YOUR PERSPECTIVE: Small businesses need more support

Mar 29, 2023 | 8:00 AM

Small business owners in B.C. are suffering. Despite playing a vital role in our economy and employing a large portion of the workforce, entrepreneurs in B.C. are starting to lose hope as the NDP government hasn’t taken any meaningful steps to address the mounting challenges they face.

In a recent B.C. Chamber of Commerce Survey, 87 per cent of respondents said the costs of doing business have gotten worse over the past years. They cite labour shortages, cost of goods, inflation, lower consumer spending, and higher interest rates as major challenges to business.

These rising costs coupled with slower economic activity have left small business owners struggling to keep their doors open and livelihoods afloat. Our small businesses are also struggling to manage costs associated with a higher minimum wage, paid sick days, and an increased carbon tax. Instead of receiving additional support, they have received additional tax hikes and increased red tape.

Commercial rent is another major concern for small businesses to tackle. Kent’s Kitchen has been a staple of Vancouver’s Chinatown for more than 40 years, offering large portions of delicious food at an affordable price. Sadly, the restaurant will be forced to close its doors in April due to a 30 per cent rent increase it cannot afford. William Liu, President of the Vancouver Chinatown Merchants Association, said, “it’s literally monthly we see businesses closing, old and new. It’s really tough to look into the future right now.” The continual business closures are causing concern that the fabric of the neighbourhood is in jeopardy. This is happening across the province, and currently in downtown Victoria, retail space vacancies are at 10.9 per cent — the highest they’ve been in a decade.

Unfortunately, the challenges facing small business don’t end with rising costs alone. The rampant increase in break-ins, broken windows and other property crimes is taking a toll on businesses in the downtown core of our cities.

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A recent survey asked 500 Metro Vancouver, Fraser Valley, Kelowna, Kamloops, Prince George, and Victoria businesses how long they could continue to operate under current levels of crime. Just under 50 per cent of businesses responded with two years or less. That is nearly half of the businesses in major cities across the province suggesting they may have to close their doors in under two years if this level of crime continues.

It doesn’t appear as though the situation is getting better. Last month in a single night in Victoria, six different businesses had their windows broken, and this was just one night in a spree of attacks. The costs of these damages add yet another additional cost to businesses, with a single window costing thousands of dollars to replace. Things are so bad in Vancouver, the West End Business Improvement Association is giving businesses the opportunity to apply for a $500 grant to help with the costs of vandalism. The Downtown Vancouver Business Improvement Association has opened a similar grant program to help businesses repair the damage. It should not be up to non-profits or the businesses themselves to deal with the repercussions of the NDP’s failed soft-on-crime approach.

The future currently looks bleak for small business owners in B.C., with many wondering how much longer they can keep their businesses afloat and their dreams alive. Small business tax revenue is currently projected to decline by 20 per cent in 2023, further shrinking the small business sector.

Small businesses are the backbone of a community, providing employment, goods, services, and allowing people to put food on the table for their families. We cannot have strong communities without strong small businesses. It’s time this government listens to business leaders and takes immediate action to provide relief for those struggling under growing operational costs.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of Fraser Valley Today or Pattison Media.

by Ben Stewart, MLA for Kelowna West

YOUR PERSPECTIVE: Small businesses need more support

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