The effect of COVID-19 on small businesses
How did the pandemic affect small businesses?
The Canadian economy has changed drastically from March 2020 onward as a result of COVID-19 and this situation has had a huge impact on the ability of businesses in Canada to operate. This happened because non-essential businesses are being shut down by the government to help reduce the spread of COVID-19.
What's happened to the smaller businesses?
The smaller businesses have reported that there has been a massive increase in their sales, and some owners have had to sell their businesses. A new CIBC study says that around 81% of small businesses in Canada have said that COVID-19 has had a negative impact on their operations.
Most of the business owners agree that there is the uncertainty of when this pandemic will last and many of them report that the virus isn't going away anytime soon.
What are small business owners doing?
However, these small business owners are still remaining optimistic and confident that they will be able to rebound from this financial and economic crisis that Canada is currently undergoing. Since many businesses we're reopened from September onward, small businesses were coming back on their feet, but with many areas of Canada shutting down businesses again, they don't what kind of crisis to expect.
Digital Marketing Specialist
Adicator Digital Marketing Agency