One-third of small business owners feel they aren’t being supported by their community

 

One-third of Canadian small-business owners say they are not feeling supported by their community

A recent survey from Visa found that 33 per cent of small-business owners do not consider their local community supportive of their business during this difficult time.

“The Canadian economy will not bounce back until small businesses bounce back,” Stacey Madge, country manager and president for Visa Canada, said in a news release.

“Small businesses are the heart of local communities, and they have shown tremendous resilience since the onset of COVID-19. While the road ahead remains uncertain, today we are focused on building simple and effective tools that support digital enablement to help small-business owners not only survive, but also thrive," she continued.

According to the findings, 77 per cent of small- and medium-business owners are optimistic about their company's future.

However, of those surveyed, 52 per cent of respondents said they were concerned their businesses revenue would never return to pre-pandemic levels, while 38 per cent said they were concerned about an inability to attract future customers.

Further, small- and medium-business owners believe the average length of time it will take for their business to return to full capacity is 10 months.

Additionally, since the pandemic began, 76 per cent of Canadians have either reduced or completely halted their cash usage when making purchases.

Moreover, 54 per cent of Canadian shoppers believe using a contactless payment method is among the most important safety measure for stores to follow, and 40 per cent said they would not shop at a store that only offers payment methods that require contact with a cashier or shared devices.