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NORTH AMERICA
MAJORITY OF CANADIAN SMBS ARE OPTIMISTIC ABOUT FUTURE GROWTH
In contrast , the majority of SMBs who expressed business confidence ( 67 %) found that the quality of their staff ( 35 %), increased consumer spending ( 27 %), an increased customer base ( 45 %), and efficiencies adopted during the pandemic ( 25 %) were all factors contributing to their optimism .
Sage , a leader in accounting , financial , HR and payroll technology for small and mid-sized businesses , has released a new global report , Small Business , Big Opportunity ? In Canada , the report found that while more than two-thirds ( 67 %) of small and mid-sized businesses ( SMBs ) are confident that their businesses will be successful 12 months from now , many have struggled to secure financing and government support to stay resilient over the past year .
Sage surveyed over 13,000 SMBs in key markets across North America , EMEA and APAC to understand how SMBs are surviving and thriving despite current public health , economic and societal challenges , including rising costs of living and the ongoing impact of the pandemic . For the past two years , the world has faced a difficult and complex situation , with SMBs being especially impacted .
Of the small percentage of Canadian SMBs who currently do not feel confident about their business ( 15 %), a majority attribute this to reduced consumer spending ( 41 %), inefficiencies exacerbated by the pandemic ( 39 %) and expected lack of government aid and support ( 20 %).
“ SMBs are the engines of our economy , representing 98 % of all businesses across Canada . For Sage , being the trusted network for SMBs during these trying times means ensuring they have the right people , processes , and technology in place to be successful ,” said Daniel Oh , Country Manager ( Interim ), Sage Canada . “ The challenges of the pandemic have illuminated the need for businesses to be on the path towards digital adoption , removing unnecessary friction and delivering insights that help them run their business more smoothly .”
Financing the future
During the past 12 months , cashflow and liquidity had a major impact on SMBs ’ success and their confidence in the future . The survey found that more than a quarter of Canadian SMBs ( 27 %) cited increased cashflow as the biggest factor for their confidence . Conversely , two in five businesses ( 39 %) claimed that decreased cashflow was the main contributing factor leading to their negative outlook .
The survey found that a majority of Canadian SMBs ( 60 %) sought some form of financial support over the past 12 months . Line of credit / credit cards ( 19 %), government grants ( 18 %) and bank loans ( 14 %) were identified as the top three forms of financial support , while almost one in 10 businesses ( 9 %) had to turn to family and friends for financial support during this time . �
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