Keep in the loop with the latest payroll services, work management news and expert advice from Blue Canvas.
October 16 - 22, 2016 marked BDC Small Business Week across Canada. The Blue Canvas team was an active participant in two of the Winnipeg Chamber of Commerce’s marque events last week, including the Small Business SUMMIT in partnership with Mayor Brian Bowman’s office, and the membership luncheon “Get Ready to Grow” featuring a panel discussion with three Winnipeg small business entrepreneurs.
While this cross Canada celebration is once a year, we should be celebrating small businesses every day. It is astonishing how significant an impact small business has on the Canadian economy. According to Statistics Canada’s Labour Force Survey “Innovation, Science & Economic Development Canada” calculations, as of December 2015, there were 1.14 million small business employers in Canada (a “small business” is considered those under 100 employees). The majority of private sector employees in Canada work for small businesses, constituting 71% or 8.2 million jobs of private sector employment. Just in Manitoba alone, 275,600 employees work for small businesses. In terms of net new employment change between 2005 and 2015, small business contributed 87.7%, or 1.2 million new jobs, during this time period.
So what does this mean for payroll? Typically in small organizations, payroll is processed by someone with a financial, human resources or office management background and usually not by a payroll professional (whether certified or not). This often means the person responsible for payroll is wearing many hats and busy with a variety of other responsibilities. Payroll can be time consuming and overwhelming if you the person responsible does not have the proper training or adequate time to process. Seeking out a payroll provider may be just the answer to the payroll challenges faced by small businesses, which can service organizations of all sizes from 1 to thousands of employees.
Most small business owners started their businesses because they had a true passion and belief for the service or product they are producing. No small business owner ever said “I’m so excited to process payroll myself and manage finances.” We heard so many inspiring stories told at the Small Business week events, including from Tiber River Naturals’ Michelle Lalonde, Shut ‘Ur Pie Hole’s Heather Daymond, and Sycamore Energy’s Justin Phillips, about the challenges they face, making payroll, and access to financing / capital. Outsourcing payroll might be just the thing to help small businesses get out of the weeds and focus on their business, selling their products or services, and long term growth goals.