Canadian small businesses have made it clear that economic recovery and international trade are intricately linked with 80% agreeing that increasing trade between Canada and other countries will improve the economy overall.
The findings come from the 2020 FedEx Trade Index, a poll conducted by Morning Consult on behalf of FedEx Express Canada, a subsidiary of FedEx Corp.
While 31% of Canadian small businesses say their revenues are decreasing, small businesses are generally optimistic about the future of their business. Upwards of 43% say they believe a year from now their revenues will be increasing and 78% are confident in the future success of their business.
“Small businesses are the foundation upon which Canada’s economy is built,” said Lisa Lisson, president of FedEx Express Canada. “(They) are going through a generational battle for survival and their success is key to Canada’s economic recovery. Despite their challenges, their optimism is encouraging.”
The study found that half of small businesses (51%) believe that increasing the amount of trade between Canada and other countries will help their business.
“Surprisingly, only 39%t of Canadian small businesses are currently selling goods online. While Canadian SMEs share the view that trade is important to the economy, the poll confirms that vast majority of survey respondents (59%) state the main reason their business does not import or export is because their customers are mainly local.
Lisson added that “our borders remain open for trade and new markets wait for Canada’s goods and services. In challenging times such as these, we urge our small business owners to explore new strategies.
“The FedEx Trade Index suggests not enough small business owners have pivoted their ‘brick and mortar’ operations with ‘click and mortar’ enhancements, opening their potential customer base to 7.8 billion people. This is where our small businesses can find growth potential.”
