“We are launching the Highly Affected Sectors Credit Availability Program to help those businesses hit hardest by the pandemic with low-interest, government-backed loans. By investing in Canada’s businesses, as well as workers and their families, we are investing in our shared recovery and a better future for all.”–The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade in a Canada.ca News Release, Jan 26, 2021

HASCAP government funding supports all businesses that have experienced a substantial decrease in revenues by at least 50% because of COVID-19.

Qualified small to medium-sized Canadian businesses can receive up to $25,000 to $1 million in HASCAP support loans, and larger organizations with multiple locations, such as restaurants or hotels, can receive up to $6.25 million in government funding.

About HASCAP loans for COVID-19 business support

Administered through the Business Development Bank of Canada (BDC), the Highly Affected Sectors Credit Availability Program (HASCAP) aims to offer financial assistance to Canadian businesses that have been hit hard by the impacts of the COVID-19 pandemic.

Applicant eligibility:

Based on the following eligibility criteria established by the Government of Canada, a primary financial institution will determine whether a business qualifies for HASCAP loans:

• An eligible business must be based in Canada, and have been financially stable and viable prior to the current economic situation.
• An eligible business must have received payments either from the Canada Emergency Wage Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within an eight-month period prior to the date of the HASCAP Guarantee application.
• If an eligible business does not qualify for CEWS and CERS, but otherwise meets all HASCAP eligibility criteria, they must provide financial statements that reflect at least three months where their revenue decreased by a minimum of 50% within the eight-month period prior to the date of the HASCAP Guarantee application.

Amount:

An eligible business can apply for a HASCAP loan for each legal entity they own, up to a maximum combined amount of $6.25 million (all legal entities combined).

• Up to $25,000 to $1 million in loans for a single, small to medium-sized business.
• Up to $6.25 million in loans for large organizations with multiple business locations.

Eligible expenses:

HASCAP loans cannot be used to pay or refinance existing debts; the loan will be used exclusively to continue or resume operations by relief of payments relating to:

• Rent payments.
• Employee payroll.
• Any additional costs deemed eligible to sustain business operations.

Thinking about taking your business online during COVID-19 closures? The FITTskills Online E-Commerce Workshop gives you the training you need to get more customers from around the world by offering your products online.

Timeline:

• The HASCAP Guarantee is available until June 30, 2021.
• From a 4% interest rate and a repayment term of up to 10 years.
• Up to a 12-month postponement of principal payments at the start of the loan.

Other COVID-19 government funding support options

There have been dozens of government programs that have launched in support of the relief and recovery of Canadian businesses impacted by COVID-19 restrictions, lockdowns and overall pandemic fatigue.

To learn more about these government funding options offered to assist Canadian businesses during the COVID-19 pandemic, please visit the Mentor Works COVID-19 Funding Page.

Mentor Works is a business support organization specializing in Canadian government funding. The Ontario-based business has helped hundreds of businesses build and execute their funding strategy through a mix of federal and provincial government grants, loans, and tax credits. Mentor Works offers free online resources, funding webinars, and news via their website at www.mentorworks.ca.

The post Highly Affected Sectors Credit Availability Program: COVID-19 support loans appeared first on Trade Ready.

The simpler you make your business the better. A simple business means no wasted effort and resources. It’s a business that delivers the exact results to delight your customers and your team while giving you what you need and want. It also makes for a better, more elegant, profitable, and effortless business.

It’s not easy to do, especially in these times. On the one hand Covid-19 has added layers of complexity, and on the other people are realizing they want to focus only on what is important to them. It’s a serious challenge to navigate these new complexities while at the same time making it even simpler and easier for your people.

We complicate matters when we aren’t sure. We insert more to cover our bases. We talk more because we don’t know what is important. We add in steps ‘just in case’. We reach out to everyone with such a broad mandate that no one sees or hears us.

“If I had more time, I would have written a shorter letter”, says French mathematician and philosopher Blaise Pascal. It takes time to make things simple. We have to get to the heart of what we want to accomplish, and work at it until it does only that and no more.

You’ve heard the saying, “I know that 50% of my advertising budget is wasted, I just don’t know which 50%.”  When you simplify your advertising, you can track the results much better. Do one thing. Track your results, test, refine, repeat until it is as simple as possible and gives you great results. Then move onto the next thing and repeat. You will always know that 100% of your advertising is effective.

The simpler things are, the more important it is to have the right pieces in place and to have them working well. Your challenge is to figure out what those pieces are.

Journeys aren’t just for customers

There are 3 people in your business: you (the owner), your team, and your customers. Each takes a journey through your business from attraction, engagement to delight. Spend your time making those journeys work.

It means being crystal clear on what you need and want so you can build your business to give you those things. I’ve met too many people who built businesses they ended up hating.

It means knowing exactly who you help the most and how to solve their problem in the way that delights them.

It means wanting the best for your team members and making it your job to give them what they need to do the work of delighting your customers. Your team members are having to juggle being at home and working. What can you do right now to help them?

Keep your business model simple

Your business model is how you create, capture and deliver value.

You simplify it by being clear on who you help, what their problem is, and delivering the best solution to solve that problem. You learn that by doing the work and analyzing the results. Talk to your customers and your team to find out what is important to them.

Make it easy for people to do business with you. They are looking for ways to make their lives less complicated, not more complicated. When they want what you offer, your job is to make the process of getting it as seamless and easy as possible. Covid-19 has added layers of complexity to moving goods and services. This is your opportunity to be entrepreneurial and get creative about how to navigate these layers on your end so it’s easier for your customers.

You know this. Think about the last time you had to solve a problem in your business or your life. You looked for the easiest solution that accomplished the task. Life is too complex right now, make simplicity your competitive advantage.

Simplify your offerings

The paradox of choice is that people don’t like to make decisions. The more choice you offer, the harder it is to decide, so they don’t. People are already overwhelmed. Make their lives easier by making your offering laser-focused on what will solve their problem.

Offer exactly what your customers want. They will tell you with their wallets.

By focusing on a few core offerings, you get very good at delivering those offerings. You develop the skills, knowledge, contacts and resources to do a better job at exactly that. You become known as the go-to person for your thing.

When your toilet is backed up in the middle of the night, you don’t call the generalist plumber, you call the one that specializes in late-night plumbing emergencies. You can bet she has everything she needs to find, diagnose and repair your problem quickly and efficiently, so you can all get back to sleep.

Create time-saving systems

The first systems to build into your business are the ones that help you with repetitive processes. Systems can be as simple as a checklist, an email template or an alert. For instance, an FAQ section can be a very effective system to save you time and your customers hassle.

Once you’ve made a few systems and realized the savings in time and cognitive ability, you will be hooked. You’ll find ways to add systems to more complicated processes that allow you to automate the repetitive aspects and free you to add the aspects and flair where it matters the most.

Bookkeeping is repetitive and automated these days. Yet my business owners need different metrics at different times as they continually work to improve their businesses. We automate most of the work so we can give personalized reporting that changes with the owner’s changing needs.

Simplifying your business is a work-in-progress. It’s never done, and it continues to improve as long as you are working on it. It pays for itself in less wasted effort and better results for you, your customers and your team.

The post 4 ways to simplify your business to thrive in times of crisis appeared first on Trade Ready.

As many businesses begin their recovery efforts, a cascade of questions are top of mind. This is new territory for everyone. Where are the opportunities for growth and expansion? How do you approach business development? What should my recovery to growth plan look like?

To answer these questions we turned to a team of diverse experts in last week’s #TradeElite Twitter chat. Their insights were informative, practical and inspiring. Read through their responses below.

Topics covered:

• New global business landscape: changes in policy, market access, disruption
• Today’s opportunities for global growth
• Latest digital tools for global business 
• Global business recovery -> growth action plan
• Restarting business development efforts
• Biggest lessons learned that businesses can use to protect their futures
• Future global growth opportunities

Panelists:

Rad Dockery @Rad_Dockery Chief Innovation Officer, Unifai Solutions

Amy Karam @AmyKaram Founder, Global Competitive Strategy Consultant, Karam Consulting, and China Trade Expert

Craig Atkinson, CITP @CraigAAtkinson Trade, Technology and Sustainable Development Specialist, Founder of Lexmerca International Trade

Paula Greene, CITP @PaulaIntlMkt President & CEO at BEYOND Ventures Group Inc., Export Entrepreneur and Business Developer

Bernadette Fernandes @On_the_Varanda Global Connector – International Trade & Development, Founder & CEO of the Varanda Network

What is the “new global business landscape” we are looking at today? What has changed in terms of policy, market access, and disruption?

Q1. EDC forecasts global growth at 1.6% in 2020—the worst performance since 2008, they expect a substantial increase to 5.3% in 2021. We need to be in the forefront. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A1: Much has changed on the #policy front. @WTO #TFA came into effect over 2 years ago. #Tech for #trade is proliferating. Cost-effective and rapid movement of goods can have as much to do with a product’s #data as with a product itself. #TradeElitehttps://t.co/HsNwhsAwGT

— Craig Atkinson (@craigaatkinson) June 25, 2020

Clearly, #COVID19 has altered the global landscape significantly. As the level of infections varies across our major trading partners. And in emerging markets. #TradeElite

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A1: it’s the new old… not the recent but the very old, where travel was a tool for international trade. All has changed but not all bad. Policy is being adjusted; market access is now based more on existing relationships/networks; disruption is everybody’s business #TradeElite https://t.co/VTVGwkY3z0

— bernadette fernandes (@on_the_varanda) June 25, 2020

Trade diversification is being highlighted as a necessity not a novelty. #geopolitics rule and companies cannot afford to be dependent on the cheapest or low hanging fruit option #tradeelite https://t.co/1Px5iAC6Ft

— Amy Karam (@AmyKaram) June 25, 2020

We are also seeing more nations become more nationalist when it comes to procurement. The global Supply Chain is being questioned. As we see in Japan, where they put away substantial amt of funds for Japanese firms to diversify away from Chinese based Supply Chains #TradeElite https://t.co/2LM8XnrCCL

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A1: Disruption caused by the pandemic is forcing the digitalization of #trade faster than expected. Non-evidence based policy / protectionism is hurting some of former leading nations. Fragmentation and convergence are norm. Tariffs in the media, but NTBs are problem. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

Market access has also changed. For instance, we had to cancel a couple of trips to @ASEAN due to Covid19. And to adjust the service delivery model for a project. Remote work plus remote access to critical data infrastructure is new for many emerging markets. #TradeElite # https://t.co/2LM8XnrCCL

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

…and that impacts the trust factor that is very important for #emergingmarkets customers #tradeelite https://t.co/5MCAeBKLsr

— Amy Karam (@AmyKaram) June 25, 2020

Lots of interesting insights coming in already. We’re hearing that:
Policy has been changing a lot over last few years
Tech and data are huge for supply chain efficiency
Diversify, as political climate is changing
Disruption everywhere#tradeelite

— FITT (@FITTNews) June 25, 2020

Very broadly, for businesses that may be in recovery mode, where are the opportunities for growth today?

A2: opportunities are where you create them 1) develop a growth plan as you may have to abandon recovery; 2) implement the plan… slowly and wisely; 3) have check-points often to ensure the opportunities are still in your line of sight… you may have to shift/pivot #TradeElite https://t.co/Ao9Sy8YSj6

— bernadette fernandes (@on_the_varanda) June 25, 2020

There are many opportunities. But first, organizations have to ask themselves are they truly ready? Do you have not only the technical/business but the CULTURAL ability to perform in a Global Market. #tradeelite #BussinessGrowth #globalbiz #cdnbiz @CanadaTrade https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A2: Opportunities are in the #knowledge based industries #tradeelite https://t.co/9XGBLnGoGy

— Amy Karam (@AmyKaram) June 25, 2020

A2: The opportunities for growth are in new markets. Diversification must also be top of mind when considering lack of response in some countries to pandemic/natural disasters. Canadian ?? business needs to think about non-traditional #markets and #trade partners. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

#DigitalTransformation which has been mainly an overly used term, is now being taken more seriously. And it has many elements! From Skills, culture, management, politics, finance and obviously Technology #TradeElite #businessgrowth #Globalbiz #cdnbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A2: If you are looking to export markets, look at where they are in flattening the curve, those experiencing high incidences may not be receptive. Where they are recovering , an opportunity #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

We also have found that Supply Chain visibility has become a huge issue. This applies domestically and globally. If one offers products/services that can improve #SCM visibility, there are opportunities. #TradeElite #businessgrowth #globalbiz #cdnbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Looking at innovative ways to deal with #inequality is also an opportunity. #Covid19 has underlined how many global citizens are on the edge. We have received calls from West / East Africa on this topic since we won our deal in Indonesia #TradeElite #businessgrowth #globalbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Forrester’s analyst Joana de Quintanilha said that companies should be measuring the customer journey to listen to their needs all along the buying process, and she mentioned Customer Effort Score for that purpose, for example, and constant micro-surveys. #TradeElite #globaltrade

— Sandra Cravero | 4/5 replies from ? marketing (@sandracravero) June 25, 2020

Where are the opportunities for global growth? We’re hearing:
?Knowledge-based industries
?Collaboration
?Digital tools/transformation
?New markets who are flattening the curve #COVID19 #TradeElite
Are we missing any?

— FITT (@FITTNews) June 25, 2020

We are hearing a lot about technology applications. What are some of the most relevant digital tools that can give global businesses a competitive edge?

A3: technology applications are a dime a dozen, too many to mention with #DigitalTransformation; it’s no longer about the tools but about how quickly and effectively you can adopt, integrate and transform for competitive differentiation #TradeElite https://t.co/ZUXB8xFuwe

— bernadette fernandes (@on_the_varanda) June 25, 2020

A3: The most relevant digital tools that can give global businesses a competitive edge – the tools easily used by your customers and the target market. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A3: On the research front, can’t beat @ITC_MktAnalysis tools. Otherwise, #singlewindow platforms req. under @WTO #TFA is helping traders to more efficiently comply with rules of different ministries (eg #customs + #ag). #Paperless #trade #TradeElite https://t.co/NIQDtKfQXn https://t.co/zijlsptwwl

— Craig Atkinson (@craigaatkinson) June 25, 2020

A3. Familiarize yourself with multiple platforms, make it easy for your prospective client. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

An internal data strategy is key. What your sweet spots? Where have you and where can you deliver the most value. Internal data analytics here is crucial. Don’t guess at what you are good at. KNOW IT! #DataAnalytics is CRITICAL! #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A3: that’s bang on @PaulaIntlMkt , can’t go wrong being customer centric even when it comes to digital and especially our own competitive edge! #TradeElite https://t.co/JFbphEBu3s

— bernadette fernandes (@on_the_varanda) June 25, 2020

Building secure 2/3 way platforms will also allow more seamless interaction vs. only email. This is where technologies like #smartcontracts may finally take off. #digital #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

What are the best digital tools for global growth?
We’re hearing:
?No specific tools effective adoption
?Internal data analytics
?Tools that help your customers
?Agile inventory management
?3BL framework
?@ITC_MktAnalysis tools
?#singlewindow platforms #tradeelite

— FITT (@FITTNews) June 25, 2020

What should be included in every global business’ recovery -> growth action plan?

A4: top of my list to include is a new business mentality, an attitude shift to recovery, from survive mode to thrive mode; but also a coming to terms with the fact that you may not be recovering but rather pivoting, developing a completely new action plan for growth. #TradeElite https://t.co/Lz0qzxOMPo

— bernadette fernandes (@on_the_varanda) June 25, 2020

A4. Research, vet and validate your prior business plan either confirm information pre #COVID19 or plot a new direction. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

BUSINESS CONTINUITY PLANNING!!! You can’t grow if you can not demonstrate how you will handle an unexpected event. Our own internal process here has become part of the narrative we share with clients! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4: Incorporation of #contingency plans, regardless of potential added costs. e.g. #supplychain #diversification, #economic security by widening reach of #customerbase. Long-term #growth plans and investments vs. short-term wins #TradeElite https://t.co/pURFXji7a8

— Amy Karam (@AmyKaram) June 25, 2020

Cultural awareness and sensitivity. At first I bought a N. American attitude to trade. and failed badly! Respecting culture is critical for growth planning. Because that builds trust and personal relationships! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4: How to ensure the safety of employees as they move forward. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

It is critical to team up with External Experts. We have some on this thread who can help you grow your global business! This can save you time and money. And help you really focus on your sweet spots! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4. Analyze what is happening in your sector, some sectors have been continuing to work as before and are struggling to procure supply. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A4: Remember when we all had disaster recovery plans? Wait, you’re not as old as me but either way, now it’s not even a #hashtag bring back #DisasterRecovery #TradeElite https://t.co/sSSlUDDmQX

— bernadette fernandes (@on_the_varanda) June 25, 2020

What advice do you have for global businesses looking at restarting their business development efforts?

1) Don’t be afraid to ask for help! We have failed and slipped up many times. Ask for help from @TCS_SDC and engage your team. Also get your news from sources outside of our home base. #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A5: start at the beginning, before you went global, because everything, even where you go & grow is different now. If you’re restarting you have a head start, & lots of tweaks; If you’re pivoting/starting fresh, then go back in your mental archives to how you started #TradeElite https://t.co/7RIiMcKLKv

— bernadette fernandes (@on_the_varanda) June 25, 2020

2) Be honest.. If you can’t hire someone who will be honest for you :-)… What are you really good at? What does firms actually need? Can you offer it at a good price and be profitable. U have to be brutal honest! #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A5: Diversification is key for businesses that are already global and looking to restart their business development efforts. #TradeElite https://t.co/2FWOLRnijQ

— Craig Atkinson (@craigaatkinson) June 25, 2020

A5. Don’t stop! Reach out now. Look for alternate paths, channels, or contact information due to offices that may be closed. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

What are some big lessons from this crisis that businesses can act on now to protect themselves in the future?

A6: my biggest lesson was to expect the unexpected, and by expect I mean prepare for the worst: build a business continuity plan for the worst crisis that you CAN’T even imagine; then put in mitigating measures with several checkpoints to ensure you’re still protected #TradeElite https://t.co/KZ3tPMUIcR

— bernadette fernandes (@on_the_varanda) June 25, 2020

A6: I’d say #digital is key. Administration can be simplified, but transferring and storing #data has consequences now. Be familiar with your market’s rules (e.g. #EU member countries). #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

A6: Rethink your #strategy to be more long term focused and incorporate #geopolitical #risk considerations in your business plans. #TradeElite #globaltrade https://t.co/xjdgZZCcO1

— Amy Karam (@AmyKaram) June 25, 2020

A6. Look for avenues, how competitive are you to customers in countries seeking to diversify import dependence, Stabilize their supply chains, seeking substitutions for current supply.#TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

1) Business Continuity Planning is a MUST!
2) #DigitalTransformation must start NOW!!!!
3) Businesses must be able to deliver anytime/anyplace
4) Economic and Social Inequality is even a larger problem than many of us realized. #tradeelite #globalbusiness #cdnbiz #SDGs https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

With #DigitalTransformation – you can turn Data into information!!! #Digital… #Digital.. #digital.. with respect for culture.. And Canada should absolutely kick you know what on this topic! #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Lastly, businesses need to re-evaluate every single vendor/partner. What are they doing to become more digital? Do they engage diverse voices in a global economy.. Or are they still operating as if nothing changed. #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Crystal ball time! Where do you see more growth opportunities in the near future?

A7: I think growth will occur in products and sectors that are “sustainable”. If anything, the pandemic and natural disasters have shown how fragile the whole system is. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

A7: One word; one continent… Africa! Personally, I see growth happening in markets that are unfortunately used to being resourceful, responding to crisis, before it happens. Africa gets growth; they’re ready for diversification; they’re ready for Trade & Investment #TradeElite https://t.co/k3bVi88R6w

— bernadette fernandes (@on_the_varanda) June 25, 2020

A7. Define the best approach, look at opportunities, adjust to adapt new practices, perhaps as part of your corporate social responsibility practice, pivot and optimize your efforts. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

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, July 23 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Accessing opportunities in a new global business landscape: Experts weigh in on Twitter appeared first on Trade Ready.