TOUGH TIMES FOR BUSINESSES
Tough Times FOR SMALL TO MEDIUM-SIZED BUSINESSES
As we head into the inevitable
COVID-19 recession , small to medium-sized businesses are feeling the brunt of the struggle . If this is you , we want you to know that we hear you , we see you , and all of us at Waypoint Insurance are here to stand by you as we walk through these tough times together .
With ongoing health and safety measures in place , small enterprises have become the most vulnerable to bankruptcy . This is especially true because many consumers are opting to stay away from the shopping scene altogether beyond bare essentials .
THE PANDEMIC ’ S EFFECTS ON CONSUMER BEHAVIOUR WILL LIKELY LONG OUTLAST MANDATORY LOCKDOWNS , WHICH MAY KEEP A RECOVERY FOR THE SMALL-TO-MEDIUM-SIZED BUSINESS DEMOGRAPHIC FEEL JUST OUT OF REACH FOR SOME TIME .
It ’ s frustrating , even unbearable at times . The uncertainty of it all is wearing you down . We get it .
Waypoint is here as an additional support system for your business in any way possible . As a medium-sized business ourselves , we understand what you are going through , and we want you to know that you are not alone in this . At Waypoint , we have been using our various social media channels not only to lift up our amazing clients with our weekly client highlights but also to shine a light with our weekly local shout-outs on other local businesses that may be struggling during these times of uncertainty . Our dedicated team is happy to answer any of your questions about changes to regulations and share with you some excellent resources for getting on the road to recovery .
Because the coronavirus is not merely a financial crisis , the recovery will not be as robust or rapid as it was after the 2008 downturn . Businesses of all sizes need to be prepared for a slow-moving crawl back to where the economy was at the start of 2020 . This is going to take time and dedication on all fronts .
In the meantime , your contribution is important and your business matters . We value what you bring to our community .
The Canadian Federation of Independent Business is encouraging Canadians to go out and shop at their local independent businesses through its # SmallBusinessEveryday campaign .
They ’ ve even issued a targeted challenge to stimulate buying in the downtown centres where consumption has been especially slow in recent weeks .
Ontario ’ s business sector leaders are advocating for Canada ’ s owners of small and medium-sized businesses , saying more needs to be done to save these businesses from the oncoming wave of recession bankruptcies .
Leaders are also calling for changes to the Canada Emergency Commercial Rent Assistance ( CECRA ) program that has been used by over 35,000 businesses across Canada throughout the summer . Rod Phillips , Ontario ’ s Minister of Finance , admits the program was designed in a hurry and says the federal government is open to making adjustments going forward .
Although there will remain a level of uncertainty for some time , owners of small to medium-sized businesses can rest assured that their customers , the federal and provincial government , and all of their friends here at Waypoint Insurance are in their corner . We may not have faced a challenge like this before , but we look forward to coming out stronger because of it . We believe in you and the power of our united community to overcome this challenge . +
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