Survey of 1000 small businesses reveals optimistic tone
Despite the significant challenges faced by Canada’s small businesses in the wake of Covid and the higher cost of doing business, optimism is rising according to a new report.
A poll of 1,000 Canadian small businesses including business owners, entrepreneurs, and self-employed Canadians across multiple industries – including the hardest hit retail and hospitality – found that almost six in ten said their revenues had improved in the first six months of 2024 compared to the same period of 2023.
The Zensurance.com research also found that 20% of respondents said their revenues had “soared to new heights” in the first half of 2024 and 39% said they had improved moderately.
Asked about their confidence for their business in the next six months, 70% are confident including 36% who are very confident and 21% of small businesses reported 'a significantly positive impact' from the state of the economy, and 20% reported a moderately positive impact.
But there are also some major concerns with almost six in ten respondents citing inflation, while four in ten are concerned about growth, and one third said managing cashflow was a key challenge.
The overall optimism is potentially good news for Canadian workers with 33% of small businesses intending to hire in the next six months with 24% opening a second workplace and 30% launching new products or services.
Insurance gaps
Asked about their insurance coverage, around one third of respondents said they don’t have a business insurance policy, mostly because they don’t think they need it, haven’t thought about it, or believe their business has no liability risks.
However, the survey revealed the risks that respondents identified as their biggest concerns: cyber-attack or data breach (32%) edged out theft and shoplifting (31%), not being paid by customers (31%), vandalism (26%), robbery and break-ins (25%), and being sued (24%).
