Every October, communities across North America come together to celebrate the small businesses in their community. By definition, small businesses are those with 50 employees or less. In Okotoks, this equates to approximately 97% of our business community.
As staggering as this number is, it highlights just how integrated and important small businesses are to Okotoks. Whether you are out for a bite to eat (an estimated 1/10 businesses are in the food service industry), grabbing a new pair of skates for practice (approximately one-third of businesses are retail) or having your furnace serviced (roughly 1/7 businesses are in the professional, scientific and technical service industry), the likelihood that you are utilizing a small business is very high.
There really isn’t an industry or niche that small business doesn’t exist in. Just as important though, are the opportunities that small businesses create for local employment. The Business Development Bank of Canada (BDC) estimates that 9 in 10 Canadians in the private sector work in small and medium-sized enterprises (SME); a figure that aligns with the overall makeup of SME’s in Okotoks.
So, when we refer to “small business” as the backbone of our local economy, there really is truth to the phrase! The Town of Okotoks thanks all small businesses in our community for everything you do to help make Okotoks what it is!
The Economic Development team reminds you that you are not alone in your business journey! Running a business on your own can feel isolating, but staying connected within the community is key to success. The Town offers a supportive network of local businesses, and our team is here to help you build connections. Through providing opportunities to engage, share ideas and create valuable support systems. Staying plugged into the community can open doors, spark collaborations, and keep your business thriving. Let’s grow together!
The economic development data presented in this article is from the Town of Okotoks Business Licensing system.
Source: Town of Okotoks Economic Development
BDC Source: https://www.bdc.ca/en/articles-tools/business-strategy-planning/manage-business/10-things-didnt-know-canadian-sme
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