Pleased to be joining the CBC News Network Weekend Business Panel from my home studio, alongside Sherena Hussain, Dennis Mitchell, and Natasha Fatah, talking airline refund spats, small business week, and the woes of another Canadian retailer, Le Chateau.
Small Business Week is generally a good time to reflect on the importance of the backbone of the Canadian economy; doing so has taken a different slant in 2020. Small businesses have had to work extra hard to combat the impact of COVID19, be it in terms of financial challenges, keeping staff and customers safe, and finding new ways to deliver products and services. Times of challenge can bring opportunity, such as better utilization of technology, an improved online presence, and the potential to access new markets. Critical to this is the role of qualified advisors, who bring valuable perspective and an objective viewpoint, to help business leaders avoid pitfalls that they might not recognize until it’s too late. Remember that business leaders have a depth of knowledge, as experts of their own companies, while advisors bring a breadth of knowledge, the experience of many situations; these perspectives are related, but they are not the same.
And finally, this week saw the demise of another Canadian retailer; this time, Le Chateau. Seeking creditor protection and advisory assistance, we will have to stay tuned to see if this brand will find a way to continue into the future in some manner. Regardless, I remember the years when Le Chateau was a “go to” stop on any trip to the mall, with lots of interest in the party and event section; another reminder of how much COVID19 has changed our lives. The reality is, we don’t go very far these days, do we? This makes life a challenge for retailers, airlines, travel, and hospitality companies; at least we have technology to stay connected.
Thanks for watching and for reaching out with your comments on these stories; it is a privilege to bring the business news to you. See you again soon.