October is Small Business Month, the perfect opportunity to recognize how important small businesses are to Canadians and the Canadian economy. Did you know that small businesses make up 98 % of all employer businesses in Canada, creating 8.4 million jobs and contributing over 40% (1) to the National GDP, on top of supporting our communities in many other ways?
Sadly, these small businesses have been some of the hardest hit by the pandemic. In trying to survive the unknown, businesses have had to adapt by pivoting to online sales, reducing hours, laying off staff, applying for government funding or seeking rent relief. As of February 2021, more than 70 per cent of business owners across Canada have reported that they have taken on debt to cope with the economic impacts of COVID-19; and one in six small- and medium-sized businesses in Canada admit they are at risk of closing permanently due to COVID-19. (2) Small businesses surveyed earlier this year have also expressed that they are more likely to experience a year-over-year decrease in revenue, and less likely to take on more debt. (3)
With the fourth wave currently underway, experts predict that challenges will persist for small businesses in the service industry, as well as businesses that depend on international trade.(4)
So how can credit unions continue to support these businesses while also meeting their own targets?
- Be there for them, listen and show that you care: Flexing your EQ muscle fosters trust and can strengthen your business relationships. Times may be tough now, but when their businesses bounce back, they may remember your kindness and bring you more business.
- Be prepared and be proactive – Review your member accounts and proactively reach out to offer support through third-party loans (if applicable) and to have effective cash management discussions. Your technical understanding of their financial situation can help you have good and open conversations that can assist your members in developing action plans.
- Hone your professional skills by refining your personal brand and learning best practices in negotiation, pipeline and member relationship management.
These themes and more are discussed in-depth in the upcoming Business Professional Development Program (BPDP). For employees who work with business members, BPDP can help you provide the best advice and support for your business members now, and along their road to recovery.
The upcoming cohort runs from February – November 2022 and consists of 21 sessions and 3 knowledge assessments. Upon completion, participants will receive a certificate of completion demonstrating skills acquired in the area of business account management, relationship building and business development.
Differentiate your services and skillset from the competition.
“The Business Professional Development Program provides a variety of insights to the wide range of skills that can help us become very good advisors to our business members. Each session provides a roadmap for participants to pursue deeper understandings in their own professional development, but also a deeper understanding of their business members needs. This program helps you raise your profile both internally, and externally with your business members, prospective members and service providers, which can assist with others referring quality leads to you.”
Ken Watson, BPDP Facilitator
Registration for the 2022 Cohort Opens Soon! Watch for details and a special “try before your buy offer” coming later this month.
- https://www.ic.gc.ca/eic/site/061.nsf/eng/h_03126.html#5.1
- https://www.ctvnews.ca/business/canadian-small-businesses-rack-up-135-billion-in-debt-to-survive-pandemic-report-1.5324475
- https://www150.statcan.gc.ca/n1/pub/45-28-0001/2021001/article/00009-eng.htm
- https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/publications/monthly-economic-letter/2109