Small business recovery still in worrying territory but nudging in right direction: CFIB
The hospitality sector has been among the hardest hit
TORONTO — The Canadian Federation of Independent Business (CFIB)’s weekly small business recovery dashboard saw a slight improvement since its launch as part of the #SmallBusinessEveryDay campaign, which will run through the fall.
The findings show that 58% of businesses are fully open (compared to 53% last week), 23% are making normal sales for this time of year (compared to 19% last week) and 34% are back to normal staffing levels (compared to 32% last week).
“Things feel a little more normal as we are getting haircuts and eating out on restaurant patios, but behind the warm welcome back signs businesses continue to be very anxious about paying bills and keeping their businesses afloat,” said Laura Jones, executive vice-president at CFIB, in a prepared statement. “Only one in four is back to normal sales. Customer support in the form of an extra purchase, a recommendation or a kind word continues to be critical to Canada’s economic recovery and we hope everyone thinks #SmallBusinessEveryDay right through the fall.”
The hospitality sector, which includes restaurants and hotels, has been among the hardest hit with only 7% back to normal sales.
“Canadians have the power to make a difference for small businesses while having fun and supporting each other. What a great way to celebrate Canada Day,” concluded Jones.
The #SmallBusinessEveryDay campaign is a campaign that encourages local shopping, promotes initiatives to support small business and provides posters and other tools for businesses to use.