Calgary is a great city and I love working and helping businesses in this fabulous city. There have been many concerns about the status of our economy and what this downturn means for our future. Although there have and will continue to be many changes; our future is not something to worry about. Our city has more than just luck on our side, but people who will pull through because of many reasons. Here is why I believe that Calgary will rebound within 24 months:
We are entrepreneurial
Calgarians, among many Albertans have an entrepreneurial mindset. A recent report suggests that “Albertans have a positive attitude toward entrepreneurship”. We believe in our entrepreneurs and their strength to overcome. From the beginning of the oil patch, to the oil crisis of the 80’s, our businesses and industry leaders have told us wonderful stories how they have survived against great odds. These stories are the fabric of who we are today. We have spent years listening to these stories, we know them to be true and so the next generation of entrepreneurs will take up the charge and become entrepreneurs themselves.
We are educated
The city is equipped with a skilled and educated workforce. A large portion of Calgarians have post secondary education and it has the second highest level of educational attainment in the country. Education combined with an entrepreneurial drive for success is an excellent combination when we are looking for new ways to build our economy. There are also brilliant people in Calgary who have managed and run very successful companies. Whether these businesses flourish or not the people will and build something just as successful.
We are transient
We will learn how to overcome and adjust. After all a third of our population is from elsewhere, whether it be from other parts of the country or the world. Transient workers bring skills and investment to the city creating further opportunities for advancement.
We are large
Calgary now has a population of over one million people. The city may not grow at rapid rates, however, there are only a handful of cities in North America that have suffered greatly once they have reached a population of a million plus. The city as a result with have some natural growth to it and some inherent sustainability. The one million plus individuals in Calgary still need to buy and consume goods, allowing good businesses to continue to survive and grow.
We have opportunities
There are massive opportunities coming to the younger generation. The available workforce will shrink. A good portion of the people being laid off, wont go back to work, any time soon if at all and there is a good chunk of folks over 55 who may choose not to re-enter the workforce. There are also some very smart successful folks who are simply old enough, and they want out. They no longer need to or want to ‘ride out’ one more dip in the economy. They are willing to sell today and move on with their life, creating investment opportunities for the rest of us willing to take up the mantle.
Calgary businesses are extremely valuable to our city and I look forward to continue working with and strengthening these businesses. Would you like to learn more about your business? Contact Nine Business Group today and learn about how you can get a Business Valuation.