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Share Name | Share Symbol | Market | Type |
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Bank of Nova Scotia | TSX:BNS | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.83 | 1.31% | 64.13 | 64.00 | 64.25 | 64.28 | 63.64 | 63.75 | 3,735,049 | 21:11:39 |
TORONTO, Oct. 20, 2022 /CNW/ - Having gone through the worst of the pandemic, the majority of Canadian small businesses surveyed say they are now doing the same or better than they were two years ago, according to Scotiabank's third annual Path to Impact Report. They also say they feel better equipped to survive another wave of the pandemic or a recession, and two-thirds are optimistic about the future state of their business. However, despite the optimistic sentiment, many small businesses are worried about inflation, rising interest rates, supply chain issues, and a labour market shortage.
Two-thirds of owners, especially those of larger businesses, foresee needing more financing. Additionally, nearly a third say their number one priority over the next three months will be finding places to cut costs. As a result, more small businesses are turning to someone for advice, and half of those who have sought out qualified advice from a financial advisor say their business is doing better.
"As we see reinvigorated consumer demand, businesses are reporting positive sales and revenue numbers, and less cash flow concerns. While it's encouraging to see more optimism, the road ahead will pose new challenges," says Jason Charlebois, Senior Vice President, Small Business, Scotiabank. "Small businesses are facing serious economic headwinds from inflation, rising interest rates, and labour market shortages. Small business owners should continue to be proactive in seeking qualified advice, leveraging all available financing options and tools."
With inflationary pressures, volatile interest rates and a labour market shortage likely to persist, Scotiabank has several tips for small business owners as we look ahead to 2023:
Visit the Scotiabank Advice+ Centre for Business for more details:
https://www.scotiabank.com/ca/en/small-business/advice-centre.html
Click here to read the full Path to Impact Report.
Scotiabank's annual Path to Impact Report was conducted on behalf of Scotiabank by Maru Public Opinion and its sample and data collection experts at Maru/Blue. A total of 806 financial decision makers at Canadian businesses with annual revenue between $50,000 and $5 million responded to the survey between August 26 and September 1, 2022. The survey was conducted in both English and French.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.3 trillion (as of July 31, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.
SOURCE Scotiabank
Copyright 2022 Canada NewsWire
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