Private firms expect strong growth

Private companies have forecasted a 7.6% growth rate at a time when national growth is 2%, according to early results from Business Insights 2013, PwC’s study on the ownership, performance and concerns of more than 350 Canadian firms.

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The top three ways private companies indicated they plan to achieve growth and expansion is through improved sales and marketing campaigns (44%); improved customer experience and retention (38%); development of new products and services (31%).

The majority of private business leaders look to the domestic market for growth in the next five years. With organic growth as a priority among companies with less than $50 million in revenue, respondents overall are focused on expanding their customer base (45%), improving operational effectiveness (44%) and improving customer experience, retention and loyalty (39%) to drive organic growth over the next three years.

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The report found the primary barriers for growth for the next year include:

• Economy/lack of activity (38%)
• Labour shortages/recruitment of skilled staff (28%)
• Demand for products/services (25%)

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The staff of Advisor.ca have been covering news for financial advisors since 1998.