Cloud-Brainstorming

Canada’s small business owners say innovation is a top priority in 2016, according to a CIBC poll.

Highlights:

  • 90% of business owners see innovation as important to long-term success
  • 77% say they are likely to invest in innovation in the next 12 months
    • Very likely – 26%
    • Somewhat likely – 50%
  • The greatest obstacles to innovation in business are having enough time (23%) resources (21%) and cash flow (19%).
  • The top overall challenges faced by small businesses include dealing with changes in the marketplace (38%), competition (32%) and identifying sources of future growth (32%).
  • When asked what innovation means to them, business owners’ top selections were evolving a business model to meet customers’ changing needs (22%) and using new technologies to achieve efficiencies (18%).

Poll respondents included a cross-section of small business owners from all sectors of the economy from professional services and manufacturing to health care and real estate.

Also read:

When family businesses become associated

5 things you need to know about crowdfunding investing

Best places in Canada for entrepreneurs

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca