The Lacombe and District Chamber of Commerce staff, along Burman University’s business department, have teamed up over the years to offer an array of learning opportunities during Small Business Week.
This year is no different.
“We have a planning committee, a couple of businesses in town, and the chamber is a partner with us as well,” said Dr. Louicius Michel, department chair and professor.
“Last year, we had 64 businesses attending our Small Business Week event,” he said. “This year, we started planning back in June saying, let’s repeat this experience. So we have scheduled the next Small Business Week for Tuesday, Oct. 22.
“We are going to have it at the Lacombe Memorial Centre starting at 7 a.m. There will be registration, and then after that, we will provide a complimentary breakfast for everyone.”
Michel said the format of the event includes a keynote speaker, and this year’s theme is Resiliency for Small Businesses.
“There will also be two other workshop presenters,” he said, adding there will be a panel set up featuring leaders from several local businesses.
Michel said the goal is to help small businesses on a number of fronts, as the support is vital to helping them achieve success and sustainability. He noted statistics show about 53 per cent of small businesses don’t last beyond the five-year mark.
The three roadblocks that hinder growth are strategic management, as many small business owners are so busy with the day-to-do, they don’t have much time left over to develop strategies, he explained.
“Most have to ability to do it, but they just don’t have the time and resources to do it.
“The second (roadblock) would be financial management,” he said. Finally, nailing down effective marketing plans can prove to be a roadblock as well.
“Even in the age of the Internet, one would think that marketing would be easier for small businesses. But the landscape is changing. In this age of information, you are in competition with all small businesses everywhere,” he explained.
“You are competing with the world, not just with the small businesses around here. So how do you be strategic to turn the market conditions to be in your favour?”
And so ultimately, for the half of small businesses that don’t it past those first five critical years, it’s likely one or more of these roadblocks have been a factor, he said.
For Michel, he not only wants his students to learn these key precepts in depth, he also wants to help support the local business community by sharing this practical knowledge as well. And thus the consistent collaboration with the local chamber, which is marking its 100th anniversary this year as well.
“Wherever you have a school of business that is interacting with the community, it will work both ways. It’s good for the community, and it’s good for the school of business.”
To that point, on Oct. 22 in the afternoon, there will be a career fair as well.
“Businesses can come, and ‘pitch their tents’, give door prizes, and attract human resources. Finding qualified talent to work in small businesses is also a major issue.
“And so my collaboration is not only with the Lacombe and District Chamber of Commerce, but I’m also reaching out to the confederation of chambers of commerce throughout the province,” he said.
“We also want to continue to create this kind of awareness with businesses, that we are here to help. Those three roadblocks that I mentioned, those are things that we are teaching about as well."
For Michel, a passion for the business world was sparked early on. So what drives this passion?
“At the micro-level, you want businesses to be running well, and creating wealth in the economy,” he said, adding that between 30 and 33 per cent of the GDP in Canada comes from small businesses.
“Every time we provide a service to businesses, we help them to remain in action for a longer period of time, so (in that way) we are contributing to, and increasing wealth, in society,” he said.
“That’s one source of my inspiration. And then at the macro-level, Canada has been pretty much stable economically. There are ups and downs and different cycles, but compared to other major countries, Canada has been quite stable.
“Small businesses, in Alberta, are also about 99 per cent of all businesses. And across the country it’s in that range, too - 98 to 99 per cent of all businesses are small.
“So all this support that is directed to small businesses is (in essence) directed to wealth creation. This is where I see myself - participating in something that is very positive for society.
“We are making a positive contribution, and training our students to be doing just that by encouraging entrepreneurship.”
Looking forward, a goal of his is to create a small entrepreneurship eco-system on the local front.
“That’s what I’d also like to do before I stop teaching,” he added. “That would involve working with partners in the community, like the chamber, to create in Central Alberta an entrepreneurship eco-system that would put the province on the long-term path of economic development and diversity.
“I believe there is a new generation that would share that passion and could take up the banner and continue on that route. That’s my passion for sharing in the classroom, and out of the classroom.”
For more about the Small Business Week event hosted by Burman University, head to www.burmanu.ca.