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05/10/2009 -
Canadian small businesses may not have to worry about their customer base as much as their international - or even big business - counterparts do, as Canadian consumers have found themselves in a better financial position than consumers in many other countries, said a recent study.A report from CIBC World Markets found that Canadian SMEs have weathered the recession better than larger businesses, particularly outperforming in enterprise start, employment and bankruptcy rates.
"The secret lies in the relative strength of the Canadian consumer," said Benjamin Tal, senior economist at CIBC and author of the report. "The consumer is the chief determinant of the destiny of a SME, and more confident consumers are a pre-condition for SME success. Canadian consumers are outpacing not only their American counterparts but also any other consumer sector in the G-7."
The report cited Canada's strong performance in the areas of household wealth, income growth, unemployment duration and net wealth as factors in the financial health of Canadian consumers, all of which outperformed American economic indicators.
To capitalize on this consumer confidence, small businesses should ensure that their point-of-sale terminals accept debit and credit cards, as businesses that accept only cash have been found to have fewer sales.
