Why Your Small Business is Huge to Canada’s Economy

February 5, 2021 Zoé Paradis

 

It’s especially difficult to own a small business during a pandemic, and it may be even harder to appreciate how much your business matters—not only to you, but to millions of Canadians.

SMBs make up 99.8% of all businesses in Canada 

According to BDC, 98.2% of all businesses in Canada are small businesses (fewer than 100 employees). When we factor in medium-sized enterprises (100 to 499 employees), that number jumps to 99.8 %

SMBs create jobs 

At least 70of the Canadian workforce is employed by small and medium enterprises. According to Wagepoint, 85.3% of all new jobs (1.2 million jobs) were created by small and medium businesses from 2003 to 2017. 

In fact, an RBC Small Business poll revealed that 63% of Canadians prefer to work for a small business. 

Small businesses provide a greater sense of safety 

According to public opinion research conducted in December 2020, almost three-quarters of Canadians said they feel safer shopping at a small local business with limited capacity than at a big box store during the pandemic. 

Canadians value small businesses 

Perhaps the most rewarding reason why SMBs mean so much: Canadians love them! 

According to RBC’s 2020 Small Business Poll, 80% of Canadians surveyed said the pandemic has helped them realize how important small businesses are to their community. The poll also found that: 

  • 81% of respondents directly support a local business 
  • 67% would be willing to pay more to support a small business during the pandemic 

While your business may be considered small or medium, the impact it has on your community, and our country, is large. 

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