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RBC releases five-point plan to help 'small business make big pivot' to a post-pandemic economy
TORONTO, June 11, 2020 /CNW/ - A five-point plan to help Canadian small businesses thrive in a post-pandemic economy was released by RBC today.
The report includes proprietary economic research and analysis from a survey of small businesses, which generated 22,000 responses. It cites two core challenges facing the country's million plus small business, which is defined as companies with a maximum of 100 employees. The sector is reeling from the economic lockdown. It recorded almost double the rate of job losses as mid-sized and large firms during the first two months of the global pandemic. Women and youth bore more of the pain, since they are over-represented in small-business employment.
The health crisis has also created new economic trends and is accelerating others, which requires "small business to make a big pivot" into a more virtual, local and fragmented operating environment. For instance, approximately one-third of Canadians are shopping online for goods and services they normally would have bought in a store. Yet many small businesses remain "digital novices." Statistics Canada has noted a significant number of small firms are without a website, or the ability to facilitate online payments.
"The scars of an unprecedented recession are already visible on every Main Street in Canada, but the impact extends well beyond mom-and-pop shops or the retail sector," said Dawn Desjardins, Vice-President and Deputy Chief Economist, RBC. "In many ways, small businesses are the Canadian economy, representing more than 40 per cent of GDP, and close to 60 per cent of new jobs prior to the health crisis. We cannot expect a full economic recovery without a small business rebound." As such, policymakers must help craft strategies to help small businesses remain solvent and exit stronger from the recovery. The report notes that preparing for the longer-term may seem out of sync with the immediate challenges of survival. But to be unprepared for a very different kind of recovery could be just as costly as the unprecedented collapse.
"Small firms will need to seize on new technologies and permanently altered consumer preferences to attack markets and build brands in entirely new ways," says John Stackhouse, Senior Vice-President, RBC. "While resilience will be important, adaptability will be critical."
Prospering in a post-pandemic economy
RBC has encouraged leaders in the public and private sector to adopt a five-point plan. The overarching principles are as follows:
Stackhouse said: "During the global financial crisis, policymakers worried about 'too big to fail, as they protected systemically important banks and insurers, and shored up supply-chain foundations like auto companies. This time around, the emerging policy motto needs to be 'too small to fail,' as small business will be relied on to restore local demand and job creation across the country and economy."
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC
Copyright 2020 Canada NewsWire
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