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In Canada, Small Business Is Big Business

Published on 10 March 2021 at 14:34

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From our neighbors to the north, real enthusiasm about small and medium-sized enterprises (SME)

According to the article small business is really big business in Canada. In fact, "nearly 99% of all registered Canadian companies employ fewer than 500 people, which makes the SME sector by far the biggest contributor to Canada’s economy." I thought that was impressive and clearly demonstrate that SMEs represent a force to be reckoned with at least in the Canadian national economy. I would add, anecdotally, that I know from one particular sector of the economy that of water quality and swimming/piscine/spas pool shop owners (disons, les propriétaires de magasins de piscine) are certainly an active and vibrant sector of the Canadian SME market.

I am particularly interested in the resiliency of SMEs in the face of a cloudy future in the wake of COVID-19. The extent of corporate resiliency, relative to this size business, is particularly important because there really is little room to make mistakes. At least on this side of the US/Canadian border, we can see, looming over the horizon, the very real possibility of sharp reduction in earnings/resulting cutbacks in import-export activity. So far, what has been Canada's experience?  How has "Virtual” cross-border marketing worked in filling their gap and has it been enough? Interestingly enough one survey found that at the end of 2019, the most widespread challenge for U.S. midsize companies was maintaining customer relations. And further, maintaining them in a COVID and post COVID world. Going forward, we a lot to unpack. My brief opinion is that customer relations (and not necessarily data driven analysis) is what it's all about. We can rely solely on data to guide our export decisions but in the end, it comes down (as it always does) to meeting face-to-face around the table with your export customer on his  home turf. 

In terms of "innovation" in Canada, that's an important metric not to overlooked as it is pointed out in the "4 Challenges" that "hundreds of thousands of small operators" are discovering "new technologies and ways of doing business that have the potential to change the face of Canada’s post-industrial economy."  Again, a most fascinating look at what our remarkable neighbors to the north are doing! Congratulations et aussi félicitations!! 

Special thanks to: 4 Challenges Facing Your Small Business in Canada - QuickBooks Canada Team

#sustainability #climatechange #economy #business #canada #smallbusiness #growth #exportimport #corporateresiliency

https://quickbooks.intuit.com/ca/resources/business/challenges-facing-small-businesses/

 


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