While some market indicators have suggested the Canadian economy is contracting, private companies are still optimistic about their growth potential, a new survey indicates.
According to professional services firm PricewaterhouseCoopers and its Business Insights survey, an overwhelming majority of small business owners – 82 percent – believe their company will expand during the next 12 months, a significant jump compared to the 66 percent who said the same last year.
Tahir Ayub, Canadian leader for the firm's private company services practice, said small businesses have adapted to the economy's downturn so that they're more able to adequately face financial challenges.
"They are ready for whatever the markets throw at them, which accounts for the optimism," said Ayub.
Though businessowners expect to be in good shape overall, they nevertheless cited issues that may hinder peak performance levels. The potential problems cited most frequently were competition and profitability.
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