Wagepoint, makers of online payroll software for small businesses, today announced the availability of their 2021 Canadian Small Business Resilience Report.
The document, the company said, 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 of Wagepoint.
Not surprisingly, 60% of small businesses surveyed said the pandemic had a negative effect on their business.
At the same time, according to a release, “65% 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% of respondents said a flexible payroll solution was essential to their operational efficiency.”
Alla Drigola, director of parliamentary affairs and SME policy with the Canadian Chamber of Commerce, said 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.”
A copy is available via this link: 2021 Canadian Small Business Resilience Report
