Federal budget addresses some top concerns of small business; leaves others unanswered
Small- and medium-sized businesses account for more than 50 per cent of Canada’s gross domestic product, according to the government of Canada, employing more than 7 million people across the country. That’s why we call them the backbone of our economy and that’s why we need to prioritize their needs when we plan for the future. Has the 2019 federal budget considered what our entrepreneurs needs to keep growing, prospering and creating more jobs?
EY Canada’s 2018 Growth Barometer surveyed small business owners and ranked several challenges standing in the way of their success. Insufficient cash flow topped the list. This speaks to the challenges of the transformative age we live in, where industries are converging, sales cycles are shifting and consumers have abandoned brand loyalty.
To respond to these fast-paced changes, companies are being forced to be agile in their business investments. They need to be able to pivot on their strategy on a drop of a dime, and that requires some extra cash.