Many Canadian business owners plan 2020 investments

Entrepreneurs across the country are gearing up for a new year, despite some reservations about the economic outlook for the next 12 months. According to a survey from the Business Development Bank of Canada (BDC), business owners throughout the country are more pessimistic in 2020 than they were the year prior. However, many still believe their businesses will grow in the new year, and Ontario entrepreneurs say their investment intentions are on the rise for the new year.

Western provinces voiced less bold intentions in the survey, with business owners citing low commodity prices and cash flow issues as the reason for holding back on some investments in the first part of the year. However, certain companies and areas say they are on a pathway to growth. Large companies and exporters are leading the way, giving the province of Ontario more optimism than other provinces in the survey.

Overall, the survey results indicate that investments in tangible assets, such as real estate and equipment, may decline in 2020. However, money spent on technology, marketing and employee training is expected to rise based on the information shared by business owners. This is the continuation of a digitization trend in business, according to BDC, as well as a shift to a more services-oriented economy.

As trends continue to shift, Ontario businesses may need to consider mergers, pivots to their business models or significant investments to continue growth. There are many legal issues that must be navigated when making these decisions. Speaking with an Ontario lawyer who specializes in business-related law is a good idea for anyone taking new steps in 2020.

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