Canadian Small Businesses Are Facing Detrimental Barriers Impacting Growth Forecasts: Intuit

As 2020 approaches Canada’s economy continues to face speculation of major challenges and barriers – despite this, new research from Intuit QuickBooks Canada has shown small businesses remain optimistic.

The research showed 83 per cent of Canadian small business owners planning to grow their businesses in the next two years, however, 85 per cent of these businesses feel held back by a lack of knowledge in the hiring process.

The research also highlighted how small business owners continue to be caught in their day-to-day, and are unable to look towards future growth, for example:

  • Cashflow woes:Nearly half (45 per cent) of small business owners have difficulty with managing cash flow and a similar amount (44 per cent) struggle with payroll.
  • Big losses: 1 in 10 small businesses have had an employee leave because of a pay dispute (9 per cent).
  • Taking a personal hit:Over half have had to pay themselves late so they could pay their employees on time (53 per cent).

As well, the findings show that there’s a gap between growth potential and knowing where to start, especially when it comes to hiring.

  • Overwhelmed and unprepared:Over 2 in 5 Canadian small business owners who plan to hire feel unprepared for their business to grow (43 per cent).
  • Held back at hiring: Nearly 2 in 3 (60 per cent) don’t feel completely prepared to manage the hiring process.
  • ‘Untalented’ at hiring: 3 in 5 Canadian small business owners struggle with their lack of knowledge about sourcing talent (62 per cent).
  • It’s all about the money: Almost 3 in 5 (56 per cent) Canadian small business owners planning to hire are unsure about how to determine appropriate compensation.

You can read the blog post that is related to this report here.

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