SOURCE: Scotiabank

Scotiabank

December 03, 2013 06:30 ET

Small Business Owners Divided on Potential Impact of Economy on Their Business in 2014: Scotiabank Study

TORONTO, ON--(Marketwired - December 03, 2013) - Just over a third (35%) of small business owners believe the economy will have a positive impact on their business over the next year, while a quarter (26%) expect it to have a negative one, according to a Scotiabank Small Business Poll. The health of the Canadian economy is a top current concern for small business owners (30%) right after finding and keeping customers (42%) and competition in the marketplace (36%).

Quick Facts:

  • 55% of Canadian small business owners say they are very or somewhat optimistic about the future of Canada's economy.
  • Small business owners in Atlantic Canada are the most likely to anticipate a negative impact of the Canadian economy on their business in the next year (38%), whereas those in the Prairies are least likely to hold this viewpoint (19%).
  • Business owners in B.C. were most concerned about the health of the Canadian economy (38%), while those in Quebec were the least concerned (20%).
  • The value of the Canadian dollar was more of a concern for small business owners in B.C. (19%) and Atlantic Canada (18%), when compared to the national average of 9%.
  • The rising cost of energy prices was more of a concern for Atlantic Canada small business owners (29%), and less of a concern to those in the Prairies (9%), when compared to the national average of 16%.

Quote:

"Canadian businesses are cautiously optimistic over the outlook for sales in the year ahead," said Adrienne Warren, Senior Economist at Scotiabank. "Though hiring and investment intentions remain tempered, business confidence should continue to improve as strengthening global demand underpins stronger domestic activity in 2014."

Small Business Owners' Expected Impact
of Canadian Economic Situation on their Business Over Next 12 Months
 
   Canadian average   Atlantic Region   Quebec   Ontario   Prairie Region   B.C.  
Very/somewhat positive impact  35 % 27 % 32 % 36 % 40 % 36 %
Very/somewhat negative impact  26 % 38 % 23 % 28 % 19 % 28 %

About the polling data
For this survey, TNS Canada conducted online interviews among 501 owners/partners of small businesses with under $5 million annual revenue. In tabulation, data was weighted to be representative of the small business universe in terms of annual revenue and region. The survey was conducted between September 25 and 30, 2013.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. Scotiabank distributes the Bank's media releases using Marketwired. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information please visit www.scotiabank.com.

Contact Information