Updated: Apr 30, 2020
Checkout our interview with Bj from Rosebud Country Inn. This is a story out of Rosebud Alberta, Canada, where Bj the owner of Rosebud Country Inn has started an online market for her local residents. She was looking for a solution to keep her cashflow going, to support other local business, and to provide locals grocery products (since Rosebud does not have a grocery store). She's worked very hard to get local producers on board to provide produce, dairy, meat, baking, eggs, household items, and many more!
SITE IS LIVE----> www.rosebudcountrymarket.com
Alternative Revenue Consider ways you could temporarily or maybe even permanently replace revenue. - Change Markets
For example, If your market is international, can you offer services and products to your region?
- Sell Products Online
Customize products to meet the needs of your community during the crisis.
If you’re a restaurant in a small community, can you order in groceries for locals?
Loans and Government Relief
You may want to look at government relief or business loans, especially if you have employees.
Wage subsidy: 75% wage subsidy for businesses with revenue decreases of 15% or more, for up to 3 months, retroactive to March 15, 2020. The subsidy will apply on the first $58,700 of annual salary, or $847/week.
Emergency benefit: Taxable benefit of $2,000 a month for up to 4 months to workers who must stop working due to COVID-19 and do not have access to paid leave, those who are sick with COVID-19, those taking care of a sick family member, and self-employed individuals, including contract workers.
Interest-free loans: Up to $40,000 in interest-free loans to small businesses and not-for-profit companies.
Defer tax filing: Businesses can defer the payment of any income tax amounts that become owing on or after today and before September 2020. The government will defer GST, HST, and customs duties until June 30, 2020.
Small Business Loan: Low-interest loans up to $2 million if your business has been generating revenues for at least 24 months.
Purchase order financing: Cover up to 90% of the purchase order amount to ease cash flow to your suppliers.
British Columbia: A one-time $1,000 payment if you’ve lost income because of COVID-19.
Saskatchewan: Three-month deferral to remit PST.
Ontario: Beginning April 1, 2020, penalties and interest will not apply to businesses that miss any filing or remittance deadline under select provincial taxes.
Quebec: Low-interest loans and loan guarantees of at least $50,000
Nova Scotia: Defer payments until June 30 for all government loans and small business renewal fees
PEI: Defer rent payments for 3 months, and $500 per week for the period of March 16 to March 29, 2020 for those who are self-employed.
Future Revenue Planning Returning to Full Business Operations
Whether your business is completely shut down or only moderately affected, you and your team will need to create an operation plan now. Even if you don’t believe your business will change in the future, the world has. You will have to consider the needs of your customers and your team. Be flexible, you will need to evaluate and change your plan as you go. No one has a crystal ball, but it’s important to have a strategy in place, as well as a contingency plan.
Streamlining Cashflow It’s likely any plan you have, now or for the future, will look at cashflow and expenses. Investigate:
How efficient are your processes for producing your products or services?
- Booking Systems, POS or Sales Systems
Again, look at your fees.
Look at your commissions.
Are there better systems out there?
It’s important to look through each element of your marketing plan to evaluate the best return on your investment.
Also, if you are in an industry relying on third party booking or reservation systems (such as Groupon or Expedia). You may want to plan to replace these with your own revenue streams. Not only do you pay commissions, you are relying on these companies for effective marketing.
Stay tuned for more Business as Un<usual: CUSTOMER SERVICE - April 22, 2020 Develop your cornerstones for customer experience excellence. MARKETING - April 28, 2020 Creating a strategy through and after a crisis.