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5 tips for small business in times of change

October 18, 2022
Untitled (620 × 297 px)

5 tips for small business in times of change

October 18, 2022
Resilience and adaptation are the new normal

From SeasonedPros.ca Content Lab

Small businesses are the foundation of the Canadian economy. They create jobs and drive innovation in cities, towns and small communities. They employ friends and family, and they build communities.


Many small businesses have faced tough challenges during the pandemic. Some had their doors closed during restrictions and had to reinvent their business model just to survive.  Some didn’t survive. 


Pivots, resilience and innovation became their new purpose during the height of pandemic restrictions.


Now they are facing the economic headwinds of inflation and economic uncertainty. Labour shortages continue to dog many small businesses. And there is still the debt incurred from the past two and a half years. Many are still in recovery mode.


Here are 5 tips for small businesses facing change:

 

1. E-commerce is the new commerce – Many small businesses invested in digital technologies as they pivoted to accommodate pandemic restrictions.  Customers and clients also adjusted. They now expect touchless payments, contactless pickup and same-day deliveries. These technologies have become the new normal for businesses and consumers.

 

2. Government support – Pandemic supports are gone, but governments still have programs available to support small businesses. Businesses can leverage this financial support as they transition to the digital economy. 

 

3. Keep your eyes open for talent – Labour shortages were already happening before the pandemic. This accelerated during the pandemic. Small businesses in the tourism and hospitality sectors were hit particularly hard as workers sought jobs elsewhere. Using innovative recruitment and retention strategies can help. Look beyond old networks and use specialized recruitment services and job boards to find the right talent.

 

4. Hire interim or part-time contract workers – Small businesses facing economic uncertainty are not always ready to hire full-time employees. There is a large talent pool of experienced freelancers with specialized skill sets who are eager to work on contract. They provide a cost-efficient option for small businesses in need of labour

 

5. Find a mentor – Navigating the landscape of change is itself a full-time job. Finding someone to help you through can save you time and direct you to resources that can help you meet new challenges.

 

The challenges facing small businesses will always be present. Adapting and innovating are important strategies for recovery and growth during changing economic times.


SeasonedPros.ca is an on-demand executive recruiter. Clients with an immediate need for experienced talent trust us to source professionals for project, interim and part-time roles. Each professional in our national database has 20 + years of business experience. We provide our clients 2-4 four vetted professionals in 10 business days or le

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