It’s going to be awhile before Canada recovers from the severe economic shock from COVID-19.
That from the President and CEO of Business Development Bank of Canada, Michael Denham, who predicts a full recovery somewhere around mid-2022 to 2023.
BDC has tips for entrepreneurs to help them weather the storm.
Denham encourages them to take full advantage of all the federal and provincial government programs.
He also suggests making sure you know what cash is coming in and what is going out so you can hope for the best, but plan for the worst.
Denham realizes his third suggestion is easier said than done, but for companies whose markets have really shrunk, it might be an idea to pivot what you are good at to delve into a new market.
He gives the example of industrial companies getting into making hand sanitizers and retail companies beginning an online business.
Denham understands it won’t replace all the revenue, but it can help to keep some businesses afloat.