Ontario’s small biz aren’t planning for growth

Three-quarter of Ontario’s small business owners have no plans to hire next year, finds a study by Meridian, an Ontario-based credit union.

Read: Tips for small business

Additional findings include:

• 90% are not expanding their current locations;
• 91% are not planning to open another location;
• 12% are planning to sell their businesses;
• 52% never seek advice or help from their financial institutions;
• The economy (22%) and saving for retirement (21%) are the leading worries that keep business owners up at night;
• 87% of Ontario small business owners identified cash flow (45%) and work/family balance (42%) as their top challenges; and
• 48% handle all of the many different job duties that come with owning a small business themselves.

Read: Small business confidence climbs in August

“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,” says Jeff Brown, director of Small Business Banking at Meridian. “Small business owners [should] take advantage of opportunities to grow their business, minimizing stress in their personal and professional lives.”

Read: Dividends still best for business owner

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.