Small Business Week in Saskatchewan: Celebrating their Contributions to the Economy

Introduction

Small businesses are the backbone of Saskatchewan’s economy, contributing significantly to job creation, community development, and the province’s overall GDP. In recognition of their importance, Minister of Trade and Export Development Jeremy Harrison has designated October 15-21 as Small Business Week in Saskatchewan. This annual event, launched almost 50 years ago by the Business Development Bank of Canada, aims to celebrate the vital contributions small businesses make to the province’s economy.

The Impact of Small Businesses

Despite their size, small businesses play a significant role in the economic growth of Saskatchewan. Minister Harrison acknowledges their tremendous impact, stating, “While the businesses may be small, the impact they have on the economy of this province is enormous.” Small businesses not only provide essential products and services but also create job opportunities. In fact, more than thirty percent of all workers in Saskatchewan are employed by small businesses.

A small business is defined as one that has less than 50 employees. These businesses, driven by the passion and tenacity of their owners, contribute to the province’s exploration of new markets, the creation of new opportunities, and the fostering of innovation. They are a key reason why Saskatchewan has gained a global reputation for its food, fuel, and fertilizer industries. Small businesses have an impact that extends far beyond the people they employ, reaching even the smallest towns and largest cities in the province.

Recognizing Small Businesses

The Saskatchewan Chamber of Commerce CEO, Prabha Ramaswamy, emphasizes the importance of small businesses, stating, “They play a crucial role in shaping our province’s growth, contributing significantly to job creation, community development, and a quarter of our provincial GDP. Their impact on Saskatchewan cannot be underestimated.” With small businesses representing almost 99 percent of all businesses in the province, they form the foundation of Saskatchewan’s business landscape.

Growth of the Small Business Sector

Saskatchewan has witnessed significant growth in its small business sector. From 2021 to 2022, the province experienced a 2.6 percent growth, and since 2012, there has been a remarkable 44.6 percent increase. This demonstrates the entrepreneurial spirit and determination of Saskatchewan’s business owners. In 2022 alone, there were 147,116 small businesses operating in the province.

With 123 small businesses per 1,000 people, Saskatchewan boasts the second-highest per capita rate in Canada. The province’s small businesses not only provide employment opportunities but also contribute to the local economy. In 2022, they employed 30.6 percent of Saskatchewan workers and paid nearly $7.2 billion in wages and salaries. This amounts to almost 25 percent of the province’s total payroll.

Conclusion

Small Business Week in Saskatchewan celebrates the remarkable contributions small businesses make to the province’s economy. These businesses, despite their size, have a substantial impact on job creation, community development, and overall economic growth. With their relentless drive, small businesses continue to shape Saskatchewan by exploring new markets, creating opportunities, and fostering innovation.

By recognizing and supporting small businesses, Saskatchewan ensures its continued growth and prosperity. As the backbone of the province, they play an indispensable role in shaping its future. Let us all celebrate Small Business Week in Saskatchewan and acknowledge the dedication and hard work of these entrepreneurs who contribute to the well-being of our communities and the economy as a whole.

Contact Information

For more information, please contact:

• Leona Brander
• Trade and Export Development
• Regina
• Phone: 306-526-9806
• Email: leone.brander@gov.sk.ca

Summary:

Small Business Week in Saskatchewan, designated by Minister of Trade and Export Development Jeremy Harrison, celebrates the contributions of small businesses to the province’s economy. These businesses, though small in size, have an enormous impact on job creation and economic growth. With almost 99 percent representation in Saskatchewan’s business landscape, small businesses are the backbone of the province. Their drive and tenacity ensure the exploration of new markets, the creation of opportunities, and the fostering of innovation. Saskatchewan has experienced significant growth in its small business sector, with a 2.6 percent increase from 2021 to 2022 and a remarkable 44.6 percent increase since 2012. With 123 small businesses per 1,000 people, Saskatchewan ranks second in Canada in terms of per capita rate. These businesses employ 30.6 percent of Saskatchewan workers and contribute nearly $7.2 billion in wages and salaries, approximately 25 percent of the province’s total payroll.

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