Business Continuity

Nearly 54% of Canadian businesses have reported a drop in sales, and an additional 28% have had to temporarily shut down operations altogether, due to the impact of the current pandemic, thereby, impacting their business continuity. Also, only 29% of Canadian companies have a pandemic business continuity plan in place. We have provided below a detailed overview of the impact of COVID-19 on business continuity in Canada.

COVID Impact on Canadian Business Continuity

Many Businesses Still Feel Unprepared to Open

• According to a Salesforce survey of Canadian businesses, nearly 30% of the businesses stated that they do not feel prepared to open and continue their businesses during the pandemic. One of the top reasons for the same is that almost half (44%) of the businesses don't have a health and safety work plan in place.
• Additionally, nearly 25% of Canadian businesses lack a clear vision and don't know where to start when it comes to reopening and continuing their business. Also, the lack of sound technology during COVID-19 is hampering the business continuity of many Canadian businesses. 
• As per the above-mentioned Salesforce survey, almost 20% of Canadian businesses have been unable to adapt to today's environment due to the lack of the right technology in place. On the contrary, nearly 60% of the businesses felt prepared to reopen and continue their operations during the pandemic because they were able to leverage technology to quickly pivot and adapt to the current situation.
• Due to the impact of the COVID-19 pandemic, 76% of Canadian businesses feel a sense of urgency to implement the right technology to help their business continuity in the future. Nearly 83% of businesses agree that technology has allowed them to sustain and continue their business operations in the current slowdown.
  

Impact on Financial Resources Hampering Business Continuity

• According to the data from Statistics Canada and the Canadian Chamber of Commerce, more than 50% of Canadian companies have lost at least 20% of their revenue because of the COVID-19 pandemic. This poses a great challenge to the business continuity of these businesses.
• The data highlights that nearly 32.3% of Canadian businesses have lost 40% of their revenues during the pandemic, and nearly 21.2% of the businesses have witnessed at least a 20% impact on their sales. In aggregate, more than 80% of businesses across the country have reported a "medium to high drop in demand for their products or services."                       
• As a result of reduced business operations and revenue, the companies across Canada are cutting down on staff salaries and employee count to continue their business operations. 
• Among other measures, nearly 34% of business owners are reducing operating expenses, 29% are dipping into savings, and nearly 15% are applying for more credit to sustain themselves and continue their business.
• Additionally, many companies have made on the fly adjustments to their business processes to minimize the impact of the pandemic and continue their business operations. Nearly 20% of the businesses have changed their production process to stay open during the pandemic, and more than 40% have started to adapt to work from home culture for their employees. Consequently, 60% of companies are hopeful that they will be able to get back to normal within one month of physical distancing measures being removed. 
  

Work Refusals & Poor Employee Mental Health Hampering Business Continuity

As per a survey by Teladoc, nearly 50% of Canadian employees feel that their mental health has been negatively impacted by the current pandemic. Poor employee mental health hampers employee productivity, thereby impacting smooth business operations and business continuity.

Also, 52% of Canadian employees aged 18-34 and 37% of those aged 65 or older have reported a negative impact on their mental health due to the current pandemic.

Realizing the significance of employee mental health for business continuity, 39% of Canadian employers are taking actions to support the mental health of their employees, and have added workplace mental health resources and have opened a dialogue around workplace mental health. Some employers have also waived fees for mental health support of their employees.

Home and Internet Security in Canada

The COVID-19 pandemic is affecting the home internet protection and security in Canada as fraudsters and cyber threat actors use the current crisis to profit. As the security of the computer network infrastructures in the country is being compromised, the government also launched some initiatives to keep Canadians protected online.