Canada NewsWire
TORONTO, Sept. 27, 2021
Digitally-enabled experiences, health and wellness protocols, and the rise of socially- and locally-conscious consumers will affect small businesses' playbook for success in the next year
TORONTO, Sept. 27, 2021 /CNW/ - The COVID-19 pandemic was a catalyst for many new business practices and priorities, and it also accelerated the need for small business owners to adapt to other trends that were steadily on the rise over the last several years. As Canadian entrepreneurs continue to chart a path toward recovery and growth in these uncertain times, many are wondering which trends and consumer expectations are here to stay.
RBC's latest poll of Canadians revealed three important trends that will impact the small business playbook for success in the next year. These include:
"There's no doubt that the pandemic created some significant challenges and changes for small business owners. But it also became a catalyst to accelerate some important shifts that we started seeing pre-pandemic around digital adoption, a focus on wellness, and support for diverse businesses and community members," says Don Ludlow, Vice-President of Small Business, Partnerships & Strategy, RBC. "These have become the new expectations of consumers for today's small businesses. Successful entrepreneurs will be those who adapt their business strategies and operational practices to address these new consumer and employee demands."
Entrepreneurial drive remains strong for small business owners
The rapidly evolving small business landscape has hardly detracted Canadian entrepreneurs from turning their ideas into reality. While business ownership may have started for a variety of reasons during the pandemic, many began as a result of new opportunities that were created by changing market conditions and consumer expectations. Among those who started a business or know someone who did, the majority of respondents say the pandemic provided an interesting opportunity (75%). Many business owners say that they started their business based on a shift in priorities or sense of purpose (76%), or the need to replace lost income (71%). With a shuttered economy, there was also more time and a stronger reason to formalize their business (74%) by officially registering their operations or opening a business banking account.
Helping entrepreneurs start, manage and grow their business
RBC has made it easier for Canadian entrepreneurs to start, manage and grow their business by offering valuable solutions that go beyond traditional banking to help business owners save time and money as they manage their day-to-day operations. Some helpful solutions offered by RBC and its collaborative partners include:
Entrepreneurs can access these solutions and business advice online through the RBC Small Business Navigator at www.rbc.com/navigator.
About the Survey
The RBC Small Business Poll was conducted by Ipsos Canada from July 30 - August 4, 2021. More than 2,000 surveys were completed online by Canadian adults, represented in six different regions (British Columbia, Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic Canada). Representative sample results are weighted to reflect the Canadian population. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points had all Canadian adults been polled. The credibility interval will be wider among subsets of the population represented. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error, and measurement error.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank
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