LANGLEY, B.C.- A majority of small businesses from across B.C. report an outlook of resilience, patience and financial confidence despite the Trump administration’s tariffs, according to findings of a new survey by First West Credit Union.
Of those polled, 43 per cent reported tariff-related revenue declines, while nine per cent reported revenue increases. The survey polled small-to-medium-sized businesses across Vancouver Island, the Fraser Valley, the Okanagan, Thompson and Similkameen valleys, and as far north as Kitimat, asking for insights on tariff impacts—already experienced or anticipated.
“Small businesses are the heart of B.C.’s economy,” says Launi Skinner, CEO at First West Credit Union. “As a B.C.-based financial cooperative, we have close relationships with the many local businesses across B.C. communities who rely on us for financial advice, and we’ve been listening closely to them as this unique U.S. tariff situation has unfolded. It’s incredibly heartening to hear that our members have a high degree of confidence in their ability to adapt to the challenges before them without needing immediate intervention from their financial institution or the government.”
“However, I’m careful not to overestimate the confidence our business members are expressing,” says Skinner. “It’s up to all of us to come together and stand with Canadian businesses from coast to coast, supporting them with our own individual purchasing decisions and urging our government officials to implement policies that enable business growth, including removing interprovincial trade barriers.”
The survey also revealed that for most businesses, it’s anything but business-as-usual—74 per cent are making strategic operational adjustments in response to tariff conditions, whether or not they’re expecting direct impacts on their revenues. That figure rises to 93 per cent among members facing revenue declines, indicating that those experiencing declining sales are more likely to be planning or implementing new strategies and considering multiple approaches.
“Many of our business members indicated that their focus is on finding operational efficiencies through pricing adjustments, supply chain changes, exploring new domestic markets, and pausing growth investments. It’s a testament to their resilience, patience and strategic thinking in the face of uncertainty,” says Scott Henry, Senior Research Analyst at First West.
Specifically, Henry says 31 per cent of survey respondents intend to alter their supply chains, with 24 per cent actively exploring domestic production and sourcing. Additionally, 27 per cent of businesses who responded intend to increase their prices.
“Even businesses not experiencing revenue declines see the current and evolving conditions as a time for opportunistic strategic adjustments,” Henry says. “They may need support and advice from us to navigate these changes effectively.”
Interestingly, 55 per cent of members expecting impacts on revenue are waiting to see how the situation unfolds before committing to specific preparations.
“The volatile nature of the way these tariffs are being implemented is also reflected in the survey data,” says Henry. “The caution our business members are showing seems to stem from their confidence. This confidence enables them to focus on identifying new opportunities and innovative solutions while remaining patient to see the full impact of the tariffs, rather than making significant, potentially disruptive changes.”
The survey captured data and insights from 360 business members at First West.