Despite the fact much of Canada is still experiencing restrictions related to the second wave of COVID-19, many entrepreneurs are feeling hopeful for the future.
According to a survey from the Business Development Bank of Canada (BDC), many entrepreneurs are feeling confident in the economy, business and hiring outlooks, as well as investment plans over the next 12 months.
Additionally, based on the findings, a growing number of business owners plan to invest more in 2021 than they did in 2020.
According to the findings, this increase in investment intention is largely due to an increase in business confidence, as well as an improved sales outlook.
Further, the results indicate there are nearly as many optimistic entrepreneurs—35 per cent—as there are pessimistic entrepreneurs—36 per cent.
“It’s been a difficult year, and although these are the most positive results we’ve seen since the start of the health crisis, we think business spending will remain weak in the upcoming months,” Pierre Cléroux, vice president of Research and Chief Economist for the BDC, said in a news release.
“Our survey paints a picture of an economy that will be in a slow but sustained recovery. We’re happy to be moving on to 2021,” he continued.
Moreover, of those who plan on investing, more than half—53 per cent—intend to invest in intangible assets, such as software, marketing, or employee training.