The recession is affecting women in general, and women entrepreneurs in particular; 22 percent of them fear for the survival of their business. What are the challenges and ways identified to preserve the economic fabric of women in Laval?

According to a survey, two-thirds of female-owned businesses were operating at less than 50 per cent of their capacity at the end of April 2020. “Entrepreneurs are often present in the sectors most affected by the crisis, such as trade, catering, and services,” says Sylvie Gasana, Regional Director of Femmessor in Laval, an organization dedicated to the development of women's entrepreneurship. At the time, 42% of women entrepreneurs were actively seeking funding. “These are often smaller companies with limited financial resources,” she adds. The threat of a second wave now raises uncertainty. “In any crisis, there are opportunities,” says Gasana. What priorities should be taken to capture them?

Adapting your business model
Brigitte Pelletier, president of the Integral Agency, is used to building strategic plans for her clients. She did the exercise last year. “I was on my way when the pandemic hit,” says the leader, who can rely on a clear vision, refined dashboards, and a new service offering. Few women entrepreneurs benefit from these. Caroline Arnouk, the founder of OPA Technologies, a start-up specializing in geospace management, has had her projects abruptly postponed because of the pandemic, causing a one-year delay in its growth. It then focused on strategic management, redefining its offer to include new services to cities, and offer distance training. “You have to rotate the business model to meet the needs of customers,” says Gasana.

Going digital
Gasana points out that the needs of consumers have changed a lot, pushing companies to go digital. “Because the customers were online, we had to sell on social networks,” she says. Kym  Bélisle, the owner of Physi-K Inc., trained in marketing and expanded her social media presence during the closure of her gym. “It allowed me to keep close with my clients,” says Bélisle. Fortunately, the young entrepreneur was sold out when she reopened this summer.

Finding funding & additional support
According to Gasana, most women entrepreneurs were able to benefit from cash in the form of loans, through emergency government measures. “The eligibility criteria do not take into account the reality of technology start-ups, which live off their investors and showcase projects for the first five years,” regrets Caroline Anouk. It considers the situation to be damaging to innovation, especially as new orders are slow to return to Quebec.

Josée Dufour, president of the Axiomatech Group, recommends relying on the advice of local economic players. “Banks have been wary of the construction industry, especially for women at the helm of SMEs,” she says.

Gasana says the pandemic crisis has also impacted women entrepreneurs’ mental health. This is especially true since women have had to assume most of the responsibility for children when schools and daycares were closed. Pelletier notes that women entrepreneurs who can count on a strong network fare better than others. “There needs to be more mesh between those who have ideas for innovation and those who can afford to finance them,” says Pelletier.