Canadian SMEs should consider investing in innovations and technology before interest rates increase even higher, according to the latest report from Scotiabank.
Scotiabank’s latest small business trend report, SMEs: The Shortage Economy, sheds light on Canada’s economic forecast and what that could mean for Canadian business owners in the coming months and years. The report indicates that business owners now expect supply chain disruptions to continue to worsen for at least the next six months, exacerbated by geopolitical events such as the war in Ukraine. These obstacles are having a significant impact on many SMEs’ business operations and opportunities for growth.
“Taking a proactive approach to investing in your own business – now rather than later – will ensure it’s more resilient, as you adapt to a higher cost future and capitalize on changing consumer behaviour,” said Jason Charlebois, Scotiabank’s Senior Vice President of Small Business Banking.