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:
- They adopted new technology practices to be more efficient
- They built up e-commerce and other sales avenues
- 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.
Business Mentor at Grow Vantage
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 4,500 coaching and training sessions in Barrie, Ontario. Through Grow Vantage, her entrepreneurial training program, and as a business coach, she works with business owners to design, launch and grow their businesses; teaching strategies in marketing, sales, communications, and finance, and techniques to increase productivity, and manage their businesses. In other words, what entrepreneurs need to learn to grow and run their businesses successfully, grow their networks, and avoid costly mistakes.
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