With the emergence of COVID-19, multiple lockdowns and changes in consumer spending patterns, many small businesses over the last year and a half were impacted, according to a Statistics Canada report.
To avoid further disruptions to their business, some owners took it upon themselves to find new ways to adapt. Whether it was retaining/attracting new customers or changing their business model, new measures were put in place so that they could keep their businesses running, even if it was in a smaller capacity.
Many pre-pandemic business growth plans might have had to be put on hold as adopting new business practices were of vital importance.
Small businesses constitute 98% of all employer businesses in Canada, as seen in this Statistics Canada report, and have a great impact on the country’s economy.