{"id":516269,"date":"2021-07-22T07:33:44","date_gmt":"2021-07-22T11:33:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/despite-continued-pandemic-hardships-close-to-70-per-cent-of-business-owners-in-canada-feel-optimistic-about-the-long-term-cibc-poll\/"},"modified":"2021-07-22T07:33:44","modified_gmt":"2021-07-22T11:33:44","slug":"despite-continued-pandemic-hardships-close-to-70-per-cent-of-business-owners-in-canada-feel-optimistic-about-the-long-term-cibc-poll","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/despite-continued-pandemic-hardships-close-to-70-per-cent-of-business-owners-in-canada-feel-optimistic-about-the-long-term-cibc-poll\/","title":{"rendered":"Despite continued pandemic hardships, close to 70 per cent of business owners in Canada feel optimistic about the long-term: CIBC Poll"},"content":{"rendered":"
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Canada NewsWire<\/p>\n<\/p><\/div>\n

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\n More entrepreneurs seeing brighter days ahead than last year, and the number of those feeling negatively impacted is dropping <\/i>\n <\/p>\n

\n TORONTO<\/span>, July 22, 2021<\/span> \/CNW\/ – Coming out of the 18 month-long pandemic, a new CIBC study suggests business owners in Canada<\/span> feel brighter days may be ahead: 69 per cent<\/b>\u00a0(+10 percentage points <\/b>from November and +19 percentage points \u00a0<\/b>from last April) say they feel optimistic about the long-term future of their business. Findings also show there is a downward trend in how business owners feel they have been negatively impacted by COVID-19: 58 per cent<\/b>, down from 68 per cent<\/b>\u00a0reported in November 2020<\/span><\/a>\u00a0and 81 per cent<\/b>\u00a0in April 2020<\/span><\/a>.<\/p>\n

“Canadian business owners continue to show extraordinary resilience during these difficult times,” said David Leuty<\/span>, Senior Vice-President, Business Banking, CIBC. “As the economy moves toward opening up, I encourage owners to seek advice about any additional relief they may need, including help with cash-flow management or additional future-proofing to meet their long-term ambitions.”<\/p>\n

Top concerns remain similar to when the pandemic first broke, but amongst fewer business owners. A reduced demand for products\/services is still a worry for 34 per cent<\/b>\u00a0(-18 percentage points <\/b>from last April), while 21 per cent<\/b>\u00a0have concerns for the overall viability of their shops (-11 percentage points<\/b>\u00a0from last April). Conversely, there is a slight uptick in worries over the availability of inventory\/materials for 19 per cent,<\/b>\u00a0up seven percentage points<\/b>\u00a0from April 2020<\/span>. \u00a0<\/p>\n

In order to manage through the pandemic and into the future, many business owners have implemented a number of changes. A quarter (26 per cent<\/b>) say they have undertaken health and safety measures beyond legislative requirements, while a similar number (25 per cent<\/b>) say they have increased their online presence and 21 per cent<\/b> have introduced new payment technologies. Almost a third (29 per cent<\/b>) reduced operating expenses to get through the crisis while 20 per cent <\/b>had to dip into savings.<\/p>\n

Main ambitions moving forward are to grow their business (34 per cent),<\/b> go from surviving to thriving (32 per cent<\/b>), remain operational (29 per cent<\/b>) and develop new revenue sources (25 per cent<\/b>).<\/p>\n

Business owners should consider the following areas as they plan in the near and longer-term, and consider expert advice to help:<\/p>\n