The new challenges faced by Canada’s small businesses
The majority of small businesses are affected by the pandemic, but the road to recovery is a long one. They have now started their business as usual, but they lack the necessary funds to get started. Yes, the federal government of Canada aided businesses from the start of the pandemic, but the programs now have expiration dates. The most pressing question before us is whether small businesses will survive in the next 5-10 years.
What are the difficulties for small businesses?
Business loan and loan interest:
We are ordinary small business owners who earn daily and pay daily expenses. We did not have the funds to start a business on our own, so we took out a business loan, for which we are paying a higher interest rate, and now, due to the pandemic, our businesses are closed and we have no sources of revenue. We also have to pay our shop rent and employee payroll. At the end of the day, we still have the loan and interest liability.
Scarcity of Human resources:
Human resources are in short supply as a result of the pandemic, particularly skilled labour. Due to the scarcity, we have to pay more than the regular wage on normal days, which increases the burden of expenses daily due to a lack of funds, we are unable to pay higher wages to employees, and as a result, an error in production occurs.
Limited raw materials:
Due to the pandemic, there is a scarcity of raw materials everywhere; if we do not have the proper amount of raw materials for production, production is impossible or only possible with a discrepancy in the product. As raw materials become scarce, demand for raw materials rises, resulting in a price increase for raw materials.
Covid new Variants:
If the covid new variant coming continues, we are on the verge of seeing the fourth wave of Covid 19, which will result in the closure of many small enterprises, the loss of countless employment, and the loss of necessities. If the fourth wave arrives, it will have a devastating effect on the economy and living standards of the country.
We must assist small businesses as much as possible to serve in this difficult situation. Let’s establish a “VOCAL FOR LOCALS” campaign to gather support for local small businesses. We can assist small businesses in overcoming their difficulties, which is another way we can serve our country. There are other issues for which the Canadian government will take action and provide relief to businesses.
We hope this article helps you to serve your clients more professionally professional way, and if you find it useful, please share it with your friends and colleagues. We can be found on Instagram, Twitter, and Facebook.