It is undeniable that the COVID-19 pandemic has been an incredibly challenging time for small businesses in Canada. Yet, the struggles they have faced raised our awareness of this critically important sector. Small businesses are the backbone of local communities and the Canadian economy, accounting for more than 98 percent of Canadian businesses and nearly three-quarters of Canada’s employment.
The pandemic hit this vital element of our economy and society hard, but small business owners have shown tremendous resilience over the past two years. They have had to adapt to a much-changed economic landscape – in a rapidly digitizing world, e-commerce has accelerated at a remarkable pace.
Customer demands have also changed with more flexibility in payments offerings like installments adding a whole new dimension to the customer experience. Small businesses need to stay aware of such trends and constantly think through the purchasing journey.
As we look to a post-pandemic world, a significant driver of economic recovery will be how quickly small businesses in Canada return to pre-pandemic levels – and that means being nimble and capable of adaptation in a shifting consumer landscape. This is a challenge but must be seen as an opportunity to compete in an incredibly competitive retail ecosystem.
Visa takes great pride in being a longstanding partner to small businesses, with initiatives like the She’s Next Grant Program which launched in Canada earlier this year. We are focused on providing the resources and support small businesses need, and building effective, easy-to-use tools that support owners to ensure they not only survive but thrive in a post-pandemic world.
As we look ahead to 2022, we are excited to see small businesses bounce back. The road ahead will be challenging but Visa is committed to supporting our small business partners every step of the way in the next year, and beyond.
Sarah Steele
Senior Director, Small Business, Visa Canada
Sarah is an award-winning financial professional, with over 15 years of experience leading product strategy, complex projects, and thought leadership. Her accomplishments and experiences are varied, spanning the consumer and institutional groups, front and back office, consulting, and product management.
As Senior Director of Small Business at Visa Canada, Sarah is responsible for the development and roll-out of Visa’s products, platforms, and resources in the Canadian marketplace.
