Deloitte recently published an study of the Canadian market, “The Future Belongs To The Bold“, and shows that only 1 in 10 Canadian companies is truly courageous.
For the purpose of the study, Deloitte surveyed 1,200 business leaders across Canada and assessed five key elements of courage:
- be provocative and challenge the status quo;
- take calculated risks;
- do what’s right;
- start with yourself;
- and unite to include.
Findings are very interesting and help us better understand that the Canadian businesses are very risk averse. It’s a learning I’m experiencing while working with companies that have commercial presence in both Canada and the US. Two countries that are neighbors and though different. A company can have a successful B2B brand and product in the US market but will have a complete different welcome while launching in Canada. The road to success will be longer and more complicated on the Canadian market.
Don’t get me wrong: it doesn’t mean it doesn’t worth launching a service or a solution in Canada. Quite the contrary! Canadian market has a lot of potential. But this study is rich because it reminds us that each market has its own specificities and we have to understand them first to be able to address it. In the case of Canada, the market is risk averse, meaning that businesses need time to assess, understand, try new things, change their mind and finally make a purchasing decision. This also means that you, as innovative managers and growth hackers, must adapt yourselves to the market and educate it about your solution all the way along.
Nonetheless, the study isn’t limited to just noticing that Canadian businesses lack of courage. Beyond telling facts and numbers, the study takes each of the five elements and explains how to cultivate them. Actually, through this market analysis, Deloitte is willing to make Canadian leaders more responsible of their future. The authors want them to realize the value of being courageous as the driver to future success and growth for them and for the country.
“[…] leaders must nurture courage in themselves and among their employees. The categories and elements of courage provide a roadmap for leaders to do so. Canadian businesses should start by challenging their perceptions and assessing where they truly fall on the landscape of courage. In doing this assessment, it is helpful for leaders to ask themselves how their businesses rank across the five elements. With an understanding of where they stand, and where they falter, Canadian businesses should begin to strengthen the elements where they are weakest. As Canadian firms prioritize and strengthen the elements, our country will begin building the courage it so desperately needs.”
You can download the full report here: https://www2.deloitte.com/ca/en/pages/insights-and-issues/articles/the-future-belongs-to-the-bold-new.html
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