The Ontario Chamber of Commerce announced their support for the latest report from RBC ' Small Business, Big Pivot: A devastings downturn and how Canadian enterprise can pivot. This five-point plan can help Canadian small business thrive in a post-pandemic economy.
The report contains research that outlines how the landscape has shifted for small and medium-sized enterprises (SMEs) during the COVID-19 pandemic. The report also contains a tangible plan to help these businesses thrive.
RBC''s analysis found that small firms experienced twice the number of job losses in comparison to mid and large-sized firms in Canada. Women, youth, minorities, and First Nations were found to have been particularly impacted since they tend to be employed within the most disrupted parts of the small-business economy. The report also identifies which industries face significant challenges (i.e., accommodation and food service) and those that are in a stronger position to manage short-term losses (i.e., manufacturing and wholesale trade.
"Small Business, Big Pivot" underscores that small firms need to leverage new technologies with the aim of adapting to the virtual economy. This will be further explored in the upcoming policy brief, Small Business, Big Impact: How SMEs are Pivoting During COVID-19, which will be released on June 22, profiling how various small businesses have succeeded in this regard,”says Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC).
Both reports identify the rise in e-commerce as Canadians take advantage of online shopping and home delivery options.Small businesses that have successfully leveraged technology and online platforms are identified as remaining resilient during this unprecedented period.Yet,changing consumer trends present challenges for small firms, especially those that are digital novices, have limited capital,or are located inparts of the province with poor or unreliable broadband internet access .
As consumer behavior shifts, the ability of small businesses to adapt and pivot will be a major determinant of Ontario’s long-term economic recovery. While the federal and provincial governments have taken swift action and extraordinary steps to keep small businesses afloat, permanent closures will have ramifications for local supply chains, workers, and communities alike. Policymakers therefore should consider the recommendations contained in Small Business, Big Pivot.