A survey has suggested the majority of Canadian private companies have fared better over this past recessionary year than one might have expected and are well positioned for the future.
The PricewaterhouseCoopers (PwC) Business Insights® Survey 2009 suggested many private companies entered the recession well managed and capitalized, with minimal debt and were able to weather a market correction.
Nationally, 58 per cent of respondents are planning for growth and expansion in the coming year, 14 per cent are planning to consolidate, 2 per cent are stabilizing, and only 1 per cent of companies surveyed were planning an exit in the coming year.
In Ontario, 55 per cent of respondents reported growth as their top strategy for the coming year.
The recession has been a time for introspection for leading private companies. Nationally, the majority of private companies surveyed are using this time to catch their breath, look inward, clean house and find efficiencies. In fact, 59 per cent are reducing their cost of operations, 51 per cent are improving processes, 48 per cent are focused on better targeting of customers and 45 per cent are improving staff skills.
For more information on the Business Insights® Survey 2009, including a copy of the full report and executive summary, visit www.pwc.com/ca/businessinsights.
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