2020 hasn’t turned out the way business owners had planned. Because of the COVID-19 pandemic, many companies spent the past few months operating on 50% of their revenue (on average) - and have encountered numerous operating inefficiencies. To understand the outlook for businesses, and the actions that owners can take in respoinse, Derrick and Travis invite Island Savings' Regional Manager of Business Banking, Jesse Honkanen, to discuss business-not-usual. 

1:20–Money Problem:Derrick tells us about the financialissues that a local business owner uncovered when the COVID-19 pandemic interrupted their out-of-date operational practices. 

4:10– Expert Examination:Business owners are not sure what to expect for 2020, so Travis, Derrick and Jesse consider the opportunities and pressures that companies may need to contend with:  

• The financial outlook for businesses over the next year. 
• Finding financial efficiencies. 
• Do franchisees have an advantage? 
• (Re-)structuringa business budget for the next twelve months. 
• How to use online infrastructure to optimize operations. 
• Starting a new business amid the pandemic. 
• Is borrowing a good bridge to survive the economic slowdown? 
• Strategies to expedite business income. 
• Supporting your staff’s financial needs. 

22:30–Weekly Financial Fix:Travis suggest an affordableway forbusinesses to adapt to today’s online consumer needs. 

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at [email protected], and we will consider it for a future episode.