TORONTO — Fewer customers and reduced spending per customer are holding back small-business recovery, according to new survey results released today by the Canadian Federation of Independent Business (CFIB). The weekly #SmallBusinessEveryDay recovery dashboard was also updated with new results:
• 64 per cent of businesses are fully open (compared to 66 per cent two weeks ago)
• 41 per cent are fully staffed (compared to 40 per cent two weeks ago)
• 27 per cent are making normal sales (compared to 28 per cent two weeks ago)
“We’re hoping as people get back to fall routines, businesses will get a much-needed revenue boost. Consumers are critical to small businesses and their financial and emotional support means more now than ever,” says Laura Jones, executive vice-president at CFIB.
The majority of businesses are still reporting lower than normal sales. Challenges to getting back to normal sales include fewer customers (58 per cent), customers spending less on average (48 per cent) and operational challenges, such as online sales, shipping and interrupted supply chains (27 per cent). Government restrictions (20 per cent) and not being able to find staff (18 per cent) are also causing lower than normal revenues.
CFIB will be ramping up its #SmallBusinessEveryDay campaign this fall with weekly challenges heading towards Small Business Saturday in October. This weekend’s challenge is to use the #CanadaUnited hashtag to promote your favourite business on Twitter or like or share the Canada United video online. For each like, share or hashtag use, RBC will contribute five cents to a fund that will grant businesses up to $5,000 to help with recovery.
“This week’s challenge to help small business doesn’t cost anything but time. Extra credit is always an option and with so many restaurants at risk of permanent closure, we’re suggesting an extra effort on the long weekend to indulge in some restaurant therapy,” says Jones.