Professional Documents
Culture Documents
in general;
theyre worried about finding and keeping skilled labour; and where many are nearing retirement age, they are not terribly
Read on to find out more about what Alberta entrepreneurs are thinking about.
OPtimism RuLes
76% 87%
Alberta SMEs tie their success to natural resources, but despite low oil and gas prices, SMEs remain optimistic about their own success as well as the overall Alberta economy. Seven in ten (70%) Alberta SMEs agree the price of a barrel of oil has a direct impact on their business success and nearly half (48%) would agree that the price of natural gas has an impact on their business. More than six in ten (61%) report the overall Alberta economy is better off or the same compared to six months ago; 76% expect it to be the same or better off six months from now. The vast majority (86%) agree their business success is tied to the Alberta economy. More than three quarters (78%) report their company is better off or the same compared to six months ago and 87% expect it to be the same or better off six months from now.
KEY INSIGHTS
1 to 5
11%
yea rs
over 20 years
45%
13%
14%
1 6 t o 2 0 ye a
rs
11
to
15
17%
ye a r
ears 0y o1 6t
TRYING TO GROW
OuCH. MoRe DetaiLs on tHe toP Pain Points FoR ALbeRta SMEs
We also asked SMEs what is the most difficult areas facing their businesses today.
1) Human resources and labour. This was by far the top issue.
Almost half (49%) cite human resources as one of their biggest challenges. Nearly three in ten (27%) identify this as their most challenging task and another 22% as their second most difficult. specifically: Finding and attracting skilled labour (86%); Replacing key employees (69%); Managing Gen Y workers (58%).
sales and acquisition second among their top two most difficult challenges, including:
And finally, two in ten (18%) SMEs identified having the most difficulty with IT. It turns out that an array of challenges are causing them grief. The most frequently mentioned are: Keeping up with new technology (75%); Software or equipment upgrades (65%); Durable IT or equipment malfunctioning (53%).
Are Alberta SMEs owners in denial? Creating and planning a successful transition from both a personal and business perspective can take years to developand taking the time to do so will maximize the value of the business.
ConCLusion
Alberta SMEs are optimistic, despite talk of the bitumen bubble and world economic challenges. While Albertas population is growing quickly, outpacing the rest of Canada*, the ability to keep and retain a skilled workforce remains difficult for Alberta SMEs. The average age of SME owner/ operators in Alberta is high. Succession planning should be top of mind.