Overview
Small business owners often make critical decisions with limited information. Fortunately, Statistics Canada (StatsCan) provides free and regularly updated data on nearly every industry in Canada, classified by NAICS codes. By understanding and applying this data, entrepreneurs can make more informed choices about opportunities, risks, hiring, pricing, marketing, and investment.
This guide will help you:
- Understand the types of data available
- Learn how to find and interpret the data
- Apply insights to your business strategy
What Is NAICS?
The North American Industry Classification System (NAICS) is a standardized framework used to categorize businesses by industry. Each business activity is assigned a 2- to 6-digit code. For example:
- 23 – Construction (broad sector)
- 236 – Residential Building Construction
- 23611 – Single Family Housing Construction
StatsCan organizes much of its industry data using these codes.
Tip: To find your NAICS code, visit: NAICS Canada
Key Data Types for Small Businesses
| Data Category | Use for Strategic Planning | Where to Find |
|---|---|---|
| Business Counts | Measure market size & competition | Canadian Business Counts |
| Employment Trends | Plan workforce growth, understand labour demand | Labour Force Survey |
| Wages & Vacancies | Benchmark pay, attract talent | Job Vacancy and Wage Survey |
| Revenue & Expenses | Compare financial performance | Annual Financial Statistics |
| GDP by Industry | Track sectoral growth trends | Provincial Economic Accounts |
| Capital Investment | See where industry is investing | Capital and Repair Expenditures |
| Trade Data | Understand import/export trends | Trade Data Online |
How to Use This Data Strategically
1. Market Sizing and Opportunity Scanning
- Use business counts to estimate market saturation or unmet demand.
- Filter by province or city to find local insights.
2. Benchmarking Your Business
- Compare your revenue, profit margin, and wage levels to industry averages.
- Identify gaps where your business is under- or over-performing.
3. Planning Staffing and Growth
- Look at employment trends and job vacancy rates to anticipate hiring challenges.
- Understand what wages you must offer to remain competitive.
4. Location Planning
- Assess business density in your area—are you surrounded by competitors or underserved customers?
- Use trends to forecast emerging hot spots for growth.
5. Financial Forecasting
- Use industry average income and expense data to model your own budget and cash flow projections.
Tools and Links to Get Started
Wayfinders Industry Pages (Coming Soon)
Each industry will have a dedicated summary page with:
- Trends in business counts, wages, revenue
- Live or recent charts
- Quick links to StatsCan data
- Local Alberta-specific stats
StatsCan Tools
- Table Builder – Search by NAICS or keyword
- Data Visualization Hub – Charts and dashboards
- API Access – For tech-savvy users to automate access
Smart Tips
- Use 3-5 years of data to spot real trends, not short-term noise
- Compare national and provincial data to find competitive advantages
- If data is missing, use broader NAICS codes (e.g., 4-digit instead of 6-digit)
- Combine StatsCan data with local knowledge and community insights
Need Help?
Wayfinders can assist members with:
- Custom industry reports
- Workshops on using data for strategic planning
- Help interpreting NAICS codes and business stats
Contact us at: insight@wayfinders.biz
Summary
StatsCan data is a powerful and underused tool for small business success. By aligning your decisions with real industry trends, you can improve your planning, reduce risk, and find new opportunities for growth.
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