Small business week, which this year takes place from October 20 to 26, provides an annual opportunity to mark the importance of this sector in our economy and the fabric of the community. It is a fitting time to recognize the vital role small businesses play not only in small communities like Powell River, but provincially and nationally.
BC Statistics provides compelling numbers for the critical role that small businesses play in British Columbia’s economy. According to BC Statistics, a small business is defined as a company with fewer than 50 employees. There were approximately 385,100 small businesses in British Columbia in 2011, comprising 98 per cent of all businesses and employing over a million people. About 82 per cent of these small businesses were micro-businesses with fewer than five employees.
In 2011, British Columbia ranked first in terms of small businesses per capita, with 84.2 small businesses per 1,000 people. Small businesses provided 32 per cent of all wages paid to workers in the province in 2011, the highest share of all provinces.
Small businesses stimulate economic activity in a number of ways, with the key measurement in its gross domestic product. GDP represents the value that a sector adds to the materials and services it uses, which is an important aspect of the sector’s contribution to the economy.
Further information provided by BC Statistics shows that in 2011 small businesses in BC accounted for approximately 30 per cent of the province’s GDP, above the national average of 27 per cent. The high contribution to GDP here is because BC is more service sector-oriented than most other regions in Canada.
Entrepreneurs are highly respected in Canada and, according to an Angus Reid survey that was commissioned last year by Canadian Federation of Independent Business, 98 per cent said small business is important to Canada’s future. The survey also found 95 per cent of Canadians value the products, services and personal attention that they get from a small business.
Small business people basically look after themselves and in most cases survive through innovation and effort. Small business owners rarely depend on, or qualify for, government grants. They may take advantage of loan programs, like the one provided by Powell River Community Futures, or they may attend publicly sponsored training, but most do not depend on tax dollars to stay afloat.
It isn’t easy being a small business owner. This week gives us an opportunity to take the time to celebrate the courage, determination and dedication of each and every small business owner in our community. That is what Small Business Week is all about.
