Skip to main content

- TD Canada Trust Small Business Survey finds majority of Toronto small business owners say they are 'very happy'-

TORONTO, July 5, 2011 /CNW/ - The strong dollar may be good news for those fond of shopping south of the border, but Toronto small businesses are singing a different tune as the rising Loonie weakens their exports. According to the TD Canada Trust Small Business Survey, Toronto small business owners that export internationally were most likely to say that the strong dollar is affecting their profits (46% versus 36% nationally) and they've seen a fall in demand from customers abroad (33% versus 22% nationally).

"The strong Canadian dollar is certainly having an effect on the bottom lines of many small businesses who export their products and services internationally," says Alec Morley, Senior Vice President, Small Business Banking, TD Canada Trust. "Small business owners should talk to their bank for strategies on how to manage the strong Loonie in their day-to-day operations and finances. For example, the strong dollar may provide small businesses with better buying power in countries like the US, so now might be a good time for some businesses to purchase new equipment and supplies from outside Canada."

Despite the tougher exporting conditions, seven-in-ten small business owners in Toronto describe themselves as 'very happy' (68%). "Many people dream of being their own boss and owning their own business one day, so it's no surprise that so many small business owners are happy where they are right now," says Morley. "In 2011 we saw an increase in the happiness levels of small business owners compared with the previous year. When owners are optimistic, they tend to be more likely to invest in their business by boosting spending and hiring, which is great for their local communities."

What's the key to happiness?

Toronto small business owners say the top benefit of owning their own business is being able to help their customers and clients (95%), followed by the sense of personal achievement (94%). They also appreciate being in control of their own destiny (93%) and being their own boss (87%). Eighty percent say the greatest benefit is the opportunity to make more money.

"It's clear there are a number of advantages to running your own company," says Morley. "So whether you're launching a new venture or expanding an existing one, the key ingredients to running a successful small business are planning, knowing your market, loving what you do, and surrounding yourself with experts to help you when the going gets tough. Your bank will have the resources to help: TD, for example, has small business experts on hand to provide you with advice on how to start or grow your own successful small business."

Small business owners still work long hours

Managing work hours continues to be a struggle for Toronto small business owners who work an average of 46.2 hours per week, up from 44.3 in 2010. So it's no surprise Toronto small business owners were among of the most likely in the country to admit they can never truly stop thinking about work (92% versus 89% nationally). Six-in-ten also admit they find it difficult to separate their business life and personal life (59%).

TD Canada Trust has small business advisors in branches across Canada who can advise customers on starting, launching and growing their business.


2011 TD Small Business Survey examined the attitudes and behaviours of 402 small business owners in Toronto, Montreal, Vancouver and Calgary; 101 were surveyed in Toronto. Small businesses were defined as those companies having 5 to 50 employees. The research was conducted by Environics Research between April 19 and May 9, 2011.


TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches - most open 8 'til late and many now open Sunday. For more information, please visit: TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

Continue to site Return to TD Stories

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.