Media Room
TD Canada Trust Small Business
Week Quebec Highlights
- Thirty-one percent of small business owners
in Quebec said the recession was their biggest challenge in the
past year (vs. 32% nationally), followed by cash flow (19% vs. 25%
nationally). Twenty-six percent anticipate that the recession will
continue to be their biggest challenge in 2010 (vs. 30%
nationally), followed by cash flow (18% vs. 20% nationally) and
managing growth (vs. 18% nationally)
- Fifty-five percent of small business owners
in Quebec are optimistic that 2010 will be a good year for their
business or their best year yet (vs. 57% nationally)
- Of those small business owners who gave
themselves an A or A+, 58% attributed their good year to the fact
that they were not impacted by the recession (vs. 56%
nationally)
- How were Quebec’s small business
owners impacted by the recession? Twenty-seven percent lost some
business (vs. 31% nationally), 18% are in more debt than they were
12 months ago, 9% were forced to downsize their operations or
staffing and 3% say they came close to bankruptcy or closing.
Interestingly, 15% grew their business despite the recession (vs.
12% nationally) and 2% grew their business because of the
recession
- When asked what changes, if any, their
company made over the past year, 41% of small business owners in
Quebec said they reduced operating costs (vs. 40%
nationally)
- What keeps small business owners in Quebec
up at night? The top two responses were the impact of the recession
(27% vs. 31% nationally) and cash flow (26% vs. 28%
nationally)
- When asked what is the best thing about
owning your own business, 32% of small business owners in Quebec
said being able to control their own destiny (vs. 36% nationally).
This was followed by being their own boss (30% vs. 24% nationally)
and a better work-life balance (29%; same as national
statistic)
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