American Express surveyed Canadian small and medium-sized enterprises about how they’re handling COVID-19 and the numbers are startling: most SMEs are experiencing cash flow problems, and many expect this holiday season to be slower than last year. Still, SMEs are optimistic that they’ll survive these challenging times. Amex agrees—and it’s committed to backing business owners now, and as things continue to improve.

Cash flow issues remain critical as businesses owners rebuild

• 64% of SMEs say they are facing cash flow and financing problems due to the pandemic
• 51% of respondents agreed cash flow and financing problems was the most pressing issue of all
• 1 in 4 say they do not have enough cash flow to sustain their business

Finding time to focus on higher-impact initiatives is a challenge

• 85% of SMEs spend up to half their day doing paperwork and managing supplier payments
• 40% of respondents say they would rather be spending time working on customer services
• 38% per cent on marketing and sales and business development

E-commerce and social media more important than ever this holiday season

• 46% of SMEs are expecting revenue to decrease this season compared to last year
• 67% of respondents say e-commerce will be critical this year
• 52% of businesses say social media will be more important than ever to engage with customers