, and to work with your landlord and suppliers to ensure a fair and reasonable plan for the next couple months.

Many small businesses sustain the same operating expenses – rent, utilities, and wages. Now is a good time to review the potential benefits of the CEBA, and the newly announced Canada Emergency Commercial Rent Assistance (CECRA) program.

The Canada Emergency Commercial Rent Assistance (CECRA) is a program for small businesses that, will seek to provide loans and/or forgivable loans to commercial property owners. In turn the Government will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. It’s important to work with your landlord and suppliers to ensure open lines of communication to continue to build strong relationships to create solutions that work for everyone.

With the many updates and changes to the economy and government support it’s important to update your budget, either by yourself or with your team to gain cash flow insight for the next 3-6 months in order to navigate the COVID-19 pandemic successfully.

Navigating the New Normal 

Change – while this is ever present, it’s now more relevant than ever. What opportunities can we find in this time of immense change. Recognizing that this is a time to connect, support and work together with other businesses to find ways to overcome this challenge. We’re all in this together and this can be an opportunity to connect with other businesses to collaborate on ideas that could help overcome obstacles faced during these times and build relationships with other business for post pandemic success.

It’s time to reflect on your business plan and identify changes to adapt to this new environment. Few key questions to review:

1.) How will your customers behave during the pandemic?

2.) Are there changes that can be implemented now that will be beneficial your business after the pandemic is over?

3.) Is there technology that you’re currently using that you can leverage more, or using new ways that you have not traditionally utilized, such as online delivery?

As always, we recommend contacting your Business Relationship Manager for more detailed and specific advice for your business.

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Written by

dcampbell@copperfin.ca

Dan Campbell moved to Thunder Bay from Paris…. Ontario. As a Commercial Account Manager, Dan advises our business members in Thunder Bay, on the most effective solutions to achieve their objectives. Dan is a graduate of McMaster University, and is passionate about financial literacy. In his free time, you can find Dan outdoors hiking with his Dog Kobe or trying to keep up with his wife Rachel on the volleyball court.