Question

What do you think are the contributions of small/medium businesses in the Canadian economy? Is there any other profession or field where similar benefits/contributions that might be offered?

Answer 1

We are aware of the fact that the Small and medium-sized enterprises known as SMEs play main role in the economy of Canada. Over 99 percent of the business in the country have less than 500 employees and they employ 64 percent of workers in the private sector. It is amazing to know that more than 55% of the SMEs in Canada have fewer than 4 employees.

It is important to understand that in order to be successful, these businesses do need to balance the conflicting interests of government, creditors and borrowers.

The main industry in which these SMEs are the retail trade, construction, professional scientists and technical services and other services, and health care and social assistance.

In the coming years the SMEs will witness certain changes like the workforce is getting aged, as the annual age growth rate is less than 2%. But on a contrary the rise of millennial and generation Z will help the country to uplift its growth. Also, the culture of Canada is getting more diverse. The growth of e-commerce is predicted to increase up to $56 billion by 2020. The automation of business activities will have huge impact on the business process.

Overall saying this won’t be wrong that SMEs does play a major role in order to uplift the economy of Canada.

In the near future business like wast management, fitness and recreational sports centres, professional services can also contribute to the economy of the country along with the existing models.