The month of October is Small Business Month. It’s a great way to celebrate entrepreneurs and acknowledge their contributions to our economy.
In Canada, a small business is defined as a company having 5-100 employees. Approximately 98% of businesses in Canada are small businesses, and they contribute slightly more than 30% of Canada’s GDP according to Statistics Canada. Small businesses help boost overall economic development by creating and sustaining jobs. They offer innovation and entrepreneurial skill-sets. By supporting entrepreneurs, there is a greater potential in overall increase in employment opportunities. Research has proven that smaller firms are also less likely to lay off employees during recession periods in comparison to larger companies.
Most small businesses are destination points and hold neighbourhoods together. They are creative, competitive and offer the small necessities that augment daily lives. For that reason small businesses help define communities. Owners are the sales teams in front of customers and the driving force behind the business.
Congratulations to the hardworking small business owners who continue to motivate, inspire and drive success in our own communities and across the country.