The Ontario Chamber Network has been part of the launch of two reports recently, one by RBC
Economics called Small Business, Big Pivot and the other by the Ontario Chamber of Commerce (OCC) policy team called Small Business, Big Impact. Both reports highlight the fact that small businesses were most impacted by the COVID-19 pandemic.
In the OCC report it is recognized that “the coronavirus has hit small business harder than the 2008 financial crisis. As a result of public health measures aimed at mitigating the virus, SMEs are facing unprecedented challenges to their survival, including reduced revenue, poor liquidity, disrupted supply chains, inflexible fixed costs, increased need for technology, navigating emergency government supports, and retaining employees.”
The OCC report goes on to show current challenges, including for those businesses in rural, northern
communities and First Nations.
The RBC report identifies five areas to help with recovery:
1. Streamline relief programs. As we shift to a recovery, the government has an opportunity to refresh and streamline its business relief programs. Most immediately, those options could include:
based programs to help employers restart their businesses. These could include:
strategy that could include:
opportunity to invest in sectors that leverage Canadian supply chains and fuel small business growth, including:
In a world that is likely to be more fragmented, Canada will need a more focused approach to trade. We may need:
93% of the membership of the Peterborough Chamber of Commerce is a small business. These businesses are creating jobs and economic activity right across our region. They are working hard to ensure the safety of their employees and customers. We remind everyone to be patient and helpful to our local businesses as they move through the reopening phase.