A wave of retiring Baby Boomers is about to hit Canada’s small business sector, and many aren’t ready for the transition. A new Scotiabank survey reveals digitalization is the key to unlocking future growth and successful small business transitions of ownership.
Though nearly half of small business owners believe that modernizing their business through digital transformation is essential to help with its sale or transition, nearly the same proportion say they don’t have a digital transformation plan in place, the 2024 Scotiabank Small Business Path to Impact survey results show.
The full report can be read here. Take a closer look at some of the Path to Impact report findings below:
Methodology: The Scotiabank Small Business Path to Impact Survey was conducted on behalf of Scotiabank by Maru Public Opinion and its sample and data collection experts at Maru/Blue. A total of 663 financial decision makers at Canadian businesses with annual revenue between $50,000 and $5 million responded to the survey between July 12 and 22, 2024. The survey was conducted in both English and French.
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