Canada's economic recovery demands that we support our local independents but not all firms feel the community is behind them
Millions of Canadian small and medium sized businesses have faced – and continue to face – probably their toughest challenge ever.
Recent reports show that the backbone of the Canadian economy has collectively borrowed billions of dollars in their fight for survival.
But while most say they feel supported by their community, one third do not according to a new survey from Visa.
Despite this, 77% of small businesses report optimism about the future, but they are concerned about revenue returning to pre-pandemic levels (52%) and attracting new customers (38%), among other things.
"The Canadian economy will not bounce back until small businesses bounce back," said Stacey Madge, country manager and president, Visa Canada. "Small businesses are the heart of local communities, and they have shown tremendous resilience since the onset of COVID-19.”
The survey shows that Canada’s small businesses are expecting a 10-month journey to being full operational again. This is longer than peers in other countries surveyed by Visa.
Cash is not king
Among many elements of digital transformation being escalated by the coronavirus crisis, the use of alternatives to cash for payments has been clear.
Since the start of the pandemic, 76% of businesses report that use of cash has slowed down or stopped and 54% of consumers said that using contactless payments is among the most important safety measures for businesses to follow.
Four in ten consumers would not shop at a store where contact with a cashier or shared devices was the only payment option.
Visa Canada has launched a #MySmallBizReco campaign to shine a light on small businesses, empower digital-first businesses, encourage contactless payments, and support marketing efforts.
