PETERBOROUGH (ON) CHAMBER OF COMMERCE | PETERBOROUGH, ON
  • About Us
    • About Us
    • Policy and Advocacy
    • Contact Us
    • Board of Directors
    • Staff Directory
  • Events
    • Calendar
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Business Owners Sharing Solutions (BOSS)
      • Not-for-Profit Group (NFP)
      • 26 Coffees
    • Annual >
      • Power Hour
      • Business Summit
      • Seniors Showcase
      • Annual General Meeting
      • PK Excellence
    • Campaigns >
      • #lovelocalptbo campaign
  • Membership
    • Join Us
    • Benefits
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory

Small Business, Big Impact, Big Pivot

7/7/2020

 
Picture
The Ontario Chamber Network has been part of the launch of two reports recently, one by RBC
Economics called Small Business, Big Pivot and the other by the Ontario Chamber of Commerce (OCC) policy team called Small Business, Big Impact.  Both reports highlight the fact that small businesses were most impacted by the COVID-19 pandemic.

In the OCC report it is recognized that “the coronavirus has hit small business harder than the 2008 financial crisis. As a result of public health measures aimed at mitigating the virus, SMEs are facing unprecedented challenges to their survival, including reduced revenue, poor liquidity, disrupted supply chains, inflexible fixed costs, increased need for technology, navigating emergency government supports, and retaining employees.”

The OCC report goes on to show current challenges, including for those businesses in rural, northern
communities and First Nations.

The RBC report identifies five areas to help with recovery:
1. Streamline relief programs. As we shift to a recovery, the government has an opportunity to refresh and streamline its business relief programs. Most immediately, those options could include:
  • topped up Canada Emergency Business Account (CEBA) and modified Business Credit Availability Program (BCAP) with greater forgiveness to cover a protracted recovery and help owners retrofit facilities for social distancing;
  • changing the Canada Emergency Response Benefit (CERB) to allow for a sliding scale to be paid to those going back on payroll;
  • offering a brief tax holiday for small businesses to spur the recovery of local shopping and tourism.

2. Invest in capacity for safe reopening. Provincial governments should consider investing in broad-
based programs to help employers restart their businesses. These could include:
  • a nationally-coordinated program to certify public-facing facilities as COVID-safe;
  • provincially-led and funded coalitions of business groups and chambers to provide personal protective equipment to small companies;
  • an initiative to remotely connect students with small businesses to help them gain work skills and mentorship opportunities.

3. Build digital networks. Small firms will not only need tools for a post-pandemic economy, they’ll need to form alliances to compete in the global platform economy.  A recovery plan needs to incorporate a digital
strategy that could include:
  • tax credits for small firms to invest in Canadian designed software and hardware to enable digital growth;
  • a national program to create virtual farmers’ markets and virtual Main Streets;
  • an acceleration of the Budget 2019 commitment to provide high-speed Internet to every Canadian and business by 2030.

4. Set new economic strategies to help scale. Governments and large enterprises have an
opportunity to invest in sectors that leverage Canadian supply chains and fuel small business growth, including:
  • coordinated procurement efforts to designate preferred small business suppliers with a special focus on PPE, testing and tracking technologies and health care;
  • Canada 2020-21tourism campaign to spur domestic travel;
  • a renewed provincial commitment to lower interprovincial trade barriers for small firms in 2021.

5.Create a more strategic approach to globalization.
In a world that is likely to be more fragmented, Canada will need a more focused approach to trade. We may need:
  • a “Go Global” program using trade accelerators to boost exports to countries more open to Canadian goods;
  • a coalition of governments,
  • banks and other institutions to form a “Brand Canada” platform for small firms;
  • expanded expat networks to connect knowledge-based industries with global Canadians.

93% of the membership of the Peterborough Chamber of Commerce is a small business. These businesses are creating jobs and economic activity right across our region.  They are working hard to ensure the safety of their employees and customers. We remind everyone to be patient and helpful to our local businesses as they move through the reopening phase.

Comments are closed.

    Author

    The Peterborough 
    Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    January 2015

    Categories

    All

    RSS Feed

Copyright © 2021 Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
Phone: (705) 748-9771  |  (705) 743-2331  
Home    |    Calendar    |   Site Map   |    Privacy    |    Accessibility
Join the Chamber
MemberClicks
  • About Us
    • About Us
    • Policy and Advocacy
    • Contact Us
    • Board of Directors
    • Staff Directory
  • Events
    • Calendar
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Business Owners Sharing Solutions (BOSS)
      • Not-for-Profit Group (NFP)
      • 26 Coffees
    • Annual >
      • Power Hour
      • Business Summit
      • Seniors Showcase
      • Annual General Meeting
      • PK Excellence
    • Campaigns >
      • #lovelocalptbo campaign
  • Membership
    • Join Us
    • Benefits
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory