Media Room
TD Canada Trust Small Business
Week Atlantic Canada Highlights
- Small business owners in Atlantic Canada are
the most optimistic about how they are feeling about their business
in 2010. Sixty-six percent say that they think it is going to be a
good year for their business or their best year yet (vs. 57%
nationally)
- When asked to rate their business’
performance this year, 18% of small business owners in Atlantic
Canada gave themselves an A or A+, indicating that they have had
solid growth or their best year yet (vs. 19% nationally).
Fifty-three percent gave their business a B grade, indicating that
they did as well as they expected (vs. 44% nationally). Eighteen
percent gave themselves a C, saying that they did not have they
year they planned (vs. 21% nationally). Only 2% gave themselves a
failing grade (same as national stat)
- Of those small business owners who gave
themselves an A or A+, 69% attributed their good year to the fact
that they were not impacted by the recession (vs. 56%
nationally)
- How were Atlantic Canada’s small
business owners impacted by the recession? Twenty-seven percent
lost some business (vs. 31% nationally), 21% are in more debt than
they were 12 months ago (vs. 18% nationally), 9% were forced to
downsize their operations or staffing and 3% say they came close to
bankruptcy or closing. Interestingly, 11% grew their business
despite the recession and 3% grew their business because of the
recession
- Thirty-two percent of small business owners
in Atlantic Canada said cash flow was their biggest challenge in
2009 (vs. 25% nationally), followed by the recession (28% vs. 32%
nationally). Twenty-eight percent anticipate that cash flow will
continue to be their biggest challenge in 2010 (vs. 20%
nationally), followed by the recession (24% vs. 30%
nationally)
- What keeps small business owners in Atlantic
Canada up at night? The top two responses were the impact of the
recession (32% vs. 31% nationally) and cash flow (32% vs. 28%
nationally)
- When asked what is the best thing about
owning your own business, 48% of small business owners in Atlantic
Canada said being able to control their own destiny (vs. 36%
nationally). This was followed by a better work-life balance (25%
vs. 29% nationally) and being their own boss (22% vs. 24%
nationally)
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