Development Bank of Canada – on resiliency of business in Wave 1 of COVID-19

A survey from the Development Bank of Canada Survey on Business Resiliency:

Of those businesses who made it through the initial shock of COVID-19, a survey of 1,000 businesses found that  businesses who have survived have adapted “furiously” according to the CBC. Here are three highlights of the methods they used to become resilient:

  1. They adopted new technology practices to be more efficient
  2. They built up e-commerce and other sales avenues
  3. They have also found new partners and suppliers (often going to local suppliers – which helps those businesses again).

Banking sources report that some consumers have saved money during this pandemic and they are doing their part to put that money into the economy. As an example, there has been a 27% surge in renovation spending over last year.

Patricia Dent

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