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Money Matters  

2012 Small Business Outlook Upbeat

According to a survey by Sage, small business owners expect 2012 to fare better than 2011
 Canadian Business
 
 

 

Small business growth and outlook for 2012 is optimistic in Canada, according to Sage. In a recent survey of 300 Canadian small business owners, Sage and Sage Simply Accounting found Canadians “plan of attack” associated with business growth for 2012 as well as business owners’ beliefs on potential challenges for the year.

In general, it was found, small business owners have optimism for 2012—43 per cent stating the 2012 outlook was overall better than business in 2011, 40 per cent expecting no changes and only 17 per cent taking a negative look at the upcoming year.

 

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Although the business world has been discussing a potential economic downturn in 2012, Canadians aren’t expecting an impact upon their business from such an occurrence. The survey found challenges such as a weaker Canadian dollar (6 per cent), a European debt crisis (4 per cent), and a stronger Canadian dollar (3 per cent) rounding out the lower end of upcoming challenges.

Sage found that the biggest challenges expected from business owners in 2012 include:

 

 
1) Getting new customers                   43%
 
2) Increased competition                     26%
 
3) Taxes                                                   21%
 
4) Customer retention                           20%
 
5) Government regulations                  14%

 

 

On the other hand, small business owners expect to focus upon the following throughout 2012:

 

 
1) Cut expenses                                          33%
 
2) Launch new services or products       27%
 
3) Invest more in new technology            20%
 
4) Hire more employees                           19%
 
5) Invest more in sales and marketing  17%
 
6) Seek additional financing/funding      17%
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