“Small and medium-sized businesses make up the backbone of the Canadian economy, with about 70% of the total workforce employed by companies with less than 500 workers.” This is a direct quote from a QMI Agency article published earlier today that simply confirms what we have known, here at Synergy, since the inception of our company.
Thanks to small and mid-sized businesses in Canada, our nation is known as a world leader in being able to recover from the impact of the global recession. The QMI report provides further evidence that such companies are expressing growing optimism about the growth and development they anticipate in the new year.
In fact, the Canadian Federation of Independent Business has found that optimism among Canada’s small and medium-sized businesses is at its highest level since May. Writes QMI: “The association’s Business Barometer increased to 66.9 in its latest reading, more than three points higher than September.”
The provinces of British Columbia, Alberta and Nova Scotia are showing the largest levels of confidence based on the findings of CFIB’s October study. Optimism did happen to decline, however, in Quebec, Manitoba and Prince Edward Island. Nevertheless, the overall response from the survey was positive.
Said CFIB’s vice-president and chief economist, Ted Mallett: “While this index level is still modest compared to pre-recession readings, it suggests a firming up of business owners’ expectations. Not many small- and medium-sized businesses are expecting high growth in the coming year, but even fewer are expecting significant declines.”
Here, at Synergy, such findings give us great pride. Being in the business of funding Canadian small and mid-sized businesses, we are confident that we will remain a significant factor in continuing to raise the possibilities of greater growth and success among such companies.
There is evidence that small and medium-sized businesses will look more towards the merchant cash advance as a viable option for funding in the new year. As QMI points out, “many (of the businesses surveyed) are still reporting difficulties in obtaining bank finance after the recession and struggling with falling consumer demand and the strong loonie.”
We look forward to continuing to work with these great companies that are the backbone of our nation’s economy. We recognize that the extra working capital necessary to help grow these businesses, inevitably help strengthen the national economy. Hopefully, this will only promote increased optimism throughout the country as we embark on 2011.