The Business Development Bank of Canada, which for 80 years has been this country’s bank for entrepreneurs, has highlighted four critical trends shaping the country’s future business landscape — and has strategies to help entrepreneurs in a time of constant change.
1. Increasing costs will remain a concern.
Three-quarters of businesses say rising costs have affected their business in recent years, and while the cost of some products has come down, the price of energy will remain high due to extreme weather, adverse geopolitical situations and a shortage of new investments.
TIP: Adopt cost-saving technologies and reduce energy consumption, but note that it’s crucial to focus on improving business processes before investing in new technology.
2. Zoomers are the new consumers.
All zoomers — those born between 1997 and 2012 — will be adults by 2030, and have distinct characteristics as consumers. For one thing, they are much more likely than older Canadians to pay extra for environmentally friendly products or services (71 per cent versus 54 per cent).
TIP: Offer competitive pricing without compromising quality; promote more local and environmentally friendly products; and adopt environmental, social and governance (ESG) criteria.
3. Labour shortages will continue.
It’s already hard to find skilled candidates, but nearly 90 per cent of businesses think it will be just as difficult or even harder to find employees in the next five, even 10 years.
TIP: To attract and retain talent, offer competitive compensation, growth opportunities and a positive culture. Also: Use technology and automation to reduce the time existing employees spend on repetitive or low-value tasks.
4. Technology will continue its rapid change.
Whether technology is essential to your business or is disrupting it, the digital transformation won’t be slowing down at all, and businesses need to be prepared.
TIP: Adopt new technologies such as AI, cloud computing and cybersecurity to enhance productivity, improve customer service and provide a competitive edge.
Image: Getty
