Small businesses in B.C. were among the most confident about their business performance for the coming year, according to November’s business barometer index by the Canadian Federation of Independent Business.
B.C. had the third highest index score in the country at 72.9, below New Brunswick’s 73 and Newfoundland and Labrador’s 74.9. Canada’s average in November was 68.
About half were satisfied with the overall state of their business, with 37% saying it was good. About 66% said they don’t plan to make changes in employment over the next few months and 45% said they have access to all the business credit they require.
Tax and regulatory costs was the most significant cost concerns affecting 60% of survey respondents, followed by fuel costs (48%), insurance and banking costs (47%) and wage costs (46%).
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According to the study, the most important tool for small businesses to succeed in 2010 is search engine marketing, while email marketing, public relations and social media cited as crucial for success.
23.8% of all small businesses reported that search engine marketing was the tool most needed for their business to succeed in 2010.