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Media Room

Press Kits - Business Banking - Small Business Week 2009

Media Room


TD Canada Trust Small Business Week Ontario Highlights

  • Thirty-six percent of small business owners in Ontario said the recession was their biggest challenge in the past year (vs. 32% nationally), followed by cash flow (26% vs. 25% nationally). Thirty-four percent anticipate that the recession will continue to be their biggest challenge in 2010 (vs. 30% nationally), followed by cash flow (21% vs. 20% nationally)
  • But, 55% of small business owners in Ontario are optimistic that 2010 will be a good year for their business or their best year yet (vs. 57% nationally)
  • When asked to rate their business’ performance this year, 17% of small business owners in Ontario gave themselves an A or A+, indicating that they have had solid growth or their best year yet (vs. 19% nationally). Forty percent gave their business a B, indicating that they did as well as they expected (vs. 44% nationally). Twenty-four percent gave themselves business a C, saying that they did not have the year they planned (vs. 21% nationally). Only 4% gave themselves a failing grade (vs. 2% nationally)
  • Of those small business owners who gave themselves an A or A+, 55% attributed their good year to the fact that they were not impacted by the recession (vs. 56% nationally)
  • How were Ontario’s small business owners impacted by the recession? Thirty-two percent lost some business, 21% are in more debt than they were 12 months ago (vs. 18% nationally), 7% were forced to downsize their operations or staffing and 6% say they came close to bankruptcy or closing. Interestingly, 11% grew their business despite the recession and 2% grew their business because of the recession
  • When asked what changes, if any, their company made over the past year, 40% of small business owners in Ontario said they reduced operating costs (same as national statistic)
  • What keeps small business owners in Ontario up at night? The top two responses were the impact of the recession (32% vs. 31% nationally) and cash flow (30% vs. 28% nationally)
  • When asked what is the best thing about owning your own business, 36% of small business owners in Ontario said being able to control their own destiny (same as national statistic). This was followed by a better work-life balance (29%; same as national statistic) and being their own boss (23% vs. 24% nationally)