Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.
The COVID-19 pandemic has hit small businesses hard. Restaurants and retail stores have closed and entrepreneurs across most sectors of the economy have had to adjust their business models. Yet stories of resiliency abound. In the midst of this unprecedented challenge, The Globe and Mail is hosting a series of webcasts focused on strategies for small businesses to recover and retool for growth, presented in partnership with CIBC. The first in the series took place on June 17 and focused on how small business owners are adapting and pivoting.
Highlights from the discussion appear below the recorded webcast.
Below are highlights from the discussion:
1). Find new ways to connect with customers
Restaurateur and chef Suzanne Barr is using social media to conduct cooking demos for her customers and future customers. Her restaurants had to close and she decided against takeout but the cooking demos have turned into an opportunity to engage customers while spending quality time with her son. As a restaurateur, Ms. Barr observed it’s important to find ways to grow your customer base beyond people who make a reservation to dine in. Before the pandemic she and her team had been giving thought to new ways to reach customers at her restaurant, True True Diner in Toronto – plans she is now putting into action.
2) Be flexible as the business changes
Shawn Bonnick, president of KinsBrae Packaging Inc. in Cambridge, Ont. said the company’s retail business dropped sharply when stores closed. The company responded by increasing its manufacturing to grow a part of its business that had represented 30 percent of revenue pre-pandemic to 100 percent today. The timeline for the growth had initially been three to five years but by tapping into finance, KinsBrae was able to fast-track plans. Front-of-office staff moved to the manufacturing line to help the company keep pace. Business volumes have remained fairly steady through the pandemic as a result, Mr. Bonnick said.
3). Run the scenarios
When COVID-19 started, Marie Chevrier started looking at what-if scenarios. She wanted to know what her business would look like with 10 percent less volume, 10 percent more and other possibilities. The planning helped her predict and plan, and to communicate with employees. At the same time her company, Sampler, started to provide direct-to-consumer samples for her clients. Before COVID-19 much of Sampler’s work had been done in retail outlets. The pandemic spurred Ms. Chevrier to introduce direct-to-consumer and in-home sampling and as it turns out, the approach is an effective way to build lasting engagement with consumers, she said.
4). Embrace new opportunities
Andrew Turnbull, senior vice-president of business banking with CIBC said small businesses are preparing for a different economy. Pandemic-related changes such as the move away from cash and the increase in digital business such as e-commerce are likely here to stay. The good news is despite the challenges of COVID-19 there are signs small businesses are ready to embrace the changes. According to a poll conducted by CIBC in May 2020, three-quarters of small business owners polled are optimistic the pandemic will bring about successful pivots to their companies to spur recovery and growth, Mr. Turnbull said.
Watch the full webcast above.