British Columbia’s provincial election on October 19 is just around the corner, and 41 per cent of small business owners have not yet decided who to vote for. This unprecedented level of uncertainty signals that parties are missing the mark on what small businesses are looking for this fall: A clear path forward.
Small business owners aren’t just undecided—they’re losing faith. A new released by the Canadian Federation of Independent Business (CFIB) reveals that seven in 10 B.C. small businesses feel their concerns will go unheard in the upcoming fall election. And who can blame them? With everyone’s attention locked on the provincial campaign trail spectacle, it seems nobody is checking in on the state of small business.
For those small business owners who have spent years building something from the ground up, this election feels personal. Economic pressures are forcing many small business owners to make tough choices with three-quarters reporting that they’ve had to delay their retirement plans due to economic pressures. The future for the next generation of entrepreneurs is equally concerning: Eight in 10 small business owners believe that today’s young entrepreneurs have fewer opportunities for success compared to those who came before them.
Our youth deserve a better—or at least comparable—chance to innovate, build a business, and support their families and communities. That’s why this election is not just about choosing a government. It's about shaping the future of our economy and creating a more hopeful future for entrepreneurship in BC.
While a sizable number of small business owners have yet to decide who to vote for this fall, they know exactly what they’re voting for: almost 90% of BC small businesses say they want party leaders to focus on policies that would reduce the cost of doing business in the province.
As one small business owner from Burnaby told us, “The massive increase in costs (sick days, EHT, taxes etc.) on small businesses and individuals has stopped me from expanding my business. Instead, I’m looking to shut things down.”
It’s disheartening. And yet, there’s still time. The upcoming October election offers a critical opportunity for party leaders to step up, turn this ship around, and make small business owners believe that they truly care about them. They have a chance to restore confidence, foster economic growth, and create a more business-friendly environment—if they choose to act.
What do small businesses want? Simple. Policies that address their concerns—reducing provincial payroll costs (which are the second highest in the country), returning a portion of WorkSafeBC’s surplus (a practice done by nine boards across the country), and reducing business taxes (to spur economic growth). When small businesses thrive, everyone benefits—more jobs, more local spending, better services for all.
The dire state of B.C.’s economy should be sounding alarm bells but instead, the political ruckus of campaign season is drowning small businesses out. With a month left before the election, there is still time for political leaders to engage with this vital segment of the electorate. By addressing the concerns of small businesses directly, parties have a real chance to earn their trust—and their vote—while shaping a stronger economic future for British Columbia.
Jairo Yunis is the director of B.C. and Western economic policy CFIB and Emily Boston is CFIB’s senior policy analyst for B.C.
