A new poll released by CIBC shows that 81 percent of Canadian businesses say the COVID pandemic has negatively impacted their businesses, and 32 percent say they’re worried about their companies’ viability over the course of the year.

The study, which was released on May 4, captured the opinions of more than 1,000 small-business owners across the country. It shows that while many respondents have short-term concerns about the impacts of the pandemic on their operations, a large majority (76 percent) remain confident in their abilities to rebound once the crisis ends.

More than half of the respondents (54 percent) said they have seen sales drop as a result of the pandemic, and a further 28 percent have shut down operations altogether. Some of the changes they have made to weather the crisis include reducing operating expenses (34 percent), dipping into savings (29 percent), laying off staff (25 percent) and applying for more credit (15 percent). Close to one-in-three (29 percent) feel it will take a year or two to get back to pre-COVID business volumes.

"It's clear that entrepreneurs still believe in their opportunity to grow over the longer term, but are facing significant issues right now that are leading some to question if they can sustain their business long enough to move into recovery mode," says Laura Dottori-Attanasio, CIBC’s senior executive vice-president.

The bank recommends three strategies to help companies manage their way through the short-term impacts of the pandemic. It advises businesses get an accurate picture of their cash positions in order to consider whether they need additional capital from investors or banks. It recommends forecasting near-term business opportunities, such as whether operations can remain open, how much demand will change as a result of government restrictions, and changes in customer behaviour and engagement, and getting help from government and business partners to defer payments or liquidate assets.

Looking ahead to after the pandemic, the CIBC poll suggests that 45 percent of businesses are considering using online systems to deliver services in new ways, but nearly three quarters are not currently equipped to sell goods or provide services online.