October 19 - 25 is Small Business Week in Canada. To provide a unique perspective on the challenges entrepreneurs are facing, and how they’re showing remarkable resilience, we invited Tanya Kroeker to share her perspective.

As ATB's Vice President of Entrepreneurial Growth, Tanya and her team of 125 business advisors work directly with small businesses across the province, giving her a unique vantage point on the trends, and winning strategies, shaping today's environment.

Navigating the headwinds

From Tanya’s firsthand insights from conversations with small business owners across the province, and recent results from the Canadian Federation of Independent Business’ report, a clear picture emerges of the pressures facing entrepreneurs today.

The first major challenge is cash flow. With elevated costs for everything from raw materials and shipping to insurance and interest rates, business margins are being squeezed. In response, entrepreneurs are getting strategic, adopting digital cash flow tools for better financial foresight, and localizing their supply chains to improve cost certainty and reliability. This confirms what we're seeing across broader economic trends, where cost pressures remain a top concern for businesses.

The second significant hurdle is navigating the labour market. Finding and keeping skilled employees remains difficult across most sectors, with the rising cost of living putting upward pressure on wages. We see this reflected in provincial job vacancy data (chart below), which remains high in key areas like the construction trades. To adapt, many owners are looking inward to boost internal efficiency through automation, and are investing in strong company cultures—with offerings like flexible staffing models—to retain their people.

From pressure to possibility

Despite these challenges, a shift is underway. Tanya describes it as a move from a "survival mode" to a "pressure-possibility moment," where entrepreneurs are finding innovative ways to adapt and grow. For instance, businesses are getting more "surgical" with their pricing, using data to make precise and targeted changes. We're also seeing a focus on diversification, exploring new revenue streams, digital sales channels, and strategic local partnerships, rather than simply expanding their core business.

While adopting new technology can be a challenge due to cost and a lack of in-house expertise, Tanya's advice to small business owners is to "start small and scale smartly." Accessible tools like automated invoicing or a customer relationship management (CRM) system can provide immediate time savings and serve as a manageable first step along the path of adopting more technology.

Rooted in community

Underpinning this resilience across the small business sector is Alberta's deep-rooted entrepreneurial spirit. Tanya highlights that our province has a robust ecosystem of support that rallies behind small businesses and helps them thrive.

For those thinking of starting a business now, her advice is clear: focus on solving a genuine need that people care about. Pitch your idea, test it, listen to the feedback and adapt. It’s this spirit of solving real problems that continues to drive Alberta’s economy forward.

Thank you to Tanya for joining us for Small Business Week. Tanya’s perspective confirms that while economic pressures are real, Alberta’s entrepreneurs are responding with creativity and strategic focus. By turning pressure into possibility and leaning on the province's unique spirit, they’re actively shaping a resilient path forward.

You can learn more about ATB’s small business and entrepreneur services here.

Answer to the previous trivia question: In Canada, small- and medium-size enterprises (SMEs) are defined by having 1-499 paid employees. 

Today’s trivia question: As of December 2024, how many “micro-businesses” (1-4 employees) were there in the province of Alberta?