With businesses closing to comply with the social distancing and lockdown laws, many are worried about the looming recession. Small businesses, particularly will take a hit. The weeks of closure might have caused an economic downturn that will be hard for small businesses to overcome.

If you own a small business in Vancouver, the following tips might help you out.

1. Keep panic at bay and control the things that you can control

This pandemic is something that is beyond your control. But try to find things in your business that you can control. If you have business loans, ask your creditors if they can postpone collecting the loans while the lockdowns are still in place. You can also look for lower rates and banks that can buy out your other loan and offer it to you for a lower price.

2. Use the help provided by the government wisely

Small businesses are entitled to the help given by the government. Don’t act as if you won the lottery. Use this to your advantage. Use this money to help you make changes to your operations.

3. Look for alternatives

Can you sell your products online? Many small businesses switch to online operations during this time. It might be more limited but at least you are still earning. You can use social media to begin your operations and eventually branch out to having an online shop.

As a small business in Vancouver, you can also benefit from the help of business development companies like DVBIA. Their projects can uplift small and local businesses. Through the help of the local community, small businesses can overcome the challenges of this pandemic.

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