Navigating Interest Rate Hikes: Implications and Strategies for Canadian Small Businesses
As the Bank of Canada continues to raise interest rates, small businesses across Canada are feeling the impact. With the cost of borrowing on the rise, businesses may face increased financial pressure and reduced margins, making it harder to invest in growth and innovation. However, there are also opportunities to be found in a changing economic landscape. By carefully managing expenses, maintaining a strong cash position, and staying informed about economic trends, small businesses can navigate the ups and downs of interest rate cycles and position themselves for long-term success. In this article, we’ll explore the implications of rate hikes for small businesses in Canada, and provide strategies for managing financial risk and taking advantage of new opportunities.