The Latest Business News in Canada: Top Trends to Watch Out For
With the COVID-19 pandemic still ongoing, 2021 has brought its share of challenges for businesses in Canada. Economic uncertainties and changing consumer behaviors have driven the need for adaptation and innovation. In this article, we will explore the latest business news in Canada and the top trends to watch out for.
Digitalization is Key
The pandemic has accelerated the shift towards digitalization, with businesses being forced to explore digital channels of commerce and communication. As a result, consumer behavior has changed, with more people adopting online shopping and remote working.
According to a recent survey by the Canadian Federation of Independent Businesses, 44% of small businesses plan to invest in online business improvements such as building an e-commerce platform and developing a social media presence. This trend is expected to continue in the future, and businesses that invest in digitalization are likely to remain competitive.
Green Business Practices
The growing concern for the environment has led to an increased demand for green business practices. More businesses are adopting eco-friendly practices, such as using renewable energy sources and reducing carbon emissions. Governments also offer incentives to businesses that adopt environmentally sustainable practices.
According to a survey by the Business Development Bank of Canada, 88% of businesses have taken steps towards adopting green business practices, with 49% having a formal plan in place. Green business practices are becoming more widespread, and it’s essential for businesses to consider their impact on the environment.
New Opportunities for Remote Workers
Remote working has become a standard practice due to the pandemic, and it has opened up new opportunities for businesses. By hiring remote workers, businesses can expand their talent pool and reduce overhead costs. Remote work also allows employees to have a better work-life balance, which can result in increased productivity.
A recent survey by PwC Canada found that 27% of employers expect their employees to work remotely for most of the week after the pandemic, while 43% expect remote work to be more widespread. Therefore, businesses should consider the potential benefits of remote work and how it can increase their competitiveness.
Increased Funding for Startups
The government and investors have increased funding for startups in Canada, which can help stimulate innovation and job creation. The Canadian government has launched various programs to support startups, including tax credits and grants. Investors are also looking for opportunities to invest in Canadian startups, with venture capital investments totaling CAD 1.62 billion in 2020.
The increased funding for startups presents a significant opportunity for businesses to explore new innovative ideas and expand their business ventures.
Conclusion
In conclusion, the latest business news in Canada highlights the need for businesses to adapt and innovate in response to changing consumer demands and economic uncertainties. Digitalization, green business practices, remote working and increased funding for startups are the trends that businesses should watch out for to remain competitive. By adopting these practices, businesses can seize new opportunities and overcome challenges in the Canadian market.
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