Poll Results: Will Business Owners Make Ends Meet?

Beth Graddon

The results of our November poll were sobering; after a neck-in-neck race with opinions divided, 50.29% of professionals in the tax and financial services answered “no” when we asked if they thought their business clients would be able to make ends meet before year-end.

The comments provided with the poll results give more perspective on what financial professionals believe are the biggest challenges for business owners during and in the wake of the pandemic, and demonstrate why financial support and advice is such an essential service to provide during these times.

Typically, we sort these comments by “yes” and no “answers” . But, the comments were diverse and demonstrated that circumstances just aren’t so black and white.

“This is one question where you need the third button:  “It depends”.  I have clients under stress because of too much work (in “essential service” group); clients who are okay but not great; whose industry has been totally shut down. We’re all worried about the future.” - Jo Ruelle

“This is a difficult question to answer with just a simple Yes or No response.  There are businesses that are in trouble, but the resiliency of many business owners will allow them to survive but perhaps how they do their business will be different.  Much will happen later due to the ripple effect.” - Robert J Watt

“We have worked extremely hard with our clients - COVID has given us more reason than ever to keep in contact - we have helped them review their operations and eliminate Times are not easy and belt tightening had to be done.  Most clients have been very receptive to this kind of service.”  Raymond Doornekamp

“A number of my home-based business will be able to weather the pandemic by year end as will our seniors, but a number of our small businesses and employed clients are still going to find it difficult to keep their doors open or make ends meet.” - Bruce Wm. LaPorte

“We are in the industrial/commercial side of things and see are tenants having too much work and no employees wishing to come back to work.  All our tenants have refused assistance as they are thriving very well, but employees are the biggest challenge.  We are amazed at this situation but not surprised.  Free money is not always a good thing as where does it stop and it will stop abruptly.  Very hard to go back to work after a time out like this as you have lost your drive.” - Leanor Davidson

“The bigger question owners are asking themselves at this point is: should I continue in this state of affairs? The stress of promises and lack of customers in their traditional business process can sometimes roadblock looking for a way around the roadblocks.  The most successful will be those used to tucking in and changing direction though that can pall at some point. Those who band together to analyze and grow another arm may well be the way of the future.  Those who have done their SWOT analysis, recognize their competitors… and maybe they will actually be there friends and strength in this current business world.” - Clare Pludek

 “The oilfield industry has been hit hard in our area.  Many of my clients have had very little or no work at all since March.  A few that were more established are getting by.  Some of the younger clients, newer to the business, are in real danger if they cannot get back to work soon.” - Jodi

“Actually, most of my clients are in better shape now than a year ago. Covid has been a boon to the several businesses that were struggling before.  “Buy local” does good things to a small, remote economy.” - Daniel Housser

“The clients I have are able to meet their year-end, as they have prepared properly during these Covid-19 issues even with some of them having to close up or reduce their business by over 80% revenue.” – Susan Mackie

“I guess it depends on the industry that the businesses are in. Fast-food/take out are not in danger at all.  Retail is in trouble, restaurants are also in trouble.” - Shoaib

“Fortunately, the majority of our clients are in essential services or small food (take out possibilities) so remarkably they are surviving COVID quite well.  A few have benefited from CEWS which is helping them breathe just that bit easier given the current situation.” - Diane Elliott.

Thank you to all who participated in our poll.  Please join us again this month for your opinion on this question: “Do you think that Canada is headed towards strong economic recovery in 2021?”

Additional educational resources: It’s an important opportunity to earn new credentials and help these business owners heading into a potentially tumultuous new year as an MFA™-Business Services Specialist