National survey found that 87 per cent of businesses indicate the impact of COVID is negative, according to the latest BDC report

A survey by BDC (Business Development Bank of Canada) finds that 76 per cent of Canadian businesses are ready to resume business following the COVID-19 pandemic.

The survey found that 87 per cent of businesses indicate the impact of COVID is negative and 81 per cent of them feel the negative impact is somewhat or very important.

The survey said 36 per cent of businesses are very worried about their business but that is a number that is decreasing.

Here are the top lessons learned from COVID:

  • 57 per cent said it is important to have a good cash flow;
  • 44 per cent said it is important to have an emergency fund; and
  • 29 per cent said expenses must be controlled.

Here are the top plans for the future:

  • 36 per cent will reduce expenses;
  • 32 per cent will broaden their offerings; and
  • 30 per cent will sell their products and/or services online.

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