MPact » The Outlook
Writing the next chapter for Canadian business
By Tanya Knight
Executive Vice President, Clients and Services
After two years of a stormy business environment, Canadian business has reached shore. As of February 1, 2022, Canada’s real gross domestic product recovered to its pre-pandemic levels. It’s a remarkable story, given the early pandemic economic fears. Multiple forecasts predict growth ahead for the Canadian economy too.
But Canadian business leaders have a more cautious outlook. In Q4 2021, CPA Canada’s Business Monitor found that 43 percent of business leaders are optimistic about the economy, down from 52 percent in Q3. Three major factors are fuelling the pessimism: supply chain strains, inflation impacts, and labour shortages.
As the last two years have taught us, challenges can be overcome. In this issue of MPact, our team details how to prepare your organization for the near-term pressures, get ahead of the big-picture risks, and prime your organization to take advantage of new opportunities.
Scenario planning has been a staple of business strategy planning, but often gets overlooked in periods of rapid change. Mary Larson, the National Leader of our Organizational Renewal practice, explains how scenario planning can help you understand the real ramifications of losing a supplier or an unexpected interest rate change and help you build strategies to combat the impacts.
And even though so many of us are focusing on the near-term, larger challenges lie ahead and require your attention. Richard Arthurs, a partner in MNP's risk practice, details the key risks for years ahead that business owners need to start thinking about now, or leave themselves vulnerable to critical problems like cyber crime or the rapidly transforming labour market.
This issue of MPact also delivers advice on succession planning. With M&A transactions reaching the highest levels since 2018, you might be thinking about the exit stage of your business. Shane King and Lynne Fisher from our Succession team share five key considerations for succession so you can get the most out of the business you’ve built.
We also share the latest MNP Corporate Finance analysis, our insights on major tax announcements and government updates from the last six months, and a report that demonstrates how Indigenous peoples living in Alberta are integral to future economic prosperity.
Although Canada is emerging from the pandemic, we know the next challenge is never too far away. With experienced advisors in your corner and the right strategy driving your business, you can overcome and thrive through periods of change.