Small Business is Big Business in NL

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Small Business has been hailed as the engine of the economy in Newfoundland and Labrador. The claim is backed by stats like how, last year, Atlantic Canadian entrepreneurs started more new businesses than any other region in Canada.

In Newfoundland and Labrador, there are more than 17,000 businesses that employ people: 98.5% of them are small businesses with 1-99 employees. 71% of jobs created in the private sector over the past 10 years can be attributed to small business.

In a recent study, the BDC (Business Development Bank of Canada) surveyed over 1000 SME leaders across the country to gather info that will help small business owners understand what it takes to grow their business. The report – track it down – offers “proven and effective strategies for successful growth.”

It focuses on “investments, innovation, employees, and clients” and claims that innovation is the key: businesses that have developed successful growth strategies have invested in training, staff, and new software and equipment.

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