Wagepoint Releases 2021 Canadian Small Business Resilience Report
Data-backed report shows how entrepreneurs from across the country have demonstrated resilience in the face of adversity.
Wagepoint, makers of online payroll software for small businesses, announced the availability of the 2021 Canadian Small Business Resilience Report. This report contains summarized survey response data from small business owners across Canada, as well as commentary and first-hand experiences from entrepreneurs and industry leaders, one year into the pandemic.
“In spite of record employment losses in March 2020, demonstrated by a 70x jump in records of employment (ROEs), most small businesses have found ways to respond to radical change by pivoting their business models, adapting their workforce, leveraging relief programs and embracing new technologies in order to not only move forward but to thrive,” said Shrad Rao, CEO, Wagepoint. “As a business built to serve and empower small businesses, we couldn’t be more proud of our fellow Canadian entrepreneurs.”
Understandably, 60 per cent of small businesses surveyed said the pandemic had a negative effect on their business. At the same time, 65 per cent are optimistic that their business will recover when the pandemic is over. In addition to showcasing the resilient spirit of Canadian entrepreneurs, the survey results showed companies are adopting new technologies, such as collaboration software, e-commerce platforms and workforce management tools like payroll, to help adapt, innovate and grow. In fact, 40 per cent of respondents said a flexible payroll solution was essential to their operational efficiency.
“The global pandemic has brought unprecedented new challenges, trials and tribulations for small businesses. We are proud of the high level of resiliency, innovation and care for their communities that small businesses have shown in spite of these obstacles. Now, we need to ensure that small businesses continue to be supported, particularly in the hardest-hit sectors, while also clearing the way for businesses to grow, expand and innovate.” said Alla Drigola Director, Parliamentary Affairs & SME
Policy, Canadian Chamber of Commerce.
The 2021 Canadian Small Business Resilience Report is reliable, databacked research that can be leveraged by any organization to gain insight into and serve the small business community across the country.