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Press Kits - Business Banking - Small Business Week 2009

Media Room


TD Canada Trust Small Business Week British Columbia Highlights

  • Twenty-nine per cent of small business owners in B.C said the impact of the recession was the biggest challenge in 2009 (vs. 32% nationally), followed by cash flow (26% vs. 25% nationally)
  • Fifty-three percent of small business owners in B.C. are optimistic that 2010 will be a good year or their best year yet
  • When asked to rate their business’ performance this year, 15% of B.C. small business owners gave themselves an A or A+, indicating that they have had solid growth or their best year yet (vs. 19% nationally). Fifty percent gave themselves a B, indicating that they did as well as they expected (vs. 44% nationally). Twenty-two percent gave themselves a C, saying that they did not have the year they planned (vs. 21% nationally). Only 2% of small business owners in the region gave themselves an F, saying they are in serious trouble (same as national stat)
  • Of those small business owners who gave themselves an A or A+, 41% attributed their good year to the fact that they were not impacted by the recession (vs. 56% nationally)
  • How were small business owners in B.C. impacted by the recession? Thirty-nine percent lost some business (vs. 31% nationally), 13% are in more debt than they were 12 months ago (vs. 18% nationally), 5% were forced to downsize their operations or staffing and 7% say they came close to bankruptcy or closing. Interestingly, 14% grew their business despite the recession and 3% grew their business because of the recession
  • When asked what changes, if any, their company made over the past year, small business owners in B.C said they reduced their operating costs (40%, same as national stat)
  • What keeps small business owners in B.C. up at night? The top two responses were the impact of the recession (33% vs. 31% nationally) and cash flow (25% vs. 28% nationally)
  • B.C. small business owners say the best thing about owning their own business is better work-life balance (37%), controlling their own destiny (32%) and being the boss, not reporting to anyone (20%)