Small Businesses Face Major Challenges, But Economy is No Longer One of Them

Small businesses represent more than 90% of enterprises in all economies.

Facebook, the OECD and the World Bank teamed up to create an online survey of small businesses to understand their sentiment, activities, and challenges. The regularly updated research provides a pulse on the current and future economic environments in which businesses operate.

One big find is that the economy is of minimal concern to business owners right now. 76% say attracting customers is a challenge while 61% say increasing revenue is a challenge, but only 30% cite uncertainty over economic conditions as a challenge.

This echoes a recent BDC report, which found entrepreneurs have more confidence in the economy and plan to boost business investment. 70% of the entrepreneurs surveyed expect increased business revenue in 2017, a significant jump from the 45% who had the same expectation last year, the BDC report shows.

“This survey confirms the optimism we’re hearing from our business clients every day,” says Pierre Cléroux, BDC’s Vice President, Research, and Chief Economist. “Entrepreneurs are increasingly confident in the economy, with exporters leading the way in terms of investment intentions. Canadian businesses are ready to invest and they have growth on their minds.”

Increased Confidence in Economy Means Bigger Investment in Tech, Study Suggests