Business owners less than 35 years old are twice as likely to be planning a business expansion compared to owners 55 and over, finds a CIBC poll.
The trend suggests younger owners will play a key role in driving Canadian economic growth and highlights the need for a strong business strategy and access to additional capital, says CIBC.
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The poll finds:
• 39% of business owners say they plan to expand in the next three years
• Of those owners, 60% of business owners 35 and under plan to expand, while only 33% of those 55 and over do.
• Businesses in BC were the least likely to be expanding, where only 30% of owners plan to grow their businesses.
When asked why they were not interested in expanding their business, 54% of business owners 55 and over say they are planning to wind down the business and retire.
The top three areas business owners plan to invest are:
• Marketing initiatives (46%)
• Increasing capacity or production (44%)
• Expanding into new markets within Canada (41%)
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Canadian small business owners planning to expand their business over the next three years:
National Average: 39%
BC: 30%
Prairies: 44%
Ontario: 39%
Quebec: 38%
Atlantic: 45%
Owners planning to expand their business over the next three years, by age:
National Average: 39%
Less than 35: 60%
35-54: 40%
55-64: 33%
65+: 30%