According to the most recent American Express Monitor, nearly half of small business owners in Canada reported that they were still feeling the effects of the economic downturn. Despite the usual uptick in sales during the holiday season, according to the AmEx study, conducted by Angus Reid Public Opinion, 47 percent of small business owners said that they had experienced a slight or significant downturn since August.
"In the spring, the Monitor data were suggesting we had turned the corner on the recession and business was starting to improve," said Eric Nielsen, vice president & general manager of small business services Canada at American ExpressCanada. "But today's results show that small business owners are bracing for a recovery period that is slower than previously envisioned."
The survey also revealed that only 19 percent of small business owners were willing to take "significant" or "above average" risks since August, down from the 23 percent who answered the same way in May.
Across the border in America, American Express helped launch the first annual Small Business Saturday. The new holiday fell between the Americans Thanksgiving celebration on Thursday and Cyber Monday.
