Canadian small businesses are expressing confidence in their prospects over the next year, with a majority of Scotiabank clients surveyed optimistic about the economy and the future of their own businesses, according to a new report released during Small Business Month.
The Bond Brand Loyalty Business Banking CX Report found that 62 per cent of Scotiabank small business clients surveyed were optimistic about the Canadian economy, while 74 per cent were optimistic about their own businesses over the next 12 months.
The findings come as entrepreneurs focus on improving operational efficiency, investing in specialized expertise and pursuing measured growth, based on discussions Scotiabank held with business owners across several sectors in August and September.
Businesses focus on efficiency and expansion
Scotiabank said its listening sessions with healthcare practitioners, lawyers, accountants and franchise owners identified three priorities: strengthening specialized expertise, improving efficiency to enhance client service, and pursuing growth through diversification and acquisitions.
The bank said the discussions pointed to business owners looking to improve their competitiveness while adapting to changing customer needs and operating conditions. The report also suggested that sentiment was improving around business performance, the economic outlook and economic diversification.
"Small businesses are central to the Canadian economy. Ensuring they can scale alongside the country's broader investment agenda will be key to boosting productivity, strengthening exports and creating better jobs," said Julien Champagne, senior economist at Scotiabank.
Businesses in Canada with one to 19 employees represent more than 90 per cent of all employer businesses and employ 4.5 million people, according to Statistics Canada figures cited by the bank.
The report comes as Canada focuses on productivity, exports and long-term economic growth, with the ability of small and medium-sized businesses to expand identified as an important consideration.
Across healthcare and professional services, business owners are looking to develop specialized offerings and attract and retain talent. Healthcare practitioners are expanding expertise-driven services, while legal and accounting firms are growing their advisory, succession, tax and estate planning practices, Scotiabank said.
Efficiency is another priority, with businesses adopting artificial intelligence and digital tools to streamline operations, improve client experiences and free up time for strategic planning.
The bank's discussions identified integrated payments, digital loyalty programs and personalized offers as examples of how businesses are adapting their operations to meet changing customer expectations.
Franchise operators, meanwhile, are pursuing expansion through multi-unit ownership and diversified business portfolios, approaches that Scotiabank said can help owners adapt to changing business conditions.
"Canada's small and medium-sized business owners are showing the agility and discipline needed to adapt and grow in today's environment," said Pouya Zangeneh, senior vice-president of business banking at Scotiabank.
"Across the country, entrepreneurs are investing in efficiency and specialized expertise to strengthen their businesses. Their resilience and ambition reflect the critical role small businesses play in Canada's economy, and Scotiabank is committed to supporting them as they turn today's uncertainty into tomorrow's growth."
Financing and planning for the next stage
Scotiabank also outlined several areas for businesses to consider as they plan their next stage of growth, including bringing financial advisers into the planning process early, simplifying operations and aligning financing with business objectives.
The bank recommends that owners work with specialists who understand their industries when assessing financial needs and growth opportunities. Its specialized banking programs cover healthcare and professional practices, lawyers, accountants and franchising.
For operational efficiency, Scotiabank points to partnerships with Intuit QuickBooks, Chase Payment Solutions and TELUS as options available to its business banking clients. It also identifies its Scotia Momentum for business No Fee Visa card as a way for businesses to earn cash back on eligible purchases.
The bank said businesses should also consider financing arrangements that reflect their plans and cash flow requirements. Options may include exploring financing opportunities, putting surplus cash into savings and investment solutions, and identifying government-backed programs and grants through resources such as Pocketed.
Scotiabank held four sector-specific listening sessions in August and September 2026 with small business clients across Canada. Participants included family physicians, dentists, veterinarians and other healthcare specialists, as well as professionals in legal and accounting services and franchise owners and operators.
The discussions covered market conditions, changing customer and client needs, operational priorities and approaches to business growth.
The bank said the sessions provided insight into how entrepreneurs are responding to uncertainty while positioning their businesses for the longer term.