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It’s an incredible number. But you better believe it, because it’s true.
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More than half of Canadian businesses don’t know how long they can go on. That’s the conclusion the Canadian Chamber of Commerce came to after hearing from businesses large and small across the country in their latest Canadian Business Conditions Survey.
Again, we don’t need to tell most Canadians to believe that. Ordinary people already know this.
They talk to their friends and family. They see what is happening in the street.
It’s the so-called leaders in their ivory towers, those who haven’t taken a single hit from their paycheck, who need to have this message in front of them – ideally by a giant billboard at the neon sign parked directly in front of their office or bedroom window so they can’t look away.
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“With a whopping 51% saying they didn’t know how long they could continue to operate at their current level of income and expenses before considering closure or bankruptcy, the adaptability of businesses to cope to the pandemic is rapidly diminishing,” notes Dr. Trevin Stratton, the House’s chief economist, in a press release.
The survey also revealed that only 38% of businesses say they can continue to operate on their current revenue for 12 months or more. Half of all companies say layoffs are coming if revenues don’t improve.
We know how politicians will react. They will say two things.
First they will say “just two more weeks!” regarding any restrictions or rules that are currently in place in their jurisdiction. Yes indeed. Nobody believes that old line anymore.
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The second thing they will do is remind businesses to apply for all the aid that governments have created. But real life doesn’t work that way. Companies don’t ask for endless freebies.
They ask to resume their work, deliver their goods, serve their customers and manufacture their products.
“With each new wave, businesses are increasingly stretched, and a third round of lockdowns could be the breaking point for many,” the Chamber statement noted. “Looking to the future, Canada must find new answers to manage the pandemic until vaccination rates increase.
We agree. It’s time for smarter, data-driven pandemic rules that allow us to get things done.
