#SmallBusinessEveryDay dashboard suggests it will take at least six months to get back to profitability
Customer support remains critical to small businesses' survival
TORONTO — Three key indicators of small business recovery have not moved much since last week after showing slight improvement the week before, according to the Canadian Federation of Independent Business (CFIB)’s small business recovery dashboard, which launched as part of #SmallBusinessEveryDay.
Just over half (57%) are fully open (58% last week), 34% are back to normal staffing levels (34% last week) and 24% are making normal sales for this time of year (23% last week).
Additional survey data shows around half of business owners (53%) think it will take more than six months to get back to normal profitability, with almost one in three (30%) saying it will take more than a year. Five per cent are concerned they will never get back to normal profits.
“Small business recovery is going to be a long, tough road. Governments can and should do more, but ultimately businesses need sales to transition off subsidies and survive. Collectively, individual actions like trying a local business for the first time, giving your hairdresser a bigger tip or buying a new swimsuit from a local store can make a big difference,” said Laura Jones, executive vice-president at CFIB, in a prepared statement.
CFIB launched its #SmallBusinessEveryDay campaign on June 30 and is currently profiling 23 different initiatives to support small businesses.