Businesses Taking Action

Most small and mid-sized enterprises (SMEs) are looking ahead and taking action to prepare for the future despite COVID-19, says a BDC study. 'The Response: How Entrepreneurs Are Adapting to the Pandemic' study identifies five priorities for entrepreneurs as they plan for the future, as well as how the pandemic has changed Canadians' habits. Business owners who are relaunching their business and entrepreneurs adapting to the health crisis need to put their finances in order, take advantage of technology, focus on telework, sell online, and revive growth. For example, finances can be put in order by reducing operating costs, controlling cash flow, and setting up a contingency plan. Growth can be revived by diversifying clientele and offering to ensure businesses stay robust. Moreover, entrepreneurs who are confident they will weather the crisis plan to change their supply chains while some SME executives say the COVID crisis has caused them to increase the number of their local suppliers.