The COVID-19 pandemic has hurt businesses large and small. How can your business navigate the crisis, and make it through to the other side? Yahoo Finance Canada presents CRISIS MANAGEMENT, with strategy expert Mark Satov, founder of Satov Consultants. Each episode Mark answers questions from business owners about the challenges finding sales, keeping operations running, accessing capital and managing employees. This is your crisis playbook to survive and thrive.
Black Friday is typically the time of year when consumers wait in long lines, sometimes stampeding through big box retailers in order to get their hands on the best deals. But Black Friday is expected to be different this year, thank to the COVID-19 pandemic. For the first time ever, more consumers plan on shopping online than in brick-and-mortar stores, according to a Deloitte survey. A survey conducted by Shopify found that half of Canadians plan on shopping over Black Friday and Cyber Monday, spending more than they did in previous years. The shopping event is also a critical time for many small businesses. The Retail Council of Canada estimates that 40 per cent of small business revenues fall in this holiday shopping period, which includes Black Friday. So what should businesses be doing to make sure they are able to capitalize on the event? Strategy expert Mark Satov outlines his advice, and why Black Friday is not as important these days for big box retailers.
Yahoo Finance Canada presents CRISIS MANAGEMENT, a livestream show on the Canadian economy that builds a crisis playbook during COVID-19 times and beyond.
As the economy struggles through the COVID-19 pandemic, Canadians are hoarding more cash than ever before. According to a CIBC report, Canadian households and businesses are sitting on no less than $170 billion in excess cash. Consumers alone are holding onto $90 billion, which is equal to 4% in consumer spending. The savings rate has jumped to 13 per cent, up from 3.6 per cent before the pandemic began. As strategy expert Mark Satov explains to Yahoo Finance Canada's Alicja Siekierska, the pandemic has been good to employed, affluent Canadians when it comes to saving cash. Government programs, such as CERB, have also boosted the savings rate, he argues. So what does this mean for the economy? According to Satov, spending is going to rapidly increase next year. "It's going to go from pandemic to pandemonium," he says.