While the economic downturn is impacting the majority of Alberta’s SMEs, the most recent ATB Business Beat survey indicates that SMEs are making changes to adapt to these challenging times.
The survey showed that changes made by businesses to face the downturn include: cutting discretionary spending (67 per cent); postponing new equipment spending (53 per cent); reducing pricing (51 per cent); freezing wages/bonuses (47 per cent); reducing employees' hours (47 per cent) and laying off staff (38 per cent).
Teresa Clouston, ATB's Executive Vice-President, Business & Agriculture, said Alberta’s businesses are resilient and making the changes required for the short and long terms. "The actions they take will help them get through the tough times and they'll be in a much better position when things do turn around."
She added that there is some good news. “With oil prices stabilizing, we are starting to see signs of renewed optimism and growth."