To help address the large impact COVID-19 has had on local economies including small, local businesses, former Waterloo student, Marcelo Cortes and chief technology officer and co-founder of Faire – an online wholesale marketplace that helps emerging brands and boutique retailers grow their business – took action to create an online finance tool to help.
Recognizing that a full understanding of a business’ financial situation is the first critical step to making informed decisions about how to respond, Cortes and his team worked quickly to develop an online impact calculator that turns key financial details into lifespan projections for a particular business. The results can help owners spot inefficiencies to better prepare for the future.
The tool has already been used more than 5,000 times, alongside a list that highlights the immediate steps retailers should be considering during the pandemic. Their goal is to help retailers and makers navigate this unprecedented crisis. The online impact calculator just the beginning of more helpful tools to come.
To learn more, visit the University of Waterloo.