CFIB Findings: More than half of small businesses fell short of revenue, profit, sales goals in 2024

Saskatchewan-based small businesses thrived in 2024, while businesses operating in the hardest-hit provinces of Newfoundland and Labrador and B.C. report they fell short.

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Ottawa, Ontario — Nineteen percent of small and medium Canadian enterprises fell significantly short of expectations in 2024, according to a recent ‘Your Voice’ survey from the Canadian Federation for Independent Businesses (CFIB). A further 33 percent reported falling “somewhat short of expectations.”

CFIB reported that more than half of small businesses fell short of their revenue, profit and sales goals last year. Only 13 percent of respondents said their businesses “somewhat exceeded expectations”; three percent reported significantly exceeding expectations.

Provincially, Saskatchewan-based independent businesses had the best year, with 17 percent of respondents stating they significantly exceeded expectations and a further 17 percent indicating they somewhat exceeded expectations. Thirty-one percent of Saskatchewan respondents said they met expectations.

Newfoundland and Labrador-based respondents were the hardest hit. Zero percent reported significantly exceeding or even exceeding expectations. Twenty-eight percent said they met expectations; 64 percent said they fell somewhat short. Eight percent fell significantly short of expectations.

British Columbian respondents were also hit hard, with 30 percent stating they fell somewhat short of expectations and 24 percent significantly falling short of expectations. Just two percent reported significantly exceeding their expectations for 2024.

A looming 25 percent U.S. tariff on Canadian goods, coupled with potential retaliatory measures, poses a significant threat to small businesses. CFIB notes that 82 percent of survey respondents expect an impact: 69 percent anticipate rising operating costs, and 65 percent expect to raise prices to cope.

“The potential burden highlights the need for strategies to address these trade pressures,” noted CFIB in its report.

On the bright side—small businesses are beginning to see the benefits of credit card fee reductions. Since October 2024, seven percent of small businesses eligible for reductions have noticed savings; an additional 33 percent anticipate savings. Eighty-five percent reported these reductions are helpful to operations.

“The findings underscore the pressing need for targeted government support to address financial challenges, trade uncertainties, and sector-specific struggles, ensuring small and medium enterprises can navigate a path to recovery and growth,” wrote CFIB in its findings.

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