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Three small business strategies to increase productivity


It’s Small Business Week.

Pierre Cléroux, the BDC’s chief economist

According to statistics, small businesses are a key driver of this province’s economy, with 98.5 per cent of them having between one and 99 employees.

To kick off the week, the Business Development Bank of Canada is launching an online benchmarking tool and releasing research to help boost productivity.

Here’s a glimpse at the information: Three tips for increasing productivity from the BDC’s chief economist, Pierre Cléroux:

 

1) Invest in ICT

Canadian businesses are less productive than their American counterparts. One of the reasons for this is Canadian businesses invest just over half (56 per cent) of the amount US companies invest in information and communications technology (ICT).

 

2) Cut waste

Waste of resources is one of the main causes of inefficiency within a company.

 

3) Use formal processes to measure and improve productivity

Measuring and improving productivity generates tangible benefits. Canada’s fastest growing SMEs are over three times more likely to measure their productivity against formal metrics. One in three entrepreneurs that expect 10 per cent plus annual growth over three years comprehensively measure their productivity.

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