Shrinking margins, a high dollar and attracting talent top the list of worries for Canadian business leaders, according to a national survey conducted by business law firm Miller Thomson LLP
The vast majority of the 200 senior business executives polled said they looked to customers when making business decisions, believing that federal and provincial governments were only marginally capable of solving the country’s most pressing issues.
“What we are hearing from Canadian business leaders is that external economic forces are clearly taking a toll on corporate bottom lines,” said Gerald Courage, chair, Miller Thomson LLP. “There is no doubt that a high Canadian dollar has been a major factor, so it is reassuring to see some recent relief in this area.”
Respondents were asked to share the issues that most concern them, who has the most impact on their business decisions, and how much confidence they have in federal and provincial governments to address their concerns.
“This is the second time in less than a year that we have reached out to Canadian executives to measure their progress and point of view during this very volatile economic period,” said Courage. “The evolving picture is of anti-protectionist, independent minded business leadership that is listening carefully to the market, rather than looking to government to solve their problems.”
The survey also polled business executives on which areas they would likely turn to for legal advice. A majority (73%) identified labour and employment law as the area that may warrant legal advice over the next 12 months.
“There are labour and employment implications in virtually every area of business, from mergers and acquisitions, to downsizing, outsourcing, joint ventures and partnerships, so it’s not surprising that it ranked as it did among business executives,” said Gita Anand, partner, Miller Thomson and co-chair of the firm’s Labour and Employment Group. “Canada’s increasingly diverse and specialized workforce has also put pressure on businesses as they try to attract and retain good talent.”
Mergers and acquisitions and tax law ranked top among the other areas respondents are most likely to turn for legal advice in the next 12 months (57% and 56%, respectively). This was followed by litigation (55%), intellectual property protection (33%), succession planning (31%) and environmental law (28%).