Are Canadian SMEs Ignoring Financial Lifelines?

Forty-two percent of Canadian small and medium-sized businesses report that another cost increase could lead to closure, with 35 percent managing finances themselves and 13 percent relying on friends or family instead of professional accountants. Only 30 percent use external financial experts, while 27 percent still depend on manual processes and just a third are fully automated. Nearly one in five business owners spend up to 40 hours monthly on financial administration, and 24 percent experienced cashflow issues in the past year. Forty-five percent believe they would be better leaders without financial admin burdens, and 35 percent say they spend more time on finance than business growth. Half of leaders find future planning nearly impossible, and only a quarter prepare for recession scenarios.

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