Well-known Edmonton businessman Ravi Prakash, Chairman of O & O Group of Companies, has watched the decimation of small businesses long enough and can no longer remain silent.
In a scathing post on LinkedIn, Prakash, who operates a number of food establishments in Edmonton with his wife Khushbu Singh, the company President, writes that entrepreneurs are in crisis in Canada and he’s wondering why they are not being supported by the government as so many are struggling, closing their doors or being pushed into insolvency at an alarming rate.
Prakash says approximately 98% of employer businesses in Canada are small businesses; nearly eight million Canadians depend on them for employment; business insolvencies have risen sharply in recent years; independent stores and restaurants are closing; jobs are disappearing, commercial spaces are becoming vacant; entrepreneurs are carrying unprecedented levels of debt.
“For many business owners, survival has become a daily battle,” he writes.
Prakash says there is a ripple effect when a business fails.
Canada’s economy is beginning to resemble a sinking ship and entrepreneurs are the engine room of that ship. When the engine room starts taking on water, every passenger on board is eventually affected, he says.
“Ignoring the challenges facing entrepreneurs today risks creating a much larger economic crisis tomorrow. A country cannot expect long-term prosperity while the very businesses that create jobs, generate tax revenue, and support local communities are being left behind.
“At the same time, the federal government continues to commit billions of dollars toward international initiatives, foreign aid, military commitments, and global priorities. While Canada must meet its international responsibilities, many business owners are asking a reasonable question: Who is looking after Canadian entrepreneurs?”
He says business owners are facing: rising interest rates; increasing payroll costs; higher taxes and government fees; escalating rent and occupancy costs; inflation-driven operating expenses; declining consumer spending; excessive regulatory burden and red tape
Yet there appears to be no comprehensive national strategy focused on helping these businesses survive and grow, says Prakash.
“Across Canada, entrepreneurs are exhausting personal savings, taking on additional debt, using credit cards, refinancing homes, and relying on family support simply to keep their businesses operating. Many are not asking for handouts. They are asking for a fair opportunity to succeed. They are asking for governments to recognize that small businesses create jobs, stimulate investment, and strengthen communities.”
Practical solutions, says Prakash, could include:
✅ Reducing payroll tax burdens for small employers
✅ Expanding access to low-interest business financing
✅ Streamlining permits, licensing, and regulatory approvals
✅ Introducing targeted tax incentives for investment and hiring
✅ Supporting debt restructuring for viable businesses
✅ Reducing unnecessary administrative and regulatory costs
✅ Creating policies that encourage entrepreneurship, innovation, and growth
Canada cannot build a strong economy while allowing these businesses to collapse silently. They need relief, not silence. They need policy, not speeches. They need action, not excuses, says Prakash.
If they continue to fail, the consequences will extend far beyond business owners. The impact will be felt across employment, commercial real estate, construction, banking, professional services, and local communities, he adds.
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