Canadians Optimistic That 2014 Will be a Better Year for Small Businesses

How do Canada’s small business owners, the drivers of the economy, feel about the prospects for their business this year?

Sage North America, a business software management company, recently conducted its annual Canadian small business outlook survey to find out.

When asked how their companies performed in 2013, 27% of Canadian small businesses said “very good”; 35% said “good”; 34% said “fair”; and 4% said “poor.”

In 2014, 41% plan to launch new services or products, while 29% plan to cut expenses and 24% plan to invest in new technology, according to Sage’s report, titled “2013 Canadian Small Business Outlook Report.”

In terms of challenges, 41% cited getting new customers, while 28% mentioned taxes and 22% look at increased competition as a major hurdle.

Regardless of challenges, optimism reigns in Canada’s small business space: 52% of companies believe the outlook for 2014 is better than last year, while only 7% believe it’s worse.

Photo: Canadian Press