Media Room
TD Canada Trust Small Business
Week Ontario Highlights
- Thirty-six percent of small business owners
in Ontario said the recession was their biggest challenge in the
past year (vs. 32% nationally), followed by cash flow (26% vs. 25%
nationally). Thirty-four percent anticipate that the recession will
continue to be their biggest challenge in 2010 (vs. 30%
nationally), followed by cash flow (21% vs. 20%
nationally)
- But, 55% of small business owners in Ontario
are optimistic that 2010 will be a good year for their business or
their best year yet (vs. 57% nationally)
- When asked to rate their business’
performance this year, 17% of small business owners in Ontario gave
themselves an A or A+, indicating that they have had solid growth
or their best year yet (vs. 19% nationally). Forty percent gave
their business a B, indicating that they did as well as they
expected (vs. 44% nationally). Twenty-four percent gave themselves
business a C, saying that they did not have the year they planned
(vs. 21% nationally). Only 4% gave themselves a failing grade (vs.
2% nationally)
- Of those small business owners who gave
themselves an A or A+, 55% attributed their good year to the fact
that they were not impacted by the recession (vs. 56%
nationally)
- How were Ontario’s small business
owners impacted by the recession? Thirty-two percent lost some
business, 21% are in more debt than they were 12 months ago (vs.
18% nationally), 7% were forced to downsize their operations or
staffing and 6% say they came close to bankruptcy or closing.
Interestingly, 11% grew their business despite the recession and 2%
grew their business because of the recession
- When asked what changes, if any, their
company made over the past year, 40% of small business owners in
Ontario said they reduced operating costs (same as national
statistic)
- What keeps small business owners in Ontario
up at night? The top two responses were the impact of the recession
(32% vs. 31% nationally) and cash flow (30% vs. 28%
nationally)
- When asked what is the best thing about
owning your own business, 36% of small business owners in Ontario
said being able to control their own destiny (same as national
statistic). This was followed by a better work-life balance (29%;
same as national statistic) and being their own boss (23% vs. 24%
nationally)
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