Companies feel positive
Photo: Madison Erhardt
The results are from the Central Okanagan Economic Development Commission’s annual Business Walk, and the news is pretty good.
COEDC officials visited a handful of businesses during BC Small Business Week in October to get the pulse of the region, which includes Lake Country, Kelowna, West Bank First Nation, West Kelowna and Peachland. In addition, more than 200 companies took part in a survey to gain further insights.
More than half of the companies surveyed, or 61%, said that they plan to expand their business activities in the next five years. In addition, 28% said their business would not change.
Meanwhile, the average business confidence rating was 3.9 out of five stars.
The biggest challenge for the companies that took part in the Business Walk and the survey is recruiting and retaining talent, as 56% said this was their biggest challenge or obstacle to growth.
Other concerns include operating costs and government regulations, although requirements such as capacity limits have been eased since Small Business Week.
“Thank you to our partner local governments, business support organizations and our local businesses who have continued to demonstrate resilience and solidarity across our community over the past two years,” the COEDC said in the report.
