Fewer customers and lower spending per customer affecting small business recovery
The majority of businesses are still reporting lower than normal sales, according to CFIB
TORONTO — Fewer customers and reduced spending per customer are holding back small business recovery, according to new survey results released Sept. 3 by the Canadian Federation of Independent Business (CFIB).
The results showed that:
- 64% of businesses are fully open (compared to 66% two weeks ago)
- 41% are fully staffed (40% two weeks ago)
- 27% are making normal sales (28% two weeks ago)
“We’re hoping that as people get back to fall routines businesses will get a much-needed revenue boost. Consumers are critical to small businesses and their financial and emotional support means more now than ever,” said Laura Jones, executive vice-president at CFIB, in a prepared statement.
The majority of businesses are still reporting lower than normal sales. Challenges to getting back to normal sales include: fewer customers (58%), customers spending less on average (48%) and operational challenges, such as online sales, shipping, and interrupted supply chains (27%). Government restrictions (20%) and not being able to find staff (18%) are also causing lower than normal revenues.