2009 Canadian Small Business
Report Card:
TD Canada Trust Small Business Survey reveals small businesses
make the grade
TORONTO, ON, October xx, 2009
– 2009 was a surprisingly good year for
Canada’s small businesses. Despite concerns about the
impact of the recession and managing cash flow, the TD Canada Trust
Small Business Survey reveals that an astounding 98% of small
business owners gave their companies a passing grade.
“As we saw in the October 16 TD
Economics Special Report on Small Business, Canada’s
economic recovery is well underway and it is anticipated that this
will have a positive impact on small businesses, particularly in
key sectors such as manufacturing,” says Christine
Morris, Vice President, TD Business Banking. “In addition
to the good grades given out, there is a high level of optimism
among small business owners for 2010, suggesting that business
optimism is likely to continue to improve.”
Small business owners from across Canada were
asked to grade their businesses’ performance for the most
recent fiscal year. These were the findings:
A+: Nationally, 6% percent
of small business owners gave their business the top grade. Quebec
businesses were significantly more likely to award themselves top
marks (11%) while only 3% of B.C. business owners felt their
company deserved the highest score.
A: When it came to giving
out As, Manitoba and Saskatchewan led the way at 24%, a dramatic
increase over the national average of 13%.
B: The B grade was the most
popular ranking for small business owners, with 44% saying they met
their goals for this past year.
C: Twenty-one percent of
small business owners gave their companies a C, saying they did not
have the year they planned.
D: Nationally, 13% of
businesses were handed a D grade by their owners. For companies
open less than one year, this number climbed dramatically to 27%,
with those small business owners saying this was a rough
year.
F: Only 2% of small business
owners gave their companies a failing grade and this number was
relatively consistent across the country, climbing to 4% in Ontario
and dropping to 1% in Quebec. Five percent of small business owners
with companies open for less than a year gave their businesses an
F, saying they are in serious trouble.
“With the improving economy and
strong Canadian dollar forecasted for 2010, it will be interesting
to see how these rankings improve a year from now,” says
Morris. “We anticipate that the small businesses that
lead next year’s rankings will be the ones that carefully
manage cash flow, take advantage of resources from small business
advisors and develop a strong unique selling proposition (USP) that
guides their business.”
To help develop small businesses’
USPs, TD Canada Trust is hosting a free webinar on Boosting Your
Sales with a Unique Selling Proposition on October 22 at 12:00 EST.
Participants can register at
www.tdcanadatrust.com/smallbusiness.
About the TD Canada
Trust Small Business Survey
The TD Canada Trust Small Business Survey polled small business
owners from across the country to understand the impact of the
recession on small businesses. The survey was conducted by Angus
Reid Strategies from September 8 to 14, 2009 with English and
French speaking small business owners (defined as business owners
with fewer than 20 employees) across Canada using the Angus Reid
Forum. The sample size included 1002 men and women.
About TD Bank Financial
Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Financial Group. TD Bank Financial Group is the
sixth largest bank in North America by branches and serves
approximately 17 million customers in four key businesses operating
in a number of locations in key financial centres around the globe:
Canadian Personal and Commercial Banking, including TD Canada Trust
and TD Insurance; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial Banking
through TD Bank, America's Most Convenient Bank; and Wholesale
Banking, including TD Securities. TD Bank Financial Group also
ranks among the world's leading online financial services firms,
with more than 5.5 million online customers. TD Bank Financial
Group had CDN$545 billion in assets on July 31, 2009. The
Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock Exchanges.
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For further information,
contact:
Carolyn Abbass / Karen McCullough
Paradigm Public Relations
416-203-2223
cabbass@paradigmpr.ca /
kmccullough@paradigmpr.ca
Erin Baldwin
TD Bank Financial Group
416-308-4061
erin.baldwin@td.com
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