A new KPMG survey has found Canada’s small and medium-sized businesses are banking on strong growth in the next three years, even as a possible economic downturn remains top of mind in the near term.
According to a poll of 503 small and medium-sized enterprises, 83% of respondents are feeling positive about their firm’ growth over the coming years, while 82% report feeling confident about their sector.
The survey says 61 per cent of small and medium-sized businesses have taken pre-emptive measures to mitigate what they see as short-term recessionary risks, from a short-term freeze on hiring to hitting the pause button on digital transformation plans.
According to the poll, 77% of small and medium-sized enterprises want to hire more people over the next three years to support their growth ambitions, with 20% anticipating a hiring increase of at least 11% during this time.
Although 56% of small and medium-sized firms concur that it is challenging to find the talent of the future needed to transform their business, hiring will continue to be a top concern in the coming years.
Despite concerns about the recession, small businesses in Canada are optimistic about growth.
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