Welcome!

News Feed Item

BMO Small Business Confidence Report: Canadian Business Owners' Optimism Drops Slightly From Six Months Ago

- Pullback in confidence reflects the economic slowdown due to inclement weather - BMO Economics

TORONTO, ONTARIO -- (Marketwired) -- 04/10/14 -- According to the semi-annual BMO Small Business Confidence Report released today, Canadian business owners' confidence in the state of the economy and their business prospects dropped slightly compared to the latter half of 2013, but is still up from a year ago.

The BMO Small Business Confidence Report is designed to produce an index score that measures the level of confidence small business owners have in the economy and their business prospects based on a series of key indicators, including their predictions for performance, economic outlook, growth expectations and plans for investment. As a single-figure snapshot of small business confidence, the current index score would register at 65 out of 100 - down slightly from last fall (70 out of 100), but up from 59 out of 100 a year ago.

The report revealed an upturn in confidence between the spring and fall of 2013, likely reflecting the weaker Canadian dollar, stronger U.S. economy and solid GDP growth in the second half of last year.

While the confidence score has dropped slightly over the past six months, the majority of business owners across the country share a positive outlook for the year ahead, with those in British Columbia and Alberta recording the highest score.

"With the U.S. economy experiencing an uptick, Canadian companies could benefit from looking beyond traditional markets to find new buyers for their products and grow their business," said Steve Murphy, Head, Canadian Commercial Banking, BMO Bank of Montreal. "With impressive growth continuing in emerging economies - such as China, India, Brazil and south of the Canadian border - it's important for business owners to tap into these markets as they represent another avenue for business success."

BMO Small Business Confidence Index Scores

----------------------------------------------------------------------------
OUTLOOK                             NATIONAL   BC   ABPRAIRES   ON   QC  ATL
----------------------------------------------------------------------------
Confidence Index
 Score            Spring 2014             65   69   70     61   67   58   63
                  ----------------------------------------------------------
                  Fall 2013               70   74   73     60   70   70   68
                  ----------------------------------------------------------
                  Spring 2013             59   64   59     54   59   57   62
----------------------------------------------------------------------------

2014 - A Better Year for Businesses: The majority of business owners across the country share a positive outlook for the year ahead.

----------------------------------------------------------------------------
                                Overall  B.C.   AB  PRAIRIES   ON   QC  ATL
----------------------------------------------------------------------------
Believe 2014 will be better for
 business                            56%   68%  68%       55%  57%  42%  43%
----------------------------------------------------------------------------
Believe 2014 will be worse for
 business                            17%   15%  19%       30%  13%  16%  26%
----------------------------------------------------------------------------

View on the Economy: Nearly half of Canadian business owners believe the economy will be better in 2014.

----------------------------------------------------------------------------
                                Overall  B.C.   AB  PRAIRIES   ON   QC  ATL
----------------------------------------------------------------------------
Expect the economy to be better
 in 2014                             47%   61%  56%       52%  49%  26%  44%
----------------------------------------------------------------------------
Expect the economy to be worsen
 in 2014                              9%    8%   8%       15%   9%   9%   9%
----------------------------------------------------------------------------

Growth Prospects: 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.

----------------------------------------------------------------------------
                                Overall  B.C.   AB  PRAIRIES   ON   QC  ATL
----------------------------------------------------------------------------
Expect business to grow in 2014      44%   49%  51%       44%  46%  34%  50%
----------------------------------------------------------------------------
Expect business to shrink in
 2014                                11%   12%   6%       24%   7%  14%   9%
----------------------------------------------------------------------------

Investing in 2014: More than one-quarter plan to invest in their business this year.

----------------------------------------------------------------------------
                                Overall  B.C.   AB  PRAIRIES   ON   QC  ATL
----------------------------------------------------------------------------
Plan to invest more in 2014          28%   27%  31%       30%  31%  25%  21%
----------------------------------------------------------------------------
Plan to invest less in 2014          18%   14%  12%       24%  16%  29%  12%
----------------------------------------------------------------------------

Small business owners can take advantage of BMO's Online Banking for Business platform, which can assist them in making important foreign exchange transactions effectively. "BMO's Online Banking for Business allows organizations to manage all aspects of their treasury needs - including global cash management to foreign exchange services, investments, loans, and trade finance - all from a user-friendly home page," added Mr. Murphy.

For more information on BMO's cross-border cash management solutions, please visit our website or contact a local BMO branch representative.

Results cited above come from a Pollara telephone survey with 502 Canadian business owners, conducted between March 7 and March 24, 2014. The margin of error for this survey is +/- 4.4 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $593 billion and more than 45,500 employees at January 31, 2014.

Contacts:
Media Contacts:
Russell Baker, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Internet: www.bmo.com
Twitter: @BMOmedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...