This is a strange time where we have seen the empty streets across Rome, Paris, and Madrid, then finding out about lockdowns extending to our own backyard in the Greater Toronto Area. This crisis has impacted us all. Especially small, medium, and large businesses from almost every industry and vertical.
Many businesses will need to regroup and to pivot in order to survive. Some will and some will not. The initial stimulus has helped many businesses short term but more will need to be done in the months and perhaps years to come. It is always true that during all economic downturns, there will be some who grow and actually strive. Like with any turnaround, there are best practices worth engaging in. The playbook on this has been written already and you can implement some or all of those approaches. They include but are not limited to reducing expenses, pushing out payables, selling excess inventory, and so on. All of these are great, but at some point, you need to generate more revenue, executive more business strategies, and grow your business. It doesn’t help to be paralyzed by fear; you need to take action. But how do you do this and how and where do you even start? Without any question, it is questions like this that keep business owners up at night. As I eluded to earlier, there is still opportunity out there and it is your job and your responsibility to seize it. I can guarantee you that in every industry and vertical, someone will find opportunities where others do not. Let’s say you have some ideas but are not sure how you will manage cashflow or you simply can not afford to make it happen. This is where many or most stop and fall short.
There has never been more support and funding available. Funding designed to stimulate small and medium businesses. The government wants you to grow. Small and medium businesses are the lifeline of our economy. Today you can tap into so much support, plus countless other grants and programs that can be added or even simultaneously tapped into. Now yes, obviously this can be challenging and tedious even in the best of times. The process of maximizing government grants, stimulus, and support is very much an art. It can also be a major burden or next to imposition to execute at best practice levels while managing your business needs day today.
Professional grant, stimulus, and support teams, like Office146 Advisory, can make a huge impact and provide the much-needed help you are seeking. There are a lot more options and opportunities available than what you are reading about in the news. As an example, many of these are grants are stackable, meaning you can apply for more than one grant, stimulus, or loan at the same time and for the same project. Maximizing the support available to you during these times, just make good business sense. However, a strategy can help you get in touch with how to leverage this to transition and grow through these challenging times.
At Office146 Advisory, we are fortunate in that we have been able to provide funding strategy solutions for countless small to medium-sized businesses during COVID and we are here to help you. We act as a funding agency and work with you to facilitate the funding you need year-round. Our team is experienced with countless years on the lending side of these programs, so we understand how to navigate these waters. As challenging as these times may be, remember you are not alone and we are here to help.