'Businesses that are more productive perform better in terms of profit growth and the value of their business,' says BDC chief economist and vice-president of research Pierre Cléroux From alicjawithaj
Canadian businesses that have invested in productivity are having an easier time handling inflation, labour shortages and supply chain issues, a new report has found.
The study, conducted by BDC economists and based on a survey of 1,000 Canadian companies, found that 61 per cent of all businesses consider inflation to be a challenge. But when it comes to companies that have invested in productivity – meaning technology and processes that help make businesses more efficient – just 39 per cent say inflation is a challenge.
The study also found that productivity-focused companies earn six times more in sales compared to peers in the same industry, and five times more profit. "Businesses that are more productive perform better in terms of profit growth and in terms of the value of their business. It's something we don't often talk about, but it's so important for businesses and the economy as well," Cléroux said in an interview with"In the case where the economy is slowing down, it is especially important to be more efficient."amid rising interest rates, a cooling housing market and weak economic growth.
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