Chris Lamb, Niagara Falls Entrepreneur, Shares the Difficulties Canadian Small Business Owners are Facing During the Current Pandemic
Small businesses in Canada have emerged as key drivers in economic growth and workforce expansion; they are the catalyst for radical innovation today. During the current pandemic, these businesses have continued to play a critical role for the economy, but that is not to say they aren’t facing challenges along the way.
Social polices and decisions related to preventing the spread of COVID-19 is leading to a reduction in the creation of start-ups, limiting growth, and challenging survival. Now, more than ever, it’s important that policymakers tackle these short-term challenges so that small businesses are set up to thrive, providing the right incentives, and boosting entrepreneurial potential.
Canadian entrepreneur and Niagara Falls native, Chris Lamb, notes a few of these challenges.
Ensuring you have enough cash flow is a constant challenge for all small business owners — pandemic or not. With COVID-19 magnifying that challenge, Canadian entrepreneurs are left at a standstill trying to put finances in order. Further, many small business owners have been forced to close their doors, making balancing the budget and being able to pay the bills a constant struggle.
In addition, some businesses have had to decrease the number of employees through layoffs or alter the hours of operations, says Chris Lamb of St. Catharines. Such changes will have an immediate impact on the business’ operations, as it is trying to stay afloat. As a result, local economies suffer from this as well.
Taking advantage of technology has been a new trend for Canadian entrepreneurs over recent months. In an effort to attract a larger audience, small businesses have begun shifting business online more than ever before. Although this is not a cure-all solution, it’s still an effective marketing strategy to stay on top of. However, building a robust online presence takes time, energy, and money, and those who don’t keep up will certainly fall behind.
Chris Lamb on Client Dependence
Much like managing finances, understanding your clients provides insight on what business goals are and should be. Regardless of your business size, knowing your base clientele is important for retention and, of course, expansion. Being dependant on one demographic, for example, is concerning toward growth in the long-term.
As a small business owner in Canada, it’s important to cater to other groups while remaining loyal to your current clients. But how? In order to do so, you must have enough supply lines and operational support to bring forth such growth, says Chris Lamb. Although these are basic business goals, they are even more difficult to achieve during the current pandemic, as it continues to impact various industries and supply chains at large.