With its Brexit vote in June 2016, the United Kingdom voted to leave the European Union.
The decision immediately sent shockwaves throughout the entire world.
In Canada, economic experts began weighing the impact Brexit decision has on Canadian businesses.
Many people focused on the potential negative impacts.
While this is normal after any major worldwide financial news, should Canadian businesses take a similar, negative outlook on the future?
Rather, can Canada’s businesses take advantage of emerging opportunities in the wake of the Brexit vote?
Politicians around the globe seem to go on and on about small businesses but in Canada they do so with good reason. You see – small business is the backbone of the Canadian economy.
Of the 11.6 million people employed in the Canadian private sector, 90.3% of them are employed by SMEs (Small and Medium Enterprises). If you look at the numbers behind this it means that around 10.5 million people in Canada are employed by SMEs. If we look at the wages this generates it paints an interesting picture:
Taking an average wage of around $50,000 and apply that to the numbers employed by the private sector, the wages generated by private sector SMEs totals a whopping $525 billion. (Article continues below)