Small Business Optimism Grows

As is well known to our clients, Synergy Merchant Services is in the business of helping small to medium-sized companies in Canada grow and expand. For the past several years, we have happily assisted a number of business owners secure the working capital they needed to develop their businesses into industry leading organizations.

Of course, with the recession hitting the globe last year, many business owners became reluctant to spend the money necessary to take their ideas and turn them into realities. Even though many owners had aspirations of renovating, expanding and advertising through new promotional campaigns, they remained hesitant to invest into their businesses during the economic downturn.

Today, the QMI Agency reports that things are looking up for entrepreneurs throughout the nation. According to the report, a recent HSBC study determined that Canadian small and mid-sized business owners are currently more willing to spend money on improving their companies than they were six months ago.

In fact, small businesses all over the world are more optimistic about their plans to grow and expand in the coming months. Based on the findings of HSBC’s Small Business Confidence Monitor, it is evident that the fears brought on by the recent recession are slowly but surely subsiding.

The report notes that North American business owners are experiencing the biggest spike in confidence. Up by 12%, Canadian and American businesses are the most assured companies in the world that the time is now to grow. Canadians will likely not see this as too much of a surprise knowing that small businesses in the nation have been leading the country in economic recovery for many months now.

As a matter of fact, the QMI report refers to the nation’s small businesses as the “life blood” of the economy. Such companies, they say, represent the majority of the firms in Canada. 2.3 million Canadian small businesses, in fact, “have raised their capital expenditure plans from 27% to 32%.”

Says Miguel Barrieras, HSBC Canada’s senior vice-president and national head of business banking: “Earlier this year, Canadian small businesses expressed a fair deal of optimism, and we’re encouraged to see that feeling improve further. As emerging markets continue to drive a large portion of the globe’s economic recovery, Canadian SMEs are uniquely placed to explore new trading and investment opportunities beyond our traditional partner, the United States.”

We, here at Synergy, are optimistic as well. We look forward to speaking to many of you small business owners to see whether or not our unique merchant cash advance program is a good fit for your business plans. You are just one free, no-obligation quote away from getting the information you need to grow your business this year.