Positive economic outlook drives focus on growth and hiring
CALGARY, Sept. 23, 2014 /CNW/ - Growth is top of mind for an overwhelming majority of Calgary's mid-market companies, according to a new report, Calgary's mid-market: The necessity for operational excellence, with the majority also saying that market access remains the biggest risk to their businesses.
The survey, executed as collaboration between the Calgary Chamber of Commerce and EY, was conducted specifically with Calgary's mid-market companies — those between $20Million and $1Billion in revenue – as this is the sector that can generate explosive economic growth. The survey reveals that, despite contending with the demise of conventional energy exploration and the transition to complex shale plays in a time of narrowing margins, mid-market companies have a positive outlook.
"Mid-market companies are at the helm of economic growth in Alberta," says Dean Radomsky, Partner in EY's Tax Services practice. "Seventy-one percent of these companies in the greater Calgary area see the economy as stable or growing modesty. And that confidence is translating into growth agendas focused on driving innovation and exploring new geographic markets."
The survey also reveals:
- 47% think the current provincial regulatory environment is supportive of business growth
- 57% see market access for Alberta's resources as the biggest risk to their business
- 90% expect credit availability to be stable or modestly improve
"Our mid-sized businesses are the next group that will grow into dominant global players, and we need to do all we can to support them," says Adam Legge, President and CEO of the Calgary Chamber of Commerce. "Labour concerns and market access continue to dominate the boardroom agenda for many mid-market companies. Taking a proactive approach to addressing these concerns will be imperative to these companies being able to grow and reach the next level."
In recognition of the challenges and opportunities facing Calgary's mid-market, the Chamber and EY are launching a series of mid-market workshop sessions beginning this fall to help mid-sized business grow. The first of these workshops is focused on the opportunities for Canadian companies to grow in Mexico and is scheduled on October 27. Mid-market companies can visit CalgaryChamber.com/mid-market to register free of charge.
About the Calgary Chamber
The Calgary Chamber of Commerce has been our city's main connector of people, ideas and stories for more than 120 years. The Chamber brings together the brightest minds in Calgary and from all over North America to solve business challenges and debate critical issues of public policy. Over the years, these advocacy efforts have helped to improve our economic competitiveness by advancing the social and political agenda to make this city a better place to do business. Our goal is unwavering – helping make business in Calgary more successful.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
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SOURCE: EY (Ernst & Young)