The plunge in oil prices left a lot of people out of a job and the province awash in red ink, but it appears we’re starting to see some light at the end of the tunnel.
“The worst is behind us,” remarked Pierre Cleroux, the Chief Economist with the Business Development Bank of Canada. “I don’t think that the oil price will go down again. I think we’re going in the right direction. It’s going to take some time because there’s a lot of oil around the world, but we are really going in the right direction. So 2017 is going to be a better year for the Alberta economy.”
Cleroux adds too many business owners are only thinking of the short term, so they’re not investing as much as they should in the long term.
He says their research is clear, if you want to be successful in five years you have to invest in the new technologies today.
“Productivity is not a very popular word, but it’s basically how efficient you are using your resources to produce your product or services. And that’s very important to mature your efficiency because if you’re not as efficient as you should be you basically leave money on the table — you’re not as profitable as you should be. And, in the long run, it can really hurt your business.”
Cleroux says they’ve just created a new tool, which you’ll find for free on their website, to help small businesses mature their productivity.
He says it’s easy to use and will position your company amid all of the other businesses in your sector.
“If you get 90 percent then you won’t get a lot of recommendations. But if you’re at 35 percent then you’ll get a lot of reading to do to make sure you can improve your productivity.” (td)