Small and Medium Businesses: The Heart of Canada’s Economy

August 1, 2019 Marco D’Amico

 

Canada has always been a country full of ingenuity and opportunity, from the early industrial days to our current digital era. Small and Medium Businesses (SMBs) have been at the heart of this long and rich tradition, as they have been the shining lights in Canada’s diverse economic spectrum.

For the last 111 years, Yellow Pages has been a leader in helping these business owners expand their horizons by aiding them in connecting with high-intent consumers. From our old listing boards to our first ever printed directory to our current yp.ca digital directory and YP App, our goal has always been the advancement of Canadian business and the economy as a whole.

We want to celebrate the relationship between Yellow Pages and the true pioneers of Canada’s economy. We’d like to point out the achievements of SMBs throughout the years and look at how they continue to contribute to Canada’s rapidly evolving economy today!

The Biggest Contributors

Today, a total of 99.7 % of all Canadian businesses are small-to-medium in size, which employ 500 people or less. That is an enormous contribution from individuals who have decided to go into business for themselves and their families, all while creating jobs and contributing to the economy. This is something that Canadians should be proud of, as it distinguishes them from their international peers. Canadian SMB owners are creating opportunities, connecting with their consumer base in meaningful ways, and creating spaces for all kinds of people to interact.

Job Creators

On top of being the biggest contributors to the Canadian economy, SMBs are also Canada’s biggest employers in the private sector. Yes, that’s right! 9 out of 10 Canadians that work in the private sector proudly do so under the banner of a Small and Medium Business. Millions of Canadians are afforded jobs, opportunities to grow and build a life do to the vision of one or a multitude of business owners. 

Growing Trend of Employment

Many would assume that the rise of multi-nationals and international corporations in Canada would see a decline in business employment trends. However, as the number of SMBs has continued to grow steadily, so too has their contribution of employment opportunities in the last 10 years. In fact, a recent study done between 2005 and 2015 noted that 87.7% of all new jobs (1.2 million jobs) were created by small and medium-sized businesses. If SMBs are responsible for 70% of all employment in Canada (public and private), we can clearly see that the last decade has shown an explosion in local business growth in the Great White North. The newfound boom of SMBs popping up across the country has shown a desire from prospective business owners to take more chances, while Canadians, in general, are open to the challenge of working for smaller businesses like never before.

Contribution to the Economy

On top of being the biggest creator of jobs in Canada, SMBs also contribute to the overall economic value of the Canadian market in a big way. Although major businesses and international corporations produce the largest profit margins, by far, SMBs hold their own weight when it pertains to the overall Gross Domestic Product (GDP) in Canada. In fact, they contribute to about 41% of Canada`s GDP, which is almost unheard of internationally. In doing so, they keep the Canadian economy strong and respected in the eyes of our international peers, who are then enticed to further their business with Canada.

Just Getting Started

With SMB growth set to continue rising in the coming decade, Yellow Pages stands firm behind them in order to assist in achieving their goals. They help drive the economy, while also allowing many others to provide for their families. We have long championed for the growth of the SMB community over the last century, and we plan to keep this up going into the future.

As the true pride of Canada, helping the current and next generation of businesses connect to consumers like never before is our priority. Our wide array of marketing solutions allow consumers to advertise and exponentially increase their visibility. Thus, we invite you all to head to yp.ca or to consult your nearest Yellow Pages directory in order to support businesses in your local area. By promoting the local gems that can be found in your neighbourhood, you ensure that future generations of entrepreneurs will have a population that values the rapport and authenticity that only SMBs can.


You are or know someone who is a business owner and want to list your business on YP.ca? Just like the other 2.2 million SMB currently listed, we invite you to sign up for a Free Online Listing. This will allow you to create a listing, fill it with key information and pictures, be found and stand out from your competition in your local area! Check it out by clicking here!

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