Celebrating Small Business Week: Empowering Canada’s Entrepreneurs
As Small Business Week unfolds, it’s a time to celebrate the engines of our economy: the diverse and dynamic small businesses that form the backbone of Canada’s economic landscape. With over 1.2 million small businesses operating across the country, accounting for approximately 98% of all businesses in Canada¹, they are not just vital for job creation but also for innovations that shape our everyday lives.
As a financial planner who both serves and is a part of the small business community, I have the distinct privilege and understanding of the unique challenges and triumphs faced by entrepreneurs. Running a small advisory firm, I am deeply rooted in the same values that drive many innovative entrepreneurs: resilience, adaptability, and a commitment to making a difference in our communities.
According to the Statistics Canada’s Survey on Financing and Growth of Small and Medium Enterprises, 2023, small- and medium-sized enterprises (SMEs) are an important contributor to the Canadian economy as they accounted for 53.8% of all employment and employed nearly 9.5 million people in the country in 2023.² This significant contribution highlights the role of small businesses not only as economic drivers but also as key players in employment and community development. The flexibility and creativity inherent in small businesses allow them to adapt quickly to changing markets and consumer demands, often leading the charge in discovering new, efficient ways to operate.
In Alberta, where C3 Wealth Advisors is based, the entrepreneurial spirit is particularly vibrant. Despite challenges such as market fluctuations and evolving consumer preferences, Alberta entrepreneurs continuously demonstrate resilience and innovation. With 35.2 small businesses per 1,000 people, Alberta’s number of small businesses per capita is strong compared to the Canadian average. Alberta is above the Canadian average of 31.7 and is the third largest of all the provinces, after Prince Edward Island and British Columbia.³ As they navigate these challenges, small business owners increasingly seek financial guidance to ensure their businesses remain viable and competitive.
Financial planning plays a pivotal role in the success of a small business. From cash flow management to tax planning, financial strategizing ensures that a business can weather the ebbs and flows of the market. As a financial planner, my role involves working closely with entrepreneurs to tailor strategies that align with their specific business goals. It’s about crafting a financial roadmap that not only addresses immediate needs but also secures long-term objectives. By doing so, business owners are empowered to make informed decisions about reinvestment, expansion, and insurance, ultimately leading to a healthier, more robust business.
Digital transformation is another vital area where small businesses are making significant strides. The adoption of digital tools not only streamlines operations but also opens up new avenues for growth and customer engagement. A Business Development Canada study reports that small and medium-sized businesses that invest in digital technologies are more competitive and that nine out of 10 SMEs invested in digital technology in 2021.4 In recent years, the majority of Canadian small businesses have integrated some form of digital technology to enhance their operations whether that be Client Relationship Management (CRM), Enterprise Resource Planning (ERP), or social networks amongst others. This trend underscores the importance of digital proficiency as not just a survival tactic, but a strategic advantage in a competitive landscape.
As we celebrate Small Business Week, October 20th to 26th, it’s crucial to acknowledge the contributions and impacts of these enterprises on our communities and economy. Supporting small businesses means more than just shopping local; it involves advocating for policies that foster growth, encouraging education and training, and providing resources for innovation and technology adoption.
For fellow small business owners and aspiring entrepreneurs, I offer this piece of wisdom: developing a comprehensive financial plan can be your most powerful strategy for enduring success. In collaboration with a skilled advisor, you can steer your business towards sustainable growth and ensure your vision comes to fruition, thereby contributing positively to the economic tapestry of our great nation.
This Small Business Week, let’s continue to celebrate and support the small businesses that enrich our lives and communities. Together, we can ensure that the spirit of entrepreneurship continues to thrive, shaping a prosperous future for Canada.
[2] https://www150.statcan.gc.ca/n1/daily-quotidien/250220/dq250220e-eng.htm
Advisory
As your Chief Financial Officer, my goal is to help you navigate the many financial tools and strategies available to secure both your business and personal future. Every small business owner’s journey is unique, and understanding your goals is the first step toward building a financial plan that supports you today and evolves as your life and business grow.
Have more questions than answers? That’s perfectly okay. Financial education and empowerment are at the heart of what I do. Call (780-261-3098) or email (roxanne@c3wealthadvisors.ca) today to discuss your business goals.
Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence, & Control.
This article is intended for informational purposes only and should not replace personalized financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.
