Are you a business owner or do you know a business owner who could use some help?
SHARE THIS BLOG POST!
We believe small businesses are vital to our province, so we want to help local business owners get access to all the resources available to them during this difficult time. We hope that it helps and that you are all back in action before you know it.
We compiled a LIST OF RESOURCES (COVID-19 government stimulus, wage subsidies, mental health resources and other tips) to help you and your employees during this uncertain time. Our list will be updated daily so make sure to check back often and share the link with others – you never know who it might help.
And remember to tag @excellencenb when you’re sharing your business’ news or promotions on social media so we can help you spread the word.
At this time, every effort counts and we’re here to help.
TIPS FROM LOCAL BUSINESS LEADERS
We also gathered advice from local professionals and small business owners to help everyone navigate this unprecedented situation. Here’s what they had to say:
YVES ARESENAU – Chartered Professional Accountant with Allen, Paquet & Arseneau LLP (Campbellton) www.apallp.com
Be open and honest with employees, your suppliers, and financial institutions. They are your business partners. Actively manage communication with them and work with them to find viable solutions. This includes:
- Inquiring about business loans or pushing back payments on existing loans.
- Investigating tax deferrals.
- Passing along employment benefits to your team.
This resource guide we created provides more information on each of these areas.
AUDRÉE GODBOUT – UNI Business, Account Manager www.uni.ca
- Maintain your cash flow: Decrease your expenses as much as possible. It is unclear when business will pick up a normal pace again and companies may have additional financial needs.
- Payment deferrals: All financial institutions have received approval to defer payment for their customers on several types of loans over periods ranging from 3 to 6 months.
- Use online transactions: Paying suppliers, electronic deposits and e-transfers are a few convenient ways to operate even in this quarantine period.
- Contact your account manager: Each situation is different, and your account manager can guide you through the most appropriate business strategy for your company, whether it’s refinancing assets or finding the best cash flow and deferral plans to meet your needs.
ANDREW BELL – Lawyer with Bell, McGrath (Bouctouche) www.bellmcgrath.com
- Make a list of your pre-authorized payments and call each company to discuss payment options and deferrals.
- Look into EI programs and financial assistance for you and your employees.
- If you own commercial property, look into GNB property tax deferrals or discounts to offset short-term loss of income (from renters unable to pay rent).
- Limit expenses (businesses and personal) to necessities only for 3-4 months. If you don’t need it right now, don’t buy it.
PAUL BLOEDOW – Accountant and owner of Tri-R Business Solutions (Moncton) www.trirbusinesssolutions.com
- Speak to your financial institutions about options for lines of credit or raising credit card limits. Any property you own or other assets could be used as collateral.
- Make minimum payments on credit cards or lines of credit in the interim.
- Talk to your accountant or bookkeeper about your current situation and work on cash flow projections in 4-week cycles.
- Form support groups with other entrepreneurs and meet regularly. Remember you are not going through this alone. The advantage of a general group is members often have different perspectives so “outside the box” thinking can benefit others.
- Communicate with your clients and customers to keep them posted on what your business is doing right now or even to thank them for their support (past and ongoing).
- Work on your backup plans. Work on several scenarios in terms of 4-week cycles. If things start to open up in 4 weeks, what do I need to do to be ready for that? What if it takes 8 weeks, 16 weeks, etc.? Use several different scenarios for what the “new normal” looks like and what steps you need to take to put them in action, should they become a reality.
- Consider modifying your business to fit the current landscape. For instance, companies that two weeks ago were distilling and bottling alcohol are now manufacturing hand sanitizer. Think creatively but also be realistic. Take advantage of opportunity and funding to do so. Industry Canada has announced they will help fast-track businesses that can help in the supply of in-demand products over the coming weeks and months.
DENIS LEBLANC – Previous owner of the Igloo Beverage Room & Steakhouse (Moncton)
As an owner/operator, you have to monitor key aspects of your company very closely in order to survive: labour costs, food/supplies costs, and daily cash flow. To help with cash flow until a certain level of stability can be restored, check into government programs. Be on the lookout for:
- Benefits to employers and employees to help with labour costs and income
- Loans with 0% interest or payments that can be deferred for 6-12 months
- Ways to defer payments (ex: utility bills, rent, property tax, etc.)
- Tax breaks
Financial assistance at this time will have a huge impact on your ability to operate your business and help your employees, so take advantage of as many as possible.
Dan Drisdelle – Director of Business Development of SFL Wealth Management (Dieppe) www.sfl.ca
Stay the course with your investments if you can. Market fluctuations in times of crisis is normal and withdrawing your funds due to short-term volatility can lead to greater long-term loss. Before you take any action, speak with your financial advisor about your portfolio and ways to diversify your risk.
Have helpful tips for operating a local business during COVID-19, please reach out and we can share it on social media to help get the word out!
Contact us – firstname.lastname@example.org
STAY STRONG AND STAY SAFE, NEW BRUNSWICK.