By Stephen Rhodes
Welcome to Small Business month. It’s a celebration of the people who keep our economy ticking – small companies that collectively employ lots of people, create jobs and provide much of the innovation that keeps Canada competitive.
There are more than one million small businesses in Canada employing about 5 million people or 48% of all working Canadians. Firms with fewer than 50 people contribute 27% to Canada’s Gross Domestic Product (GDP) and 98% of businesses in Canada have fewer than 100 employees. Last year small business created 50% of all new jobs in Canada. The 10 year average is 36%.
More than half of Ontarians work in SMEs, (less than 500 employees) with 70% of those employed by firms with fewer than 100 employees. But here is an interesting stat. Businesses without employees also play an important role in the provincial economy. There are more than 513,000 such businesses, each generating at least $30,000 in annual revenue. Do the math.
And while small is relative, some say under 500 employees, some say under 100 employees, it’s mostly the little guy (and gal) that ignites the world. And that’s worth celebrating.
Check out you local Chamber of Commerce or Board of Trade for activities. In Brampton, the Small Business Enterprise Centre (SBEC) and The Brampton Board of Trade (BBOT) have partnered around a number of activities, workshops and seminars throughout October and November. There are also opportunities to just kick back and network. Get involved and let’s celebrate.
What’s your take on small business?