A recent BDC study called Productivity Matters: Benchmarking Your Company to Up Your Game found only six per cent of Canadian entrepreneurs comprehensively measure their productivity and benchmark themselves against competitors. To help businesses boost productivity and scale up operations, the BDC recently launched a free online benchmarking tool, developed with Statistics Canada.
In just minutes, entrepreneurs can compare themselves for the first time to industry peers in Canada, benchmarking their productivity performance against five key indicators: overall efficiency level, revenue per employee, profit per employee, productivity of labour and productivity of capital.
The BDC study found SMEs that measure their productivity against formal metrics expect faster growth. To download this free tool, visit bdc.ca.
What’s Happened to Canadian SMEs?
Canada is far less productive today than 35 years ago, compared to the U.S.
• The GDP per hour of Canadian companies is 73% of that of U.S. companies, down significantly from over 90% in the 80s.
• Canadian SMEs are only 47% as productive as large Canadian companies, compared to 67% in the U.S.
• Canadian businesses invest just 56% of the amount U.S. companies do in information and communications technology (ICT).