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Small and medium-sized businesses in Canada fared better during the recession than big businesses, a report by RBC Economics revealed.
These businesses cut fewer jobs than businesses with upwards of 300 employees, and employment dropped at a rate of of 4.2 percent, in comparison to the 5.5 percent rate of larger businesses. Trends such as these were seen throughout most of Canada, according to CTV Toronto.
"During difficult economic times, businesses often find themselves laying off workers and stalling their hiring initiatives," said Mike Michell, director of small business at RBC.
"However, private sector [small to medium-sized businesses] appear to have created business strategies that have ultimately helped them come out of the downturn relatively unscathed."
Small businesses may have reacted to the economic recession better than big businesses because they developed business strategies. Additionally, many of these businesses did not rely on the U.S. export market in order to survive since many small businesses seem to have less exposure to such markets.
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These businesses cut fewer jobs than businesses with upwards of 300 employees, and employment dropped at a rate of of 4.2 percent, in comparison to the 5.5 percent rate of larger businesses. Trends such as these were seen throughout most of Canada, according to CTV Toronto.
"During difficult economic times, businesses often find themselves laying off workers and stalling their hiring initiatives," said Mike Michell, director of small business at RBC.
"However, private sector [small to medium-sized businesses] appear to have created business strategies that have ultimately helped them come out of the downturn relatively unscathed."
Small businesses may have reacted to the economic recession better than big businesses because they developed business strategies. Additionally, many of these businesses did not rely on the U.S. export market in order to survive since many small businesses seem to have less exposure to such markets.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
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