Across the country, small business owners are being acknowledged for the jobs they create, the contributions to the communities they make and for the risks they take.
October is Small Business Month in BC and the third week in October is Small Business Week across Canada.
Small business is anything but small when it comes to its economic and social impact.
Businesses with fewer than 50 employees, a common definition for small business, represent 98 per cent of BC businesses and 81 per cent of those have fewer than five employees.
Small businesses sustain more than a million jobs, a little more than half of private sector employment. An often overlooked strength of small business is that because decisions are made locally, not in boardrooms on the other side of the country to satisfy unseen shareholders, laying off employees is a last resort when economic times get tough.
In terms of economic impact, about $14 billion worth of goods are shipped internationally annually, about half of the total value exported from BC.
Powell River, despite its relative isolation, is no different than other communities in the province when it comes to contributing products to the economy with international cachet. Beer, seafood and coffee are a few products that spring to mind immediately.
Small business is the backbone of Powell River’s economy. Our entrepreneurs’ creativity turn raw materials and labour into something more valuable than the sum of the product’s parts.
What is not readily quantifiable is the social impact that small businesses and their owners have.
The products and services they provide enrich our lives. They know our names and preferences, and are connected because they are our friends and neighbours. They support our charities and sports teams as well as help make community events happen with their donations of time and money.
Shopping local is like registering a vote for improving the quality of life in Powell River for many; something more people should consider when making purchases.
This week is a salute to the long work hours and large risks that small business owners take, often betting on borrowed money that their ideas and passion will succeed.
