New data released by a Canadian company reveals that, despite present hurdles, many small business owners across the country remain optimistic about the future as they actively leverage technology as a strategic tool and educational resource to enhance operations.
Cash flow continues to be a primary concern for half of small business owners, a survey from business and legal management platform Ownr found, but an even higher percentage of respondents feel more optimistic about their plans now than they did six months ago.
One way businesses are adapting to the market is by raising prices—more than half of done so in the past six month, with more than one quarter raising prices by over 10%.
Noting an increase from the springtime, Ownr says the data “demonstrates the impact that inflation and rising costs are having on small businesses.”
Another way businesses are forging ahead despite obstacles is via adoption of novel tech.
“As small business owners adapt to these economic conditions, many are finding success in optimizing how they run their businesses through technology,” a statement from Ownr reads.
69% of small business owners indicated they significantly rely on technology to run their businesses, according to the survey, and more than half have taken advantage of online educational resources to learn more about business and entrepreneurship, including online courses, workshops, YouTube videos, and blogs.
“I’m encouraged to see small business owners adapting to the inflationary environment and rising costs,” says Shane Murphy, chief executive of Ownr. “It’s clear that technology is playing an increasingly crucial role in supporting small business owners by reducing costs and boosting efficiency.”
Murphy is inspired by Canadian companies “finding creative ways to navigate the challenges and maintain a positive outlook for their businesses.”
“At Ownr, we’re excited about our contribution to their entrepreneurial journey, both as technology providers and as an educational resource,” he says.
Murphy was also impressed by the diversity of entrepreneurial paths taken in Canada.
For example, 40% of small business owners surveyed started their company at age 45 or older—showing it’s never too late—and more than three-quarters bootstrapped, suggesting a lot can be done with a little.
“We’re committed to empowering entrepreneurs at every step of their business growth,” Murphy stated, “and we look forward to innovating our service offerings to support their needs.”
Education was also shown to be less important among business owners than in the past, with nearly half of Canadians forging ahead without any formal business education.
“This indicates that successful business ownership can be achieved through various paths,” reads a statement from Ownr, “and the digital democratization of information has made it easier for entrepreneurs to seek a wealth of guidance, resources, and tools beyond traditional classrooms.”
Founded in 2017, Ownr is today a part of RBCx, which combines expertise and capital to power ideas, founders, and technology across businesses of all sizes and stages to solve tomorrow’s problems.