Canada's 6 Small Business Barriers

CANADA'S SMALL BUSINESS BARRIERS What are some of the major concerns facing small business owners in Canada? 1 1 FAMILY FEUD Family-run businesses endure more conflict than partner-owned or public businesses. Not because workplace conditions are more volatile, but because you are more likely to criticize your boss when he's your brother. SUCCESSFUL 2 SUCCESSION Less than a quarter of small business owners have succession plans. In Canada, this number rises to 40%, which is still too low. Family-owned or not, Canadian small business owners need to consider what happens to the business after they are gone. PREPARING FOR 3 THE PAYOUT If you want to sell your business for its maximum value, you need to keep your books in shape and know how much you are worth. In order to realize their exit strategies, Canadian small businesses need to be more prepared for buyout offers. 4 FINDING FUNDING In Canada there are a wealth of federal and provincial loans and grants that small businesses can apply for to help support expansion and hiring. These funds take time to research and apply for though, presenting yet another challenge. RELEGATED BY REGULATION After struggling with Canada's many regulatory obstacles, a third of owners wish they'd never gone into business in the first place. While the federal government is 1/3 of small business tackling this issue, small businesses owners would not have started their business after continue to feel the frustration. struggling with government regulation EXPANSION ENVY Canadian small businesses exhibit a potentially risky dependency on local markets. For Canadian manufacturers, 75% of the total sales of their highest selling product are domestic. This reliance on local markets is just another challenge for small business owners in Canada. Sources: -http:/www.theglobeandmail.com/report-on-business/small-business/sb-growth/day-to-day/six-big-challenges-faci ng-small-businesses-in-canada/article21437327/ - http:/www.mentorworks.co/blog/govermment-funding/cafe-canada-family-business-09-2014/ - http://www.cbc.ca/news/business/10-surprising-stats-about-small-busines5-in-canada- 1. 1083238 - http:/www.cfib-fcei.ca/english/index.htrml - http:/www.mentar works.co/blog/business-consulting/you-ITUJST-always-be-ready-to-sell-your-business/ -https://www.linkedin.com/puise/article/20140908144909-118889886-33-of-owners-wouldn-t-have-gone-into- business-had-they-been-aware-of-excessive-regulations?trk=mp-edit-r-posts -https://www.linkedin.com/pulse/article/20140826164926-118889886-stats-conada-sme-s-focus-on-domestic- sales-no-reward-to-90-of-employees-for-company-success?trk=mp-edit-rr-posts HTO HIGH-TOUCH COMMUNICATIONS INC. www.htc.ca Created by High-Touch Communications Inc. 372 Ste-Catherine St. West, Suite 320 Montreal (Qc) H3B 1A2 | Tel.:514.739.2461