A CANADIAN PERSPECTIVESMPs: Adapting to the economic turbulence andlaying foundations for sustainable growth
• SMEs/SMPs weathered storm effectively• Largely unaffected by credit crunch• More optimistic than players in other
countries
RECESSION’S IMPACT
• Strong banking system• Tighter financial regulations• Cautious and risk-averse banking culture• Lending practices largely unchanged
CANADA’S RESILIENCE
• Turned to accountants for advice• Relative strength of Canadian consumer• CIBC Word Markets study – Canadian
consumer to outpace all G7 consumer sectors
SME/SMP OPTIMISM
• Economy extremely regionalized• Some regions highly resource-based; others
rely heavily on manufacturing• Result = recession affected regions differently
CANADIANBUSINESS ENVIRONMENT
Growth areas: - Succession- Estate planning- Restructuring
Success = providing strategic advice
Being proactive essential
FUTURE FOR SMPs
• Protect independence and integrity• Provide staff with new knowledge and
training• Make the most of technology• Take time to listen to clients• Find innovative ways to meet client needs
SMPs AND THE RECOVERY