Toronto—An overwhelming majority of Canadians believe that small businesses play a critical role in the growth of the economy, according to a new survey.
A staggering 94 per cent of those surveyed believe Canadian small businesses represent a strong pillar of economic growth, while 88 per cent view them as vital job creators, RBC and Ipsos Reid found.
“The success and vitality of Canadian small businesses have played an important part in Canada faring well through these difficult economic times,” RBC small business national director Mike Michell said in a statement. “It’s great to see that most Canadians view small businesses as the lifeblood of their communities and are proud to give them their support.”
More than half of Canadians (61 per cent) say they would pay more for a product or service in order to support a small business in their community, with 83 per cent saying they support small businesses in their community by doing business with them or promoting them.
For those who show their loyalty, 72 per cent say the reason is simply that they like to support owners who live and do work in their community.
“This type of consumer insight can help small businesses find the success they’re seeking,” Michell said. “For example, small businesses should capitalize on local support by becoming more active in their community, highlighting their local roots and asking their best customers to promote them.”
The survey also found that, when it comes to deciding which small businesses Canadians would support in their community, 73 per cent said word of mouth referrals was a factor; 68 per cent said it was the location of the business; and 51 per cent said visibility in the community was the determining factor.
According to RBC, 1,100 Canadians were surveyed.