Managing Through the COVID-19 Crisis
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The St. Lawrence Corridor Economic Development Commission has implemented a three-phase strategy to support local businesses amid the COVID-19 crisis, focusing on immediate survival and long-term recovery. They conducted a baseline survey to gather insights and are providing resources, such as a web-based inventory of government support and advisory services, to mitigate challenges faced by businesses. The establishment of a regional industry leadership team aims to enhance collaboration and resilience among manufacturers and agri-businesses for effective recovery and innovation.
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Managing Through the COVID-19 Crisis
- 1. MANAGING THROUGH THE COVID-19 CRISIS Dealing with the coronavirus crisis and its aftermath is the largest single challenge facing our business community today. This challenge has in fact restructured the global economic order-leaving many organizations with a single agenda item: near-term survival. Others, in a more fortunate position, look forward with uncertainty, as they try and discern what will define the “new normal”. In response to this challenge the St. Lawrence Corridor Economic Development Commission has begun a 3 phased strategy to support the commercial industrial sector’s continued operation while planning for the recovery of the local economy. ACCESS & INSIGHTS In March, the Corridor constructed an on-line baseline survey of local businesses to gather concerns, impacts, actions,andbestpracticesonbusinessoperationsandpersonneldynamics.Thesurveyresults,combinedwith information from businesses from across Eastern Ontario was shared with the province Ministry of Economic Development, Job creation and Trade, the Global Affairs Canada, municipal partners including the “Regional Working Group” headed by LGED. The information will be used to inform policy decisions, develop advocacy priorities, create new programming and catalogue and identify common pain points in the region. The study results can be found here (https://slcedc.com/st-lawrence-corridor-covid-19-business-impact-survey/) MITIGATE In April, the Corridor developed a web- based inventory of government supports to ensure regional businesses hadbothvisibilityandaccesstogovernmentfundsandsupportservices (https://slcedc.com/)tohelpmitigate the effects of the pandemic. Moreover, the Corridor began a proactive campaign to offer services to assist businesses through the challenge including grant writing and advisory services. In late May, we developed a Regional Industry Leadership Team comprised of 12 leaders in the Manufacturing and Agri-Business Industry. The team has had its first meeting in May and is reviewing emerging challenges and individual business needs while providing applicable connections to resources, best practices, supply chain opportunities, and financial assistance to industry partners. The goal is to increase the sectors efficiency and effectiveness – moving through the crisis with resilience – while mitigating duplication of efforts and resources. Members believe collaboration will result in innovation and are optimistic that this effort will lead to material outcomes. RECOVER The Regional Industry Leadership Team will provide a structure for long-term recovery planning efforts, ongoing program assessment feedback to government; while strengthening local manufacturers through methodssuchassharingbestpractices-includingthesharingofcorecompetencies–effectivelystrengthening the sector across the region through collaboration and innovation. The team will also provide qualitative feedback for local partners, government and the business community at large. Stakeholder feedback will play a key role in steps that are taken as a result of the Industry Leadership Team. Tools such as the business survey will equip members with the understanding of the how local businesses are being affected by COVID-19. In order to properly act upon the three-phase approach, the Corridor will closely monitor the pandemic as the situation develops and reassess challenges and opportunities. Our goal is to strengthen the commercial industrial sector – even in the face of economic hardship and forge a resilient path forward in a challenging and unprecedented time. Supporting existing employment and developing new employment opportunities has never been more challenging or more important. www.slcedc.com June 2020