Canadian Business Sales Climbing

Since our inception, Synergy Merchant Services has very proudly supported Canadian businesses by providing them with an alternative source of extra working capital. Especially in the wake of last year’s global recession, we are especially happy that we are able to supply entrepreneurs with money to help them grow their businesses when banks do not.

In the post-recession era, Canadian small businesses have lead the way in helping the nation become one of the best in the world in economic recovery. As these businesses continue to grow, Synergy continues to support them with our innovative merchant cash advance program. Of course, savvy business owners play huge roles in the successess of their businesses.

Today, Bryn Weese of the Parliamentary Bureau reports that Canadian businesses are maintaining their growth with the news that sales are projected to increase in the coming year. According to the Bank of Canada’s summer Business Outlook Survey, business owners are indicating that sales have spiked over the past year.

This marks the first increase in sales since the recession took over in 2008. Clearly good news for entrepreneurs from all over the country, this information is a welcome sign of relief to an economy that suffered significant job losses over the past couple of years. Hopefully, the jump in sales will continue to push the employment rate up.

As Weese reveals, the survey was released Monday and was conducted between May and June. It questioned managers at 100 firms across Canada about both sales and employment figures. They are each expected to increase although the growth may potentially be “slightly slower than previously projected because of global ‘uncertainties’.”

Said the report: “The results of the summer survey indicate that the economic recovery is progressing. For the first time in two years, firms, on balance, reported an improvement in their past sales activity.”

Added Louis Gagnon, an associate professor of finance at Queen’s University: “There’s been a sense over the past few months that things were picking up. But, is this seeming recovery going to persist? Does it have any legs to stand on? It (the survey) is certainly an indication that the Canadian economy is on a much more positive path.”

Of course, there is no guarantee that the economy will be as strong as it was in years past in the very near future. However, the news that things are improving is quite promising. As Gagnon reminds us, Canadian businesses are “on the front line when it comes to the economy, and are a ‘leading indicator’ of its recovery.”