How small businesses can save money and recover faster – experts weigh in on Twitter

22/05/2020

Business owner with open sign outside of coffee shop

Business owner with open sign outside of coffee shop

After being in some form of survival mode for a couple of months now, and  restrictions starting to ease, many businesses are looking toward their future. Small businesses across the map still face a long uphill battle, but we wanted to dig into how they can lower costs today to help make it through to the better days ahead. And how to really hit the ground running as soon as possible. Here’s what the #TradeElite small business experts had to say.

Topics covered:

Panelists:

Cathy McKnight, PMP (@CathyMcKnight) VP Strategy and Consulting and Solver of Problems at The Content Advisory based in Toronto, ON
Frances Schagen (@FSchagen) CEO at ClearToYou Bookkeeping and Business Support Agency and Founder at Business Owners Success Club based in Toronto, ON
Dr. Halia Valladares, CITP (@HaliaMayela) Professor at Thompson Rivers University, Managing Partner at Global Trading & DS, Inc. based in North Vancouver, BC
Lora Rigutto Vigliatore, CITP (@RiguttoV) Global Business Expansion Coach and Instructor, Certified Incoterms2020 trainer for Canada based in Pickering, ON
Bernadette Fernandes (@on_the_varanda) Founder & CEO of the Varanda Network, based in Saint John, NB, Canada
Daniel Lewis, CITP (@TbyDaniel) T By Daniel Founder, Certified Tea Master/ Tea Sommelier, Author and Public Speaker based in Brampton, ON

Right off the bat, what are some costs businesses can cut from their budgets without damaging their businesses?

Flipping the script now: What are some absolute essentials, that businesses should not economize on?


Aside from government assistance programs, where can businesses find savings on the essentials?

How does collaboration fit into cost savings and business recovery? Is now a good time to find partnerships?

Here’s a tricky one. How do you manage your #cashflow when forecasting is so uncertain right now?

Is it a good idea to take out loans or other financing options to speed up recovery?

As we look to recovery, how can businesses jump-start their businesses post-shutdown while still keeping costs down?

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, June 4 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

Disclaimer: The opinions expressed in this article are those of the contributing participants, and do not necessarily reflect those of the Forum for International Trade Training.

About the author

Pamela Hyatt

Author: Pamela Hyatt

I am the Content Marketing Specialist for the Forum for International Trade Training (FITT). You can find some of my work on TradeReady.ca. My background is in copywriting, journalism and social media. My passion lies in connecting people to the stories that are most important to them.

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