How can small Canadian businesses prepare for the future?

How can small Canadian businesses prepare for the future?

The last two years have been extremely difficult for everyone, and especially for those operating small businesses. Most of us were hoping 2022 would be a year to get back on track, but it has already begun to throw us new curve balls. With the rise of cases due to the new COVID-19 variant, Omicron, things are looking bleak. However, it is providing employers with the opportunity to use what they have learned over the past two years and prepare for what will come next.

Since March 2020, small businesses have been struggling to receive suitable supply and consistent employees that support building a quality brand and culture. We have been presented with many learning opportunities that have taught small business owners to be more equipped to handle future setbacks. 2022 may be another year of uncertainty and learning, but one thing employers have become experts at is adaptability.

How is Ontario helping?

The Government of Ontario has opened applications for a Costs Rebate Program that will begin January 2022. This program will assist businesses while the circulation of the Omicron variant persists. Because Ontario will be decreasing the capacity in establishments, this program will cover 50% of energy and property tax costs for eligible businesses like gyms or restaurants. Applications for this program started December 19, 2021 and will be accepted until mid-January 2022.

Ontario is also offering to pay a portion of the provincial taxes for businesses, for example, Gas Taxes or Employer Health Taxes. These reimbursements will include interest and will be penalty-free for a six-month period (January 1-July 1, 2022).

What can employers do?

Moving forward, employers will have to use their adaptability to focus on the areas of the business they can control. Being pragmatic about the foreseeable inflation may be a great start. Taking the time to make realistic plans with your suppliers could lessen future stress for your business.

Small businesses may also want to direct their focus on expanding their customer base and customer awareness. A great method for reaching more consumers is through digital platforms, which is a low-cost effort. Social media is a promising way to expand your brand without having to worry about keeping up with costs. It also gets people to see and understand your brand without having to step into your office or store location.

If you’re a small business owner who has questions about how the new COVID-19 variant could impact your workplace, please contact KCY at LAW by filling in an online consultation request or contact us by phone at 905-639-0999 to book your consultation today.