|Delayed - 01/26 04:20:50 pm|
Two thirds of Canadian business owners negatively impacted by COVID-19, most say area businesses are in crisis mode: CIBC Poll
|11/24/2020 | 06:01am|
Despite pressures, business owners' optimistic they will rebound as the pandemic eases
"During these challenging times, Canadian business owners have shown incredible resilience by staying focused on fundamentals and being very nimble and creative," said
Business Owners Going Virtual, Slashing Costs
Business owners have employed several strategies to continue operating. A third (30 per cent) have increased their virtual presence while a further 16 per cent pivoted their business to operate completely online.
To support cash flow, 56 per cent have used at least one government program this year, and to limit costs, 35 per cent are reducing operating expenses while 28 per cent have cut employee hours. Half (52 per cent) say they are counting on government support to survive.
Close to a third (29 per cent) expect it will take between a year or two for things to get back to normal, with the majority (81 per cent) agreeing the uncertainty of the current environment remains the hardest aspect to manage.
"Canadians have the opportunity to support their local businesses in the coming weeks as we head into the holiday season and I hope we see friends and neighbours rally around their local communities to help make a difference," added
Other poll findings:
- 72 per cent of business owners say their present stress level is much higher than it was prior to the pandemic
- 57 per cent are looking to build the digital capabilities of their business
- 45 per cent are looking to reduce their debt levels, while 41 per cent are seeking more credit to help with operating capital and 40 per cent are seeking advice to better manage cash flow
To help business owners manage through this challenging environment, CIBC has launched
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
© Canada Newswire, source