Page 31 - Brandon Sun - 2020 Westman Business

NOVEMBER 2020 • WESTMAN BUSINESS • THE BRANDON SUN 31

Four tips for rebuilding your business post-pandemic

Nearly all small businesses have suffered in the wake of the COVID-19 crisis, but
many are capable of recovery. To mark BDC Small Business Week, which runs from
October 18 to 24, here are four tips to help businesses re-emerge following the pan-
demic.
1. DETERMINE THE DAMAGE
In order to recover, you’ll first need to assess the impact that COVID-19 has had
on your business. Update your financial statements and compare them to last year’s
figures. Remember to factor in other types of loss such as employee layoffs and a
reduced marketing budget.

2. REVISIT YOUR BUSINESS PLAN
You need to figure out how your business model fits in with the new normal. For
many small companies, this is a good time to expand your digital store as more peo-
ple are shopping online. You should also adapt your business growth goals to better
reflect the current reality.
3. LOOK INTO AVAILABLE FUNDING
Now more than ever, you need to spend money to make money. As you create a
recovery budget, find out whether your business qualifies for government funding
that will help you bounce back. Financial institutions may also offer more lenient
loans to help struggling entrepreneurs.

4. CREATE A REALISTIC TIMELINE
It’s important to keep in mind that your business won’t recover overnight, and you
won’t be able to implement all your rebuilding strategies at once. Establish your pri-
orities and track your progress to ensure you’re investing in the right areas.

For more resources to help you rebuild and strengthen your business, visit the
Business Development Bank of Canada website at bdc.ca. A waitress wears gloves and a face shield.

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