Small Business Set to Survive Second Wave

As it appears more and more like we’re headed into a new phase of the COVID pandemic with the tightening rules on personal interaction, terms such as COVID anxiety or depression are going to become a bigger part of our lexicon. And that will include business conversations that will test the resilience of business leaders, especially small business owners.

The good news is that they are starting from a strong base.

A new survey of business owners for ScotiaBank shows that two-thirds say they are in tougher shape than they were before the pandemic. So it has had an impact.

Yet, 40-percent say they are very or extremely optimistic about their prospects for their businesses.

The top priority right now is increasing revenue through additional sales channels over the next few months. Two-thirds say they will not need additional financing to get them through the next phase with smaller firms needing less than larger ones.

And, finally, 70-percent of them said they are better equipped to survive a second wave than they were to face the first wave earlier this year.