A survey by auditing firm KPMG suggests the vast majority of Canadian small and medium enterprises (SME) are optimistic about long-term growth post-pandemic.
Ninety-two per cent of SMEs said they’re confident they have the right strategies to overcome short-term hurdles and grow their company in the next three years.
The survey found that issues around the labour market, supply chain and cybersecurity in an increasingly digital world are top concerns among SMEs in the short term.
Mary Jo Fedy, KPMG’s national enterprise leader in Canada, said digitization efforts are an important strategy businesses are using to ensure their growth.
The survey found 85 per cent of businesses are investing much more in implementing new technology, and that more than half of businesses are prioritizing those tech investments.
Fedy said digital investments will allow companies to operate more efficiently, reduce human error and allow their workforces to take on more meaningful work.
“The last year and a half clearly demonstrated that going digital is essential for success,” said Fedy.
“Companies that will lead the way forward will be able to adapt rapidly to emerging risks and capitalize on the digital opportunities realized during the pandemic through sustained tech investment and adoption.”
This report by The Canadian Press was first published Oct. 13, 2021.