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Business Climate and Opportunities for SME Development in Canada For Presentation at: Natural Resources for the Future Syktyvkar, Komi Republic, February 2004 What is a Small Business? In Canada: “SMEs” < than 500 employees and <$50 million in annual revenues. “Small businesses” < 50 employees and those with no employees (self-employed) 5/23/2017 2 Characteristics of SME’s in Canada 99.7% of all employer businesses in Canada. Key sectors: Agriculture (13%) Professional services (11%) Wholesale/retail industries (11%) 10.6% export All Canadians are part of the process: 54.7% are owned by men 14.9% are owned by women 8% are owned by young entrepreneurs. Broad and balanced geographic representation: Rural 20% ■ Towns/Villages 30% ■ Urban 50%. 5/23/2017 3 Characteristics of SME’s in Canada 2.2 million small businesses in Canada and > 80% of them employ four employees or less. 50.0% no employees 45.0% 40.0% 1 to 4 employees 35.0% 30.0% 25.0% 20.0% 5 to 19 employees 15.0% 10.0% 5.0% 20 to 99 employees 100 to 499 employees 0.0% 5/23/2017 4 Characteristics of SME’s in Canada Stages of Development of Canadian SMEs 13% Slow Grow t h Firms 9% 5% 21% Mat ure Firms Fast Grow t h Firms Dec lining Firms Seed/ St art up Firms 52% 5/23/2017 5 Economic Impact of SMEs in Canada SME’s: 43% of GDP 56% of employment in Canada Small businesses 23% of GDP 2/3 of all new jobs created 5/23/2017 6 The Future of Canada’s SME Sector Business Climate Motivation Opportunity Skills 5/23/2017 7 Trends in SME Development in Canada Factors that are improving the business climate: Greater privatization of government services More contracting out by large companies Affordable technology for SME’s Keeping skills in the market Greater entrepreneurial awareness Greater access and interest in export markets More interest in joint ventures and strategic alliances 5/23/2017 8 Barriers to SME Development in Canada Factors that are hindering the business climate: Government taxes, regulations and fees (80%) Shortage of qualified labor (44%) Access to financing (30%) High failure rate of new businesses Being your own boss 5/23/2017 9 What is Canada Doing to Support SME Development National Policy on Entrepreneurship Canada’s SME Policy Agenda: Removing Obstacles 2. Promoting Interests 3. Supporting Startups and Growth Business information and business support programs Special SME development initiatives Regulatory improvements/changes 1. 5/23/2017 10