Business conditions in Canada, first quarter of 2021

Release date: March 5, 2021
Infographic: Business conditions in Canada, first quarter of 2021
Description: Business conditions in Canada, first quarter of 2021

Business conditions in Canada, first quarter of 2021

Business expectations over the next three months

  • 70.6% expect to keep the same number of employees
  • 14.0% expect to raise their prices
  • 41.8% expect profitability to decrease
  • 31.4% expect fluctuations in demand for their goods and services to be an obstacle

Workforce challenges and changes

Over the next three months…

  • 24.1% of businesses expect that recruiting and retaining skilled employees will be a challenge
  • 19.5% of businesses expect that shortage of workers will be a challenge

Over the next year…

  • 16.3% of businesses plan to provide training to current employees in a different skill set
  • 8.0% of businesses plan to hire staff with technical skills that current employees lack
  • 9.4% of businesses plan to hire staff with knowledge or non-technical skills that current employees lack

Revenues

  • 31.0% of businesses reported that revenues were down 30% or more in 2020 compared with 2019

Business survival

  • 21.3% of businesses reported that they can continue to operate at their current level of revenue and expenditures for less than 12 months before considering laying off staff
  • 10.3% of businesses reported that they can continue to operate at their current level of revenue and expenditures for less than 12 months before considering closing or declaring bankruptcy
  • 39.9% of businesses reported that they were unable to take on more debt

Online sales

  • 17.6% of businesses made sales online in 2019
  • 21.6% of businesses made sales online in 2020

Source: Statistics Canada, Canadian Survey on Business Conditions, first quarter of 2021.

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