Looking out for our clients is one of the things we do best at K&P, and I’m constantly on the look-out for professional development opportunities that allow me to enhance my knowledge about topics and trends that matter most to them. One of these opportunities was The Peak’s Bet on Canada Summit, which I had the pleasure of attending recently in Toronto. The summit discussed need-to-know trends in the business and technology sectors while encouraging emerging business leaders to innovate in Canada.
As I heard from a wide range of entrepreneurs and thought leaders, I learned a lot about what the Canadian economy and technology sector has in store for 2024 and beyond. The summit featured many panelists from different backgrounds to highlight the diversity in the Canadian business landscape and offered some ideas about what needs to be done in order for the Canadian economy to grow even further.
Below are the top three takeaways I felt were not only relevant for clients, but for Canadians overall:
The Canadian economy’s future is full of uncertainty, for now
It’s no secret that the Canadian economy has been stagnant with a higher rate cycle on top of rapid population growth. Given that monetary policy takes time to take effect alongside rate hikes, consumer sentiment is likely to gradually erode when the central bank struggles to take control.
What’s interesting is that the layoff rates in Canada have been quite low according to labour force surveys, which is an indication of a possible soft landing. The unemployment numbers aren’t projected to change significantly in 2024 and the Canadian job market is expected to remain relatively tight. The real question will be what will fuel the Canadian economy’s rebound, and when that will happen.
Building and growing Canadian businesses is crucial
Canada has always been home to robust talent in the tech sector and the country itself presents a unique opportunity with low cost and great funding opportunities. However, Canada has been more risk-averse and conservative compared to the United States. In light of this, it’s critical for Canadian business leaders to have bold ambitions to go big here at home, as too often we’re seeing that many entrepreneurs are looking beyond Canadian borders to scale their businesses and chase their dreams.
In short, Canadians should remember that there are unique opportunities to build businesses on Canadian soil given the lack of competition in the country. And of course, never forget that we have some of the best talent in the world to recruit to help make your dreams come true.
It’s time for marketing and content creation to evolve
As many businesses continue to scale down in the wake of economic headwinds, opportunities are arising for marketing professionals to adapt and drive growth. Honing key skills such as writing, especially for a plethora of ever-evolving audiences, ultimately helps marketers become a valuable asset to any team. Great storytellers can’t be replaced with technology, even in the midst of a transformative AI revolution.
On the influencer marketing front, it’s important for businesses to understand the need to speak the creators’ language (figuratively and literally) in order to personalize partnership requests. You want to work with them, but why should they want to work with you? Additionally, looking ahead, Canadian consumers will crave even more authenticity online as social media becomes more saturated with ad-resembling content. It’s up to businesses to meet this need through creatively engaging with influencers to produce genuine, authentic content.
I’m grateful for all the insights I took away from the summit and all the inspirational business leaders who were there. It was enlightening to learn more about how Canada provides great opportunities for business owners to grow and create something meaningful. What will the Canadian business landscape look like one year from now? It’s hard to say… but I’ll be keeping my finger on the pulse. I can’t wait to find out.