The Canadian Federation of Independent Business (CFIB) said positivity among Canadian small businesses is going down, according to Blacklock’s Reporter. .“The situation remains sobering for many small businesses,” said CFIB Chief Economist Simon Gaudreault in a statement. .“High costs of doing business, a lack of staffing and ongoing interest rate hikes make it harder for them to know where their business is headed.”.A CFIB members’s questionnaire found the small business confidence index is the lowest recorded since 2009 outside of recessions. .The CFIB’s Business Barometer said small business confidence dropped three months in a row. Findings were based on a questionnaire asking businesses for their performance expectations for the next three or four months. .The questionnaire said 53% of businesses believe labour shortages are limiting their ability to increase sales. It said 71% of businesses claim fuel prices are causing difficulties for them. .Finance Canada said in its fall economic statement on November 3 it predicted the Canadian economy would be in a recession this winter. The Bank of Canada said in a report on October 26 it forecasts a Christmas recession..“There isn’t one Canadian, there is a diversity of Canadians, and yes, some Canadians are being really squeezed,” said Bank of Canada Governor Tiff Macklem. .“We understand that.”.Macklem said there will be “new curve balls along the way.” .“But our message to Canadians, we are resolute,” he said. .About one-quarter of Canadian small businesses were formed in the last two years, despite facing many obstacles from the COVID-19 pandemic, according to a June study done by Intuit Canada. .READ MORE: About 25% of Canadian small businesses started during COVID-19 pandemic."Canadian entrepreneurs aren't just experiencing this change, they're leading it,” said Intuit Canada Vice-President and Country Manager David Marquis. .The study said Canadian entrepreneurs who launched their businesses in the last two years were almost twice as likely to have multiple companies compared to owners who started them before (51% versus 29%). It said 27% of new entrepreneurs with multiple businesses created more than one to boost their income because of inflation, versus 16% of established business owners.
The Canadian Federation of Independent Business (CFIB) said positivity among Canadian small businesses is going down, according to Blacklock’s Reporter. .“The situation remains sobering for many small businesses,” said CFIB Chief Economist Simon Gaudreault in a statement. .“High costs of doing business, a lack of staffing and ongoing interest rate hikes make it harder for them to know where their business is headed.”.A CFIB members’s questionnaire found the small business confidence index is the lowest recorded since 2009 outside of recessions. .The CFIB’s Business Barometer said small business confidence dropped three months in a row. Findings were based on a questionnaire asking businesses for their performance expectations for the next three or four months. .The questionnaire said 53% of businesses believe labour shortages are limiting their ability to increase sales. It said 71% of businesses claim fuel prices are causing difficulties for them. .Finance Canada said in its fall economic statement on November 3 it predicted the Canadian economy would be in a recession this winter. The Bank of Canada said in a report on October 26 it forecasts a Christmas recession..“There isn’t one Canadian, there is a diversity of Canadians, and yes, some Canadians are being really squeezed,” said Bank of Canada Governor Tiff Macklem. .“We understand that.”.Macklem said there will be “new curve balls along the way.” .“But our message to Canadians, we are resolute,” he said. .About one-quarter of Canadian small businesses were formed in the last two years, despite facing many obstacles from the COVID-19 pandemic, according to a June study done by Intuit Canada. .READ MORE: About 25% of Canadian small businesses started during COVID-19 pandemic."Canadian entrepreneurs aren't just experiencing this change, they're leading it,” said Intuit Canada Vice-President and Country Manager David Marquis. .The study said Canadian entrepreneurs who launched their businesses in the last two years were almost twice as likely to have multiple companies compared to owners who started them before (51% versus 29%). It said 27% of new entrepreneurs with multiple businesses created more than one to boost their income because of inflation, versus 16% of established business owners.
