Salesforce Releases The Small and Medium Business Trends Report

Fun fact: 97.9 per cent of all businesses in Canada are SMBs, and these companies in particular have had to demonstrate exceptional resilience as they adapt to a spectrum of unforeseen challenges during the pandemic.

Today, Salesforce has released the fourth edition of their “Small and Medium Business Trends Report,” analyzing the responses of more than 2,300 SMB owners and leaders (including 251 Canadians) before and after the pandemic took hold around the world.

The report determines:

  • How multiple global crises (pandemic, economic, and racial injustices) affect their changing motivations, challenges, and goals
  • The role of digital transformation in driving small business resiliency
  • How SMB leaders are planning for recovery and growth in a post-COVID-19 era

Impact of COVID-19 pandemic on Canadian SMBs:

  • Expectations for Canadian Businesses After COVID-19: 
  • Only one-third of Canadian SMBs expect to return to business as usual 
  • Half of Canadian SMBs say their business will be slightly modified 
  • 1 in 10 Canadian SMBs say their business will have an entirely new structure

Top 3 Factors Constraining Future SMB Growth Due to the COVID-19 Pandemic:

  • Reduced revenue (46%)
  • Reduced customer demand (43%)
  • Public health mandates (40%)

SMB resilience and optimism persist, even amidst new challenges:

  • A quarter (26%) of Canadian SMBs say they are very optimistic about the future (compared to 22% globally) and almost half (47%) of Canadian SMBs say they are somewhat optimistic about the future of their businesses.
  • Half (48%) of Canadian SMBs are putting more effort into their customer communications and expanding the ways customers can reach them

Digital-forward SMBs are more equipped to handle market volatility:

  • Over a quarter (28%) of Canadian SMBs have adopted technology to help digitize customer interactions and offer contactless services.
  • A third (31%) of Canadian SMBs have adopted technology to help digitize internal communications, so employees can collaborate or access info from anywhere
  • Almost half (46%) of Canadian SMBs say technology drives their customer interactions, and 4 in 10 (42%) of Canadian SMBs say it drives the growth of their customer base

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