44 BCBusiness sePTeMbeR 2015
STaTe
of The
We surveyed B.C.'s
small business owners
to find out how they're
doing. Are they export-
ing in 2015—and if so, to
where? Do they expect
to grow this year or
contract? Do they plan
on acquiring or being
acquired? Do they have
a succession plan? A
business plan? A hiring
plan? The answers may
surprise you
(Small)
naTion
Report after report through
the first half of 2015 confirmed one
thing above all else: B.C. is expected
to lead the nation in economic growth
this year. And our survey of 612 small
business owners in British Columbia,
conducted in late June and early July by
Insights West, mirrors that optimism,
with almost half of respondents expect-
ing growth of six per cent or more over
the next year. "I think everybody seems
to be fairly buoyant about the future,"
says Mario Canseco, vice president of
public affairs for Insights West. "Overall,
everybody expects to do better."
Optimistic, yes—but sensible? One
of the more startling findings from our
survey was how few small business own-
ers were prepared for the future: only 31
per cent said they have a formal busi-
ness plan, and just half that amount—16
per cent—said they have a succession
plan. And while those numbers might
be expected of the very smallest of
small businesses, it also holds true for
businesses worth over $50 million—
businesses, in short, that should know
better. Only 52 per cent of owners here
said they have a formal business plan,
while only 42 per cent have a succes-
sion plan. "Essentially, you have more
than half of these businesses not having
thought of what's going to happen once
the owner isn't there," notes Canseco.
"It's crazy!"
A few of the other gems to come out
of the research: the smaller you are, the
more diversified your export markets
(assuming you do, in fact, export—and
only 17 per cent of B.C. small businesses
surveyed do). Almost seven in 10 small
business owners have never (that's right:
never) invested any money in business
intelligence (things like data analysis and
benchmarking). And only 33 per cent of
small business owners agree with the
statement, "Attracting new employees
is a top priority for my business."
Read on to find out more, and check
out our website for complete survey
results: bcbusiness.ca/smallbiz
—Matt O'Grady
the
issue
small
Business
Results are based on an online study conducted from June 14 to July 4, 2015, among 612 small
business owners in british columbia. For the purposes of this survey, questions were asked of
respondents who fit the following criteria: they owned a business in b.c. and that business had
a maximum worth of $100 million and, at most, 100 employees. The margin of error–which
measures sample variability–is +/- 4.0 percentage points. Due to rounding, results may
not total 100 per cent.
Plus J o i n u s f o r a s p e c i a l b r e a k f a s t s e m i n a r o n s m a l l
b u s i n e s s O c t . 7 a t R o s e w o o d H o t e l G e o r g i a , s p o n s o r e d b y
D e l o i t t e . D e t a i l s a t B C B u s i n e s s . c a / S m a l l B u s i n e s s B r e a k f a s t
