May 17, 2021
If you want your business to survive for years to come, you need to get proactive about strategies for long-term resilience. In these times, it’s especially important to look at your business recovery in the new normal. The Business Development Bank of Canada (BDC) provides financing and advisory services to small and medium businesses across all industries and at all stages of business development.
BDC serves more than 60K clients nationally. The Quinte Business Development Centre (QBDC) location assists business owners across the Bay of Quinte area with proactive planning for future resiliency over the long term. Derrick Morgan is the Manager Major Accounts at BDC in Belleville, Ontario.
5 Proactive Strategies for Business Recovery in the New Normal
Here’s how BDC can help you thrive long term.
1. Take the long view to build consistent cash flow.
BDC helps businesses assess what they have to offer and consider how they need to adapt to stay relevant in their market. They look at helping businesses achieve success over the long term. This may require some heavy realignment on your part. BDC advisors help you understand customer demand and prioritize your products accordingly to sell what will have the most positive impact to your cash flow.
2. Diversify and regionalize supply chains to minimize disruption.
With a clear idea of their offer, business owners can complete a risk assessment of any issues that could impact deliverability. For example, suppliers could be closed or have reduced inventory. BDC can help you build resilience in your supply chains.
3. Invest in e-commerce to maximize growth.
BDC advisor can help business owners really understand how online sales work in their industry and how to build online capabilities and establish or enhance their online presence. Once you have specific online goals, you and your team can take action with a simple, straightforward plan for tech adoption to achieve those benchmarks.
4. Take advantage of opportunities for consolidation and acquisition.
As businesses review organizational design and create strategic plans, they may decide now is the time to expand or consolidate existing operations or acquire new ones. Opportunities may appear and disappear rapidly, which makes it even more important to have your strategic plans and risk assessments already in place, so you are prepared to act quickly, yet wisely, when needed.
5. Balance local consumers with global markets.
More and more consumers are turning to local options for the products and services they want or need to purchase. Be prepared to take advantage of new markets that may open up locally, as well as to address the changing needs of your global customers. Increased local sales may require adaptation or expansion of existing production facilities, increased storage capacity or enhanced local transportation solutions.
BDC Advisory Services Help Businesses Grow
BDC advisory services (located in the Quinte Business Development Centre along with QEDC) can help your business with strategic planning and financial management to find new markets, improve operations, optimize technology, build management capacity and increase sales. Find out how to accelerate business growth, innovate, expand, and find the right resources to thrive.