Only 1 in 4 small businesses back to making normal sales

CFIB survey also found that 63 per cent of small businesses are fully open (+10 per cent since June)

Only one in four small businesses are back to making normal sales, according to new data released Wednesday by the Canadian Federation of Independent Business (CFIB).

“This summer has been a hard one for small businesses. As Canadians drive or walk through their neighbourhoods, they see more open shops and restaurants and may believe that businesses are back to normal operations. But behind the counter, the story is often very different,” said Dan Kelly, CFIB president, in a news release. “Only a quarter of small firms report their sales are at normal levels, and another quarter remain down by 50 per cent or more.

“With just one month left this summer, CFIB urges Canadians to make this the summer of small business. Every Canadian can make a big difference by choosing to support local businesses, whether it be buying from a small local retailer rather than a big brand or box store, or asking friends about their favourite local businesses and checking them out. We hope to see Canadians out in force supporting small businesses throughout August.”

The CFIB survey also found that 63 per cent of small businesses are fully open (+10 per cent since June); 39 per cent are fully staffed (+7 per cent since June); and 26 per cent are making normal sales (+7 epr cent since June).

“More than three out of five business owners are worried that consumer spending will remain low, even following the COVID-19 crisis. Last week, CFIB released a report showing one in seven small businesses (158,000) are at risk of going under as a result of COVID-19, on top of the ones that have already closed. Canada could see as few as 55,000 businesses shut their doors permanently or many as 218,000, depending on how its recovery goes,” said the national organization.

 

 

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