Canadian entrepreneurs are shifting priorities and taking advantage of trends brought on by COVID-19: BDC study

Credit to Author: Canadian Immigrant| Date: Tue, 24 Nov 2020 21:21:43 +0000

Most small and mid-sized enterprises (SMEs) are looking ahead and taking action to prepare for the future despite COVID-19, according to a study conducted by BDC, the Business Development Bank of Canada – a financial institution supporting Canadian entrepreneurs. The study, titled The Response: How Entrepreneurs Are Adapting to the Pandemic, identifies five priorities for entrepreneurs as they plan for the future, as well as how the pandemic has changed Canadians’ habits.

“Canadian entrepreneurs are looking to the future and showing ingenuity in adapting to the challenges of our new business environment,” says Pierre Cléroux, BDC’s Vice President, Research and Chief Economist. “Our findings show that adopting business practices that consider new trends can put SMEs back on the track to prosperity. The recovery may be choppy, but we are confident in the ability of SMEs to adapt as the situation evolves.”

Planning the future: Five priorities for entrepreneurs

The study offers practical advice for business owners who are re-launching their business and finds that entrepreneurs are adapting to the health crisis with the following five priorities in mind:

  • Putting finances in order (39%) by reducing operating costs, controlling cash flow and setting up a contingency plan;
  • Taking advantage of technology (27%) to stay competitive;
  • Focusing on telework (25%) to allow physical distancing, but also to respond to employee requests; According to research by marketing and polling firm Léger, 80% of workers who have worked remotely during the lockdown plan to continue practicing it;
  • Selling online (24%) and focusing on several areas, such as website improvement, social media activity and targeted promotional campaigns;
  • Reviving growth (23%) by diversifying clientele and offering to ensure businesses stay robust.

Some business trends are new, while others have accelerated, such as increasing investments in technology. “While the situation remains uncertain, Canada’s entrepreneurs are in solution mode. Adapting to this new environment could be key for smaller businesses to prosper in years to come,” Cléroux adds.

Access the study here.

[Contributed by BDC Media]

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