The calendar is filled with days, weeks and even months designated to recognize and honor a variety of causes, people and celebrations. For the month of October, British Columbia’s small business community is recognized for its contributions to our province.

Some might question whether the small business community is, in fact, deserving of such an official, calendared designation. The Canadian Federation of Independent Business (CFIB), a big voice for Canadian small businesses for over 35 years, confidently points to two facts on small business’ economic foothold:

Small businesses comprise 98 per cent of BC’S enterprises

Small businesses generate 33 per cent of BC’s Gross Domestic Product (GDP)

Moreover, the impact of small enterprises on our economy has been on the rise for years; there are no signs this growth is letting up. CFIB’s chief economist Ted Mallet confirms that statistics show that small businesses continue to adapt and grow when the “going gets tough”, including the most recent economic downturn from which we are only now beginning to emerge. In other words, small business is steadily and consistently becoming a bigger and bigger stabilizing force for our economy and workforce!

Did you know that small businesses under 50 employees account for 56 per cent of jobs in the private sector in our province? Further, 83 per cent of small businesses have fewer than five employees. Much of the new job creation comes from small businesses.

Scholars and economists have many theories why small businesses are so important to our economy. Factors that help small businesses succeed include:

Opportunities created by decentralization and subcontracting

Organizational flexibility in a fast-moving, information-based global economy

Workplace flexibility for parents with children, older workers, and youth earning their first pay cheque

Value placed on local specialty goods and services

Rewards for creativity and innovation

Plain old British Columbian entrepreneurial spirit!

The message is clear: small businesses are a force to be reckoned with. As they grow in number, strengthen communities and create new jobs and opportunities for British Columbians, small businesses claim stake to an unquestionable economic significance more than worthy of a spot on our calendars. For the millions of British Columbians who benefit from the strength of small businesses at any given moment, the October designation of small business month is the formal recognition of the small businesses who should earn our support the whole year long.

By Brian Bonney

Canadian Federation of Independent Business