Small businesses in Lethbridge continue to strengthen local economy

Said to be the backbone of the economy, Economic Development Lethbridge (EDL) says small companies make up more than half of the city’s businesses and in turn, play a vital role in Lethbridge’s economic stability.

“We are what helps keep the community alive,” said Tanya Holt, manager of the Drunken Sailor, a long-standing small business that has been in Lethbridge for almost six years.

“We help bring in that unique customer and we help bring in customers from out of town.”

Stating they’re also vital to the city’s diversity, officials at EDL say these small businesses have big promise.

“Small businesses are actually really good for the economy because it encourages innovation, it creates employment and it also provides financial independence,” said Erin Cane, director of Investment Attraction at EDL.

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Catering mostly to local and niche markets, although these small operations usually serve as economic drivers, Holt says they can also fall on financial hardships much more easily than larger companies.

“It’s been really hard along the way because if we can’t continue to get good prices on items, then we don’t have the buying power that a big company would have,” Holt said.

“So we still, six years later, are striving to be that different business.”

Holt also says adaptation to constant changing trends is key in keeping open lights flickering and the doors open.

“Changing from day-to-day is what you have to do in this store to stay current.”

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Fuelled by the support of the community, although small, Statistics Canada shows these companies continue to play a big part in not only the local but also the provincial economy.

The 2014, key small business statistics released by the government of Canada shows that small businesses with less than 50 employees made up more than 95 per cent of all Alberta’s businesses and contributed to 33 per cent of Alberta’s gross domestic product (GDP).