How Small Businesses Can Mitigate Costs During Slowdowns
COVID-19 has made a huge impact on small businesses and their bottom line. A recent CIBC study found that 81 percent Canadian small business owners say the pandemic has negatively impacted their operations, and 32 per cent worry about the viability of their business over the next year. Even though stores are beginning to reopen, many companies are experiencing reduced foot traffic and sales, making it essential for small businesses to mitigate costs. With the continued uncertainty surrounding today’s economy, even the smallest increase in revenue or reduction in expenses can impact your businesses’ profitability. Here are some tips for small business owners attempting to navigate the financial challenges brought on by COVID-19......
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