Small businesses (SMBs) are critical to the Canadian economy, and face the pressure of difficult workforce and economic decisions. It’s never been more important to support, build, and adapt local business infrastructures. Here’s how you can show support for SMBs by taking part in this year’s Small Business Week hosted by the Business Development Bank of Canada (BDC). For decades the Business Development Bank of Canada (BDC) has hosted Small Business Week running from Oct. 16-22 this year to highlight the impact SMBs have on the economy, and celebrate the hard working people behind them. In recent years, smaller companies were hit hard as crises radically changed demand for certain products and services across every sector. However, difficult times also introduced new opportunities for businesses to rethink traditional ways of working and operating models.

The future for small businesses looks optimistic, and especially given how historical trends have taken shape. According to Scotiabank’s 2021 New Path to Impact Report, Canadian small businesses were performing better than expected. Despite ongoing uncertainty and rising case rates across Canadian provinces at the time, over half (54%) of small business owners feel they are doing the same or better than they were pre-pandemic. Small Business Week is a great time for entrepreneurs to come together to learn, network, and share their own stories about building business resiliency, and think about what’s possible for the years ahead. Small Business Week is bringing 10,000 plus entrepreneurs and business owners together to attend virtual events, conferences, seminars, information sessions, and luncheons around Canada.

Small business owners have a lot going on. They’re focused on prioritizing business continuity, hiring the right talent to meet fluctuations in demand, and managing employee and customer needs. With everything happening, it can be difficult to pause and acknowledge the role SMBs play in the Canadian economy. This year it’s particularly important to take time to celebrate your employees and come together with other entrepreneurs to share lessons learned and advice for navigating the uncertain business environments.

Shop local to keep money here

For every dollar spent at a small business, 66 cents on average stays local, according to new data from the Canadian Federation of Independent Business (CFIB). Conversely, only 11 cents of every dollar spent stays in the community when consumers shop at a large multinational business. An Angus Reid Group public opinion poll conducted on behalf of CFIB reveals that Canadians greatly overestimate how much of each dollar they spend at multi-national companies is reinvested locally, while underestimating small businesses’ contributions. When asked to guess how much money stays local when shopping at a large retailer with a physical location, such as Walmart, on average Canadians said 37 cents. Respondents also thought that 38 cents on average stays in the community when buying from a small business. “Canadians assume the local contributions by large retailers and small businesses are on par, but the difference is significant. The importance of what shopping local means to our communities can’t be stressed enough,” said Ryan Mallough, CFIB Vice-President of Legislative Affairs for Ontario. “Small businesses support a whole local ecosystem. They source their goods and services from other local businesses in a way the retail giants just don’t. This is why governments at all levels need to focus on policies that support local businesses, from extending the repayment deadline for the Canada Emergency Business Account loan to cutting red tape in local bylaws.”