Canadian small businesses have learned many lessons throughout the pandemic. They’ve faced a myriad of challenges, and getting people to pay up has been especially difficult. 3 in 5 Canadian small businesses are experiencing up to $50,000 in late payments today causing many to cut back on resources and supplies — or worse — lay off employees.
In support of Small Business Month, Intuit QuickBooks Canada today released the results of a recent pulse-check survey, capturing key findings from 583 small business owners across the product and service industries in Canada to understand the top lessons learned to better understand how they have pivoted, optimized and overcame challenges over the past year and a half.
Survey findings on Canadian small business owners include:
Identifying COVID-19 Challenges:
- Nearly 1 in 5 (17%) Canadian small businesses decreased their revenue by more than 20% during the pandemic.
- Over half (61%) of Canadian small businesses are experiencing up to $50,000 in outstanding payments today
- Late payments have a domino effect on small businesses: Nearly 2 in 5 (37%) Canadian small business owners have had to scale back on resources and supplies because of late payments.
- 1 in 5 (20%) of Canadian small business owners have had to lay off employees because of late payments.
Identifying COVID-19 Lessons:
- Small businesses have noted the top lessons learned include building an emergency cash fund (28%), creating a flexible work environment for employees (16%).
- Only 26% of small businesses across Canada identified that transitioning their business onlineduring the pandemic was a primary focus.
- Over 1 in 4 (27%) Canadian small business owners say technology that automates customer reminders, as well as technology that enables payment directly through their digital invoice, would make collecting payments easier and faster.
It’s been challenging to make and receive payments of any kind throughout the pandemic. But the domino effect on SMBs puts their ability to operate and provide jobs at risk. Entrepreneurs need intuitive tools to help them get paid more quickly and easily. Intuit QuickBooks helps small businesses get invoices paid the easily with online payments, real-time tracking, and paper-free from start to finish.
SMBs need you: The pandemic is not over as small businesses continue to recover, and SMBs are looking to consumers for help. Nearly half (46%) of SMBs say the top ways to show your support as a customer is by shopping online and sharing and reposting business information on personal social media platforms using the hashtag #SmallBizLessons.
About the Survey:
The study, conducted leveraging Pollfish on behalf of Intuit QuickBooks Canada, was completed by 583 Canadians. All 583 Canadians identified as small business owners. Of the total, 262 identified as having 1-15 employees and 321 identified as the sole proprietor. The estimated margin of error for the total sample is +/- 5 percent at a 95 percent confidence level. The study took place online on September 22, 2021.
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Intuit QuickBooks Canada Survey Reveals More Than Half Canadian SMBs Facing Up To $50k In Late Payments
Canadian small businesses have learned many lessons throughout the pandemic. They’ve faced a myriad of challenges, and getting people to pay up has been especially difficult. 3 in 5 Canadian small businesses are experiencing up to $50,000 in late payments today causing many to cut back on resources and supplies — or worse — lay off employees.
In support of Small Business Month, Intuit QuickBooks Canada today released the results of a recent pulse-check survey, capturing key findings from 583 small business owners across the product and service industries in Canada to understand the top lessons learned to better understand how they have pivoted, optimized and overcame challenges over the past year and a half.
Survey findings on Canadian small business owners include:
Identifying COVID-19 Challenges:
Identifying COVID-19 Lessons:
It’s been challenging to make and receive payments of any kind throughout the pandemic. But the domino effect on SMBs puts their ability to operate and provide jobs at risk. Entrepreneurs need intuitive tools to help them get paid more quickly and easily. Intuit QuickBooks helps small businesses get invoices paid the easily with online payments, real-time tracking, and paper-free from start to finish.
SMBs need you: The pandemic is not over as small businesses continue to recover, and SMBs are looking to consumers for help. Nearly half (46%) of SMBs say the top ways to show your support as a customer is by shopping online and sharing and reposting business information on personal social media platforms using the hashtag #SmallBizLessons.
About the Survey:
The study, conducted leveraging Pollfish on behalf of Intuit QuickBooks Canada, was completed by 583 Canadians. All 583 Canadians identified as small business owners. Of the total, 262 identified as having 1-15 employees and 321 identified as the sole proprietor. The estimated margin of error for the total sample is +/- 5 percent at a 95 percent confidence level. The study took place online on September 22, 2021.
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This entry was posted on October 18, 2021 at 12:02 pm and is filed under Commentary with tags Intuit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.