It’s Tough Being Small

It can sometimes feel a little like a small boat on big waters.

We hear calls for things such as support local businesses on a regular basis from those who are close the action in markets across the country. And with good reason….businesses, especially smaller, locally-owned ones, are finding it more and more difficult to navigate these waters. Restrictions on operations for some are making it even more complicated.

To assess just how the little guys are feeling about the challenges they face, CIBC commissioned a survey of small business owners and found what you’d generally expect. But now we are able to put some numbers and context to this story.

And sometimes it can be contradictory. About 40% of those surveyed said they were looking to reduce debt as part of their cost-cutting strategies. Yet, a comparable number are looking for more credit to build their working capital.

Half of those surveyed said they are counting on government support to survive and an equal number said they are fighting back by building up their digital capabilities.

Source:

http://cibc.mediaroom.com/2020-11-24-Two-thirds-of-Canadian-business-owners-negatively-impacted-by-COVID-19-most-say-area-businesses-are-in-crisis-mode-CIBC-Poll