Canadian CEOs ready to take on the mountain

Optimistic outlook a sign of success, Bill Thomas says.

My job means I spend less time in Vancouver than I’d like, but wherever I go, I never miss the chance to talk up my hometown and the rest of B.C. We’ve got great sports teams, an internationally recognized food scene, an incredibly inclusive spirit, beautiful beaches, and everyone’s favourite outdoor attraction, the Grouse Grind.

The West Coast is also home to some of the world’s brightest, most innovative companies. Vancouver has become a global innovation hub, attracting tech leaders and startups that are disrupting markets and transforming business.

Another Canadian trait I appreciate is our confidence — and our optimism — both of which are reflected by the Canadian CEOs in our annual Global CEO Outlook study.

And while, if I’m honest, you could say this of a number of places around the world, there is something markedly different about Canadian CEOs, and those on the West Coast. How are the business leaders in my home province using their strengths to brace for the headwinds and seize the opportunities of tomorrow’s economic and geopolitical climate?

We spoke with 1,300 CEOs from around the world, plus 50 leaders of large Canadian companies, including a number from B.C., to get their frank, unvarnished view of the business landscape and the challenges they are facing.

The results are striking. Canadian CEOs are almost universally confident about the growth of our economy over the next three years: a full 20 percentage points more confident than the global average of CEOs in our study. I see this confidence reflecting the fundamental strength and diversity of the Canadian economy, as well as a thriving entrepreneurial spirit and a determination that Canada will continue to look outward to expand global trade.

These CEOs are not just confident about the prospects for the country’s economy, their confidence extends to their own businesses and how they are going about driving growth and ensuring future success. As a whole, Canadian CEOs are placing more of an emphasis on mergers and acquisitions than their international peers, and a number are considering other avenues like strategic alliances and joint ventures. They’re agreeing that it’s time to take risks — the right risks — make new business connections and, above all, to be bold.

At the same time, Canadian CEOs are incredibly confident about their capacity to steer their business against economic and geopolitical headwinds in order to seize tomorrow’s opportunities. A large majority are confident in their ability to transform both their organizations and the ways they personally lead, and more than eight in 10 are personally prepared to lead their organization through radical transformation, 10 points higher than the global average.

But as we British Columbians can appreciate, Canadian CEOs are also pragmatic in understanding that tomorrow’s growth and opportunity won’t come without overcoming some significant challenges. They are justifiably concerned about cybersecurity and operational risks to their business, even more so than their global counterparts. But at the same time Canadian CEOs believe their businesses are more prepared to withstand a cyberattack versus their U.S. and global peers, which I think demonstrates a keen self-awareness combined with intelligence and a pinch of resilience that our forefathers would be proud to see carried forward.

This same combination of confidence, determination and realism is reflected in the conversations I am having with Canadian and international business leaders. Canadians have (in my view, a well-earned!) reputation around the world for being pragmatic, highly aware of our surroundings, rightly cautious about risks, yet still brave enough to push forward into new pastures and opportunities.

I think the results of our Global CEO research bodes well for business in B.C. and Canada as a whole. Much like the Grouse Grind, with the right mix of confidence and determination, we can get to the top of the mountain.

Canadian CEOs are almost universally confident about the growth of our economy.