Small biz confident about themselves more than Canadian economy: poll

Confidence! It’s all about confidence! For those who’ve taken Econ 101, remember the power of “i” to the stability of any economy?

Optimism up as well with more than half expecting business growth in the next 6 months

CNW – An Angus Reid Strategies survey of Canadian small businesses commissioned by STAPLES Canada has determined that small businesses have more confidence in their own operations than they do in the Canadian economy.

Over half (58%) of Canadian small businesses expect to see some improvement in their businesses over the next 6 months. More than two-thirds (70%) of Canadian small businesses rate their own financial status as good and only a third (30%) as poor. Conversely, two-thirds (66%) of Canadian small businesses consider the economic conditions
in Canada to be poor while only a third (32%) think that conditions are good.

“The results of the STAPLES Canada Small Business National Quarterly Confidence Poll are very thought provoking. Not so much that there is scepticism when it comes to the Canadian economy, but that there is such optimism for small business potential,” said Steve Matyas, president of STAPLES Canada.

The top three challenges that Canadian small businesses are currently facing are business development/sales (60%), reducing costs/expenses (58%) and setting pricing to maintain profitability (47%). Not too surprisingly, the
primary ways that Canadian small businesses have adjusted over the past three months were to cut costs (55%) and expand business offerings (29%).

The STAPLES Canada Small Business National Quarterly Confidence Poll will be conducted quarterly in order to gauge:

- Shifting perceptions of the Canadian economy;
- The self-confidence and optimism of Canadian small businesses; and,
- Any changes in how Canadian small businesses are adjusting to economic conditions.

The study was conducted by Angus Reid Strategies through online interviews with owners and executives of small businesses (up to 50 full-time employees) across Canada. 352 interviews were completed in total, from March
13-22, 2009.

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