Small Businesses Don’t Feel Confident

Small businesses are not feeling confident as they enter the last stretch of 2021, says the Canadian Federation of Independent Business (CFIB). Its ‘October Business Barometer’ increased slightly to 45.5 index points (up 2.3) on the three-month outlook and 60.5 (up 2.7) on the 12-month outlook. This follows the biggest drop in short- and long-term confidence since the start of the pandemic in September. Furthermore, the increasing cost of doing business (74 per cent), supply chain challenges (63 per cent), labour shortages (54 per cent), and inflation (53 per cent) are the top concerns for small business owners heading into the fall. The report says 78 per cent of businesses are currently fully open, 45 per cent are fully staffed, and 39 per cent are making normal sales.