‘Fundamentally, humans are scrappy and resourceful when faced with crises,’ one small-business owner says
Chrissy Durcak, chief executive and founder of Montreal-based Dispatch Coffee, was talking about her company, but she could have been talking about the broader economy, too.
But we humans have a tendency to surprise. The SARS outbreak in 2003 didn’t hurt as much as economists thought it would, nor did the 9/11 terrorist attacks precipitate the economic calamity that many predicted in the immediate aftermath. Each time, entrepreneurs and executives found ways to adapt to new circumstances, and households proved their enduring commitment to spend once the initial shock wore off.
In March, Durcak closed her three cafés and fired all but five of her staff of 30. Then she got a $40,000 emergency loan from the federal government’s small-business rescue and “doubled down” on Dispatch’s delivery business. Durcak made the “risky” decision to use most of the money she had left in the bank to promote the delivery side. Orders picked up. She applied for the federal wage subsidy, which allowed her to bring back eight of the workers she had let go.
Bank of Canada Governor Tiff Macklem told the House finance committee on June 16 that Canada, which has a long history of relying on exports to create wealth, might have to create more of its own growth for a few years. There still is room to spend and the government should be prepared to use it until we know more about COVID-19, which will haunt economies until most people are sure the disease is no longer a threat to public health.
And the lockdowns appear to have accelerated the shift to the digital economy. Jane Software froze hiring for a few weeks in March, as Taylor and the company’s other leaders readied for disaster. But the lockdowns created so much demand for its software that they can’t hire fast enough. “We’re maxing out our training program on the support side,” said Taylor. “We’re always hiring.”
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