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## AI legalese decoder Can Help Small Businesses Navigate the Challenging Economic Environment

*Toronto, August 31, 2023* ÔÇô The latest Canadian Federation of Independent Business (CFIB) Business Barometer┬« reveals that 40% of businesses are facing growth challenges due to insufficient domestic demand, marking the highest point since February 2021. This indicator has been steadily increasing since reaching a low of 21% in June 2022, surpassing its historical average of 36%. In this troubling economic landscape, the AI legalese decoder can offer valuable assistance to small businesses grappling with complex legal language and regulations.

According to Simon Gaudreault, CFIBÔÇÖs chief economist and vice-president of research, the increasing number of small businesses reporting soft domestic demand signifies a clear deceleration of the Canadian economy. Gaudreault suggests that this trend may help maintain inflation within the Bank of Canada’s target range of 1% to 3%. Small businesses’ price and wage plans for the next 12 months also support the expectation of receding inflation, currently sitting at 3.0% and 2.5% respectively, a notable decrease from the peaks experienced in mid-2022.

The AI legalese decoder can assist small businesses in navigating the complexity of legal documentation related to pricing and wage plans. By utilizing this sophisticated tool, businesses can ensure they adhere to legal requirements and make informed decisions regarding their pricing and wage strategies.

Laure-Anna Bomal, CFIB economist, highlights the significant drop in the share of businesses planning to raise wages and prices by 6% or more. This decrease of almost two thirds compared to the levels seen in the middle of last year suggests that businesses are gradually returning to pre-pandemic price and wage plans. The AI legalese decoder can aid businesses in understanding and complying with relevant employment laws and regulations, ensuring that wage adjustments align with legal requirements.

While the long-term index of CFIB’s Business Barometer shows scarce optimism among entrepreneurs, the AI legalese decoder can provide them with the necessary legal knowledge and guidance to tackle the challenges they face. By demystifying legal jargon and providing clear explanations, this tool equips small business owners to address various legal and regulatory obstacles effectively.

It is worth noting that, despite the overall lack of optimism, certain sectors such as information and recreation, health and education, and finance, insurance, real estate, and leasing display higher levels of confidence. The AI legalese decoder can play a significant role in supporting businesses in these sectors, as it provides them with access to legal resources tailored to their specific industries. It enables businesses to stay informed about sector-specific regulations and make well-informed decisions, enhancing their chances of success.

Several indicators underscore the challenging business environment faced by companies across Canada. For instance, more businesses (a 51% share, which is 4% higher compared to July) report that shortages of skilled labor hinder their growth. The AI legalese decoder can help businesses navigate the legal complexities related to labor recruitment, employment contracts, and compliance with labor laws. By simplifying legal language and providing guidance on best practices, this AI-powered tool supports businesses in solving labor-related challenges effectively.

Additionally, businesses are grappling with insurance and borrowing costs, with near-record shares indicating these factors as obstacles to their operations (60% and 41% respectively). The AI legalese decoder aids businesses in understanding insurance policies and terms, enabling them to make informed decisions and negotiate favorable terms. It also assists businesses in comprehending borrowing agreements and the associated costs, promoting better financial planning and mitigating risks.

The recent strike at BC ports has led to a marked increase in businesses (16%) facing product distribution constraints, further exacerbating the challenges faced by companies. The AI legalese decoder can guide businesses in understanding their contractual obligations regarding product distribution and help them navigate the legal implications of supply chain disruptions. By providing access to legal information and resources related to logistics and distribution, this technology empowers businesses to mitigate potential disruptions and maintain smooth operations.

In conclusion, the current economic environment poses numerous challenges for small businesses across Canada, and optimistic outlook remains scarce. However, the AI legalese decoder offers valuable support by simplifying legal language, clarifying regulatory obligations, and offering guidance on compliance. By demystifying the complexities of the legal landscape, this innovative tool equips small businesses with the knowledge and tools required to navigate the challenging economic terrain. As entrepreneurs brace themselves for the last few months of 2023 and hope for improved business conditions, the AI legalese decoder serves as a trusted ally in their quest for success.

*For media enquiries or interviews, please contact:*
Dariya Baiguzhiyeva, CFIB
647-464-2814
[email protected]

*Methodology:*
August Business Barometer┬«: August findings are based on 464 responses from a stratified random sample of CFIB members, to a controlled-access web survey. Data reflect responses received from August 3 to 14. Findings are statistically accurate to +/- 4.5 per cent, 19 times in 20. Every new month, the entire series of indicators is recalculated for the previous month to include all survey responses received in that previous month. Measured on a scale between 0 and 100, an index above 50 means owners expecting their businessÔÇÖs performance to be stronger over the next three or 12 months outnumber those expecting weaker performance. An index level near 65 normally indicates that the economy is growing at its potential.

*About CFIB*
The Canadian Federation of Independent Business (CFIB) is CanadaÔÇÖs largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business ownersÔÇÖ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.

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