More than half of entrepreneurs believe businesses in their area are in crisis: survey
With many businesses having already been forced to close, more could follow suit if restrictions remain in place.
A recent study from CIBC found that more than half of business owners--57 per cent--believe businesses in their area are in crisis mode, and 72 per cent said their present stress levels are much higher than they were prior to the pandemic.
According to the findings, 68 per cent of business owners continue to feel the negative effects of the pandemic, while 43 per cent believe businesses are in recovery mode.
The top concerns among business owners are a reduced demand for their products and services--37 per cent feel this way--and concerns regarding the overall viability of their operations--23 per cent feel this way.
However, the majority of business owners--75 per cent--believe they can rebound once the pandemic ends.
“During these challenging times, Canadian business owners have shown incredible resilience by staying focused on fundamentals and being very nimble and creative,” Laura Dottori-Attanasio, group head of Personal and Business Banking for CIBC, said in a news release.
“Our team is engaged with business owners across the country every day. With so many feeling immediate pressures on revenues, we encourage owners to get advice about their overall financial situation including cash flow management and help managing debt levels. Whether business owners are facing challenges, or have an opportunity to capitalize on, we have the tools, advice and the team to help provide a path forward," she continued.
Additionally, many business owners have gotten creative in order to ensure they can remain operational--30 per cent have increased their virtual presence, while 16 per cent have pivoted to operate completely online.
“Canadians have the opportunity to support their local businesses in the coming weeks as we head into the holiday season and I hope we see friends and neighbours rally around their local communities to help make a difference,” Dottori-Attanasio added.
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