Canadian small businesses seem to be taking the recession in stride, according to a recent Scotiabank study.
Almost three-quarters of small business owners in Canada are only moderately concerned or not concerned at all about the recession's long-term impact on their business.
"It's encouraging that most of this concern is more temperate in nature," said Kyle McNamara, Scotiabank's managing director and head of small business. "Successful small business owners are accustomed to making adjustments to address challenges and capitalize on opportunities."
The study found that small business owners are more focused on the day-to-day needs of their business such as:
keeping and finding new customers (15%);
expense management (11%);
labour and staffing issues (10%);
the impact of the economy (12%).
More than half of the survey's respondents were anticipating an economic recovery within the next six months or some time early next year. About 11% said they believe a recovery has already started.
Among the impacts the recession has had on their businesses, owners said cash flow (25%), sales revenue (23%) and customer acquisition were the most severely affected by the downturn.
A third of company owners in the survey have therefore modified their business plans, with 40% focusing on expense management and 19% on adjusting employee hours.