Report on digital readiness: Are Canadian small businesses leading or lagging?

Credit to Author: Canadian Immigrant| Date: Tue, 31 Oct 2023 21:14:40 +0000

How prepared are Canadian small businesses to compete in an increasingly digital business landscape? Why does digital maturity matter?  A survey by FreshBooks, a firm providing accounting software for small and medium-sized businesses, found that Canadian small businesses have some homework to do in order to grow, succeed and remain competitive.

Five hundred small business owners across the country were surveyed on their digital readiness, including on integrating comprehensive digital solutions into every facet of a business, ensuring agility, scalability and resilience.  The overall grade was a modest ‘C+’ in digital tech adoption.

What’s more surprising is that 50 per cent of small business owners are not aware of external funding sources, such as the federal government’s Canadian Digital Adoption Program (CDAP), which offers grants, loans and access to expert advice aimed at helping owners with the costs related to adopting digital technologies.

Key findings from the study 

Digital divides

Larger businesses, with revenues over $125K annually, are leading the digital race with a ‘B’ average. However, while smaller businesses are nearly on par in areas like digital billing and mobile integration, they’re significantly behind when it comes to more advanced tools like CRM and Generative AI.

Challenges on the digital pathway

While survey respondents say they’re dedicating time to figure out how to integrate digital solutions, hurdles like expenses and lack of knowledge are challenging their path to digital maturity.

Mara Reiff, FreshBooks’ Chief Customer Officer, underscores this point: “Financial constraints and inexperience don’t have to stifle digital growth. With programs like CDAP offering funding for software and solutions, the future looks promising. My advice to business owners? Pinpoint what’s holding you back and see how digital can help. But always start with a solid game plan.”

Looking ahead with optimism

Findings indicate a willingness to leverage digital tools, especially with potential government support available. However, approximately a quarter of those surveyed aren’t yet convinced about the competitive edge digital adoption offers.

Overall though, the survey shows a collective willingness to get ahead using digital tools, bolstered by the prospect of government support programs.

More information is available here.

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