Last quarter predictions for Small Business

As we enter the last quarter of 2024, the Canadian small business community is poised for continued growth and resilience, although a few challenges remain. Here’s a snapshot of what the final months of the year may look like:

1. Optimistic Economic Outlook

Despite a year of global uncertainty, the Indo-Canadian small business sector has demonstrated adaptability. According to a report from?Business Development Bank of Canada (BDC), 71% of small business owners in Canada are optimistic about the future, with many seeing an uptick in sales during the holiday season. The demand for culturally tailored products and services continues to grow, making this a vital period for small businesses to leverage their niche offerings.

2. Holiday Spending Surge

The last quarter is typically the most profitable time for small businesses, and 2024 is no exception.?Statistics Canada?projects a 4.5% increase in retail sales during the holiday season compared to last year, driven largely by e-commerce. Small businesses that embrace online sales platforms and offer culturally specific products are expected to benefit greatly from this surge. Digital marketing campaigns centered around Diwali, Christmas, and New Year's Eve will be crucial to capturing consumer interest.

3. Adapting to Inflation

Inflation has been a challenge throughout 2024, with operating costs rising and consumers tightening their wallets. However,?BDC’s Economic Analysis?suggests that small businesses are finding ways to offset these impacts by improving efficiency and focusing on customer retention. The SME entrepreneurs, especially those in hospitality and retail, are adapting by offering affordable, high-quality products and maintaining close community ties.

4. Demand for Skilled Talent

The final quarter will see a growing demand for skilled talent, particularly in tech, e-commerce, and customer service. According to?RBC’s Small Business Workforce Report, 42% of Canadian small businesses are struggling to find qualified candidates to fill open positions. This is especially relevant for businesses scaling up during this busy period. Flexible work models and community-focused hiring initiatives will help retain talent during this competitive hiring season.

5. Increasing Focus on Sustainability

Consumers are paying more attention to the sustainability efforts of businesses, a trend that has carried through the year. The?Deloitte 2024 Consumer Trends Report?shows that 65% of Canadians are willing to pay more for eco-friendly products. Small businesses that incorporate sustainability into their operations—whether through packaging, supply chain practices, or product sourcing—will continue to strengthen brand loyalty through the rest of the year.

The last quarter of 2024 holds significant promise for small businesses, with growth opportunities linked to e-commerce, sustainability, and community-driven engagement. Though challenges such as inflation and labor shortages persist, the resilience and innovation of the business community ensure that the year will close on a positive note.

Disclaimer:

This article is for informational purposes only, based on data from reliable sources. It does not offer financial, legal, or professional advice. ICCC encourages independent research and consultation with professionals before making business decisions. ICCC is not responsible for any actions taken based on this information.