Survey finds that 78 percent of SMEs have growth ambitions, compared with 67 percent last year.<\/p>\n
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Despite a cross-border trade war and economic uncertainty, Canadian entrepreneurs are focused on growth and expansion, a new survey found.\u00a0<\/p>\n
The Business Development Bank of Canada (BDC) released its annual State of Entrepreneurship report on Thursday, which surveyed 2,500 Canadian business owners and executives on their priorities for the coming year.\u00a0<\/p>\n
\u201cThe results of our study show that entrepreneurs are not standing still. Quite the opposite,\u201d<\/p>\n
Pierre Cl\u00e9roux, BDC<\/p>\n
The share of small and medium enterprises (SMEs) focused on company growth increased significantly since last year, rising to 78 percent from 67 percent\u2014a notable jump as some businesses have been impacted<\/a> by trade disruptions and economic uncertainty hampering investment. However, the extent to which these companies want to grow varied widely: 46 percent said they were aiming for \u201cmoderate growth\u201d while 22 percent wanted \u201csignificant growth.\u201d Meanwhile, only 10 percent said they were going to \u201cradically transform\u201d their business.<\/p>\n Since US President Donald Trump imposed tariffs on Canadian goods in February 2025, Canada\u2019s business and tech sector have faced a number of newfound challenges: the report mentions an economic slowdown<\/a>, rising costs<\/a>, more competition, and trade tensions<\/a> as just a few.<\/p>\n \u201cThe results of our study show that entrepreneurs are not standing still. Quite the opposite,\u201d Pierre Cl\u00e9roux, BDC\u2019s vice-president of research and chief economist, wrote in the report. He added that Canadian SMEs are \u201cactively looking for ways to strengthen their competitiveness,\u201d such as adopting AI and diversifying markets and revenue streams.\u00a0<\/p>\n The report also indicated that companies under pressure are adapting quickly. Among the small businesses directly impacted by US tariffs\u2014which cover some tech startups that deal with hardware and supply chains\u2014the report found 58 percent expanded their products or services, compared with 39 percent of SMEs generally. Over the past year, 64 percent of SMEs gained new customers in their region, while almost one third found new customers in other parts of Canada.<\/p>\n