Seventy-five percent of Ontario small business owners have no plans to hire next year, according to a survey.
“Small business is the future of Ontario’s economy,” says Jeff Brown, director of small business banking at Meridian.
“With 52% 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.
The Meridian survey also finds the following:
- 90% won’t expand their current location;
- 91% don’t plan to open another location; and
- 12% plan to sell their business.
The study also shows that the economy (22%) and saving for retirement (21%) are the leading worries that keep Ontario small business owners up at night. And Ontario small business owners identified cash flow (45%) and work/family balance (42%) as their top challenges.