November 17, 2020

Tough Times for Small/Medium Sized Business

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.