Most businesses in the province are anticipating some tougher times ahead according to KPMG
If you have business clients in Quebec, chances are they are among the 79% who think an economic slowdown is ahead in the next 12 months.
A survey from KPMG in Canada also reveals that almost 6 in 10 business leaders are increasing their borrowing capabilities to help them offset higher costs and lower revenues.
Poll participants included senior executives from all industries and regions in Quebec and 72% are looking to improve their company's agility given the expected turbulence and economic uncertainty.
ESG goals
The Focus Québec report also looked at how – and whether - businesses in Quebec are adopting sustainable practices.
Among small- and medium-sized businesses, more than half (56%) of respondents confirm that they have not yet implemented sustainability goals or policies within their organizations, although this has improved from last year.
"The report shows that there is still work to be done in terms of ESG, as more than half of them have not yet established sustainability goals," said Benoit Lacoste Bienvenue, Managing Partner in Quebec at KPMG in Canada. "Small- and medium-sized enterprises are slow to implement ESG practices, particularly due to worsening economic conditions. We believe that companies demonstrating leadership in this regard will quickly stand out, particularly in terms of employer branding, investor relations, and to differentiate themselves with major clients."
