On November 13, Statistics Canada released the third edition of the Canadian Survey on Business Conditions (CSBC), with the support of the Canadian Chamber of Commerce. Why look at the numbers? The data in the CSBC helps understand how COVID-19 is affecting Canadian businesses, which can lead to better decision-making that will improve our response and cushion the blow.
CSBC data is available at the national, provincial and territorial levels, as well as by industrial sector, by employment size, by type of business, and by majority ownership. The survey was conducted from Sept.15 to Oct.21, 2020 with business owners from across Canada.
In collaboration with Deloitte Canada, the Canadian Chamber has released a deeper dive into the numbers and explored what it reveals about the situation for Canadian businesses as they navigate the pandemic.
Together we’ve identified six key themes including:
- The need for tailored COVID-19 aid programs that target the worst-hit industries
- Although most businesses have the cash they need to stay afloat now, many do not feel financially prepared for a second wave, nor able to take on additional debt.
- Small-medium sized businesses and those with Indigenous and visible minority owners have been more likely to run into COVID-related challenges’
- Businesses with international activities have had a more challenging time weathering the economic toll of the pandemic
- Businesses remain strong and continue to be flexible, finding new ways of working to keep their doors open
- The likelihood of a business permanently adopting digital measures (like remote work and automation) depends on their industry.
For the details on each, see the charts below: