Recovery Years Away For Small Business
If recovery maintains its current glacial pace, it will take small businesses a year and five months to return to normal sales, with the hospitality sector taking more than eight years, says the Canadian Federation of Independent Business (CFIB). Its latest ‘Small Business Recovery Dashboard’ shows the pace of revenue recovery since June, when many businesses were open again but only 17 per cent had normal sales, and September had only modest improvement with 30 per cent of all businesses making normal sales. Assuming revenues keep returning to normal at that same pace, it will be years before most businesses report normal revenues again. "This underscores the need to kick the recovery into a higher gear. The current situation just isn't sustainable for too many businesses," says Laura Jones, executive vice-president at CFIB. The dashboard shows 70 per cent of small businesses are now fully open (64 per cent two weeks ago) and 42 per cent are fully staffed (41 per cent two weeks ago).