More than eight out of 10 SMB small and medium-sized business owners and operators feel confident about the performance of their business Beneath the optimism lie significant financial challenges, with many SMBs grappling with high operating costs, steep interest rates, and insufficient cash flow Traditional banking systems compound financial strain and create major operational hurdles, with newer businesses feeling the pinch most acutely Inefficient and poorly designed processes and tools exacerbate financial problems and hinder the ability of SMBs to make informed decisions and predict potential issues TORONTO , Oct. 23, 2024 /CNW/ - A new survey conducted at the close of Q3 2024 reveals a complex landscape for Canadian small and medium-sized businesses (SMBs). While projecting optimism and resilience in the face of economic uncertainties, these businesses simultaneously contend with significant financial and operational challenges.
The study underscores an urgent need for enhanced institutional support and more efficient financial tools specifically designed to help SMBs access capital, manage finances effectively, and focus on strategic growth. The State of SMB Finance in Canada research study, conducted by Float Financial, the leading business finance platform for Canadian businesses, surveyed nearly 700 SMB owners and operators. The study was designed to uncover the complexities of SMB management and the disconnect between these businesses and the traditional financial .