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Media Room

Press Kits - Business Banking - Small Business Week 2009

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)