How To Help Small Business During Covid – A message to customers hangs in front of Niuda Hand-Pulled Noodles in downtown Toronto (Photo: Steve Russell/Toronto Star via Getty Images)
The COVID-19 pandemic is having a “huge impact” on Canadian small businesses, says Lisa Kramer, a finance professor at the University of Mississauga in Toronto.
How To Help Small Business During Covid
On Monday, Ontario Premier Doug Ford ordered the shutdown of all essential services for 14 days beginning at 11:59 p.m. Tuesday, March 24. Last week Toronto’s health officer came to close all non-essential businesses, including clothing stores and salons. The notification extended the early closure of cinemas, nightclubs, restaurants and bars and the exclusion of check-out and delivery operations.
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These closures, combined with the following advice from experts to stay home as much as possible and practice self-isolation, are leaving businesses feeling the pinch.
Kramer said the additional measures will hit the service sector “particularly hard,” and businesses are trying to pay workers, but that may not be possible for many small businesses because they are already operate on thin margins and have other bills to pay. Including rent.
“We are fortunate that we have a government that is trying to respond,” says Kramer, adding that the government is easing restrictions for those who need access to Employment Insurance and providing access to short-term loans.
The overall impact on business will depend on how long this outbreak lasts. If it’s only a week or two, most businesses can operate, but if the shutdown lasts too long, “certainly, small businesses and even large businesses will fail,” says Kramer.
How Your Small Business Can Survive The Covid 19 Pandemic
In addition to government action, Kramer says, consumers with financial means can also step in to help.
Some businesses take orders over the phone or online and provide gram scores. Some restaurants are still offering food and delivery. If it’s not possible to buy goods or services right now, gift cards can be another option, says Cramer. He says businesses can continue to pay workers because they now have money.
There is also an option to make a donation. Some arts organizations allow the cost of a canceled performance ticket to be donated, while patrons receive a tax receipt, Kramer says. Or donate to organizations like the AFC (formerly the Canadian Sports Fund), a last resort for those in the entertainment industry who are struggling to pay their bills.
Helping businesses is like helping neighbors because ultimately it’s helping people, Kramer explains, explaining that small businesses are run by individuals or families and employ people who are “affected by bad news equally. “
Covid Relief Resources For Small Businesses
While many businesses have had to close their doors, Kramer notes that there are still workers on the front lines of grocery stores, pharmacies and gas stations that remain open. He says they have become important service providers, but they are paid very little.
“We need to think seriously about how much we value work in our country,” says Kramer, who talks a lot about the nature of a community that knows how to help each other. The COVID-19 pandemic has created many problems. areas of business, government and everyday life. As the way we do business has changed, small businesses in particular are facing many challenges.
We know that small businesses are an important part of our communities around the world, so we’ve put together some useful tips to support small businesses during the COVID-19 pandemic and beyond.
We’re excited to announce our new Digital Jumpstart program to help small businesses adapt to the changing business environment.
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Let’s take a look at the ways small businesses in different parts of the world have been affected by the current crisis:
According to a survey conducted by the Madras Chamber of Commerce and Industry (MCCI), 50% of small and medium enterprises (MSMEs) in India are struggling to pay salaries and rents.
According to a study by the University of California, Santa Cruz, 41% of small businesses with limited staff in the United States have closed for profit.
67% of African business owners say their business has been significantly affected since the introduction of social distancing, curfews and homestays on the continent – according to a report by the African Institute of Management (AMI).
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Small businesses have a positive impact on their communities by creating more jobs and keeping money circulating in the local economy.
Small businesses can also have a big impact on a country’s economy. Example: MSMEs in India contribute 30% of India’s GDP.
Small businesses maintain the unique character of our local community and create a huge impact. The products produced in this area attract customers and tourists to the community, which increases the income of the area. Example: Some MSMEs in India preserve Indian textile traditions, including world-famous silk sarees and textile prints.
MSME Day is celebrated worldwide on June 27 every year. It recognizes and appreciates MSMEs for their contribution to the world.
Support Small Businesses During The Covid 19 Outbreak
Wondering how to support small businesses during the Covid-19 pandemic and recession? Here are some tips that will help you make the most of your spending:
Buy locally made and sold products from a major brand. Need a new home appliance or outfit? Avoid buying international brands and check local stores first.
Find small businesses locally or online. Like and comment on their social media posts or re-share on your account. Leave a positive review on their website or other business review sites. Tell friends and family about them and encourage them to buy smaller ones.
If possible, do not cancel current memberships during your site’s closing or limited membership periods. When a business is established in your area, buy gift cards from them. Buy some of their products in bulk to use over time to fund the business when things get tough.
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Offer your services for free. If you have free time during this time and can provide needed services such as web development, software maintenance or social media analysis, consider volunteering to help local businesses. Some local organizations may accept cash donations.
One of the positive responses that the business world has seen during the COVID-19 pandemic is the growing digital revolution, as many businesses of all sizes realize that working digitally is essential to support their business. Small business owners are making more efforts to improve their digital literacy.
According to a report by the Connected Commerce Council (3C), 76% of small businesses in the US are more dependent on digital tools than ever before.
Small businesses in particular need to quickly adapt to the digital world to use this new form of remote work and social space with limited capacity.
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We are proud to offer several applications that help small businesses not only survive these difficult times but also thrive in our ever-changing world.
Work remotely and get things done from anywhere. In this way, they can easily adapt to new working conditions
Improve their cash flow with tax filing, accounting, invoicing, inventory management, billing and more.
I am passionate about helping small businesses succeed. This has been one of our driving motivations for the past 23 years.
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If you are an MSME business owner and embrace digital technology, we are happy to help you with our new Digital Jumpstart program.
Through this program, ten successful companies will be helped to embark on their digital transformation journey and given the support they need to succeed.
To add your business to our map for free business startups, fill out this form before July 5th and choose your main business objective.
Some of the goals that can be chosen include working remotely, creating an online store, managing finances, managing employees, creating an online presence, better supporting customers, and handling all aspects. of business.
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We will select ten winners from all submissions. Offers are limited to each business. Submit your business proposal by July 5, 2020.
After ten winners are drawn, they will design digital solutions for their businesses based on the main business objective they entered in the form.
Contact us to speak with an expert about digital technology. Now you can start with the idea. Facebook was already looking at launching Facebook Stores. They planned a small business survey that painted a picture of the state of business in America.
Suddenly the report became very bleak. About 1/3 of businesses have closed their doors. The truth is that most of these businesses rely on Facebook tools to sell, interact with customers, promote their business, and more. If you want to make sure you’re doing an amazing job running your page every day, we’ve got some tips.
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As a result of their research and the difficult situation that many businesses find themselves in, Facebook has made about $100 million for small businesses around the world, in the form of grants, with an amount of about $40 million intended for American businesses. Facebook Small Business Grants
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