Many strains on small business from inflation to interest rates to rising CPP contributions
are putting a strain on entrepreneurs, with nearly 75 per cent indicating that rising costs are affecting their business, according to a recent
Smaller businesses are struggling to absorb higher energy costs, which affect various inputs such as electricity and raw materials, Franco said. The compounding effect of rising energy costs has significantly impacted small business margins and revenues, as has. This has led businesses to resort to short-term loans, but they have also suffered increased default rates since mid-to-late 2023, he said.
Franco said rising inflation has made it difficult for smaller businesses to pass on price increases to their consumers, though this is not a good solution in any case. A better strategy, he said, is to pay attention to BDC’s finding that generation Z consumers prefer to shop for locally produced or environmentally friendly items.
“If it doesn’t improve on either side or, ideally, both sides, businesses won’t be able to save their money so they can invest in those technologies,” he said.Gaudreault said business owners should re-evaluate their costs and shop around for the best deals on insurance and banking services to ensure that they are “tightly negotiated and reviewed.
Energy Costs Simon Gaudreault Canadian Federation Of Independent Business Small Businesses Input Costs Gaudreault Smaller Businesses
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising costs remain among key concerns for Canadian businesses, BDC report saysThe study by the Business Development Bank of Canada says 75% of businesses say rising costs have affected their business
Read more »
Rising costs remain among key concerns for businesses: BDC reportA new report says rising costs will likely remain a key concern for businesses.
Read more »
Rising costs remain among key concerns for businesses: BDC reportMONTREAL — A new report says rising costs will likely remain a key concern for businesses.
Read more »
Rising costs remain among key concerns for businesses: BDC reportMONTREAL — A new report says rising costs will likely remain a key concern for businesses. The study by the Business Development Bank of Canada said 75 per cent of businesses say rising costs have affected their business.
Read more »
Inflation situation: 75% of small and medium-sized businesses hurt by rising costs, warns BDCIt says investments in technology, including artificial intelligence, will help improve efficiency and ease price pressures on SMEs.
Read more »
Her husband collected CPP for only seven years - where did the rest of his contributions go?The survivor’s pension is a significant driver of perceptions about the CPP, and not in a good way
Read more »