Your business-owner clients need to figure out how to harness technology as well as leverage Canada’s shifting labour demographics, suggests a BDC study. (Registration is required to download the study.)
One reason for this, the study reveals, is businesses that have embraced digital tech have not only improved their customer experience (49%) but also boosted revenue growth (34%), and enhanced efficiency through lower costs (36%) and better productivity (45%).
Read: Businesses use tech, new markets to drive growth
Yet — social media aside — tech adoption remains low among small businesses. Less than one-quarter of businesses with fewer than 20 employees use e-commerce platforms, finds the study. But this proportion is expected to rise to about 48% by 2020.
When it comes to labour demographics, many studies emphasize that companies with an ethnically diverse labour force perform better financially. Yet, only 6% of Canadian entrepreneurs reported relying on immigrant workers to fill their needs for skilled employees.
That will likely change. The study forecasts immigrants will account for two-thirds of Canada’s population growth in 2022 and up to 80% by 2032, reveal Statistics Canada data.
Read: This chart shows where your next clients will come from
“Our survey shows that entrepreneurs need to do more to understand the contributions that new Canadians could make to their business,” says Pierre Cléroux, vice-president of research and chief economist at BDC, in a release. “Many business owners are missing out on this important pool of talent.”
Read the full study (requires registration).
About the survey: BDC’s survey was conducted online with 1,413 Canadian business leaders. The survey was sent to members of a BDC panel, as well as to a group of panellists recruited by Maru/Matchbox.
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