75% of small Ontario businesses not hiring in 2014
Meridian survey says top challenges are cash flow and work/family balance.
TORONTO — Seventy-five per cent of Ontario small business owners have no plans to hire next year, according to a study by Meridian.
The Ontario credit union’s Small Business Banking in Ontario study conducted by Harris/Decima, 8% of whom are manufacturers, showed that 52% have no business plans for next year.
The results show that 75% have no plans to hire more employees; 90% are not expanding their current location; 91% are not planning to open another location; and
12% are planning to sell their business.
The economy (22%) and saving for retirement (21%) are the leading worries that keep small business owners up at night, and top challenges for 87% of the respondents are cash flow (45%) and work/family balance (42%).
The survey involved 250 telephone surveys completed between Aug. 28 and Sept. 16 and are accurate to within ± 6.2 percentage points, 19 times out of 20.