Small Business Week 2023 is in full swing, and it's all about tackling labour challenges faced by small businesses. This annual event serves as a vital platform for entrepreneurs to share experiences, discuss solutions, and network with peers. Small Business Week (SBW) is presented by the Business Development Bank of Canada (BDC).
This year's focus is on a pressing issue for Canadian entrepreneurs: labour scarcity. BDC's recent report, "The Challenge of a Decade: How to Navigate Canada's Labor Shortages," reveals that over 60% of entrepreneurs are grappling with hiring difficulties, a significant increase from just over 40% five years ago. This report, based on insights from entrepreneurs who have successfully navigated labour challenges, aims to equip small businesses with the knowledge needed to make informed decisions.
Many small farms offer goods to consumers or agro-tourism, and experience the impact of the labour scarcity all to well.
Small businesses play a pivotal role in Canada's economy, contributing 88% of private sector jobs and over 50% of the GDP. BDC, as a development bank, plays a crucial role in supporting entrepreneurs' growth, spurring competitiveness, and fostering the rise of Canadian champions.
Isabelle Hudon, President and CEO of BDC, emphasizes the importance of entrepreneurs supporting one another, stating, "Small Business Week is about facilitating connections and addressing common challenges such as economic uncertainty and labor scarcity."
The current business landscape presents challenges such as low unemployment, an aging population, and rising costs. However, entrepreneurs can adapt and develop essential skills for success. BDC's report, "Entrepreneurship in Motion: Skills to Succeed in a Changing World," outlines critical skills entrepreneurs can acquire at different growth stages. Small Business Week participants can explore these skills through workshops and networking events.
Throughout Small Business Week, BDC collaborates with organizations like the Canadian Chamber of Commerce, Futurpreneur, WeConnect International, and WBE Canada to offer valuable content and special events. Entrepreneurs can tap into their expertise during this unique week, making it an excellent opportunity for growth and learning.