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13 | The IFP -H alton H ills | T hursday,A pril 8,2021 theifp.ca Navigating the pandemic Presented by and¨ March 17 marked the one-year anniver- sary of the first COVID-19 related business closures in Ontario (bars, restaurants and theatres), with thousands of other busi- nesses deemed non-essential the follow- ing week on March 24. To say that a lot has changed for small businesses in that time would be an under- statement. Business owners have had to navigate entirely new forms of social inter- action, pivot to online sales, takeout or remote work arrangements, and under- stand and apply new rules and regulations at break-neck speeds. The effects of the pandemic will linger for long after COVID-19 itself. Here are three key ways in which the reality for small businesses will be different going forward: Crippling debt means uncertain recovery Many small businesses, especially in customer-facing sectors, have seen dra- matic drops in sales since the start of the pandemic due to ongoing government- mandated lockdowns. Currently, only 27 per cent of Ontario businesses are making normal sales and many have turned to loans, credit cards or even their retire- ment savings to stay afloat. The average Ontario business now finds itself more than $207,000 in debt and many owners are worried about ever being able to repay it. Paying off that debt over the next few years will stunt businesses' ability to grow, invest in their employees or new technolo- gies, and expand. Canadian Federation of Independent Business (CFIB) is asking federal and provincial governments to find ways to reduce small business debt as part of their recovery plans. One in five at risk of permanent closure Mounting debt and the uncertainty of when they will be able to return to profit- ability has pushed many business owners to wonder if they should pull the plug before things get worse. CFIB estimates that Ontario could lose as many as 20 per cent of businesses before the end of the pandemic, on top of the ones that have already closed. This puts more than 873,000 jobs in jeopardy. It's important for the Ontario government to have a clear view towards helping businesses replace subsidies with sales by cre- ating safe ways for them to reopen and reassuring Ontarians that it's safe to shop local. Embracing eCommerce A third of all small businesses are now selling online, an increase of approximately 152,000 new entrants to the digital sphere since the start of the pandemic. A major- ity say they will continue to use eCom- merce and digital marketing even after the pandemic, giving consumers vastly more options when they shop online. However, many new entrants report they are still struggling to generate sales online--it's hard to compete against the big guys, like Amazon and Walmart, on a small business's marketing budget. Consumers can help by sharing their favourite local business on social media using #SmallBusinessEveryDay. Small businesses make our commu- nities resilient and vibrant: they bring a unique character to their neighbour- hoods, create local jobs, and happily sponsor our kids' sports teams. Now it's our turn to give back and support them so they can make it to the other side. Article provided by Canadian Federation of Independent Business (CFIB). Learn more at the CFIB website cfib-fcei.ca. A year of COVID-19 has changed everything for small businesses A Full Service Firm, Including Civil Litigation, Family Law, Employment, Real Estate, Corporate Law, and Wills & Estates. Empowering Clients. Enriching the Community. Proud member of www.lhlaw.caOFFICE LOCATIONS GEORGETOWN, 8 Guelph Street 905.452.7400 Brampton Office (Main) 350 Rutherford Road S., Suite 320 905.452.7400 CALEDON EAST 15955 Airport Road, Suite 201 905.584.4545 Mississauga: (905) 569-9133 www.bmgaragedoor.com Georgetown: (905) 873-4848 bmgaragedoor@hotmail.com Your Garage Door Experts We can also help with Entry Doors. 354 Guelph Street, Georgetown | 905-873-1655 • Truck Accessories • Upholstery • Heavy Equipment Glass • Window Tinting We handle all insurance work.