Frank Enrico Andreoli Montreal businessman and analyst has been speaking of late on what he believes to be the most critical aspect of the coming months, the survival of small businesses. Once a small business owner, Frank now has interests in a number of small businesses here in Montreal and across other cities in the country. This of course has been a challenging year for small businesses in general and those which have managed to survive have done so by the skin of their teeth.
What Frank was discussing in particular was exactly why it is so important that small businesses are given the support which they need to continue, because it is these businesses which are at the heart of a great economy. So what do small businesses need in order to stay strong in the coming months and years, to support our economy and to find the success which they are after? Let’s take a look.
One of the most important lessons to take from this year is the need for all businesses to have an online presence. Even those businesses which do not operate online, need to have a website and dedicated social media pages through which they can increase their visibility, find customers and market who they are. Any business without a web presence is going to find it extremely tough going forward.
Reducing financial exposure is of course absolutely critical in the running of a small business, especially given what has happened to so many companies at the start of the year, which were clearly over-exposed. With this being said however, businesses have to invest in order to get things moving again, the key will be whether those small businesses are capable of investing where it counts . There will be no room for tying up cash flow with slow moving products, nor will there be sufficient flexibility to pay for staff members which the business cannot afford. Smart investment in marketing and fast selling items will be the best approach to the future for small businesses.
Pivoting the Focus
There are some industries and sectors which are going to recover much quicker than others and it is up to small business owners to recognize this. If you are running a tour company and tourism is in the pits, you need to look at ways in which you can use your infrastructure, your skill and your expertise, to focus those efforts elsewhere. This is a dramatic shift of course but what will be more dramatic is if you refuse to change and then are forced to close those doors forever.
Now is the time for creativity, tough decision making and accuracy in taking those decisions. If small business owners are able to do this, then they will be the ones which help the economy to recover and which support the local communities. This can be done, and everyone needs to do their bit in supporting.