This guest blog post is provided by the Business Development Bank of Canada (BDC). BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 110+ business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions.

Discover Canada's first online tool to benchmark your productivity  

It's no secret that Canada has a productivity challenge.

Back in the early 1980s, Canadian companies were 95% as productive as their American counterparts. But by 2015, that relative productivity rate had fallen to just 73%.

That's big news because our economy's productivity is directly related to our standard of living. But what does it mean for your business? For entrepreneurs, greater productivity means higher profits, increased competitiveness and new growth opportunities.

Yet, it can be difficult to improve if you don't know where you stand. That's why the first step in your productivity journey is to benchmark yourself against competitors in your sector.  

Once you know where you stand, you can set about improving your business. This could involve making your operations more efficient, providing more training to your people or investing in equipment, machinery or technology.

A custom-made tool for Canadian companies

To help you take the first step, the Business Development Bank of Canada (BDC) has launched Canada's first ever business productivity benchmarking tool.

This free online tool will allow you to compare your productivity levels to those of other companies in your sector and learn where you can improve your performance.

In just a few minutes you can see how your business compares within your industry in terms of:

  • Overall efficiency
  • Revenue per employee
  • Profit per employee
  • Labour productivity
  • Capital productivity

Keep up with the competition

So, how about your company? Is it as competitive as it could be? Do you know how you compare with the best in your industry?

To find out, visit The tool is simple to use. Once you've plugged in some information from your federal tax records, you'll be able to download a detailed report, as well as a list of recommended readings and information about best practices. Your information will be kept strictly confidential.

For more information, you can also consult BDC's new study: Productivity Matters: Benchmarking Your Company to Up Your Game.