Top 5 challenges Canadian SMB leaders face when trying to grow their business:


1. Access to Capital: Access to funding is a major challenge for many small businesses in Canada. Limited financial resources can hinder their ability to expand and invest in new opportunities.

2. Finding and Retaining Talent: Finding the right talent and retaining them is a significant challenge for many SMBs in Canada. Competition for skilled workers is high, and smaller companies often struggle to offer competitive salaries and benefits packages.

3. Government Regulations: SMBs in Canada face numerous regulatory challenges, including compliance with tax laws, employment laws, and environmental regulations.

4. Digital Transformation: Many SMBs in Canada struggle with digital transformation and adapting to new technologies, such as e-commerce, social media, and automation.

5. Increasing Competition: Canadian SMBs also face increasing competition both locally and globally. With the rise of e-commerce and the internet, businesses are competing with companies from all over the world, making it challenging to differentiate their products and services.

Overall, these challenges require SMB leaders to be innovative, resourceful, and adaptable to navigate the competitive and regulatory landscape and grow their businesses.


“Canadian small businesses struggling to secure financing”, BDC, June 2021.

“Small Business Challenges and Priorities Report”, Canadian Federation of Independent Business (CFIB), 2020.

“Canada’s Regulatory Competitiveness Ranking 2021”, Fraser Institute, 2021. 

“Digital Transformation in Canada”, Statistics Canada, August 2021.

“State of Small Business Report”, Facebook, 2021. 


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