Cash flow, managing clients and government red tape are the top three barriers to success for small businesses, according to a TD Canada Trust small business survey released Tuesday.
The survey found that although there are hurdles to owning a small business, 97% of owners said the sense of pride and accomplishment from being their own boss is worth the challenge.
“Without question, small business owners are a resilient group, continually working to overcome barriers that get in the way of their success,” said Alec Morley, senior vice-president for TD Canada Trust.
Small business owners also reported that recruiting and training staff, coping with stress and risk and financial issues were also major concerns.
Morley said there are three essential strategies that all small business owners should know in order to combat those risks:
Local consultants and small business advisers recently told Business in Vancouver the same thing, saying that although business plans are essential for all startups they should not be static documents (See “Business plans: Laying the groundwork for success” – issue 1092; September 28 to October 4).