Canadians love small business: RBC survey

An overwhelming majority of Canadians (94 per cent) believe that small businesses play a critical role in the growth of the economy

TORONTO/CNW/  An overwhelming majority of Canadians (94 per cent) believe that small businesses play a critical role in the growth of the economy and almost nine-in-10 (88 per cent) view them as vital job creators, according to an RBC/Isis Reid survey.

“The success and vitality of Canadian small businesses have played an important part in Canada faring well through these difficult economic times,” said Mike Michell, national director, Small Business, RBC. “It’s great to see that most Canadians view small businesses as the lifeblood of their communities and are proud to give them their support.”

In fact, 61 per cent of Canadians say they would pay more for a product or service in order to support a small business in their community and eight-in-10 (83 per cent) say they support small businesses in their community by doing business with them or promoting them. For those who show their loyalty, 72 per cent say the reason is simply that they like to support owners who live and do work in their community.

“This type of consumer insight can help small businesses find the success they’re seeking,” added Michell. “For example, small businesses should capitalize on local support by becoming more active in their community, highlighting their local roots and asking their best customers to promote them.”

 

The RBC survey also found that, when it comes to deciding which small businesses Canadians would support in their community, three-in-four (73 per cent) said word of mouth referrals was a factor, 68 per cent said it was the location of the business, while visibility in the community was the determining factor for half (51 per cent).