EDITORIAL: Grim numbers for Canadian business

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It’s an unbelievable figure. But you better believe it, because it’s true.

Over half of Canadian businesses don’t know how long they can continue. That’s the conclusion that the Canadian Chamber of Commerce came to after hearing from businesses, large and small, all across the country in their latest Canadian Survey on Business Conditions.

Then again, we don’t need to tell most Canadians to believe that. Regular folks know this already.

They’re talking to friends and family. They’re seeing what’s happening on the street.

It’s the so-called leaders up in their ivory towers, the ones who haven’t taken a single hit from their pay cheques, who need to have this message thrust in front of them — ideally by a giant neon billboard parked directly in front of their office or bedroom window so they can’t look away.

“With a whopping 51% reporting they did not know how long they could continue to operate at their current level of revenue and expenditures before considering closure or bankruptcy, the coping ability of businesses to weather the pandemic is quickly dwindling,” notes Dr. Trevin Stratton, the Chamber’s Chief Economist, in a news release.

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The survey also found that only 38% of businesses say they can keep operating at current revenues for 12 months or longer. Half of all businesses say lay-offs are coming if revenues don’t improve.

We know how the politicians will respond. They’ll say two things.

First, they’ll say “just two more weeks!” concerning whatever restriction or rule that’s currently in place in their jurisdiction. Yeah, right. Nobody believes that old line anymore.

The second thing they’ll do is remind businesses to apply for all the various hand-outs governments have created. But real life doesn’t work that way. Businesses aren’t asking for endless hand-outs.

They’re asking to go back to doing their work, delivering their goods, serving their customers and making their products.

“With each new wave businesses are stretched thinner, and a third round of lockdowns could be the breaking point for many,” the Chamber’s release notes. “Looking forward, Canada must find new answers to manage the pandemic until vaccination rates increase.”

We agree. It’s time for smarter, data-driven pandemic rules that allow us to get on with things.