TORONTO (Nov. 27, 2024) – Sage’s annual survey of 12,000 small and medium-sized business (SMBs) leaders globally – ‘Small Business, Big Opportunity’ - finds that business confidence among SMBs has reached new highs, with 86% expressing optimism about their success, up from 80% in 2023.
This surge in confidence is attributed to improved operational efficiency, increased consumer spending, adoption of new technology, and enhanced cash flow, with nearly all SMBs (95%) recognizing their essential role in driving growth within their national economies.
The data shows that Canadian SMBs are outpacing the global average in key areas, like digital investment (94% prioritize it versus the global average of 87%) and anticipated revenue growth (81% in Canada versus 70% globally). Canada’s leadership in digital adoption and growth among SMBs could be attributed to several factors: government support through digital adoption programs and the nation economies’ stability and resilience, allowing businesses to invest in growth and technology.
Key Canada Findings:
While Canadian SMBs have shown remarkable resilience, they continue to face challenges, particularly in managing rising costs and cash flow concerns. More than 60% of businesses report increased operating costs, and 53% anticipate further cost pressures in the coming year. As they navigate these challenges, SMBs express a need for supportive policies that can alleviate financial burdens and sustain their digital progress.
“Small businesses are vital to Canada’s economy and communities, and their resilience and adaptability are truly inspiring,” said Mark Hickman, Managing Director, North America at Sage. “This year’s report underscores that digital technology is not just a growth tool; it’s a lifeline for Canadian SMBs. We’re committed to advocating for the conditions that will allow these businesses to thrive, from better access to digital resources to supportive economic policies.”
As SMBs in Canada prepare for growth in the year ahead, digital investment will be a clear focus to drive productivity and time savings. Sage will continue to amplify their voices and work closely with partners and policymakers to foster an environment that supports their growth. This report is part of Sage’s ongoing commitment to championing the needs and priorities of SMBs and supporting their journey toward sustainable, technology-driven growth.
As Canadian SMBs set their sights on growth, optimism and investment are on the rise, with a clear focus on technology as a driver of productivity and time savings. However, many SMBs also recognize the need for greater support to fully capitalize on these benefits.
For more information on Sage’s “Small Business, Big Opportunity” 2024 report and to access the full findings, visit Sage’s digital newsroom.
Sage exists to knock down barriers so everyone can thrive, starting with the millions of Small and Mid Sized Businesses served by us, our partners and accountants. Customers trust our finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology and experience to tackle digital inequality, economic inequality and the climate crisis.
Brittany Farquhar, Corporate Affairs Manager
[email protected]
Sage, in partnership with Strand Partners, conducted an online survey of 12,013 SMB business leaders in October 2024. The markets included as part of this study are Canada, France, Germany, Ireland, Portugal, Spain, South Africa, the UK and the US. In each market, except the US (where a specific sample was included for those employing 250-500 people due to a different official definition of SMB), decision makers at businesses employing fewer than 250 people were targeted.