More than half of Canadian business owners expect 2015 to be a better year for their company, according to the Bank of Montreal’s (BMO) most recent Small Business Confidence Report.
Twice a year, BMO surveys business owners about their economic outlook, growth expectations and plans for investment, and uses these factors to create a single-figure snapshot of small business confidence. The index score from this most recent report came in at 68 out of 100. This is a slight increase over the 65 out of 100 recorded last spring, but still below the 70 out of 100 reached in the same period last year.
Nationally, 59% of respondents said that they believe next year will be better for their businesses, while just 14% said it would be worse. Business owners in British Columbia were the most optimistic, with 66% predicting good things for 2015. Quebec was the least hopeful province, with 55% of those surveyed expecting to see an improvement in their businesses next year.
Overall, 51% of respondents said they expect the economy to be better in 2015 and 51% also expect their businesses to grow next year. However, owners were noncommittal about investing in their businesses. Nationally, just 25% said they plan to invest more in 2015, while 16% expect to invest less.