'Your Voice' Omnibus Survey on Small Business Issues

Every other month, CFIB members lend their opinions to 'Your Voice,' a survey exploring a variety of current topics. The latest takeaways are showcased in a series of informative charts that summarize these findings.

Your Voice Highlights

December 2024

CFIB’s December Your Voice survey results paint a vivid picture of the challenges and realities faced by small businesses across the country. Here are the key insights:

Falling short of expectations - a challenging year for small business

Over half of businesses fell short of their revenue, profit, and sales goals last year, underscoring the difficulties they are encountering in meeting financial expectations amid broader economic pressures.

The shadow of tariffs

A looming 25% U.S. tariff on Canadian goods, coupled with potential retaliatory measures, poses a significant threat to small businesses. With 82% of respondents expecting an impact, the ripple effects are clear: 69% foresee rising operating costs, and 65% anticipate raising prices to cope. The potential burden highlights the need for strategies to address these trade pressures.

Pandemic-related debt still weighs heavy

The weight of the pandemic still lingers for nearly 30% of SMEs who still carry an average pandemic-related debt of $65,000. The hospitality and social service sectors, already among the hardest hit, continue to face significant repayment challenges. These numbers reflect a slow recovery for businesses still grappling with the aftermath of the pandemic.

Credit card fees reduction - relief is starting to show

Small businesses are beginning to see the benefits of credit card fee reductions. Since October 2024, 7% of businesses eligible for reductions have noticed savings, and an additional 33% anticipate savings. Among those who experienced savings, 85% report these reductions are helpful to their operations.

The findings underscore the pressing need for targeted government support to address financial challenges, trade uncertainties, and sector-specific struggles, ensuring SMEs can navigate a path to recovery and growth.

Dive Deeper into the Numbers

Explore the interactive dashboard below to delve into the data from our December 2024 Your Voice survey.  You can filter the data by province, sector, business size, and age for SMEs across the nation.

 

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Marvin Cruz

Director of Research

Explore more December 2024 insights and our extensive survey collection below.

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