Now, more than ever, Edmonton’s Small Business Week (SBW) is valuable and important.
Not only because Edmonton’s annual SBW is a terrific opportunity for entrepreneurs to get together, network, share information, compare highs and lows, ups and downs – it is a particularly good time to recognize and celebrate our local small businesses.
Small Business Week is set for October 15-21, 2023. It is a national program started 43 years ago by the Business Development Bank of Canada (BDC). According to BDC figures, SBW is an annual celebration of entrepreneurship and a chance for more than 10,000 entrepreneurs to network and celebrate people-building businesses across the country. Coast to coast, in most major business areas, like Edmonton, the planning and the coordination is led by the local Chambers.
According to Statistics Canada, there are more than 1.2 million small and medium businesses (SMEs) in Canada. Contrary to common business myths and stereotypes, the criteria that determines small or big business does not depend solely on balance sheets. The number of employees defines the criteria to be referenced as a small business – and more than 98 per cent of all Canadian private sector businesses have fewer than 100 employees.
With more than 33,000 businesses in the Edmonton region, some 94 per cent are small businesses. The most recent City of Edmonton Economic Indicators Report tracked that local small businesses generate around 30 per cent of the city’s GDP and provide employment for over 250,000 people. The top industries for small businesses in Edmonton are construction, professional services and retail.
In our region, much of the SBW planning and coordination is done by hard work at the Edmonton Chamber of Commerce, which has the distinction of being one of the longest-running and most influential business organizations in Canada. The Edmonton Chamber has contributed to the prosperity of the region for nearly 130 years and its 1,700+ member companies collectively employ more than 100,000 Edmontonians.
As well as being the organizers of Edmonton’s Small Business Week, the Chamber is a year-round booster of Edmonton small business.
“Our local small businesses inject innovation, growth and a sense of community into our city,” says the upbeat Haydar Al Dahhan, interim president and CEO of the Edmonton Chamber. “Small businesses make up 98 per cent of the businesses in Canada and employ two thirds of all working Canadians. Here at home, small business is an essential part of what makes our city great.”
He is positive but realistic about the past few years of challenges and broadsides, particularly for Edmonton’s small businesses. “They have had to adjust to market factors such as health restrictions, changing expectations of their customers, labour shortages, surging costs, inflation, supply chain shortages and the many adjustments for more digital retail competition.
“While all businesses, big and small, also faced the crunch, small businesses are often more affected by them. As a result, StatsCan studies show that small businesses are somewhat less optimistic than larger businesses.”
SBW will underscore the positivity. Al Dahhan points out that, despite the recent disruptions, Edmonton entrepreneurs are showing unwavering determination and creativity with resourcefulness, ingenuity and growth initiatives.
“SBW is an opportunity to celebrate business successes and share resources to help small businesses navigate the issues.”
Two previous Chamber award-winning small businesses underscore the value of small business recognition.
Unbelts is an innovative and fresh Edmonton small business, making a big impact. As it proudly flashes on the company’s website, “Unbelts …makes belts! The company’s focus is “One belt, to fit all bods.” According to Unbelts founder and owner, Claire Theaker-Brown, “Unbelts is the most size-inclusive belt in North America.”
It’s also an award winning, Edmonton small business success story.
“Collaboration and a high comfort level with constant change are keys for small business success,” she points out. “Edmonton is very community-oriented and we see local customers wanting to support small businesses. You’d think it would be challenging to grow a sustainable apparel business outside of Canada’s fashion centres like Vancouver or Toronto, but the local love makes up for it and shows how much potential there is here for a revival of Edmonton’s apparel manufacturing past.”
Theaker-Brown adds that SBW is great for our local small businesses, who are the backbone of the local economy.
“It’s a chance to shine! The recent Chamber award was really gratifying confirmation that Edmonton values purpose-based businesses.”
Although Edmonton’s Food Bank has a vital and unique business model, it is very much a small business. As an affiliate member of Food Banks Canada, it is committed to the mantra of “Relieving hunger today. Preventing hunger tomorrow,” and envisions a community where hunger does not exist and where all citizens have access to an adequate and nutritious supply of food.
As with most small business models, the work can get challenging.
“We are an Edmonton small business,” says executive director, Marjorie Bencz, “but a large part of our success is the foundation of being true to our values, vision and mission and being clear about the programs and services that we provide. We focus our energy on what we need to do and what we can do well.”
While award recognition is positive and motivational, “Edmonton is a beautiful city full of caring, kind people. Like all large centres, we have our challenges, but the Edmonton community continues to work together to overcome these challenges,” she adds.
The Chamber notes that the various events and opportunities will be added dimensions to boost Edmonton and inspire small businesses to confront challenges and focus on growth and win in today’s competitive global environment.
“It’s not only about having the will, but also about having the tools and resources, both financial and non-financial.”