How Small Businesses in Canada can be Ready for an Economic Bounce Back
The world as we knew it has changed, and nobody feels this more keenly than the small business community in Canada. With uncertainty about when provinces can move to the final stages of re-opening, every business is impacted. Some businesses were deemed essential and operated throughout the pandemic, but all are affected by Canadians that are looking to save money and stay, largely, at home.
As we work our way through the pandemic, there will be a point where the economy starts to bounce back. Small businesses must be prepared for the final re-opening phase, as well as for any scenario that delays the re-opening process. Here are some ways to get ready for a bounce back, and to keep operations going now.
If you have not already moved aspects of your small business online, now is the time. Consumers are online shopping and doing curbside pickup like never before. Even the ones that have in-store dining or shopping need to have inventory, safety protocols, and information listed on their website and social media. It’s easier than you think to set up an online store or online presence, and thanks to online accounting software like A2X, e-commerce sellers can quickly and easily update their invoicing and bookkeeping to accommodate online sales.
Comply with CRA and use the assistance programs
Money was tight for Canadian small businesses during the pandemic; many had to delay tax filing and take advantage of government programs to keep staff employed. Some programs, like the CERB are taxable. Some programs are still on offer. Speak with an accountant focused on small businesses in Canada that will help you identify which assistance programs you can use, and how to remain compliant with Canada Revenue Agency’s new filing deadlines. If you have missed a deadline or are short of funds to pay taxes, a business-focused accountant will help you determine how to get back on track.
Work on the business
Now is an ideal time to enroll staff in online training, to update your brick-and-mortar store, or to refresh your website. Small business owners are usually pressed for time and staff. A slowdown is a great time to improve your team, your place of business, and your customer service.
Explore new income streams
What can you research and add to your inventory during this time? Hand sanitizer and masks are being offered by many businesses and you can find a way to fit this into your brand too. If you specialize in artisanal products, why not connect with a local theatre costume designer to create masks exclusive to your store? If you sell produce on a farm, set up timed entry for families to enjoy an hour picking produce on the grounds. Get creative in what you offer, and how you offer it.
AF Accounting is here to help
AF Accounting’s services center on helping small businesses in Canada with the accounting, bookkeeping, and fractional CFO services they need for in-store and online enterprises. Let AF Accounting help you get ready for the economic bounce back. Contact us today to learn more.