How recessions reward boring businesses across B.C.

Recessions reward boring

Photo: Rob Kruyt, BIV.

Beem Financial financial advisor Justin Prasad said Canadian businesses who have control are better equipped to ride out recessionary pressures.

Oh, to be a toilet paper executive in the spring of 2020.

As rumours swirl that a global pandemic is taking shape, sales increase by 250 per cent in the month of March alone.

Sure, demand would outpace supply and supply chain disruptions eventually muddied the torrid sales pace, but that short-lived phenomenon gleaned some invaluable business truths—seemingly mundane or overlooked careers can be a licence to print money even in the most dire economic circumstances.

Six years later and a handful of sectors are ideally suited to demonstrate resilience under fire: health care, building and maintenance trades, seniors care, vehicle repairs, or payroll and compliance.

“No business is truly recession proof, but some sectors bend rather than break,” said Kalith Nanayakkara, Canadian Federation of Independent Business senior policy analyst for B.C. “If you're in a business that’s fixing a leak, keeping the heat on, caring for someone’s health or home, the opportunity is there.”

Nanayakkara cited a litany of factors that crippled both established business owners and new entrepreneurs in 2025 that lowered confidence to levels not seen since the onset of the COVID-19 pandemic: sluggish consumer demand, U.S. tariffs, regulations, insurance, rent and property taxes.

But that tide is shifting, as recent CFIB polling shows an uptick in confidence in 2026 for those in construction, transportation, agriculture and personal services, among others.

Christopher Lythgo, vice-president of advisory services, Western Canada at the Business Development Bank of Canada, offered a handful of key points to ensure resilience and predictability for new entrepreneurs.

Lythgo’s first touchpoint is cash: a granular understanding of cash flow, receivables, payables and the ability to forecast out upward of 15 weeks to anticipate reserves.

From there, pricing strategy needs constant monitoring to reflect real-time economic conditions and demand.

“Having a laser focus on what you can control helps you reduce your costs, creates more predictability in your business and allows you to streamline your ability to be more nimble, flexible and reactive,” he said.

Using tech to save time is also a must. Lythgo recommended finding a tech sweet spot within a business such that AI can automate and right size the operation—doing so frees up owners to focus their time and energy where it’s better suited.

Nary a day, much less a week, can go by without staying in the loop, Lythgo advised. To that point, industry blogs, trades publications, Google alerts and Facebook groups need to be companion pieces. Think of them as the neighbourhood sounding board to keep tabs on trends, daily talking points or even the hits and misses others are seeing in a given sector.

From concrete to concept

Beem Credit Union financial advisor Justin Prasad took that point even further.

He suggested pounding the pavement to get a lay of the land, assess gaps and the volume of competition prospective entrepreneurs may see before even entering a profession.

Business owners should physically canvas their territory. A prospective plumber who sees five different plumbing trucks in a small radius may need to re-assess their business plan.

“When you’re first starting out you have to be fully sustainable for three years,” Prasad added. “You likely won’t be able to access any money unless you’ve got a secured asset like a house that you can borrow against.”

Prasad also stresses the need for entrepreneurs to consistently study consumer behaviour. A restaurateur needs to be acutely aware of those who are content to stay home and opt for Netflix rather than going out.

“If you can’t mitigate your costs, you either eat them or pass them on to the consumer,” Prasad said. “Those who have control are better equipped to ride out recessionary pressures.”