Based on interviews with 420 business leaders, results from Business Insights™: The 2007 Survey of Canadian Private Companies show that overall, private companies continue to be confident, profitable and achieve great success. This success is being bolstered, in part, by the continued strength of the Canadian economy — and not affected by worries of slowdown south of the border.
Challenges
Labour issues are still impacting companies across Canada (particularly in Western Canada), while Ontario and Quebec are feeling the effects of currency fluctuations. Increased global competition is a top-of-mind concern for all survey respondents across Canada.
Innovation is key to success
While companies surveyed are doing well, the majority have little appetite to expand into alternative markets, which is interesting when you consider the trends that also emerged regarding the behaviour of the most successful companies. Those that are successful are young, innovative and willing to take risks. Because they are exploring new markets and new ways of doing things, they are going to be well positioned to compete and succeed in the new global economy.
All business leaders should look at their own behaviours and think about how they might reinvigorate their company to remain competitive in the long run.
To read more, download this year’s full survey report.
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