Small- and medium-sized business (SME) emerged as champions in the last recession, according to the Canadian Federation of Independent Business (CFIB).
A new report released by the CFIB said it was SMEs that maintained jobs and found ways to survive and thrive.
“It was a classic lemons and lemonade situation,” said Catherine Swift, president of CFIB in a Sept. 22 release. “Instead of taking an axe to their employment rolls which was the easy way out for many large corporations; small business made the best out of a bad situation. They become innovative and creative in order to sustain and grow their business.”
Many of those surveyed worked longer hours (62 per cent), found new customers in local markets (50 per cent) and introduced new products or services (46 per cent).
Some business owners made personal sacrifices, such as cutting their salary (43 per cent). One reported he hadn't paid himself since July 2009.
About 42 per cent reported having to downsize either on a temporary or permanent basis.
The CFIB called on government to remove barriers to growth for small business such as cutting payroll taxes.
.jpeg;w=120;h=80;mode=crop)
