Advertisement

Savvy Canadian Firms Spot New Opportunities During Pandemic

Susan Baka
Woman with brown hair and white blouse smiles looking directly into the camera.

A year ago, no one would have im­agined a pandemic in 2020 that would trigger a global crisis and wholesale changes around the world. Yet, despite many business owners grappling with devastating impacts of COVID-19, others discovered new opportunities by quickly identifying (or spotting) a whole new set of consumer behaviors and demands.

Among them are many diverse Canadian suppliers—often known for creativity and in­novation in the best of times—that tapped into these strengths to rapidly pivot their businesses in the worst of times, allowing them to not only survive but, in some cas­es, also thrive. 

A perfect example is Jennifer Beale, joint venture strategist, Find Joint Ventures™, whose event production company hosts several very large events every year. Beale’s company evaporated overnight in March 2020. She immediately booked appointments with clients and close associates in the wide business network she had cul­tivated over the years to check on how they were doing. Then she started helping anyone in her network who would let her by connecting them to people who needed their products or services. They agreed to pay her a referral fee for anyone who hired them. The approach is working, with every-one benefiting.

“I have been receiving referral fees for providing qualified clients for many years,” Beale says. “It’s something I was doing on the side. My entire career I’ve been a rainmaker. I get paid based on results, so I am wired to get results.” 

During the pandemic, she learned it’s a practical skill that can be used in any economy. “All anyone has to do is recog­nize how the money is moving in the economy and help busi­nesses that are doing well get more clients,” she says. 

Beale started the 10 Percent Referral Club this spring. Members agree to pay each other a referral fee of 10 percent or greater for any referrals that become clients. “I also started the Find Joint Ventures Club to help people learn how to run a business entirely by brokering these types of deals,” she notes, adding that members of her clubs have participated in deals this year worth millions. “Many of them are tapping into thriving industries. We get inspiration and encourage­ment from one another. And we help each other make money.” 

RELATIONSHIP-BUILDING IS A MUST 

Although Beale’s revenues are down, her profit is actually up because of lower overheads in her new leaner business mod­el. She encourages others to quickly let go of any business models that are not suitable for a given time. “Put time and effort into building relation­ships with business people who care about your success,” she recommends. “Join busi­ness groups of like-minded people. And if you cannot find one, create one and help others. The key to success is to help others succeed.” 

Although many Canadian businesses are also taking advantage of the various gov­ernment support programs and are appreciative of some financial relief, those who are faring best are being innova­tive and, in many cases, pur­suing partnerships to weather the storm. As Beale puts it, “Being creative is the antidote to fear. I’ve learned that it’s possible to make money in any economy.” 

From product manufactur­ers to service providers, these diverse entrepreneurs rose to the truly unprecedented chal­lenges that a pandemic brings, shifting what they do and demonstrating that flexibility and ingenuity can carry their businesses. A number of them are giving back to other com­panies or their communities in truly laudable ways, such as by donating face masks.

Advertisement

Advertisement

Advertisement

Latest Stories...

Image of padlock on blue data background
TechNotes

6 Impactful Cybersecurity Tips for Your Business

Ray Blakney — February 28, 2024

Climate and Energy Solutions logo

Climate and Energy Solutions Bid Opportunity

MBE Magazine Staff — February 27, 2024

Staff of money with 2024 superimposed on top
Money

What is Your Path to Prosperity in 2024?

Sidney T. Curry and Saundra Curry — February 23, 2024

Young Black man with cornrows sitting at desk talking on his phone with a laptop in front of him.
Money Mindset

The Annoying 5-Letter Word That Makes Most Business Owners Cringe — TAXES!

Alleson Tate — February 21, 2024

New Study Ranks Best States for Minority Entrepreneurs

Gaby M. Rojas — February 20, 2024

United Stats map with push pin in the middle.

Study Ranks Best States for Minority Entrepreneurs

MBE Magazine Staff — February 20, 2024

Diverse group of employees sitting at table laughing together.
Strategies

3 Ways for Leaders to Eliminate Employee Burnout

Ryan Renteria — February 19, 2024

Two Black men and a Black woman posing in front of a wall.
GameChangers

A “G.I.F.T” to Close the Racial Wealth Gap

Alexa Peters — February 13, 2024

Diverse group of employees smiling and laughing together
Strategies

Employee Well-Being and Engagement for a Healthy Workplace

Jennifer Morehead — February 19, 2024

Advertisement