Despite an unpredictable economy, Canadian business owners are optimistic about growing their companies, a recent survey shows. Almost half of entrepreneurs (46%) are aiming for an increase in company revenues of at least 10% next year.

Revenue objectives vary by region. In Ontario, 18% of entrepreneurs strive for high revenue growth of 20% or more. In Atlantic Canada, only 3% of business owners are as hopeful.

The survey by the Business Development Bank of Canada (BDC) polled business owners with 1 to 499 employees and found that business size and sector have an effect on growth ambitions.

Eighty-nine percent of entrepreneurs who own larger companies (50-499 employees) think growth is important, compared to 82% of owners of companies with 5 to 49 employees and 76% of those who own a business with only 1 to 4 employees. Entrepreneurs working in the media and cultural sector, manufacturing, and transportation and storage industries are most interested in growth.

The survey also queried about the best ways to grow a business. Entrepreneurs ranked the following activities:

• Improving productivity - 23%
• Accessing new markets - 22%
• Developing new products and services - 16%
• Hiring additional skilled workers - 16%

In terms of regional variations, 27% of Quebec entrepreneurs think developing new products and services is beneficial to growing their companies. Differences by sector show that accessing new markets is particularly important to manufacturers (37%) while hiring additional skilled workers is important for entrepreneurs in the construction industry (29%).

For survey results and information about the current state of Canadian entrepreneurship, go to www.bdc.ca/sbw.

If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.