KEY FINDINGS:\n\n A firm with a high level of profitability and a low level of growth has a greater chance of subsequently achieving high growth and high profitability than a firm with a high level of growth and a low level of profitability. \n Human capital is a determining factor as it plays a positive role in a firm achieving superior performance in both growth and profitability. A firm's debt is also a significant factor that can slow progress. \n The results of model estimations show that a firm's age has no effect on the evolution of its situation in terms of growth and profitability.\n\n\nRead Industry Canada’s Growth or Profitability First? The Case of Small and Medium-Sized Enterprises in Canada.