Answered: Small businesses are facing increasing…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Small businesses are facing increasing challenges as the fourth wave of the pandemic looms. New statistics published by the Canadian Federation of Independent Business (CFIB) reports small businesses owe an average of $170,000 and that number almost doubles to $333,174 for businesses in the hospitality sector. Corinne Pohlmann, senior vice-president of national affairs at CFIB, says repaying this debt will be the next major challenge as businesses head into the uncertainty of the fall. “It’s so incredibly important for consumers to really think about making a purchase at a smaller company rather than through Amazon or Walmart,” adds Ms. Pohlmann. “It’s the small businesses on Main Street that make a place unique.” Despite the headlines, entrepreneurs have remained resilient during this economic roller coaster brought on by the Covid-19 pandemic. “Keeping contact with customers – seeing them walk in, seeing the impact that you have on your customers and your neighbourhood – keeps us positive and optimistic,” says coffee shop and bakery owner Billy Dertillis, who co-owns Red Rocket Coffee in Toronto with his brother, Ellias. “[Small business owners] have been incredibly resilient. The fact that we’re now 17 months into the pandemic and there are some businesses that have been closed for more than 300 days in certain parts of the country, the ability for many of those to still reopen and operate and feel optimistic, is inspiring,” adds Ms. Pohlman. Analyse the current state of the South African business landscape and map a plan of action for businesses that considers the role of government intervention with the economic tools and policies available to them to mitigate the impact of the fourth wave. Small businesses are facing increasing challenges as the fourth wave of the pandemic looms. New statistics published by the Canadian Federation of Independent Business (CFIB) reports small businesses owe an average of $170,000 and that number almost doubles to $333,174 for businesses in the hospitality sector. Corinne Pohlmann, senior vice-president of national affairs at CFIB, says repaying this debt will be the next major challenge as businesses head into the uncertainty of the fall. “It’s so incredibly important for consumers to really think about making a purchase at a smaller company rather than through Amazon or Walmart,” adds Ms. Pohlmann. “It’s the small businesses on Main Street that make a place unique.” Despite the headlines, entrepreneurs have remained resilient during this economic roller coaster brought on by the Covid-19 pandemic. “Keeping contact with customers – seeing them walk in, seeing the impact that you have on your customers and your neighbourhood – keeps us positive and optimistic,” says coffee shop and bakery owner Billy Dertillis, who co-owns Red Rocket Coffee in Toronto with his brother, Ellias. “[Small business owners] have been incredibly resilient. The fact that we’re now 17 months into the pandemic and there are some businesses that have been closed for more than 300 days in certain parts of the country, the ability for many of those to still reopen and operate and feel optimistic, is inspiring,” adds Ms. Pohlman. Analyse the current state of the South African business landscape and map a plan of action for businesses that considers the role of government intervention with the economic tools and policies available to them to mitigate the impact of the fourth wave. Small businesses are facing increasing challenges as the fourth wave of the pandemic looms. New statistics published by the Canadian Federation of Independent Business (CFIB) reports small businesses owe an average of $170,000 and that number almost doubles to $333,174 for businesses in the hospitality sector. Corinne Pohlmann, senior vice-president of national affairs at CFIB, says repaying this debt will be the next major challenge as businesses head into the uncertainty of the fall. “It’s so incredibly important for consumers to really think about making a purchase at a smaller company rather than through Amazon or Walmart,” adds Ms. Pohlmann. “It’s the small businesses on Main Street that make a place unique.” Despite the headlines, entrepreneurs have remained resilient during this economic roller coaster brought on by the Covid-19 pandemic. “Keeping contact with customers – seeing them walk in, seeing the impact that you have on your customers and your neighbourhood – keeps us positive and optimistic,” says coffee shop and bakery owner Billy Dertillis, who co-owns Red Rocket Coffee in Toronto with his brother, Ellias. “[Small business owners] have been incredibly resilient. The fact that we’re now 17 months into the pandemic and there are some businesses that have been closed for more than 300 days in certain parts of the country, the ability for many of those to still reopen and operate and feel optimistic, is inspiring,” adds Ms. Pohlman.

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