Small Business Recovery Still In Worrying Territory But Nudging In Right Direction
The Canadian Federation of Independent Business (CFIB)’s weekly small business recovery dashboard saw a slight improvement since its launch last week as part of the #SmallBusinessEveryDay campaign, which will run through the fall. Fifty-eight per cent of businesses are fully open (compared to 53 per cent last week), 23 per cent are making normal sales for this time of year (compared to 19 per cent last week) and 34 per cent are back to normal staffing levels (compared to 32 per cent last week).
Laura Jones is Executive Vice-President at CFIB
“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. 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,” said Laura Jones, Executive Vice-President at CFIB.
The hospitality sector, which includes restaurants and hotels, has been among the hardest hit with only 7 per cent back to normal sales.
CFIB’s special Canada Day #SmallBusinessEveryDay challenges focus on doing something extra to support these businesses. Challenges include trying a new local restaurant, planning a Canadian vacation, visiting a local attraction or making a donation to a business that is not yet open through Distantly.ca. Canada Day challenges can be found at www.smallbusinesseveryday.ca.
“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 an extension of CFIB’s annual Small Business Saturday. The campaign encourages local shopping, promotes initiatives to support small business and provides posters and other tools for businesses to use. It is supported by Scotiabank, Chase Merchant Services, eBay Canada, Facebook, Intuit Canada and Interac Corp.
