Big majority of small business owners still worry about economy, survey finds
Also, sixty per cent of respondents to the latest Canadian Federation of Independent Business survey say they fear consumer spending will stay low even after the COVID-19 pandemic ends.
Despite businesses reopening and operations resuming, 70 per cent of small business owners in Canada are still worried about the impact of the current crisis on the economy, a new survey by the Canadian Federation of Independent Business (CFIB) shows.
In addition, 60 per cent of respondents to the survey say they fear consumer spending will stay low even after the COVID-19 pandemic ends; 50 per cent are worried about cash flow; 48 per cent are worried about physical health impacts; and 47 per cent are worried about debt.
“Small business owners are really worried about regaining pre-COVID-19 revenues. Customers are back but often in smaller numbers than usual,” said Laura Jones, executive vice president at CFIB, in a prepared statement.
The Small Business Recovery Dashboard shows that in Canada:
- 66% of small businesses are fully open;
- 40% are fully staffed;
- Only 28% have resumed their normal sales levels.
“As consumers, we can be creative and find different ways to support the small businesses that need it. Supporting our favourite businesses today gives them a tomorrow,” Jones said. “The government can also help by ensuring support measures for big bills like rent are available.”