{"id":387365,"date":"2020-11-24T06:03:25","date_gmt":"2020-11-24T11:03:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387365"},"modified":"2020-11-24T06:03:25","modified_gmt":"2020-11-24T11:03:25","slug":"two-thirds-of-canadian-business-owners-negatively-impacted-by-covid-19-most-say-area-businesses-are-in-crisis-mode-cibc-poll","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/two-thirds-of-canadian-business-owners-negatively-impacted-by-covid-19-most-say-area-businesses-are-in-crisis-mode-cibc-poll\/","title":{"rendered":"Two thirds of Canadian business owners negatively impacted by COVID-19, most say area businesses are in crisis mode: CIBC Poll"},"content":{"rendered":"
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Canada NewsWire<\/p>\n<\/p><\/div>\n

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\n Despite pressures, business owners’ optimistic they will rebound as the pandemic eases <\/i>
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\n TORONTO<\/span>, Nov. 24, 2020<\/span> \/CNW\/ –\u00a0A new CIBC study finds that two-thirds (68 per cent<\/b>) of Canadian business owners continue to feel the negative impacts of COVID-19, with more than half (57 per cent<\/b>) believing businesses in their area are in crisis mode and 43 per cent <\/b>believing businesses are in recovery mode. Top concerns are a reduced demand for their products and services (37 per cent)<\/b>\u00a0and worries about the overall viability of operations (23 per cent<\/b>). Despite this, the majority (75 per cent<\/b>) of business owners remain optimistic they will rebound once the pandemic subsides.<\/p>\n

“During these challenging times, Canadian business owners have shown incredible resilience by staying focused on fundamentals and being very nimble and creative,” said Laura Dottori-Attanasio<\/span>, Group Head, Personal and Business Banking, CIBC. “Our team is engaged with business owners across the country every day. With so many feeling immediate pressures on revenues, we encourage owners to get advice about their overall financial situation including cash flow management and help managing debt levels. Whether business owners are facing challenges, or have an opportunity to capitalize on, we have the tools, advice and the team to help provide a path forward.” <\/p>\n

\n Business Owners Going Virtual, Slashing Costs<\/b>\n <\/p>\n

Business owners have employed several strategies to continue operating. A third (30 per cent<\/b>) have increased their virtual presence while a further 16 per cent<\/b>\u00a0pivoted their business to operate completely online. <\/p>\n

To support cash flow, 56 per cent<\/b>\u00a0have used at least one government program this year, and to limit costs, 35 per cent<\/b>\u00a0are reducing operating expenses while 28 per cent<\/b>\u00a0have cut employee hours. Half\u00a0(52 per cent)<\/b>\u00a0say they are counting on government support to survive. <\/p>\n

Close to a third (29 per cent<\/b>) expect it will take between a year or two for things to get back to normal, with the majority (81 per cent<\/b>) agreeing the uncertainty of the current environment remains the hardest aspect to manage.<\/p>\n

“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 Ms. Dottori-Attanasio. <\/p>\n

Other poll findings:<\/p>\n