Small Businesses are rewarding in many ways. Not only the employees but also the owners live, work and contribute to our social and economic well being. They are an essential part of our communities.
However, it is painfully clear that many Small Businesses in Canada are in trouble. "The Canadian economy changed dramatically in March 2020 as a result of COVID-19 and the situation has had a profound impact on the ability of businesses in Canada to operate. While the majority of businesses in Canada have been impacted by the COVID-19 pandemic, it appears that small businesses have been hit particularly hard by this crisis." (Impact of COVID-19 on small businesses in Canada-StatCan). This is not surprising. In the US, The Nobel Prize-winning economist, Joe Stiglitz warns, ”Unless we put small businesses and average Americans at the center of our recovery, the economic recovery will be difficult. If we don’t manage things well, this will be the deepest downturn in living memory”. However, well before the current pandemic, automation and globalization were seriously threatening to take away customers from Small Businesses. Without jobs and stable incomes, families cannot support local businesses, money does not circulate, and the structure of our overall economic system is undermined.Read more