Every business goes through ups and downs, but an economic slowdown or seasonal change can hit especially hard. The good news? There are strategies you can employ to weather those hard times and come out more resourceful. 

1. Trim Variable Costs First: Variable costs are expenses that change based on your output, like materials, packaging, shipping, and hourly wages. These aren’t set in stone like rent or insurance and are easier to adjust. For example, you might reduce production amount, search for better priced suppliers, or switch to more cost-effective packaging. 

Assess which variable cost you value the least and start to reduce costs in that category.

Formula to calculate total variable cost:
Total Variable Cost (TVC) = Variable Cost per Unit × Quantity Produced

Community Futures is a program of the Government of Canada (PrairiesCan), mandated to offer three core business services (business coaching, business training and business financing). Community Futures is also mandated to engage in community economic development (CED) through projects and partnerships.

The Drum Discovery project has been a very positive example of local organizations working together to find a solution for a problem. The project partners are Community Futures Big Country (CFBC), Drumheller & District Chamber of Commerce, Travel Drumheller, Town of Drumheller (Community Development & Social Planning) and MH Enterprises. The Royal Tyrrell Museum has provided the customer service training component, based on the program they provide to their own employees.

RAYEC is an annual week-long camp held during August at Eagle’s Nest Ranch (Cypress Hills) for 60 youth ages 13-15 who are interested in learning about business and entrepreneurship. The main focus is to educate youth about marketing, advertising, preparing a cash-flow statement and writing a business plan. Campers set up their own businesses and use real money which they borrow from actual bankers. The last day is “Business Day” at the camp, where campers have the opportunity to open and operate their businesses.

During one of the most significant challenges in our program’s history, the Community Futures network was there to make a difference.

Faced with a global health crisis, teams from across the province connected with thousands of small business owners - And the voice of advocacy for their survival was heard.

Understanding the pressures small businesses were facing, Community Futures quickly became experts in deploying a federal government relief program, the Regional Relief and Recovery Fund.