Are happy days here again? They may well be on the way, according to the semi-annual BMO Small Business Confidence Report released this week. The BMO Financial Group report, which produces an index score measuring the level of confidence small business owners have in the economy as well as in their business prospects, is based on several key indicators. These include growth expectations, economic outlook, performance predictions and investment plans.
That index score is currently at 68 out of a possible 100, which is up slightly from spring’s 65 out of 100. More than half of entrepreneurs interviewed voiced confidence that 2015 will be a better year for their company than 2014.
“Small Business Month is around the corner, and according to the semi-annual outlook, Canadian small business owners believe their organizations are in good health and are picking up momentum in order to rebuild the solid business foundation of previous years,” BMO Bank of Montreal Head of Commercial Banking Steve Murphy said in a statement. “Of particular interest, business owners from nearly every province have an increased level of optimism compared to earlier this year.”
While the BMO Small Business Confidence Index Scores are slightly down from 70 out of 100 in Fall 2013, they are certainly an increase from 59 out of 100 in Spring 2013. In terms of whether 2015 is expected to be better for business, business owners across Canada shared a positive outlook, with scores increasing three points from March 2014. Fifty-nine percent of business owners said that 2015 will be a better year, while just 14 percent said it will be worse for business.
Additionally, more than half of Canadian business owners (51 percent) said that the economy will be better for the rest of 2014. That was an increase from 47 percent in the spring of this year.
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