Many Canadian entrepreneurs are forging ahead despite a worrisome economy

Working to attract the customer

More than half of surveyed entrepreneurs said additional funding from non-revenue related sources enabled them to move forward with their business growth and expansion plans.

To achieve that growth, the survey revealed an increased focus on customer attraction and retention, driven by a need to differentiate among discretionary spenders. Nearly half of respondents were more likely to explore new products, services and markets (43%) and strengthen existing customer relationships (41%), versus raising prices (35%).

Among their investments, just over a third stated that marketing and sales services generated the most value for their business in 2024. Looking ahead, they want to increase their investment in marketing and sales, including efforts to upskill in this area.

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Going it alone

Almost half of Ownr's survey respondents were solely responsible for the ownership and operation of their businesses. Given their limited time and resources, these respondents felt an outsized gap in their ability to develop a long-term plan and navigate the changing market trends impacting their business, as their capacity was focused on day-to-day operations and staying afloat in the short-term.

That manifests in many ways, including a planning gap. Many solo entrepreneurs stated they had never created a formal business plan (38%), compared to 26% of all entrepreneurs surveyed.

Furthermore, just under four in ten solo entrepreneurs felt confident in their knowledge of the impact of interest rates and macroeconomic trends on their business, compared to half of everyone surveyed.

"Reinforcing the benefit of a business plan, nearly 70% of all entrepreneurs we surveyed who had a business plan were optimistic about their growth in the current economic climate, compared to 48% without a business plan,” Casey said.

Survey methodology

The survey was conducted by RBCx and distributed by Cint and Ownr between Jan. 22 to Feb. 11, captures the responses of 1,004 current or future (within the next year) business owners based in Canada over the age of 18.