COVID-19: Businesses say they will bounce back
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Canadian business owners appear to be more resilient than the average Canadian despite the uncertainty of economic recovery in the months ahead, says a poll by RBC.
When faced with setbacks, nearly 9 out of 10 business owners say they can bounce back, compared to 72 per cent in the general population, according to RBC's 2020 Small Business Poll. Similarly, business owners (88 per cent) are more likely than the general population (73 per cent) to report confidence in their ability to deliver creative solutions to problems.
Canadian entrepreneurs optimistic
The optimistic attitude of Canadian entrepreneurs will be critical as they rebuild, recover and endure through the challenging conditions posed by the pandemic. According to survey findings, 82 per cent of owners expect their business to ride out the pandemic and 22 per cent even expect to prosper in the six months ahead.
"Small businesses – and the inspiring Canadians who build them – have and always will be the backbone of our country's economy," said Lori Darlington, vice-president of Small Business and Strategic Partnerships, RBC. "Especially in these unprecedented times, entrepreneurship requires a great deal of resiliency – and fortunately, a majority of those who pursue it possess the mental strength, adaptability and business acumen needed to weather the ups and the downs of the journey."
Many Canadians realize value of small business
The survey also found strong support for small businesses, with 8-in-10 Canadians stating that the pandemic has helped them recognize the value of small businesses in their community.
For example, in light of the ongoing social distancing guidelines to curtail COVID-19, consumers are driving the demand for increased digital solutions to engage with the businesses they frequent. Some 88 per cent of those surveyed agreed that businesses will need to offer an end-to-end digital presence to be successful, suggesting that online ordering, touchless payment and social media advertising should be considered a key priority for forward-thinking businesses.