A report by the Business Development Bank of Canada suggests that rising costs will remain a significant concern for businesses, with 75% stating that these costs have affected their operations.
The report also highlights the importance of improving business processes to identify inefficiencies before investing in new technologies like automation and artificial intelligence tools. The report also highlights the need for businesses to adapt to the “zoomers” generation, who are more likely to pay extra for environmentally friendly products and services.
Labour shortages and the rapid pace of technological change are also key trends shaping the future for businesses. Nearly 70% of future job openings will require post-secondary education or management skills, with areas currently reporting the lowest unemployment rates.
However, there is a significant gap in preparedness, particularly among small businesses of less than 100 employees. One-third of businesses anticipating worsening labor challenges are not planning strategies for hiring, training, or retaining employees.
Although 82% of businesses surveyed consider technology critical, 38% anticipate significant disruption from new technologies. Pierre Cleroux, BDC’s vice-president of research and chief economist, believes that adopting new technologies is mandatory for small businesses to shape their future and drive their business forward.
“We are past the point where adopting new technologies is good advice; it is mandatory,” said Pierre Cléroux, BDC’s vice-president of research and chief economist.
Source: Globe and Mail
Source: The Star
