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NEW BDC STUDY LOOKS INTO THE FUTURE TO HELP CANADIAN ENTREPRENEURS DEFY THE ODDS
for environmentally friendly products and services will continue to expand .
Trend # 3 – Labour shortages will persist over the next decade
BDC , Canada ’ s bank for entrepreneurs , is releasing the results of a comprehensive research project that highlights four critical trends shaping Canada ’ s future business landscape . 4 key trends shaping the future of Canada ’ s businesses is designed to help entrepreneurs plan their next business move in a time of constant change .
Over the past five years , SMEs have had to adapt to a number of crises : the COVID-19 pandemic , the 2021 – 2023 global supply chain crisis , rising inflation , labour shortages and rapid technological change , including a rapid rise in e-commerce and conversational AI . The study offers insights and tools to help entrepreneurs anticipate what ’ s ahead and make informed decisions to ensure long-term success .
Trend # 1 – Increasing costs will remain a concern
The study finds that 75 % of businesses say rising costs have affected their business . The industrial product price index ( IPPI ), which tracks the price of products at factory gates , increased by 35 % between Spring 2020 and Spring 2022 . While some input prices have and will come down , the price of energy will remain high as extreme weather events affect electricity output , new investments to increase the electricity supply are slow to happen and geopolitical situations maintain gas prices above the prepandemic average .
Optimising energy consumption and adopting cost-saving technologies can mitigate these pressures .
Trend # 2 – Zoomers as consumers
About two-thirds ( 66 %) of Canadians are willing to pay extra for locally produced products , and 50 % are willing to pay extra for environmentally friendly products or services . Zoomers , who were born between 1997 and 2012 , are significantly more likely to pay more for environmentally friendly clothes , shoes and accessories ( 71 %) compared to other generational cohorts ( 54 %). Considering that all Zoomers will be adults by 2030 , the market
This will remain a pressing issue , particularly with respect to skilled workers : nearly 70 % of future job openings will require post-secondary education or management skills , which are areas currently reporting the lowest unemployment rates , making it even harder to find qualified candidates . It seems that 88 % of businesses think it will be just as hard or harder to find employees in the next five years .
The study presents the top three strategies for dealing with labour shortages :
1 . Technology and automation can reduce the time employees spend on repetitive or low-value tasks .
2 . A people strategy with competitive compensation , growth opportunities and a positive culture can help attract and retain talent .
3 . Expanding the hiring pool by upskilling candidates through training , forming partnerships with universities and schools and hiring diverse workers can help ease labour and skills shortages .
Trend # 4 – The rapid pace of technological change
With 82 % of businesses already considering technology critical , and 38 % anticipating significant disruption from new technologies , it is imperative for entrepreneurs to embrace Digital Transformation . Technology can automate repetitive tasks , allowing employees to focus on higher-value activities . �
62 Intelligent SME . tech