The newly released Zoho SMB Outlook Report by Zoho Corporation, a leading global technology company, reveals that Canadian small and medium-sized business leaders are optimistic about their business prospects and looking to hire. According to the survey, 40.1% of respondents expect 1-10% growth; 22.7% expect 11-20%; and 10.6% expect growth of 20+% over the next six months.
Surveying 1,526 Canadian business leaders (C-level to manager) about business performance, staffing, the economy, pandemic responses, and tech usage, the Zoho SMB Outlook Report additionally reveals that 64.6% of business respondents say their pricing has been impacted by inflation.
The Canadian SMB Outlook Report builds on two previous versions of the report that surveyed individuals in May, 2022, and October, 2021. The May report indicated that 81.2% of respondents were optimistic about the next six months and forecasted 1-20+% growth. Currently 73.4% feel similarly optimistic, which suggests that the economy and news of a recession have muted respondents’ enthusiasm, but not by much.
Key Survey Findings:
Business Growth:
Respondents feel good about their business prospects, with 40.1% of respondents expecting 1-10% growth and 22.7% expecting 11-20%, and 10.6% expecting growth of 20+% across the following regions.
- Alberta – 40% expecting 1-10% growth, 24.8% expecting 11-20%, and 6.7% expecting growth of 20+% during the next six months.
- BC – 41.3% expecting 1-10% growth, 22.7% expecting 11-20%, and 9.1% expecting growth of 20+% during the next six months.
- Ont. – 40% expecting 1-10% growth, 24.5% expecting 11-20%, and 10.8% expecting growth of 20+% during the next six months.
- Quebec – 37.8% expecting 1-10% growth, 25.2% expecting 11-20%, and 13.5% expecting growth of 20+% during the next six months.
Staffing:
Staffing plans show optimism with 43.4% planning to hire, 51.2% expecting no change, and only 5.5% anticipating layoffs.
- Alberta – 41.8% hiring, 50.9% no change, 7.3% layoffs
- BC – 41.3% hiring, 53.3% no change, 5.4% layoffs
- ON – 43.6% hiring, 51.9% no change, 4.5% layoffs
- Quebec – 44.8% hiring, 48.7% no change, 6.5% layoffs
The majority of respondents who are hiring struggled to find staff, with 47.5% saying yes, 35.9% saying no, and 16.6% not hiring.
- Alberta – 48.5% yes, 35.9% no and 15.8% not hiring
- BC – 46.3% yes, 30.6% no and 23.1% not hiring
- ON – 45.2% yes, 38.8% no and 16% not hiring
- Quebec – 57.4% yes, 32.2% no and 10.4% not hiring
Inflation:
Inflation is affecting businesses, with 64.6% of respondents saying they’ve been impacted and 35.4% indicating no changes.
- Alberta – 72.1% yes, 27.9% no
- BC – 59.9% yes, 40.1% no
- ON – 66.3% yes, 33.7% no
- Quebec – 67.8% yes, 32.2% no
The majority of respondents increased prices, with 25.2% raising prices by 1-2%, 24.9% raising prices by 3-5%, and 20.2% raising prices by more than 5%. 29.7% said the question applies to them, suggesting perhaps that they didn’t increase their prices.
- Alberta – 29.1% raised prices by 1-2%, 23% raised prices by 3-5% and 20.6% raised prices by more than 5%.
- BC – 20.7% raised prices by 1-2%, 24.4% raised prices by 3-5% and 19% raised prices by more than 5%.
- ON – 26.9% raised prices by 1-2%, 25.6% raised prices by 3-5% and 19.1% raised prices by more than 5%.
- Quebec – 22.6% raised prices by 1-2%, 29.6% raised prices by 3-5% and 25.2% raised prices by more than 5%.
A Link to the report dashboard can be found here: Zoho SMB Outlook Report
Report Methodology
Conducted in August, 2022, by Zoho Survey, this study contacted 1,526 individuals across Canada. Participants in the study included a range of business leaders, from manager roles to the C-level, at small and large enterprises across a variety of industries.
The Canadian SMB Outlook Report builds on two previous versions that also surveyed individuals in May, 2022 and October, 2021.
Like this:
Like Loading...
Related
This entry was posted on October 26, 2022 at 11:55 am and is filed under Commentary with tags Zoho. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
New Zoho Report Finds that 73% of Canadian SMBs are Optimistic about the Future, Forecasting 10-20% Growth in the Next Six Months
The newly released Zoho SMB Outlook Report by Zoho Corporation, a leading global technology company, reveals that Canadian small and medium-sized business leaders are optimistic about their business prospects and looking to hire. According to the survey, 40.1% of respondents expect 1-10% growth; 22.7% expect 11-20%; and 10.6% expect growth of 20+% over the next six months.
Surveying 1,526 Canadian business leaders (C-level to manager) about business performance, staffing, the economy, pandemic responses, and tech usage, the Zoho SMB Outlook Report additionally reveals that 64.6% of business respondents say their pricing has been impacted by inflation.
The Canadian SMB Outlook Report builds on two previous versions of the report that surveyed individuals in May, 2022, and October, 2021. The May report indicated that 81.2% of respondents were optimistic about the next six months and forecasted 1-20+% growth. Currently 73.4% feel similarly optimistic, which suggests that the economy and news of a recession have muted respondents’ enthusiasm, but not by much.
Key Survey Findings:
Business Growth:
Respondents feel good about their business prospects, with 40.1% of respondents expecting 1-10% growth and 22.7% expecting 11-20%, and 10.6% expecting growth of 20+% across the following regions.
Staffing:
Staffing plans show optimism with 43.4% planning to hire, 51.2% expecting no change, and only 5.5% anticipating layoffs.
The majority of respondents who are hiring struggled to find staff, with 47.5% saying yes, 35.9% saying no, and 16.6% not hiring.
Inflation:
Inflation is affecting businesses, with 64.6% of respondents saying they’ve been impacted and 35.4% indicating no changes.
The majority of respondents increased prices, with 25.2% raising prices by 1-2%, 24.9% raising prices by 3-5%, and 20.2% raising prices by more than 5%. 29.7% said the question applies to them, suggesting perhaps that they didn’t increase their prices.
A Link to the report dashboard can be found here: Zoho SMB Outlook Report
Report Methodology
Conducted in August, 2022, by Zoho Survey, this study contacted 1,526 individuals across Canada. Participants in the study included a range of business leaders, from manager roles to the C-level, at small and large enterprises across a variety of industries.
The Canadian SMB Outlook Report builds on two previous versions that also surveyed individuals in May, 2022 and October, 2021.
Share this:
Like this:
Related
This entry was posted on October 26, 2022 at 11:55 am and is filed under Commentary with tags Zoho. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.