A guarded optimism permeates this year’s results from The Welch LLP Ottawa Business Growth Survey, as local businesses leave the darkest days of the pandemic behind and grapple with skyrocketing inflation, tight labour markets and uncertainty around the future of the downtown core and the outcome of a fall municipal election.
Jim McConnery, managing partner at Welch LLP, says that if anything is for certain, it’s that the pre-pandemic status quo is no longer an acceptable operating model.
“The business community and organizations in general probably have the confidence that we’ve adapted and we’re operating relatively effectively,” he comments. “Maybe it’s the case that … adaptability and resilience have become almost a core feature of operating effectively in the current business environment.”
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Survey results show that just over half of respondents saw revenues and net income rise in the past year, while 57 per cent expect the market for their business to improve over the coming year, the most optimistic result since the survey started in 2015. The overall business confidence index rose from the doldrums of 2020 to surpass what it was in 2019, driven by gains in consulting and the hard-hit hospitality and retail sectors.
At the same time, 23 per cent of respondents who completed the survey say their confidence in the local economy has increased. While this is the strongest result since 2017, it perhaps reflects challenges around cost containment and hiring and retaining staff.
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