Small business is a key driver of New Brunswick’s economy with 98 percent of companies being small and medium-sized firms.
Small business week is being marked across the country.
Pierre Cleroux, chief economist of the Business Development Bank of Canada (BDC), says small companies must be careful when it comes to waste and inefficiency.
“So waste means different things. It could be overproduction, it could be poor quality of what you produce, or could be wasting time before processes or steps,” he notes.
According to a recent BDC study of small and medium-sized businesses, 8 in 10 entrepreneurs believe it’s important to measure and benchmark productivity yet less than half formally do so.
