The Canadian Federation of Independent Business’ (CFIB) data for August found that for almost half of small businesses, monthly revenues were 75% or more of the prior year. And while tourism has been down significantly from previous years, businesses in the area have still been benefiting from steady visitor traffic.
Businesses that are surviving the impacts of COVID-19 demonstrate resiliency and the ability to adapt to changing circumstances. Well-managed businesses are less risky and, therefore, have higher value. If business owners can ride it out to the “new normal” they may not see any decline in the value of their businesses.
Some businesses have added new product lines and expanded their customer base. Thomas FX Group Inc., a North Vancouver-based supplier of specialty products to the movie industry, best known for biodegradable snow and ash products (used in The Revenant, Avengers: Infinity War, Star Trek: Into the Darkness, etc.) became the exclusive distributor of a line of high-intensity UV lights and sanitizing chemicals, and now has added doctors, dentists, and gyms as customers.
Others have survived by changing delivery methods; bookstores offering free delivery, adding online sales, or in the case of restaurants, expanding takeout service.
Read the full editorial on bccpa.ca