With everything that transpired in the past year, things would never be the same again. The pandemic came as a surprise and disrupted the way people do things. As such, problems and uncertainties plagued economic conditions. 

But, growth prospects in 2022 seem to be more promising as Canada continues to recover. Even so, the apprehensions of many people have not subsided yet. But, there are ways to maximize business opportunities and mitigate risks. 

Keep an Eye on Digital Transformation 

Even before 2020, businesses were shifting to online platforms. As business owners say, you have to meet the customers where they often stay. From 2018 – 2019, about 28 million Canadians were shopping online. That is why global e-commerce sales more than doubled and reached $3.3 trillion. 

Due to the pandemic, almost everyone went online in 2020. Safety measures became inconvenient, making online shops a staple for many people. As such, Canadian online shoppers went up to 32 million or 82% of the total population. It is not a surprise that global e-commerce sales reached $4.3 trillion. 

Taken from Statistics of Canada

Taken from Statista 

Moreso, in-person sales dropped in 2020. It was most noticeable in clothes with revenue growth of -84%. Sports, books, hobbies, and music followed with -79%. Likewise, furniture and other home materials plunged by 69%. That is why many physical stores had to shut down while others opened online shops. 

Today, online shoppers are still increasing. Over 80% of online shoppers will not decrease their online purchases. As such, the growth in online shopping will continue. Many estimations show that online sales will rise further from $4.9 to $6.4 trillion in 2021 to 2024. 

Taken from Statistics of Canada 

Watch Economic Changes Closely 

Experts predict that the complete recovery and reopening of the Canadian economy will happen in 2022. It is not far from reality as more businesses are reopening and employees are getting hired. In 2020, the unemployment rate rose to 9.5%. Currently, it is lower at 6.9%, stimulating economic activities and purchasing power. As such, demands for products and services may increase again. 

Although, watch out for post-pandemic inflation. Prices may go up as more people are capable of buying products and services. The pent-up demand may cause an influx of customers and lead to a shortage. 

So, check your finances to ensure you can sustain your operations and cover liabilities. Also, think twice about borrowing to finance your increased production or planned expansion. 

Prioritize Employees Welfare 

Given the situation, making your employees feel important is a good practice. Their appreciation reflects on their increased productivity and output quality. Amidst economic fluctuations, prices are changing and may rise sharply soon. Salary raises, allowances or bonuses can boost their morale. 

You can show your support in other ways. Increased paid leaves and shorter working hours can help them. Complimentary shuttle services are also ideal since commuting can be inconvenient and dangerous. 

If possible, remote work is the best solution to ensure their safety. It is better if they can work with their equipment. If not, you may provide devices and have them delivered to employees’ addresses. Amidst the great resignation, the last thing you want to see is high employee turnover. 

If the remote work setup is working for your company, then leave it as is. Some companies are trying to do hybrid work setups, leading to employee resignations. In a recent survey, 46% of Canadian employees are not ready to return to a typical work setup. Their fear of contracting Covid-19 is their primary reason. Some say they will resign if they are forced to work in the office.

If your business needs physical transactions, vaccination is a solution. It may sound discriminatory, but that is the best way to protect them. Sixty-five percent of employees are afraid to work with unvaccinated teammates. Overall, 68% of Canadians want businesses to impose mandatory vaccination on their employees. You can give perks to those willing to return to the office or those who get vaccines. 

Buy Business Insurance 

Amidst massive net losses, business insurance has been the fallback of hard-hit businesses. Depending on the type of business insurance, it covers various damages. Premiums range from $500 to $2000 on average. Firms like BrokerLink can help you find the right one for your business.

With business insurance, you will have financial protection. Revenues and net income may drop, but your business will have enough to survive. 

With the continued recovery in Canada, more opportunities are cropping up to stimulate businesses. As such, you must prepare for things that may happen in 2022. And, while you are planning to optimize your resources, it is wise to protect them. Market environments are still uncertain, so you must strategize to adapt to changes.