Innovate, Integrate, Motivate - farms should celebrate small business week

Oct 19, 2023

Small Business Week (SBW), organized by the Business Development Bank of Canada (BDC), kicks off its 44th edition, fostering a national dialogue on entrepreneurship. This year's focus is on addressing a pressing concern for Canadian entrepreneurs - labour scarcity.

Most farms in canada, are small businesses, and the agriculture industry feels the impact of the labour scarcity.

BDC's third report, titled "The Challenge of a Decade: How to Navigate Canada's Labour Shortages," takes center stage. The study reveals a significant increase in entrepreneurs struggling to hire and retain employees since 2018. Over 60% of entrepreneurs now face hiring difficulties, compared to just over 40% five years ago.

Small businesses are vital to Canada's economy, responsible for 88% of private sector jobs and over 50% of the country's GDP. BDC, as a development bank, actively supports entrepreneurs' growth, fostering competitiveness, and nurturing Canadian champions. With 100,000 entrepreneurs in its network, BDC plays a pivotal role in driving economic development for the benefit of all Canadians.

Isabelle Hudon, BDC's President and CEO, emphasizes the importance of entrepreneurs learning from each other's experiences. Economic uncertainty, labour scarcity, and skills development top the list of challenges shared by many business owners. SBW serves as a platform for entrepreneurs to connect, gain fresh perspectives, and collectively confront these issues.

The current business landscape presents challenges such as low unemployment, an aging population on the cusp of retirement, and rising costs. However, entrepreneurs have the ability to adapt and acquire essential skills to succeed. BDC's report, "Entrepreneurship in Motion: Skills to Succeed in a Changing World," outlines critical skills entrepreneurs can cultivate at various stages of growth. SBW participants can delve into these skills through workshops and networking events nationwide.

During SBW, BDC collaborates with esteemed organizations like the Canadian Chamber of Commerce, Futurpreneur, WeConnect International, and WBE Canada to offer valuable content and events. Entrepreneurs can tap into their expertise and insights, enriching their entrepreneurial journey.

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!