Seeking financial management advice
It is a good idea to seek out expert opinions from a range of professionals once you understand your financial situation and have identified some of the problems you need to solve. These professionals can form a part of a trusted finance ‘task force’ for your business; they can be new contacts or from your current network. This group will also help you to gauge where your business stands compared to the industry.
Here are some ideas to form your finance ‘task force’:
- Accountant or financial advisor – Check in with your bank or other financial organization often to discuss your future and see if they are offering COVID-19 specific services.
- Tourism Operators – Connect with other tourism operators in your community to discuss financial approaches and glean local insights. You may also be able to assist one another.
- Insurance company – Call an insurance professional to discuss your current policy and the type of coverage you may need to protect your business in the future.
- Tourism organizations – Engage with your local Destination Marketing Organization/Regional Tourism Organization/Provincial Marketing Organization and Tourism Industry Association to identify programs and funding that you may not be aware of and let them know about the situation you are in. They will be advocating for tourism businesses in your area.
- Small business centres and chambers of commerce – Familiarize yourself with the services provided and be on the lookout for up- skilling webinars and training on budgeting & finance. Take advantage of Canada’s Business Resilience Service hotline, which is dedicated to helping vulnerable businesses survive.