Over the past year, Canadian small business owners have shown immense resiliency against a turbulent economic environment. Download Scotiabank’s new small business report: “Path to Impact 2022: Operating in the New Normal”
Ready for the Future
No matter the present concern, or potential crisis on the horizon, businesses need to be adaptable and ready for anything. Whether it’s fluctuations with inflation, rising interest rates, or staffing issues related to the labour market shortage, the steps below can help all businesses – large or small – tackle whatever roadblocks may pop up ahead.
1. Proactively explore financing options
If you feel your business needs additional financing to withstand future economic headwinds, it’s best practice to be proactive, and start those conversations with your small business advisor sooner than later. Whether it be increasing your line of credit, exploring additional loan programs, or finding support by identifying and applying for government-based assistance programs, your Small Business Advisor can help you plot a course of action to make sure your business is best placed for continued success.
2. Don’t let wasteful practices affect your bottom line
With increasing inflationary pressures, and a myriad of other contemporary economic challenges, it’s never been more important to make sure your business is as streamlined as possible. With 29% of small businesses ranking cutting costs wherever possible as their number one immediate priority, talk to your Small Business Advisor today about where you can find efficiencies in your organization’s operations to make sure you are maximizing your revenue.
3. Stay ahead of the curve on trends and have a contigency plan
As a business owner, it’s vital to plan ahead and anticipate any changes to the business environment, whether in your marketplace/sector, in your local community, or in your personal life. More than 80% of small businesses surveyed said they received some form of financial relief from the government during the pandemic. Some of those relief loans are set to come due next year so it’s important to work on a repayment strategy now. With the possibility of a recession, continued interest rate volatility, increase in freight costs, and continued supply chain disruptions likely to remain, a contingency plan is one of the best lines of defence.
4. Keep digital top of mind
The global economy and advances in technology have created a huge world market, with an array of opportunities for commerce, sourcing labour talent and marketing your business to new customers. What’s more, not all businesses need a storefront. A strong digital presence can mean a lot of the overall operations can be conducted from your own home, and remote and hybrid work options have demonstrated they’re here to stay. Scotiabank can also help you navigate the evolving world of digital capabilities now available.
5. Spot new opportunities
Evolving and learning from past successes and failures is a great way to grow and can provide a renewed spark and excitement in your business. Revisit your existing products and services and explore if there is a place to add something new. Paying attention to trends in your industry and staying on top of current news can be great sources of inspiration. Be open to uncovering new opportunities and seek out the advice of a Small Business Advisor, who can help you plan your next big idea.
Download Scotiabank’s new small business report:
“Path to Impact 2022: Operating in the New Normal”
Download Scotiabank’s 2021 small business report:
“Path to Impact 2021: Operating in the New Normal”
Download Scotiabank’s 2020 small business report:
“The New Path to Impact: Facing the Future with Cautious Optimism”