A new CIBC poll finds that a majority of Canadian small business leaders are cautiously optimistic about the current and future state of their businesses, with 71%saying they are currently doing great or ‘okay’, and a further 78% expressing optimism about the longer-term future of their business amidst a challenging economic landscape.
Andrew Antoniadis
“Canadian small businesses are the backbone of our economy and their resilience in the face of ongoing uncertainty demonstrates remarkable determination, adaptability, and commitment to their ambitions,” said Andrew Antoniadis, Senior Vice-President, Business Banking and Cash Management, CIBC. “By building a strong financial foundation, small businesses are better equipped to navigate short-term challenges, while also achieving long-term success.”
Small business leaders determined to grow their businesses
Most small business owners or leaders (75%) have ambitions to implement new strategies and spur business growth in the next year. These plans include growth strategies(58%) such as plans to expand into new markets (including digital), offer new services or products, partner with other organizations, and capitalize on ‘buy local’ sentiment. Managing costs (43%) is the second most frequently mentioned type of change, including cutting costs and streamlining operations, according to the poll.
Despite optimism, near-term worries remain
Although most small business leaders are optimistic in the long-term, over half of respondents (56%) expressed immediate concerns regarding the potential impact of shifting trade dynamics on their business’s supplier or vendor relationships, highlighting anxieties about disruptions to supply chains and sourcing, said the CIBC
Top current concerns among Canadian small businesses include:
- Business viability and growth (56%): Chief concerns in this area are attracting customers and growing competition.
- Financial management (55%): Managing higher costs, cash flow management and the potential for higher interest rates.
- Operational challenges (31%): Implementing new technologies, and managing inventory and the supply chain are key issues here.
To help navigate the uncertain environment and trade tensions with the U.S., small business leaders are primarily focused on internal strategies and risk mitigation, such as exploring cost-saving measures and building cash reserves (26%) and emphasizing the “Canadian-made” aspect of their products and services (25%), with 55% optimistic that “buy local” initiatives will help, added the CIBC report.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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