Small Business Month

C M Y K 6 S M A L L B U S I N E S S M O N T H - S U P P L E M E N T T O T H E W I N N I P E G F R E E P R E S S - S A T U R D A Y , O C T O B E R 1 6 , 2 0 2 1 BY TODD LEWYS It's been a tough year-and-a-half for small businesses across Manitoba. L ike pretty much everyone, small business owners were largely unprepared for the myriad of challenges posed by the arrival of the coronavirus in spring 2020. As the pandemic has swirled around the globe, Canada and the province, it has challenged the survival of many businesses. "Our small business community has been affected quite a bit by the pandemic," says Dr. Subbu Sivaramakrishnan, associate dean of undergraduate and international programs at the U of M's Asper School of Business. "Some businesses have flourished, while those needing customers physically present have struggled. Right now, there's considerable uncertainty. People are wondering, 'what's next?'" That angst is fully justified. As the fourth wave of the pandemic rages in Alberta and Saskatchewan, businesses can't help but be concerned how the Delta variant of coronavirus — which is driving a surge of cases out west — will affect Manitoba. "At this point, businesses can either wait and watch, or can look at it as an impetus for change." says Sivaramakrishnan. "Businesses have the opportunity to do some introspection to see how they can adapt and learn from the pandemic." Dr. Nathan Greidanus, an associate professor of business administration at the Asper School of Business, says it's touch-and-go for many small businesses. "Many of the businesses that struggled to survive to this point don't have a lot of reserves left," he says. "Some will find it hard to survive if the fourth wave is severe. They will need more government support if that happens." At the same time, many would-be small business owners are holding off on launching their business, he adds. "Right now, less people are inclined to start a business. It's harder to find employees, and with all the uncertainty, the likelihood is that some businesses will be put on hold," says Greidanus, who specializes in entrepreneurship. "That could lead to a reduction in the number of new business start-ups." As turbulent as the past 18 months has been, there's been one bright spot: the Asper School of Business's Applied Small Business Consulting course. Started in September 2020, the new undergraduate course was designed to give back to the Manitoba business community. Students were given the opportunity to work with small businesses in the pursuit of finding creative ways to meet the pandemic-imposed challenges they faced in starting, growing and sustaining their business. "We saw our local business community struggling and felt we had to do something to help," says Sivaramakrishnan. "Our students in the course, guided by professors, ended up helping 12 local businesses. Essentially, they provided pro-bono business consulting for organizations that couldn't otherwise afford it." As time went on, it became apparent that the course benefitted everyone involved. "It was a win-win-win. The students got experiential learning while working on the projects, while the businesses — some of them not-for- profits or mom-and-pop setups — really benefitted from the advice they got," he says. "And the Asper School also won because it was able to give back to the community." Sivaramakrishnan outlined some of the ways the students helped the 12 local businesses. "For example, the students taught business owners how to think laterally and utilize online channels that they hadn't previously considered or had felt was not viable for their business. An increasingly online mode of communicating and doing business is the way the world is going today. As such, you have to adapt to what the market demands." In turn, creative thinking was used to find ways to meet those demands and generate much-needed revenue. Students helped Aunt Monica's Attic, a toy and craft store, move to selling gift baskets and craft kits online to make up for a loss of in-person business. They also advised Lasertopia to start catering to adults with company and team parties after their kids' market — i.e., birthday parties — had dried up due to health restrictions. "Doing that increased the customer base of both businesses and showed them they couldn't go back to the old ways of doing things," he says. "You must adapt your business model to current and future conditions. The pandemic has taught all of us that you can't put all your eggs in one basket." The success of the first edition of the Applied Small Business Consulting course has prompted the school to reprise it in the new year, adds Sivaramakrishnan. "We're going to do it again this January. We foresee a number of businesses participating and have had lots of inquiries. We're grateful for the opportunity to give back and are looking forward to helping more small businesses as much as we can." Asper School of Business comes to the aid of small businesses with Applied Small Business Consulting course New course offers support to small businesses The Drake Centre is home to University of Manitoba's I.H. Asper School of Business. Submitted photos Dr. Nathan Greidanus, associate professor of business administration at the Asper School of Business Dr. Subbu Sivaramakrishnan, associate dean of undergraduate and international programs at the Asper School of Business Students were given the opportunity to work with small businesses in the pursuit of finding creative ways to meet the challenges they faced in starting, growing and sustaining their business.

• Cover