A CANADIAN PERSPECTIVE SMPs: Adapting to the economic turbulence and laying foundations for sustainable growth
RECESSION’S IMPACT SMEs/SMPs weathered storm effectively Largely unaffected by credit crunch More optimistic than players in other countries
CANADA’S RESILIENCE Strong banking system Tighter financial regulations Cautious and risk-averse banking culture Lending practices largely unchanged
SME/SMP OPTIMISM Turned to accountants for advice Relative strength of Canadian consumer CIBC Word Markets study – Canadian consumer to outpace all G7 consumer sectors
CANADIAN BUSINESS ENVIRONMENT Economy extremely regionalized Some regions highly resource-based; others rely heavily on manufacturing Result = recession affected regions differently
FUTURE FOR SMPs Growth areas: - Succession - Estate planning - Restructuring Success = providing strategic advice Being proactive essential
SMPs AND THE RECOVERY Protect independence and integrity Provide staff with new knowledge and training Make the most of technology Take time to listen to clients Find innovative ways to meet client needs