Coinciding with Financial Literacy Month in Canada, Sage this week released findings of a survey of 300 Canadian small business owners to determine “financial literacy,” by gauging their overall perceptions, knowledge and habits with regard to financial management, resources and compliance.
Sage, a provider of business management software and services to SMBs worldwide, conducted the survey in early October.
The 21-question survey revealed that while most small businesses have identified the cost that affects their business the most, nearly one-fifth (17%) continue to struggle to recognize it.
Among the study participants nationwide, smaller businesses are the most susceptible to this issue, Sage said in a release. The results also show the financial performance of 46% of small businesses remained stable since the economic downturn; however, more than a quarter (28%) believe it worsened.
“Our recent Sage Global Business Index survey revealed that Canadian small business owners are slowly regaining confidence in the economy and their business prospects, but continue to struggle with certain aspects of the financial management and performance of their business, especially businesses with five or fewer employees as our financial literacy survey indicates,” said Nancy Harris, vice president and general manager at Sage 50 Accounting—Canadian Edition.
A key finding was that SMBs are relying on mobile technology to manage business-related activities. In fact, respondents reported using their mobile devices to handle e-mails (52%), online banking (30%) and managing their calendar (25%). However, Quebec small businesses are the least likely to use their device for business e-mail communication, with only 38% using mobile technology to do it. The devices most used are laptops (67%) and smartphones (58%), while only 18% of respondents use tablets for business purposes.
Further information on the study is available at http://NA.Sage.com.