A new study released in early October by The Business Development Bank of Canada (BDC) says many Canadian entrepreneurs are focused on shoring up their balance sheets after recording a drastic drop in revenues and mounting debt during the first wave of Covid-19.
The BDC survey says the top priority of business owners is getting their financial houses in order, including reducing operating costs and improving cash flow. Improving cash-flow starts with a robust accounts receivable process.
Investing in technology was also a priority for entrepreneurs, according to the study which also listed a focus on remote work, online sales and reviving growth as other key areas.
The study found that small and medium-sized businesses were hit hard by the crisis, with 76 per cent reporting a decline in revenues and profits during the pandemic.
Nearly half ending up laying off staff. Most alarming is that 39 per cent of entrepreneurs took on more debt to survive.
A free copy of the full study can be downloaded by clicking here