Nearly 3 million Ontarians are employed by small businesses of 100 or less employees,
but the rising cost of doing business in the province is stunting their growth
In the report, the OCC cites the rising cost of doing business as a major impediment to small business growth. In fact, OCC survey results show that one in twenty businesses in the province expect to close their doors in the next five years due to rising electricity prices. In addition, 38 percent will see their bottom line shrink, with the cost of electricity delaying or canceling investment in the years to come.
“Rising electricity prices is just one of the many elements adding to the cost of doing business in the province,” said Stuart Harrison, President & CEO, Peterborough Chamber of Commerce. “The Peterborough and Kawartha Chambers are launching this campaign to take a look at how we can engage both government and business leaders in our communities in a productive conversation to the answer the question ‘what exactly is ailing small business?’.”
In addition to the rising cost of doing business, the report also lists key infrastructure gaps and a lack of access to skilled workers as the top three obstacles weighing on small business. According to a recent OCC survey, 39 percent of employers have had difficulty filling a job opening over the past year and a half - an increase of 11 percentage points since 2014.
“Building a 21st century workforce that is reflective of the needs of employers in our area has been a cornerstone of our advocacy efforts for quite some time,” said Sherry Boyce-Found, General Manager, Kawartha Chamber of Commerce & Tourism. “We’ve seen tremendous progress on this file over the past few years, but we recognize the need to foster greater connections between skilled workers and employers.”
Over the next six months, local chambers of commerce and boards of trade will hold consultations with small business owners throughout the province to identify the barriers that they face.
“Small businesses of 100 or less employees are the core of our membership and employ nearly 3 million Ontarians, which is why we’ve decided to undertake the Small Business Too Big To Ignore campaign,” said Allan O’Dette, President and CEO of the OCC. “The insights gained from the local chamber consultations will inform an upcoming OCC report to be released during Small Business week in October 2016. We’re really looking forward to the feedback.”
For more information:
Sandra Dueck, Policy Analyst/Communications Specialist
Peterborough Chamber of Commerce
705.748.9771 x 215
Report: Top 3 Obstacles to Small Business Success