The ongoing trade tensions between Canada and the U.S. have created challenges for small and medium-sized businesses (SMBs) across Canada. While navigating the Canada/U.S. trade war can be unsettling, it also provides an opportunity to strengthen our businesses, support one another, and build a more resilient economy. Here are some ways to protect and advance your business while helping others navigate these turbulent times.
1. Protect and Advance Your Business
Diversify Your Supply Chain
Relying too heavily on U.S. imports or exports can put your business at risk during trade disputes. Look for Canadian suppliers or explore markets in Europe and Asia through Canada’s trade agreements like CETA and CPTPP. A diversified supply chain increases stability and flexibility.
Strengthen Local Partnerships
Now is the time to connect with other Ontario and Canadian businesses. Collaborate with Canadian suppliers, manufacturers, and service providers to reduce reliance on cross-border trade and strengthen the domestic economy.
Invest in Innovation and Efficiency
Finding ways to reduce costs and increase productivity will help you stay competitive. Consider automating processes, adopting new technology, or exploring government grants for innovation. Programs like the Canada Digital Adoption Program can help businesses modernize. **Note: This program is currently scheduled to end on March 31, 2025.
Engage with Government Support Programs
Federal and provincial programs offer funding, training, and resources for SMBs. Stay informed about financial assistance, tax credits, and grants designed to help businesses weather economic challenges.
Stay up-to-date on Government Communications Related to the Trade War
Bookmark the federal government’s web page with communications in response to U.S. tariffs — in particular, the section titled, “Support for Canadian Workers and Businesses.”
2. Support Other Businesses and Consumers
Encourage Buying Canadian
As a business owner, promote Canadian-made products and services to your customers. Highlight local alternatives and educate consumers on the value of supporting homegrown businesses. The more we support each other, the stronger our economy becomes. Explore the Made in Canada website and help populate it by adding your Canadian-made products business if it’s not already listed.
Collaborate Instead of Compete
Canadian businesses can thrive by working together rather than competing for limited resources. Consider joint marketing efforts, shared shipping costs, or bulk purchasing agreements with other local companies. Strength in numbers leads to greater stability.
Advocate for Fair Trade Policies
Stay informed and speak up. Engage with industry associations, chambers of commerce, and local representatives to push for policies that support SMBs. A united business community has a stronger voice in shaping economic policies.
Foster Community Resilience
Beyond business, this is a time to uplift one another. Support local charities, mentor young entrepreneurs, and promote mental well-being among employees. A strong, connected community will emerge stronger from economic uncertainty.
Looking Ahead with Optimism
While trade disputes create challenges, they also spark innovation, resilience, and community spirit. By focusing on local and national solutions, strategic growth, and mutual support, Canada’s SMBs can not only survive but thrive. By navigating the Canada/U.S. trade war together, we can build a stronger, more self-reliant economy—one that stands resilient in the face of global uncertainty.
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