CFIB’s #SmallBusinessEveryDay Big Thank You Contest: Honoring Resilient Entrepreneurs

Celebrating those who forge ahead despite the odds

Launching the Contest: A Salutation to Entrepreneurs

TORONTO, Oct. 1, 2024 /CNW/ – Today marks the commencement of the Canadian Federation of Independent Business (CFIB)’s Big Thank You Contest, coinciding with the celebration of Small Business Month. This contest presents a unique opportunity for all Canadians to express gratitude and recognition for the determined entrepreneurs who contribute significantly to our economy while navigating through a multitude of challenges that may arise.

Challenges for Small Businesses: A Stark Reality

“Running a business today is increasingly challenging, making it hard to consider starting a new one,” commented Ryan Mallough, Vice President of Legislative Affairs at CFIB for Ontario. “From one end of the country to the other, we are witnessing the closure of long-standing, iconic establishments that have served communities for decades, succumbing to pressures from rising operational costs and diminishing customer demand.” He emphasized, “Local successes are the backbone of our communities. It is crucial to honor the entrepreneurial spirit and recognize the individuals who bravely take the risks needed to sustain our local areas.”

Despite some improvement in business conditions over the past half-year, alarming data reveals that one in every four businesses currently reports being in poor health. Furthermore, more than half of business owners surveyed (53%) would advise against starting a business at this moment. A significant majority point to ongoing challenges: the steep costs associated with running a business (89%), burdensome tax obligations (72%), anxiety regarding the economy (76%), and overwhelming government paperwork (62%) as their principal concerns regarding entrepreneurship today.

Supporting Small Businesses: A Collective Responsibility

“In order to enhance our sluggish productivity levels, stimulate job creation, and ensure the vibrance of our local economies, it is essential that we escalate our efforts to support small businesses,” added Mallough. “While governments certainly have a pivotal role to play, it is imperative that each one of us contributes to uplifting local business owners.”

Exciting Contests and Prizes: Thanking Small Businesses

Canadians can win big while cherishing their favorite small businesses*

The Big Thank You Contest, organized by CFIB with generous backing from Scotiabank, Interac Corp. (Interac), and Chase, invites supporters of small businesses to participate in weekly drawings by visiting SmallBusinessEveryDay.ca and leaving heartfelt thank-you notes for their favorite Canadian small businesses. Each week, one supporter and the business they acknowledged will be announced as winners.

Participants stand to win a cash prize of $750 to spend at local establishments, alongside a delightful Big Thank You gift box packed with an assortment of products from different small businesses. The fortunate business they acknowledge will similarly receive a cash award of $2,000, along with a Big Thank You box and a one-year membership with CFIB.

Economical Impacts of Supporting Small Businesses

“Whenever you choose to spend money at a local small business or a community franchise, approximately 66 cents is reinvested back into the local economy. This illustrates how interconnected we all are with the success of our local small businesses,” explained Emily Boston, Senior Policy Analyst at CFIB. “Initiating a small business is a significant leap of faith. Expressing gratitude is the least we can offer those who courageously take this leap.”

For further promotion of the contest and to inspire local shopping, business owners can utilize CFIB’s digital toolkits, which offer printable posters and customizable social media images. More comprehensive information about supporting small businesses is accessible at SmallBusinessEveryDay.ca.

Methodology

The final results from the Your Voice – September 2024 survey comprise data collected through an online format between September 5-23, with a total of 2,187 respondents. In a comparison context, a probability sample of this size would yield a margin of error of +/-2.10%, with a confidence level of 19 out of 20.

About the #SmallBusinessEveryDay Big Thank You Contest

*About #SmallBusinessEveryDay Big Thank You Contest
The #SmallBusinessEveryDay Big Thank You Contest, a venture initiated by CFIB, encourages the community to actively support independent businesses by inviting Canadians to send thank-you messages to their preferred local establishments. Every week from October 1 to October 28, an entrant is awarded $750 in cash alongside a Big Thank You Box filled with various products sourced from small businesses across Canada. The acknowledged businesses will also receive a cash prize amounting to $2,000, a one-year CFIB membership, and a Big Thank You box. This contest is sponsored by Scotiabank, Interac, and Chase. For more details and to participate, please visit SmallBusinessEveryDay.ca. Contest regulations are available at cfib.ca/sbedrules.

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About Scotiabank

About Scotiabank
Scotiabank aims to be regarded as the most trusted financial partner of its clients. Guided by their purpose, “for every future,” they are committed to helping clients, their families, and their communities achieve success through a diverse range of products and services, which include personal and commercial banking, wealth management, private banking, corporate investment banking, and capital markets. As of July 31, 2024, Scotiabank holds assets totaling approximately $1.4 trillion and is listed on both the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). More information is available at http://www.scotiabank.com and on X @Scotiabank.

About Interac Corp.

About Interac Corp.
Interac strives to empower Canadians to conduct digital transactions securely by providing comprehensive payment and value exchange services. Security remains a core priority as they contribute to the evolution of financial transactions in Canada. Over 300 financial institutions are connected to their network, allowing Canadians to choose Interac products for over 20 million transactions daily. Interac advocates for corporate responsibility and community engagement, and is proud to be among Canada’s most reliable and trusted financial brands. Discover more at interac.ca.

About Chase Payment Solutions

About Chase Payment Solutions
Chase Payment Solutions, a branch of JPMorgan Chase & Co. located in Toronto, Ontario, is a prominent leader in payment processing solutions suited for businesses of various sizes. Over 110,000 Canadian firms rely on Chase for their payment processing needs. By selecting Chase Payment Solutions, businesses align themselves with a globally recognized leader processing over $2 trillion globally in annual credit and debit card transactions. Operating in Canada for over 20 years, Chase Payment Solutions employs 200 professionals nationwide. More information can be found at chase.ca.

About CFIB

About CFIB
The Canadian Federation of Independent Business (CFIB) stands as Canada’s largest association representing small and medium-sized enterprises, with a membership hitting 97,000 across diverse industries and regions. CFIB is committed to enhancing the success rates of business owners through strategic policy advocacy, expert counsel, pragmatic tools, and by negotiating exclusive savings for its members. Learn more by visiting cfib.ca.

SOURCE: Canadian Federation of Independent Business

For media inquiries or interview requests, please contact: Dariya Baiguzhiyeva, CFIB, 647-464-2814, [email protected]