CFIB’s latest recovery dashboard shows small businesses need our love now more than ever!
The latest data on the Canadian Federation of Independent Business (CFIB)’s Small Business Recovery Dashboard show small businesses are still struggling with the pandemic:
- 51 per cent of small businesses are fully open (compared to 47 per cent last month)
- 39 per cent are fully staffed (compared to 36 per cent last month)
- 25 per cent are making normal sales (compared to 22 per cent last month)
Businesses in Ontario are also lagging behind the national average, with only 38 per cent fully open, 34 per cent fully staffed and 20 per cent making normal sales.
CFIB is encouraging Canadians to give a boost to small businesses this weekend by choosing to shop local for Valentine’s Day, whether for flowers, chocolates, dinner or takeout. Why not check out the Algoma Marketplace where you can browse through a wide range of gift ideas from local vendors as well as treat that special someone, and yoursef, to a meal from your favourite eatery.
“February tends to be a low-sales month, but this February is a real heartbreaker,” said Laura Jones, CFIB’s executive vice-president. “Small businesses are now 11 months into seeing their revenues plummet. Many have been forced to shut down even as Amazon and big box sales soar.”
Regionally, businesses are recovering at different paces, with Ontario seeing the lowest results in all three categories:
|% fully open||66||65||74||59||38||51||64||78||78||71|
|% fully staffed||43||40||42||47||34||39||42||64||60||46|
|% with normal sales||34||23||30||31||20||28||33||39||38||43|
*PEI has fewer than 40 respondents and is calculated as an average of the results from the January and February surveys.
Make small business your valentine this year
“Valentine’s Day is a great opportunity to show double the love. Buy flowers, chocolate, wine, and other gifts for your special people at a local business. Going to a neighbourhood restaurant or ordering takeout is also a great way to celebrate. And if you can, be extra generous. Who doesn’t need a little Valentine’s Day boost this year?” added Corinne Pohlmann, CFIB’s senior vice-president of national affairs.
Source for CFIB data: CFIB, preliminary results for the Your Voice – February 2021 survey, results from February 4 to 8, 2021, n = 3,554. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of +/-1.6%, 19 times out of 20.