BurnabyNOW WEDNESDAY January 24, 2018 13
BURNABY
BUSINESS NEWS
Burnaby Board of Trade Pounds the Pavement to Get Pulse of Business Community By Cory Redekop | cory@bbot.ca
JAN–FEB 2018
As 2017 was winding down, the Burnaby Board of Trade (BBOT) was busy reviewing nearly 80 interviews and surveys conducted during its Business Walk of the Big Bend-Glenlyon business district and compiling the results into a Business Sentiment Report on the area. The results? Most businesses are doing well and experiencing growth, a result consistent across industries and business sizes. Almost all businesses name Burnaby’s central location in the region as the best advantage of locating here, and most businesses surveyed say they would try to stay in Burnaby first if forced to change buildings. Amongst the challenges facing local businesses, finding and keeping employees, transportation issues, and increasing expenses and costs were mentioned as common concerns. A Business Walk is an economic development activity which sees dozens of volunteers from the BBOT, its members, and the City of Burnaby visiting companies door-to-door in a specific neighbourhood to uncover how businesses are doing and what issues or challenges they may be facing. This most recent Business Walk focused on the growing business neighbourhood of Big Bend-Glenylon which falls between Marine Way and the Fraser River in south Burnaby. The area is home to several business parks and industrial estates and focuses on providing high quality office, research and light industrial spaces.
BURNABY BOARD OF TRADE
86%
33%
Affordability Access to Labour
100%
17%
Access to Customers
72%
80%
26%
Business Friendly
60%
25%
Transportation and Access
33%
40%
21% 20% 0%
Good/Increasing
Fair/Steady
0%
FEB 1 BYPN: STEAMWORKS BREWERY SOCIAL
JAN 26 NRG MORNING: NETWORKING GROUP
FEB 8 LUNAR NEW YEAR BANQUET
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10%
20%
30%
40%
50%
60%
70%
80%
90% 100%
Slow/Poor
Burnaby’s location is the top advantage to locating a business in the city. Its central location allows ready access for employees, puts the region’s 2.4 million customers within reach, and allows good connections to the airport, USA border, and port facilities. Burnaby’s considerable transportation infrastructure (roads and transit) and its affordability when compared with other regional jurisdictions are other advantages named by the business community. Con’t on p.3
When asked, a full 72% of businesses reported that business was increasing, which is the highest percentage recorded in any of the BBOT’s previous Business Walk exercises. When combined with the 21% which are holding steady, more than 9 in 10 Burnaby businesses are doing well.
JAN 24 LOCAL GOVERNMENT REPRESENTATIVES RECEPTION
6%
None
7%
Events Calendar
ENGINEERED HARDWOOD
Geographic Location
How is Burnaby business doing?
FEB 1 BUSINESS DIALOGUE: ATTRACTING TALENT DURING A LABOUR SHORTAGE
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What’s good about doing business in Burnaby?
The full Business Sentiment Report for this Business Walk can be found online at www.bbot.ca.
FEB 19 POWER HOUR REFERRAL ROUNDTABLE FEB 23 NRG MORNING: NETWORKING GROUP FEB 28 BBOT MEMBERSHIP LUNCH AND LEARN For event detals, please visit:
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14 WEDNESDAY January 24, 2018 • BurnabyNOW
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BurnabyNOW WEDNESDAY January 24, 2018 15
bbot.ca
BBN 3
BBOT pounds pavement con’t from cover
What challenges are facing local businesses?
What big issues are important to Burnaby businesses?
7%
Financing
equal annual increments, and for there to be mitigation of any undue wage inflation across the pay scale.
Hiring/Retainin g Employees
50%
Business Costs/Expenses
25% Housing/Real Estate Costs
26%
Lack of Space
47%
22%
33%
Taxes
Lack of Customers
4%
Marketing/Promo tion
Traffic/Transpo rtation
10%
14%
29%
Regulations
Other (see below)
44% 0%
10%
20%
30%
40%
50%
60%
70%
80%
90% 100%
The Burnaby Board of Trade would like to thank TD Canada Trust for its support of the Business Walk and acknowledges that support for this project does not necessarily imply TD’s endorsement of any of its findings or content.
46%
Environment/Cli mate Change...
6%
None
68%
Attracting/Reta ining Employees
11%
Regulations
The 2017 Big Bend/Glenlyon Business Walk was supported by:
24%
Minimum Wage Taxes
nearly half of businesses with many linking that issue to the challenges of recruiting and keeping employees and managing rising business expenses. While taxes overall were cited by 33% of respondents, some businesses specifically mentioned concern with the changes to the taxation of incorporated businesses recently proposed by the federal government. ¾
4%
None Other (see below)
The Voice of Business 22%
Other
Burnaby businesses do face some challenges; half of those asked named finding and keeping good employees as a problem. As BC experiences statistical ‘full employment’, this challenge is being felt by businesses of varying sizes and sectors. In response, the Burnaby Board of Trade is looking at holding events, developing policy, and providing resources to help businesses find and keep workers. Other challenges mentioned included a lack of space for growing businesses, and general costs/expenses of doing business. Several respondents mentioned concern with the potential increase of the minimum wage to $15 per hour and the subsequent cost to business. The Burnaby Board of Trade has called for the minimum wage to be increased slowly, in
0%
10%
20%
30%
40%
50%
60%
70%
80%
90% 100%
When asked of larger, broader issues that are having an impact on the business community, the issues identified as the most important/with the most impact were Transportation/Traffic, Housing/Real Estate Costs, and Attracting/Retaining Staff. Comments regarding Transportation/Transit focused on ways to improve traffic flows in and out of the Big BendGlenlyon, and on enhancing public transit service. High housing and real estate costs were mentioned by
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16 WEDNESDAY January 24, 2018 • BurnabyNOW
bbot.ca
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