Small business plays an important role in the economy of Yorkton and area, and is part of the bigger picture of a vibrant economic base provincially and federally.
We sometimes take the businesses which populate our communities for granted. They have long been part of the local fabric, and there is a level of expectation they will always be there. But, it never hurts to make a special effort to recognize those businesses, and the people behind them, not just the owners but the hard working staff who get the day-to-day business done.
That is where the Business Development Bank of Canada (BDC) Small Business Week taking place from October 15-21, plays a valuable role in fostering the recognition of the sector.
Saskatchewan’s small businesses contributed almost a third of the province’s gross domestic product in 2016 at 31 per cent, detailed a release from the province. The information was originally contained in the 2017 Saskatchewan Small Business Profile, released during the (BDC) Small Business Week.
“Small businesses are those with fewer than 50 employees, and account for more than 98 per cent of all businesses in Saskatchewan. The province has 129 small businesses per thousand people, the highest rate in Canada and above the national average of 105. Saskatchewan ranks third nationally, for the share of its total economic output generated by small businesses,” detailed the release.
In 2016, Saskatchewan’s more than 148,500 small businesses employed 31.1 per cent of the province’s workers and paid out more than $6.2 billion in wages and salaries - 25.7 per cent of the province’s total payroll. As well, the wages paid in this sector grew by an average of 3.1 per cent, the second fastest growth rate among Canada’s provinces.
That is the thing about small business they are the ones which make a community complete, the hairdresser, the electrician, the small acreage farm selling pumpkins at Halloween, to the area farrier. Each small business contributes to make our local towns a better place to be.
Individually the economic stimulus of each small business may not be major, but as a part of the greater whole the impact becomes a big one. It is a concept touched on by Saskatchewan Economy Minister Steven Bonk in their release.
“We know that small business in Saskatchewan is actually big business,” he said. “These enterprises help to grow our economy, create jobs and encourage investment in communities across the province - contributing to the quality of life we all enjoy.”
So it is vital for governments of all three levels to make doing business as reasonable as possible.
“Small businesses are active in almost every sector of the economy, and are a source of innovative products and services that advance our quality of life,” said Bonk in the release. “The provincial government is committed to creating and maintaining a positive business environment with policies that enable this sector to thrive.”
Certainly without small business our economy and our communities would both suffer, and the sector is certainly one worthy of a week of recognition.
