Many business owners starting to see light at the end of a 12-month-long tunnel

 

While it has been a long year for many entrepreneurs, some are starting to see the light at the end of the tunnel.

According to a recent report from Staples Canada, while 69 per cent of entrepreneurs are experiencing stress associated with the status of their business, 61 per cent are optimistic for the future.

Based on the findings, 92 per cent of business owners are concerned about the state of the economy, while 69 per cent are concerned about their business’s financial state, and 64 per cent are concerned about the health and safety of their employees.

Additionally, while 29 per cent of business owners reported a steep decline in revenue, that number is down from the more than 50 per cent who reported this in 2020.

Further, more than one-third of small businesses have implemented health and safety measures--such as moving to remote work.  

Moreover, 39 per cent of businesses have streamlined operations by going digital, and 35 per cent intend to do this within the next six months.

As a result of this, 43 per cent of business owners said being forced to adjust to economic challenges has allowed them to innovate their business, and 38 per cent believe the changes they have made will facilitate long-term success.

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