Economy

VIDEO// How SMEs Can Adapt to Economic Changes

Pierre Cléroux on the opportunities and potential pitfalls that will force SMEs to change their strategies in the coming years

Written by Mira Shenker

Canadians need to think differently about expanding their business as emerging countries become a bigger source of potential clients, says vice-president of research and chief economist at BDC Pierre Cléroux.

Businesses will also have to adjust to a changing workforce, investing more to reduce the demand for workers, and getting more creative about how to retain older workers. Changing demographics also mean major changing in consumer demand. The new generation will want different kinds of products and services.

How do you prepare for these and other changes? Cléroux sat down with PROFIT after his talk at this summer’s PROFIT 500 CEO Summit to summarize his advice for Canadian SMEs. Watch the video below.

Want more secrets to CEO success? Watch these short videos taken at the PROFIT 500 CEO Summit:

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Bruce Croxon: Do You Have to Be Crazy to Be Crazy Successful?

Trevor Bouchard: How QuickContractor.ca Gets the Most our of Its Staff

Capstone’s Michael Bernstein: How to Land International Business

Tony Chapman: Are You Drowning in a Sea of Sameness?

Scott Wilson: Search v Social: How Customers Find You

Avigilon’s Alexander Fernandes: Running Canada’s Fastest-Growing Company

John Wilson: The 7 Imperatives of Great CEOs

Jeff Adams: How to Create a Better Company Culture

Originally appeared on PROFITguide.com