TORONTO, Oct. 8, 2013 /CNW/ - According to the Small Business Banking in Ontario Study released today by Meridian, Ontario's largest credit union, 75 per cent of Ontario small business
owners have no plans to hire next year.
The study, conducted by Harris/Decima, also showed that 52 per cent have
no business plans for next year with:
75 per cent having no plans to hire more employees.
90 per cent not expanding their current location.
91 per cent not planning to open another location.
12 per cent planning to sell their business.
"Small business is the future of Ontario's economy," says Jeff Brown,
Director of Small Business Banking at Meridian. "At Meridian, we exist
to grow the lives of our Members and to improve the communities in
which we live. With 52 per cent of businesses having no planned
business changes for next year, I am concerned with the state of our
small business community. One of the top reasons for maintaining the
status quo was budget and economic concerns. An easy first step we
share with our Members is to create an up-to-date business plan that
can act as a roadmap for their future."
The study also revealed that:
52 per cent never seek advice or help from their financial institutions
and only 13 per cent ask for advice on a regular basis.
The economy (22 per cent) and saving for retirement (21 per cent) are
the leading worries that keep Ontario small business owners up at
87 per cent of Ontario small business owners identified cash flow (45
per cent) and work/family balance (42 per cent) as their top
48 per cent handle all of the many different job duties that come with
owning a small business themselves.
"For Ontario small businesses to grow and prosper they need to have a
support network in place, which is why it came as a surprise that 52%
of Ontario small business owners don't ask for help when they need it,"
continued Brown. "By working with trusted advisors, small business
owners can take advantage of opportunities to grow their business,
minimizing stress in their personal and professional lives."
About the Meridian survey
A total of 250 telephone surveys with Ontario small business owners were
completed by Harris/Decima on behalf of Meridian, between August 28 and
September 16, 2013. Results are considered accurate to within ± 6.2
percentage points, 19 times out of 20.
With over 70 years of banking history, Meridian is Ontario's largest
credit union, helping to grow the lives of its more than a quarter of a
million Members, including over 19,000 business Members. Meridian has
$9.9 billion in assets under management and delivers a full range of
financial services online, by phone, by mobile and through a network of
64 branches and 7 business centres. Meridian Members also have access
to THE EXCHANGE® Network, with more than 2,400 no-fee ABMs across
Canada and 340,000 ABMs in the United States. For more information,
please visit: meridiancu.ca.
Image with caption: "Meridian's Small Business Banking in Ontario Study, released October 8 2013, finds that 75 per cent of Ontario small business owners have no plans to hire next year. (CNW Group/Meridian Credit Union)". Image available at: http://photos.newswire.ca/images/download/20131008_C7919_PHOTO_EN_31811.jpg
SOURCE: Meridian Credit Union
For further information:
Manager, Media and Stakeholder Relations
Office: (416) 597-4444 ext. 2667
Cell: (647) 216-3669
Office: (647) 438-5414