Confidence rises among Canadian business owners

A majority of the survey respondents (62 percent) say they expect 2014 will be a better year than 2013, and 55 percent expect their business will grow. Only 6 percent expect their business to shrink.

“As we lead up to Small Business Week, the well-being of our small business customers is top of mind,” says Steve Murphy, senior vice president, commercial banking, BMO Bank of Montreal. “Our semi-annual check-up is showing that business owners in Canada are in good health, and are more optimistic than before. Particularly noteworthy is the fact that the outlook for business next year is consistent across the country, so entrepreneurs are feeling supported and encouraged regardless of where they’re located.”

The majority of business owners in all parts of the country share this positive outlook, with those in British Columbia and Ontario recording the highest score.

Prospects for growth

The number of businesses that expect their company to grow next year is nearly 10 times that of those who expect to see their company shrink, the report shows.

“The positive outlook among businesses for 2014 is consistent with our forecast for accelerating growth as we move into next year,” said Benjamin Reitzes, senior economist, BMO Capital Markets. “An improving U.S. and global economic backdrop is expected to provide a lift to Canadian businesses and the economy as a whole.”