Canadian small businesses continue to pursue revenue growth but are increasingly emphasizing stability, predictability and resilience over rapid expansion, according to new research from Mastercard.
The Dreamonomics Report found that 77 per cent of Canadian small and medium-sized enterprises identify steady revenue growth as a top goal. At the same time, 72 per cent say they prioritize stability and predictability over fast growth, while 61 per cent say they avoid risks to make their financial position more predictable.
Stability, purpose and customer relationships
The findings are based on a global survey of more than 6,000 small and medium-sized enterprises across 18 countries and examine how business owners view growth and their priorities in a digital-first environment.
The research also points to a focus on balancing business ambitions with personal well-being. Sixty-seven per cent of Canadian SMEs say their top priority is ensuring their business supports their health, relationships and personal life, compared with 33 per cent who would prioritize career or business growth at the expense of personal sacrifices.
Purpose is also playing a role in business decisions, with 64 per cent saying they want their work to reflect who they are and what they care about. Another 55 per cent prioritize positive impact over maximizing income and financial success.
Customer relationships are another area where Canadian businesses are placing emphasis on depth rather than scale. Sixty-three per cent would rather build deep customer relationships than reach as many customers as possible, while 61 per cent prefer their brand to matter deeply to a smaller audience rather than be widely known and influential.
"Small business owners dream big, and they know their business best," said Nishant Raina, vice-president, Small & Medium Enterprises, Mastercard, Canada. "Our goal is to support them with the capabilities, protection and resources they need to grow and with confidence - so they stay on the path they always envisioned for themselves."
Consumers emphasize security and small-business support
Separate consumer research by Mastercard found strong support among Canadians for small businesses, while also highlighting the importance of payment security when they shop.
Eighty-seven per cent of Canadians surveyed said supporting small businesses is important, while 81 per cent said they feel better about purchases that help entrepreneurs build something of their own. Thirty-nine per cent said they shop with small businesses at least weekly, while 65 per cent do so at least two to three times a month.
Security is also a factor in purchasing decisions. Ninety-one per cent of Canadians said they choose where to shop based on secure checkout experiences, and 90 per cent said protecting their payment information is important.
Mastercard adds small-business card benefits
Mastercard said the research also informed its continued introduction of benefits for eligible small-business cardholders, with new and expanded offerings available starting Oct. 1.
The company said almost two-thirds, or 63 per cent, of Canadian small-business owners surveyed consider cyber protection a high priority, while 34 per cent remain unsure or unprepared to protect their businesses from cyber threats.
In addition, 69 per cent said they want digital business tools that seamlessly integrate with one another as they manage increasing responsibilities.
For eligible small-business Mastercard cardholders, the benefits include proactive cyber protection through My Cyber Risk for World Elite cardholders, which is designed to identify and help mitigate cybersecurity vulnerabilities. Enhanced ID Theft Protection provides monitoring and expert resolution for eligible cardholders.
Mastercard is also offering Simplified Expense Management powered by Extend as an optional benefit for Mastercard Business and World Elite Mastercard for Business clients. The company said the service is intended to provide greater control and visibility over spending.
World Elite cardholders will also have access to the Mastercard Collection for Business, which includes travel, dining, entertainment and business experiences, along with productivity tools and curated business opportunities.
Small Business Summit planned for October
Mastercard will host its Small Business Summit in Toronto on Oct. 6, bringing together small-business owners and industry leaders for discussions focused on growth, opportunity and business challenges.
The event, held in partnership with GLORY Media, will include winners of The Canada Small Business 100 awards. Mastercard will also host a Small Business Marketplace, powered by Moneris, highlighting local small businesses.