Survey finds small biz confidence

Canadian small business owners are showing “uncommon confidence” in the face of economic uncertainty, according to a recent survey.

The survey from Toronto-based Zensurance.com gathered responses from 1,000 small business owners, entrepreneurs and self-employed people from various industries, including retail, hospitality, consulting, construction and health and wellness. It found that a significant majority of businesses have experienced positive financial trends in 2024.

According to the survey, 58.5 per cent of respondents reported improved revenues compared to the first half of 2023, with nearly 20 per cent stating their revenues “soared to new heights.”

The positive signs may mean economic normalcy is building and that’s good news for the automotive aftermarket.

This optimism extends to future plans, with one-third of small businesses planning to hire additional staff in the next six months. Moreover, 24 per cent of respondents indicated plans to open a second workplace or office, and 30 per cent plan to introduce new services or products.

Confidence in business success remains high, with about seven in 10 small business owners expressing confidence in their prospects over the next six months. Among these, 36 per cent are “very confident,” while 33 per cent are “somewhat confident.” Despite ongoing economic challenges, 21 per cent of small businesses reported experiencing a “significantly positive impact” from the current state of the economy.

However, the survey also highlighted several concerns that continue to weigh on entrepreneurs. Cybersecurity emerged as the top issue, with 32 per cent of respondents citing the risk of a cyber-attack or data breach as a significant concern. Other major worries include theft and shoplifting (31 per cent), non-payment by customers (30.5 per cent), vandalism (26 per cent) and the risk of being sued (24.4 per cent).

“It’s encouraging to see such positivity among Canadian small businesses, even as they navigate numerous potential challenges,” said Danish Yusuf, founder and CEO of Zensurance.com. “Having a comprehensive insurance plan can help business owners maintain their confidence and success.”