BUT WORRY COVID-19 COULD PAUSE PROFITABILITY FOR AT LEAST A YEAR
TORONTO, April 1, 2020 /CNW/ – The Entrepreneur’s Organization (EO) Toronto, a group of 111 business leaders, who are the owner, founder or controlling shareholder of companies with revenues of at least $1 million + a year, were recently asked a series of COVID specific questions on behalf of Canadian businesses.
Key findings of the survey:
1) Entrepreneurs are showing confidence in Trudeau during COVID
72%, a large majority of Canadian Entrepreneurs, are happy that Trudeau is in charge during the COVID crisis. Only slightly more than a quarter, 28%, would prefer Scheer to be in charge. Surprisingly, no one (0%) would have preferred May or Singh at the helm during this difficult time.
Additionally, 55% of entrepreneurs say Trudeau is doing a good (37%) or excellent (18%) job during the crisis.
2) Entrepreneurs are not optimistic about COVID being a short-term business problem
Asked how long they believe their profitability will be impacted by the Pandemic, 51% of entrepreneurs said one year. 18% said 7-10 months and 18% said 5-6 months. Only 3% believe they will be profitable again in four months or less.
3) Banks may be dropping the ball with businesses during the Pandemic
Only 11% of entrepreneurs said that they think banks are doing enough for businesses during COVID. 44% said they are not doing enough, and 37% think they are ‘sort of’ doing enough.
4) Entrepreneurs are also not optimistic about hiring back employees soon
Asked when they believe they could hire back staff during the Pandemic, 15% of entrepreneurs said one year, and the majority, 31% said 5-6 months. Shorter-term, few believe they will be able to hire back staff in 2 months (5%), three months (5%), or 4 months (5%.)
5) Less than a quarter of businesses believe they can survive for a year without government aid
Only 22% of Entrepreneurs think they could survive a year without government aid during the Pandemic. Only 36% believe they could survive 3 months (18%) or 4 months (18%). 3% said they could not survive as little as a month.
“This simply isn’t a time for businesses to turn down a helping hand from the government or anyone else,” said Peter Demangos, EO President (Toronto Chapter) and President at PDF Financial Group. “No one saw this coming or could prepare for the global financial devastation that we are seeing in small and medium-sized businesses in Canada and around the world. Clearly, we’re all in this together and we need to work together to keep lights on and our workers employed.”
6) Thankfully, the majority of businesses have already applied for Government aid
88% of Entrepreneurs said have already applied for government aid during the COVID crisis.
What is EO doing to help members during the COVID Crisis?
EO has launched several virtual communications channels to provide content and resources during the crisis. These include a virtual learning centre showcasing panels, strategies and articles from business leaders, a member marketplace, and national and local WhatsApp groups covering different topics including needs and lead generation. In addition, they are creating industry-specific groups to encourage peer-to-peer support. EO is also holding regular town halls covering a variety of topics around business, family, community and personal issues during the Pandemic.
About the Entrepreneurs’ Organization
The Entrepreneurs’ Organization (EO) is a global, peer-to-peer network of more than 14,000+ influential business owners with 193 chapters in 60 countries. Founded in 1987, EO is the catalyst that enables leading entrepreneurs to learn and grow, leading to greater success in business and beyond.
About the survey
111 members of the Entrepreneurs’ Association (EO Toronto) were recently asked a series of COVID-19-related questions via an online survey. Acting as a focus group for elite Canadian entrepreneurs who are the owner, founder or controlling shareholder of companies with revenues of at least $1 million + a year, the EO Toronto membership weighed in on the challenges during the Pandemic for Canadian businesses.
SOURCE The Entrepreneur’s Organization (EO) Toronto
For further information: Patrick McCaully, Pointman News Creation, [email protected], www.pointmannc.com
