Small business owners expect success in latter half of 2022
by CM Staff
A survey from Zensurance says survey participants expressed a positive outlook for the remainder of the year, eclipsing the negative fallout from the pandemic.
TORONTO — Zensurance says 60 per cent of small business owners and self-employed professionals feel their businesses will be successful in the second half of 2022.
According to the inaugural Zensurance Small Business Confidence Index, the positive outlook expressed by survey participants eclipses the fallout of the pandemic during the first half of 2022 and Canada’s record-high inflation.
46 per cent of these respondents reported that their revenue was either down or about the same in the first half of this year compared to the first half of 2021.
“It’s encouraging and a little surprising to see a majority of small business owners, entrepreneurs, and self-employed professionals as confident as they are when looking ahead. However, record-high inflation, the cost of gasoline, and supply chain reliability remain top-of-mind for many. Also, there are worries about a recession, and the pandemic is not over yet,” notes Danish Yusuf, founder and CEO of Zensurance in a statement.
Another 36 per cent of small business owners said the pandemic had a moderately negative impact on their revenues. Another 21 per cent said it had a significant impact on their business, while only 31 per cent said it had little or no impact.
For a few, the pandemic has given their businesses a boost. Almost 7 per cent said it had a moderately positive impact, and nearly 4 per cent said it had a significantly positive effect.
Although most respondents to the Zensurance survey are upbeat about their prospects, slightly more than 52 per cent admit their businesses cannot afford to take on more debt to fund necessary projects or initiatives. Meanwhile, 29 per cent say they can afford to take on more debt in 2022, and nearly 18 per cent have said they’re not sure.