BIPOC Business Owners Have Seen Improvement

Canadian small-business owners are optimistic about their future, says Scotiabank's second annual ‘Path to Impact Report.’ Over half (54 per cent) of small business owners feel they are doing the same or better than they were pre-pandemic, and 31 per cent of specifically black, Indigenous, and people of colour (BIPOC) small-business owners are seeing an improvement from their pre-pandemic performance, compared to 14 per cent of non-BIPOC owners. Additionally, 77 per cent of small business owners feel well equipped to survive a future wave, 69 per cent of BIPOC small business owners say they feel extremely or very optimistic about their business' future, and 47 per cent of BIPOC owners are still disproportionately faced with systemic barriers that disadvantaged their businesses. Also, 40 per cent of those who invested in enhancing digital capabilities enabled remote work while 37 per cent launched an app or a website, and 79 per cent of owners said they turned to someone for advice during the pandemic. Nevertheless, a majority (51 per cent) of smaller businesses expect they will need more financial support in the future to continue business operations. Scotiabank says businesses moving forward can stay strong by building an operation for the new normal, remain flexible as things continue to change, use available tools, look everywhere for talent and customers, and get a trusted advisor. However, only 36 per cent of business owners turned to an advisor through a financial institution during the pandemic.