3 tips to help support your small business’ road to recovery
(NC) As the COVID-19 vaccine begins to reach Canadian communities, many small business owners are viewing 2021 as the year to shift from crisis response to rebuilding and recovery.
“While the pandemic continues to pose uncertainties, it’s important that business owners do not remain idle,” recommends Lori Darlington, vice president of small business and strategic partnerships at RBC.
“This is a critical moment to proactively reflect and start thinking about changes and actions you can take today to better position your business for the future.”
For those looking to prepare for their small business’ recovery, consider these three tips:
1. Explore all available relief programs.
Many initiatives – including the Canada Emergency Business Account and EDC and BDC Business Credit Availability Program – have updated eligibility requirements throughout the pandemic. Be sure you’ve checked the latest updates as these solutions can provide the critical temporary relief your business may need as vaccines continue to make their way to communities.
2. Speak with financial experts.
Reach out to your financial partner to proactively discuss your cashflow and recovery plans, as well as flexible credit options. Sharing details on your company’s situation will help bank advisors provide financial and business solutions tailored to your unique circumstances.
3. Focus on what you can control.
Take this opportunity to strengthen relationships with your employees, customers and community by helping to protect their health. In addition to adhering to physical distancing and sanitation requirements, explore resources that may be included in your payroll software or health benefits to support your employees’ mental well-being. Protecting your greatest asset – your human capital – will have a tremendous ripple effect on customer loyalty, brand reputation and operational resilience.
Find more resources at rbc.com/smallbusinessnavigator.
Media Attachments Related Posts
All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.
Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.