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Small business owners won't hire in Ontario

Staff writer |
According to the Small Business Banking in Ontario Study by Meridian, Ontario's largest credit union, 75 percent of Ontario small business owners have no plans to hire next year.

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The study, conducted by Harris/Decima, also showed that 52 percent have no business plans for next year with 75 percent having no plans to hire more employees, 90 percent not expanding their current location, 91 percent not planning to open another location, and 12 percent planning to sell their business.

The study also revealed that 52 percent never seek advice or help from their financial institutions and only 13 percent ask for advice on a regular basis.

The economy (22 percent) and saving for retirement (21 percent) are the leading worries that keep Ontario small business owners up at night; 87 percent of Ontario small business owners identified cash flow (45 percent) and work/family balance (42 percent) as their top challenges, and 48 percent handle all of the many different job duties that come with owning a small business themselves.

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