Business Data Lab 1

Business Data Lab 18 3.3 REVENUE AND BUSINESS DEBT At peak of the pandemic and the start of 2021, according to data from the Q1 2021 CSBC, over It is no surprise then, that by the end of 2022, 60% of firms experienced a decline in revenues according to the CSBC, almost one in four in 2020 relative to 2019. [...] and agility as these accelerated shifts online made them more vulnerable and susceptible to In spite of how much more heightened and cyber-attacks.17 Statistics Canada data also show challenging the disruptions of the pandemic were that small businesses increased their expenditure for small business — as they were more likely on cyber security prevention and detection by, on to grapple with strain. [...] Business Data Lab 29 5 The Future of Small Business in Canada Business Data Lab 30 Our findings exemplify the considerable variation In the most recent iteration of the survey (Q4 of the experiences of small businesses over 2023), micro firms had the weakest outlook the recent tumultuous years. [...] Business Data Lab 32 Other Enablers of Evolution: The federal government has been actively trying Data and Policy to boost entrepreneurship, but this needs to be empowered by a nuanced understanding of the The evolution of small businesses in this new gradation of small businesses’ experiences. [...] Data and research have fundamental to the survival of small businesses a role to play in revealing behavioural and and to ensuring their inclusive recovery and psychographic consumer as well as enterprise growth.