Recent surveys this fall by The Bank of Canada and PwC boast bright futures for Canadian business. “Despite the economic slump, Canadian private companies are more optimistic than ever; 82% plan to grow and expand over next 12 months,” says PwC. Their Business Insights Survey that looks at issues affecting Canadian private companies showed a 16% increase of respondents striving for growth compared to 66% last year.

Recent surveys this fall by The Bank of Canada and PwC boast bright futures for Canadian business.

“Despite the economic slump, Canadian private companies are more optimistic than ever; 82% plan to grow and expand over next 12 months,” says PwC. Their Business Insights Survey that looks at issues affecting Canadian private companies showed a 16% increase of respondents striving for growth compared to 66% last year.

The Bank of Canada also posts increases in sales driven by firms in Western Canada and demand for commodities.

Recession-proof?

Private companies learned how to survive and stay lean during the recession; many repositioned themselves to face the challenges.

Likewise, many companies report conservative expectations for growth due to the uncertainty in world markets. Only 10% of respondents were looking to aggressively grow by 15% or more, compared to last year, when 24% expected to grow by more than 15%. 

Top Three Business Issues Over the Next 12 Months

• competition (34%)
• profitability (29%)
• labour shortages (26%).

1. Improving processes - 47%
2. Reducing costs of operations -46%
3. Improving staff skills - 39%
4. Better targeting of customers -37%
5. Staff retention - 33%
6. Expansion plans - 30%
7. Investing in IT - 22%
8. Strategy definition/evaluation- 21%
9. Collaboration/strategic alliance - 21%
10. Increased R&D/innovation -19%

How Private Companies Plan To Grow

Looking ahead, private companies are ready to embrace new ways of thinking and invest in new solutions to support their growth agenda by:

• Getting a clear understanding of their costs
• Focusing on innovation to drive efficiencies
• Using technology as an enabler for efficiency and innovation.
• Re-assessing their people strategies
• Embracing emerging markets at home and abroad

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