Alberta Business Beat Volume 16 January, 2017

Alberta Business Beat Volume 16 January, 2017
Results from our sixteenth quarterly survey with small and mid size businesses in Alberta. ATB Business & Agriculture

Background and Methodology
ATB Business & Agriculture

Background ATB Financial commissioned NRG Research Group to conduct a survey of 300 randomly selected small- to medium-sized businesses in Alberta each quarter, beginning in Q The purpose of the study is to gain an understanding of the challenges faced by small- to medium-sized businesses in Alberta, and to track confidence in the business climate in Alberta. ATB Business & Agriculture

Research Objectives Measure business owners and managers’ perceptions of what the business climate will be like six months from now; Understand what has been the most positive and negative impact of the current economic downturn on Alberta SMEs; Understand how SMEs are managing various aspects of their operations through the recent economic downturn in Alberta. What changes have they made, or do they anticipate making to their staffing and human resources, operations, or cash flow? What changes do they think are the most important in managing through the downturn, and what advice would they give to another business to help them avoid the effects of a similar downturn?; and, Profile the firmographics as well as respondent demographics for small- to medium-sized businesses in Alberta. ATB Business & Agriculture

Methodology Alberta SMEs Qualifying Businesses <500 employees,
<$20 million annual revenues, must be financial decision makers or influencers Excluded agriculture, government, financial institutions, media, market research, PR, advertising and communications sectors Field dates: November 7 – 18, 2016 Telephone Approximately 3,000 businesses contacts made and 300 completed the survey Margin of error is +/- 5.8% ATB Business & Agriculture

Key Insights 1 The ATB Business Beat Indexes moved in opposite directions in Q2: SMEs are more optimistic about the future of the Alberta economy and less optimistic about the future of their business than in Q1. 2 A majority of Alberta SMEs have already made changes to their business to manage through the economic downturn. The two most common changes include cutting down on discretionary spending and changing processes to increase efficiency or productivity 3 Energy industry SMEs have already been hit hard, with 38% having made layoffs. In contrast, 26% of SMEs see the current economic conditions as an opportunity to invest in developing their staff ATB Business & Agriculture

The ATB Business Beat Index

A more positive outlook for the future
“How do you think… will be six months from now?” % better off % the same % worse Alberta Economy Your Company 49% 66% +10 +4 will be better off or the same will be better off or the same ATB Business & Agriculture (±) Change from last quarter Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

The ATB Business Beat Index
More optimistic about future performance Less optimistic about future performance Data time periods: Q1 2014= Mar 2014., Q = June 2014, Q = Aug, 2014; Q = Dec 2014; Q =March 2015; Q = June 2015; Q = August 2015, Q = November, 2015, Q = March 2016, Q = June 2016, Q = September 2016, Q = November 2016 ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs

The ATB Business Beat Index - Energy

The ATB Business Beat Index - Energy
More optimistic about future performance Less optimistic about future performance Data time periods: Q =March 2015; Q = June 2015; Q = August 2015, Q = November, 2015, Q = March 2016, Q = June 2016, Q = September 2016, Q = November 2016 ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs

The ATB Business Beat Index – Retail

The ATB Business Beat Index - Construction

Positive and Negative Impact

“The past 2 years have been challenging for many Alberta businesses due to the economic downturn. Would you say that the overall impact of the economic downturn on your business has been…” Question 2.0 The past 2 years have been challenging for many Alberta businesses due to the economic downturn. Would you say that the overall impact of the economic downturn on your business has been… [READ LIST] Very positive Somewhat positive Neutral Somewhat negative Very negative I don’t know [Do not read] Not applicable [Do not read] Prefer not to say [Do not read] ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

“I'd like you to think about the most positive impact that the current economic downturn has had on your business. What was that?” Question 2.0b Now, I’d like you to think about the most positive impact that the current economic downturn has had on your business. What was that? [Interviewer note: probe for why they see this as the most positive impact] [Open] Prefer not to say ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300. *Results of 2% or less are not shown

“I'd like you to think about the most negative impact that the current economic downturn has had on your business. What was that?” Question 2.0a Regardless of overall impact, some business owners and managers may find that there are both positive and negative effects of the economic downturn. First, I’d like you to think about the most negative impact that the current economic downturn has had on your business. What was it? [Interviewer note: probe for why they see this as the most negative impact] [Open] Prefer not to say ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300. *Results of 2% or less are not shown

“I'd like you to think about the most negative impact that the current economic downturn has had on your business. What was that?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300. *Results of 2% or less are not shown

Managing through an economic downturn

Staffing and human resources changes

Staffing/HR Changes * (+3%) (n/c) (+1%) (-9%) * (+24%) (+23%) (+20%)
(+11%) Question 2.1 This next set of questions is about how your business has managed various aspects of its operations through this recent economic downturn. I’m going to read you a list of possible changes your business may have made to its staffing or human resources. For each one, can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change? The first change is… [Rows; Randomize] Conducted layoffs Introduced a freeze to wages or bonuses Encouraged employees to take unpaid leave or vacation Reduced employees’ regular or overtime work hours Invested in training or development of existing staff Compensated employees through commission instead of salary Increased the number of employees Left vacant positions unfilled for now or hired fewer people Used federal job grant program to subsidize wages [Columns] Have already made this change Anticipate having to make this change Have not made this change Not applicable [DO NOT READ] Don’t know [DO NOT READ] Prefer not to answer ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300. Change vs. June * = new for 2016 wave.

Staffing/HR Changes Invest in training and development of existing staff Introduce a freeze to wages or bonuses Reduce employees’ regular or overtime hours Conduct layoffs Increase the number of employees Question 2.1 This next set of questions is about how your business has managed various aspects of its operations through this recent economic downturn. I’m going to read you a list of possible changes your business may have made to its staffing or human resources. For each one, can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change? The first change is… [Rows; Randomize] Conducted layoffs Introduced a freeze to wages or bonuses Encouraged employees to take unpaid leave or vacation Reduced employees’ regular or overtime work hours Invested in training or development of existing staff Compensated employees through commission instead of salary Increased the number of employees Left vacant positions unfilled for now or hired fewer people Used federal job grant program to subsidize wages [Columns] Have already made this change Anticipate having to make this change Have not made this change Not applicable [DO NOT READ] Don’t know [DO NOT READ] Prefer not to answer Encourage employees to take unpaid leave or vacation Compensate employees through commission instead of salary ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Staffing/HR Changes (2016)
Question 2.1 This next set of questions is about how your business has managed various aspects of its operations through this recent economic downturn. I’m going to read you a list of possible changes your business may have made to its staffing or human resources. For each one, can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change? The first change is… [Rows; Randomize] Conducted layoffs Introduced a freeze to wages or bonuses Encouraged employees to take unpaid leave or vacation Reduced employees’ regular or overtime work hours Invested in training or development of existing staff Compensated employees through commission instead of salary Increased the number of employees Left vacant positions unfilled for now or hired fewer people Used federal job grant program to subsidize wages [Columns] Have already made this change Anticipate having to make this change Have not made this change Not applicable [DO NOT READ] Don’t know [DO NOT READ] Prefer not to answer ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Staffing/HR Changes Question 2.1 This next set of questions is about how your business has managed various aspects of its operations through this recent economic downturn. I’m going to read you a list of possible changes your business may have made to its staffing or human resources. For each one, can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change? The first change is… [Rows; Randomize] Conducted layoffs Introduced a freeze to wages or bonuses Encouraged employees to take unpaid leave or vacation Reduced employees’ regular or overtime work hours Invested in training or development of existing staff Compensated employees through commission instead of salary Increased the number of employees Left vacant positions unfilled for now or hired fewer people Used federal job grant program to subsidize wages [Columns] Have already made this change Anticipate having to make this change Have not made this change Not applicable [DO NOT READ] Don’t know [DO NOT READ] Prefer not to answer ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Operations changes ATB Business & Agriculture

Operations Changes (-8%) * (-3%) (-1%) (-1%) (+20%) * (+24%) (+16%)
(+14%) ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300. Change vs. June * = new for 2016 wave.

Operations Changes Change business process to increase efficiency or productivity Postpone plans to purchase new equipment Postpone plans to expand Reduce business-related travel Reduce inventory Reduce business scope either geographically or in product offerings Reduce pricing * ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300. * = question wording changed vs wave.

Operations Changes ATB Business & Agriculture
Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Cash flow management changes

Cash Flow Mgmt Changes (-5%) (-16%) (-3%) (+23%) (n/c) (+1%) (+10%)
(+13%) (+10%) (+8%) ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300. Change vs. June 2015.

Cash Flow Mgmt Changes Cut down on discretionary spending
Take on new contracts Invest personal resources Change the terms you offer your clients for paying invoices Consolidate debt Negotiate a new loan Change the way you pay your suppliers Renegotiated existing loans * ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300. * = combined ‘Postpone principal payments on existing loans’ and ‘Extended the term on existing loans’.

Cash Flow Mgmt Changes Cut down on discretionary spending
Take on new contracts Invest personal resources Change the terms you offer your clients for paying invoices Consolidate debt Negotiate a new loan Change the way you pay your suppliers Extend the term on existing loans Postpone principal payments on existing loans ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Cash Flow Changes ATB Business & Agriculture
Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

APPENDIX: Firmographics & Respondent Demographics

Number of Employees Annual Revenues 2015
ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Borrowing Needs # of Years in Operation
2015 Average: 21 years 2016 Average: 22 years 2015 and 2016: 10% $1MM+ ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Industry Franchise Industry 2015 2016 n = 25 26 Franchises 2015: 8%
2016: 9% Industry Franchise Industry 2015 2016 n = 25 26 Retail 10 3 Automotive 4 Food Services 6 Energy/ Oil & Gas Services 2 Financial Services/ Insurance Health Travel, Leisure, & Accommodation Real Estate Non-profit 1 Other ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Business Life Stage Phase Does your business have a store front?
ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

Title/ Role Age : 36% 2016: 33% ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300, responses mentioned by 3% or more are shown.

Role in Financial Decisions
Gender Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300, November 2016, n = 300.

APPENDIX: Quotes ATB Business & Agriculture

Negative Comments: Difficulty generating revenues
“REVENUE GENERATION. WE GENERATE 75% OF OUR REVENUE FROM THE OIL SECTOR.” “LACK OF BUSINESS, WE ARE PREDOMINANTLY OIL AND GAS, IT'S JUST RIGHT NOW IT'S FINALLY STARTING TO SHOW A KIND OF A RETURN, A SLIGHT HEARTBEAT, FROM WHERE WE WHERE BEFORE WHICH WAS A BOOM TO DROPPING DOWN TO A ZERO AND NOW RAISING UP TO A BIT OF A RETURN. LIKE I SAID BEFORE, A SLIGHT HEARTBEAT.” Owner/Operator, Industrial Safety, 16 years in business, employees, $5 million to less than $10 million in revenues. General Manger or Office Manager, Repair and Maintenance, 30 years in business, 1 - 4 employees, $500,000 to less than $1 million in revenues. “BASICALLY NOT BEING ABLE TO GET PAID FOR THREE MONTHS. AS A BUSINESS OWNER EVERYONE ELSE GETS PAID FIRST. BEYOND THAT WE LAID OFF EVERYONE THAT WE COULD POSSIBLE LAYOFF, IT IS BASICALLY JUST FAMILY MEMBERS WITHIN THE BUSINESS.” “CHASING MONEY, TRYING TO GET PAID FOR WORK THAT'S BEEN DONE. I NEVER HAD TO WORRY ABOUT IT BEFORE, I ALWAYS GOT PAID ON TIME. NOW BECAUSE OF THE DOWNTURN PEOPLE ARE PUSHING IT OFF AND I'M NOT GETTING PAID ON TIME.” Owner/Operator, Energy or Oil and Gas, 46 years in business, 1 - 4 employees, $250,000 to less than $500,000 in revenues. Owner/Operator, Transportation and Warehousing, 12 years in business, employees, $1 million to less than $3 million in revenues. ATB Business & Agriculture

Negative Comments: Wages and Pessimism
“INCREASES IN EMPLOYEE WAGES AND EXPECTATION IN CUSTOMERS COMING IN AND WANTING SERVICES FOR 20% - 30% CHEAPER.” “AN INCREASE IN RATES, THAT'S WHERE WE SEE IT THE MOST. WE'VE SEEN A NUMBER OF CONTRACTORS INCREASE THEIR RATES, BECAUSE THEY DON'T HAVE A LOT OF OTHER WORK.” Controller, Construction, 20 years in business, employees. Owner/Operator, Non-destructive Testing, 7 years in business, employees, $3 million to less than $5 million in revenues. “JUST THE LACK OF PEOPLE'S CONFIDENCE IN THE ECONOMY. WE ARE A RENTAL FACILITY AND IF THEY ARE NEGATIVE THEY AREN'T PLANNING AHEAD. IF THE ECONOMY IS POSITIVE THEY RENT A YEAR OR TWO IN ADVANCE, IF THEY ARE BAD THEY RENT SIX MONTHS TO A YEAR IN ADVANCE.” “STAFF ATTITUDES. WE HAVEN'T HAD A DIRECT HIT YET BUT PEOPLE ARE WAITING FOR THE OTHER SHOE TO FALL SO TO SPEAK.” General Manager or Office Manager, Accommodation/Food Services/Tourism/Hospitality/Restaurant, 40 years in business, 1 - 4 employees, less than $250,000 in revenues. Director, Health Care and Social Assistance, 38 years in business, employees, less than $250,000 in revenues. ATB Business & Agriculture

Negative Comments: Industry, Diversification, Sentiment
“OIL PRICES, EVERYTHING CASCADES FROM THERE.” “THE MOST IS SPENDING. A LOT OF THE MONEY IS OIL AND GAS RELATED, NO ONE IS SPENDING THE MONEY. WE NEED TO DIVERSIFY THE ECONOMY IN ALBERTA, THEY SHOULD HAVE FIGURED THIS BACK OUT IN THE 1970s. ALBERTANS ARE STUBBORN, WE NEED TO GREEN UP THE ECONOMY.” General Manager or Office Manager, Construction, 20 years in business, 1 - 4 employees, $1 million to less than $3 million in revenues. Chief Executive Officer or President, Construction, 16 years in business, employees, $1 million to less than $3 million in revenues. “LACK OF CORPORATE EVENTS, BECAUSE NOBODY HAS BUDGETS TO DO ANYTHING RIGHT NOW.” “LOSS OF CUSTOMERS. I AM IN ELECTRONICS MANUFACTURING AND WE ALSO DO A LOT OUR STUFF ON CONTRACT MANUFACTURING. 70% OF BUSINESS HAS DRIED UP ON ME IN THE LAST FEW YEARS. MANY OF THOSE CUSTOMERS ARE IN THE OIL AND GAS INDUSTRY, OR RELATED TO OIL AND GAS. WE MAKE DATA COLLECTION AND CONTROL BOARDS FOR THOSE GUYS, AND THEY ARE JUST NOT BUYING. I AM FORTUNATE WE HAVE DEVELOPED NEW PRODUCTS FOR PLACES OUTSIDE OF ALBERTA.” Owner/Operator, Accommodation/Food Services/Tourism/Hospitality/Restaurant, 8 years in business, 1 - 4 employees, $1 million to less than $3 million in revenues. Chief Executive Officer or President, Manufacturing, 5 years in business, employees, $3 million to less than $5 million in revenues. ATB Business & Agriculture

Positive Comments: Labour Costs
“OUR LABOUR COSTS HAVE GONE DOWN, OUR EMPLOYEES ARE OKAY WITH MAKING A BIT LESS, WE ALSO HAVE NOT HAD TO DO RETENTION BONUSES BECAUSE JOBS HAVE BEEN HARD TO COME BY.” “THE ONLY POSITIVE IS NOW, YOU ARE GETTING A MORE QUALITY APPLICANT FOR EMPLOYMENT, BECAUSE THERE ARE SO MANY COMPANIES LAYING OFF, RESULTING IN LARGER TALENT POOL.” Chief Executive Officer or President, Industrial Equipment, 19 years in business, employees, $10 million to less than $15 million in revenues. Accountant, Construction, 9 years in business, employees, $3 million to less than $5 million in revenues. “MORE QUALIFIED STAFF AVAILABLE. WHEN EVERYTHING WAS BOOMING WE HAD A HARD TIME FINDING QUALIFIED STAFF. WE PAY LOWER THEN THE HIGHER BUSINESSES IN THE OIL PATCH.” “WE WERE ABLE TO RETAIN ALL OF OUR EMPLOYEES AND WE WERE ABLE TO REALIGN OUR COMPENSATION MORE OF WHAT IS IN LINE WITH THE REST OF CANADA FOR THE SAME POSITIONS.” Director, Arts, Entertainment, and Recreation, 40 years in business, employees. Owner/Operator, Construction, 9 years in business, employees, $20 million or more in revenues. ATB Business & Agriculture

Positive Comments: Change Process/Diversify
“IT FORCES YOU TO STREAMLINE YOUR BUSINESS AND WORK A LOT SMARTER. PEOPLE SEEM TO GET OVER CONFIDENT AND THEY DON'T OFFER THE VALUE OR CUSTOMER SERVICE THEY SHOULD.” “I WENT THROUGH TWO OR THREE OF THESE IN MY LIFETIME. THE POSITIVE IS THAT IT MAKES YOU A MORE SHARPER, MORE HONED BUSINESS. YOU MAKE PRUDENT FINANCIAL DECISIONS. THERE'S THAT OLD SAYING YOU PROFIT MORE ON A PERCENTAGE BASIS IN A RECESSION THEN YOU DO IN A BOOM.” Owner/Operator, Business Services, 17 years in business, 1 - 4 employees, less than $250,000 in revenues. General Manager or Office Manager, Professional, Scientific, and Technical Services, 40 years in business, employees, $20 million or more in revenues. “FOR US TO THINK OUTSIDE THE BOX AND DIVERSIFY. WE'VE HAD TO LOOK INTO OTHER PRODUCTS. DIVERSIFICATION IS ALWAYS GOOD, THEN YOU'RE NOT RELYING ON JUST ONE SECTOR.” “WE HAD TO DIVERSIFY AND LOOK FOR CUSTOMERS OUTSIDE OF THE PROVINCE, IMPROVE EXPANSION ON GEOGRAPHIC REGIONS.” Owner/Operator, Transportation and Warehousing, 21 years in business, employees, $10 million to less than $15 million in revenues. General Manager or Office Manager, Energy or Oil and Gas, 7 years in business, 1 - 4 employees, $1 million to less than $3 million in revenues. ATB Business & Agriculture

Positive Comments: Miscellaneous
“WE ARE A REBUILD AND REPAIR AND MORE PEOPLE ARE WILLING TO REBUILD OR REPAIR INSTEAD OF BUYING NEW.” “LOWER CANADIAN DOLLAR. OUR MARKET IS INTERNATIONAL, SO THE CURRENCY IN THE FOREIGN MARKET IS WORTH MORE TO SPEND HERE, OR IS WORTH MORE AGAINST THE CANADIAN DOLLAR.” Owner/Operator, Agriculture Equipment, 65 years in business, 1 - 4 employees, $500,000 to less than $1 million in revenues. Director, Education, 20 years in business, employees, $1 million to less than $3 million in revenues. “GOODS HAVE GONE DOWN, RATHER THAN SERVICES INCREASING. WHEN YOU CAN GET MATERIAL FOR CHEAPER, THAT'S ALWAYS POSITIVE.” “I AM A VINTAGE AND CONSIGNMENT STORE, AND PEOPLE WHO NEVER WOULD HAVE CONSIDERED BUYING SECOND HAND OR DESIGNER CLOTHES ARE NOW BUYING. NOT ONLY ARE THEY BUYING, THEY ARE SELLING, SO I SEE QUITE A LOT MORE BUSINESS IN THAT REGARD.” Controller, Construction, 20 years in business, employees. Owner/Operator, Retail Trade, 11 years in business, 1 - 4 employees, less than $250,000 in revenues. ATB Business & Agriculture

Positive Comments: Miscellaneous
“CHEAP OFFICE SPACE BECAUSE IT REDUCED OUR COSTS.” “MORE TIME TO SPEND AT HOME, JUST BECAUSE YOU HAVE MORE TIME WITH FAMILY.” Owner/Operator, Energy or Oil and Gas, 1 years in business, employees, less than $250,000 in revenues. Owner/Operator, Energy or Oil and Gas, 17 years in business, employees, $250,000 to less than $500,000 in revenues. “THAT'S A TOUGH ONE. I REALLY DON'T KNOW HOW TO ANSWER THAT ONE SORRY. IT'S BEEN A VERY CHALLENGING COUPLE OF YEARS.” “IN THE LONG TERM, THE DEVELOPMENT OF NEW TECHNOLOGIES, BUT IN THE SHORT TERM THERE ARE NO POSITIVES.” Controller, Energy or Oil and Gas, Less than 1 year in business, employees, $5 million to less than $10 million in revenues. Manager, Energy or Oil and Gas, 40 years in business, employees, $5 million to less than $10 million in revenues. “EVERYONE IS AFRAID OF LOSING THEIR JOBS, SO THEY ARE COMING IN TO HAVE DENTAL WORK DONE IN CASE THEY LOSE THEIR JOBS AND BENEFITS.” General Manager or Office Manager, Health Care and Social Assistance, 29 years in business, employees, $1 million to less than $3 million in revenues. ATB Business & Agriculture

Judy Duncan Managing Director Marketing B&Ag (403) Cody Tousignant Senior Research Manager Client & Marketing Research (403)

“Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300.

“Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Operations Changes (2015) “Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300.

Operations Changes (2016) “Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Cash Flow Mgmt Changes (2015)
“Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, June 2015, n = 300.

Cash Flow Mgmt Changes (2016)
“Can you let me know if your business has already made the change, if you anticipate having to make the change, or if you do not expect to have to make this change?” ATB Business & Agriculture Source: ATB Financial, Survey on Alberta SMEs, November 2016, n = 300.

Alberta Business Beat Volume 16 January, 2017

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