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Updated: October 20, 2009 12:06 PM
2009 was a surprisingly good year for Canada's small businesses. Despite concerns about the impact of the recession and managing cash flow, the TD Canada Trust Small Business Survey reveals that an astounding 98% of small business owners gave their companies a passing grade.
"As we saw in the October 16 TD Economics Special Report on Small Business, Canada's economic recovery is well underway and it is anticipated that this will have a positive impact on small businesses, particularly in key sectors such as manufacturing," says Christine Morris, Vice President, TD Business Banking. "In addition to the good grades given out, there is a high level of optimism among small business owners for 2010, suggesting that business optimism is likely to continue to improve."
Small business owners from across Canada were asked to grade their businesses' performance for the most recent fiscal year. These were the findings:
A+: Nationally, 6% of small business owners gave their business the top grade. Quebec businesses were significantly more likely to award themselves top marks (11%) while only 3% of B.C. business owners felt their company deserved the highest score.
A: When it came to giving out 'A's, Manitoba and Saskatchewan led the way at 24%, a dramatic increase over the national average of 13%.
B: The B grade was the most popular ranking for small business owners, with 44% saying they met their expectations for this past year.
C: Twenty-one percent of small business owners gave their companies a C, saying they did not have the year they planned.
D: Nationally, 13% of businesses were handed a D grade by their owners.
F: Only 2% of small business owners gave their companies a failing grade and this number was relatively consistent across the country, climbing to 4% in Ontario and dropping to 1% in Quebec.
"With the improving economy and strong Canadian dollar forecasted for 2010, it will be interesting to see how these rankings improve a year from now," says Morris. "We anticipate that the small businesses that lead next year's rankings will be the ones that carefully manage cash flow, take advantage of resources from small business advisors and develop a strong unique selling proposition (USP) that guides their business."
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