SURVEY
The State of SMB Finance in Canada: Navigating Challenges, Unlocking Potential
In October 2024, Float conducted a study of nearly 700 SMBs. Here are the findings.
Canadian SMBs are forging ahead with confidence, but beneath the surface, you’re facing financial obstacles that threaten to hold you back. What’s fueling this optimism despite the challenges? And how are traditional banks missing the mark when it comes to supporting your growth?
Dive into the results from our latest study that sheds new light on the complexities of financial management for SMBs and what’s causing the issues.
SMBs are confident amid challenges.
Canadian small and medium-sized businesses (SMBs) are showcasing extraordinary confidence and resilience in the face of significant financial challenges.
Financial Challenges
Despite their optimism, SMBs face a range of financial hurdles, with high operating costs and high interest rates or fees on financial products topping the list.
Bridging the gap between ambition and reality with purpose-built solutions could unleash a wave of SMB-driven economic growth.
Want to read more about how Float is tackling these challenges head-on?
Traditional banking is missing the mark; SMBs need custom solutions.
Canadian SMBs are frustrated with traditional banks, citing a widespread failure to meet their unique needs. This dissatisfaction is inadequate product offerings, operational processes, and overall value proposition.
While all businesses are frustrated with current offerings from banks, newer businesses feel it more.
Newer businesses face heightened financial challenges and dissatisfaction with banking
Want to read more about how Float is tackling these challenges head-on?
Current financial processes and tools add complexity, not efficiency.
nefficient and manual financial processes and tools hinder the ability of SMBs to make informed decisions and predict potential issues.
SMBs with ineffective financial tools and processes were found to face a greater likelihood of severe financial challenges. This highlights the crucial role of streamlined, integrated financial management systems in maintaining business financial health and visibility.
There is a critical need for more efficient, integrated, and user-friendly financial management tools and processes for SMBs.
The current landscape of disconnected, clunky tools and inefficient processes is leading to significant time waste, data inaccuracies, and poor visibility into crucial financial metrics like cash flow.
These issues are not merely operational inconveniences but are directly impacting SMBs’ ability to manage their finances effectively, access capital, and make informed business decisions.
Operational teams are more attuned to challenges
Our research highlights a perception gap between business leaders and their teams, who report more concern about inefficiencies.
This suggests that executives may be overlooking or minimizing issues that contribute to their overall business health.
Elevate the way you manage your business. Demand more, accept nothing less.
At Float, we’re not waiting around for banks to catch up or for policy changes to make life easier for SMBs. We’re delivering real solutions right now—higher returns on your cash, interest-free funding, faster bill payments, and more game-changing features before year-end.
It’s time to stop settling. Demand financial tools that work for you. You deserve better.