75 per cent of Ontario small business owners have no plans to hire next year

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 night.
  • 87 per cent of Ontario small business owners identified cash flow (45 per cent) and work/family balance (42 per cent) as their top challenges.
  • 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.

About Meridian
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:

Kendra Michael
Manager, Media and Stakeholder Relations
Office: (416) 597-4444 ext. 2667
Cell: (647) 216-3669
Email: kendra.michael@meridiancu.ca

Lizanne McReelis
(for Meridian)
Office: (647) 438-5414
Email: lizanne.mcreelis@rogers.com


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