In the banking crisis of 10 years ago, the theme of the day centred on saving some financial institutions because they were too big to fail. Fast forward a decade and, in the wake of the COVID pandemic, the mantra is too SMALL to fail.
It comes from an initiative from RBC Royal Bank which says if there is going to be a solid and sustained recovery from the COVID lockdown it’s going to come from small business. They have released a 5-point plan to help small business owners capitalize on the new trends emerging from the pandemic.
Chief among them is the massive expansion of the online or digital world. One-third of Canadians are now shopping online for things they would have bought in a store four months ago. Yet many businesses are, in their words, digital novices lacking a website or the ability to take payments electronically.
The bank notes small businesses account for 40-percent of GDP and 60-percent of jobs prior to the health crisis. They argue they ARE the economy and its imperative they make the big pivot required to excel in the new normal.
