The big picture on Small Business

The big picture on Small Business

< Back to Articles | Topics: From the President | Contributors: Patrick Sullivan (President & CEO, Halifax Chamber) | Published: October 1, 2024

October may be Small Business Month in Canada, but the economic impacts of Small Midsize Enterprises (SMEs) are felt year-round.

We saw first-hand how important the success of small businesses was to keep our local economy active during the COVID-19 pandemic. It’s been a hard few years, and we are still coping with issues surrounding housing, infrastructure, and the rising cost of living in Nova Scotia. But it is more important than ever to support small and support local.

Of the 1.2 million businesses in Canada, 98% have less than 100 employees. Small and medium-sized businesses make up 48% of Canada’s gross domestic product, and the majority of people working in the private sector in Canada (over 63%) are employed by SMEs.

Together, small business has a big impact in Canada. That impact is only possible because of entrepreneurs and the hard work, passion, and ingenuity they bring to our business community. 85% of our membership at the Chamber represents small business. We know how many long hours and how much sacrifice it takes to start and maintain a small business.

Although the majority of businesses in Canada are small and medium-sized businesses, the rate of new small businesses opening has slowed. At a recent event with the Chamber, Isabelle Hudon (President of the Business Development Bank of Canada) suggested that young people are less likely to see “entrepreneur” as a viable career path.

Even with the hard work and sacrifice, and even though we’ve worked through a tough few years...it is an amazing time to start a small business in Halifax. We are in a period of unprecedented growth and unlimited potential. You can sell to every corner of the world from Halifax, and your storefront (whether it’s physical or digital) can compete and distribute on an equal footing with big businesses.

We hope you can join us on October 21 for our annual Small Business, Big Growth Summit, where you can build your network, get direct access to business experts, and learn about relevant business support programs.

Learn more by visiting our Events Calendar at halifaxchamber.com/events.

< Back to Articles | Topics: From the President

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