Small Business Month: Accelerate Your Recovery in Times of Uncertainty
2 min read
As we’re poised to mark another small business month in Canada, this October is like none we’ve seen in recent years. With small businesses making up 98 percent of the total business landscape in Canada, it is important to not simply celebrate these organizations that are the backbone of our economy. We need to support them as we navigate our way through the impact of the pandemic.
It’s why this year, Cisco is committing to helping small businesses not just survive, but to recover, adapt, thrive and grow as COVID-19 changes the way we do business in Canada.
Small business can lead recovery
Prior to the pandemic, more than one million small businesses across Canada provided seven in 10 jobs and accounted for two-fifths of the country’s GDP. Recent events have put between 55,000 and 218,000 small and medium-sized businesses at risk of closure.
For many small businesses there is a way forward: digitization. A recent survey conducted by IDC and commissioned by Cisco — 2020 Small Business Digital Maturity study — found that small businesses could add $70B CAD to Canada’s GDP by 2024 through increased digitization.
Yet, 67 per cent of small businesses are currently in Stage 2 of IDC’s Digital Maturity Framework — where digital efforts have started but remain tactile and in bite-sized initiatives. Acceleration would not only support Canada’s economic recovery, but would also help small businesses respond faster to changing market conditions.
It’s one of the reasons why Cisco is launching multiple small business focused initiatives this year through Cisco’s Small Business Recovery program. Running throughout the month of October, our goal is to provide entrepreneurs with the tools and resources needed to rebound from the impacts of COVID-19, including:
- A free webinar on the “7 work from home tips startups should know” – Join me and a special guest from Startup Canada on October 6, 2020 from 1:00 p.m. – 2:00 p.m. EST.
- A partnership with BetaKit, Canada’s Startup News and Tech Innovation publication, to deliver articles and tips to help small businesses continue to grow.
- New guides on for entrepreneurs and small businesses as they look towards a future beyond the pandemic.
Accelerating digitization
According to Cisco and IDC’s research, Canadian businesses that were more advanced in their digitization journeys prior to the COVID-19 pandemic (Stage 3 or Stage 4), are now showing the highest rate of survival, through business agility and resilience.
We are committed to helping small businesses navigate through these unusual times which is why we created the Cisco Designed portfolio and expanded financing options specifically for small businesses.
For more information on how to accelerate digitization for your business, visit our website.
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