The economic future for the next six months is looking more glass-half-full than glass-half-empty to Canada's small business sector, according to Staples Canada's first Small Business National Quarterly Confidence Poll.

While not so positive about Canada's overall fortunes, more than half of the 352 respondents to questions posed by Angus Reid Strategies in mid-March said they expect to see some improvement in their own businesses over the next half-year.

More than half of the owners and executives of businesses with up to 50 full-time employees rated their own financial status as good, while only 30% deemed them poor. Conversely, two-thirds of the respondents consider economic conditions in Canada to be poor, and only a third view them as good.

As for challenges currently facing Canadian small businesses, the top three cited were: business development/sales, reducing costs/expenses, and setting pricing to maintain profitability. The primary ways Canadian small businesses have adjusted over the past three months were said to be cutting costs and expanding business offerings.

The reasons why Canada's small business owners are proving to be particularly adept at adapting to the current slowdown, noted Staples Canada director of small business strategy Brian Coupland in a statement about the survey, are that they "tend to be able to react quickly to economic conditions, have largely cash-flow-positive businesses and in general a 'can-do' attitude."

"This adaptability not only refers to fiscal matters, but to the overall strategic business model that a small business operates from, such as finding new and unique revenue streams and creative ways to cut costs," he added.

Staples Canada's Small Business National Quarterly Confidence Poll will be conducted quarterly in the foreseeable future to gauge: "Shifting perceptions of the Canadian economy; the self-confidence and optimism of Canadian small businesses; and any changes in how Canadian small businesses are adjusting to economic conditions," says Staples Canada president Steve Matyas.

"By conducting this poll quarterly, we will be able to establish some key indices on the status of Canadian small businesses," he added. "We will be able to monitor changes in their confidence in the economy, their view of the business opportunities they have, and the things they are doing to adjust to the economy."

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