Learn more about Chamber Circles for Women and Entrepreneurs
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What began as a sunny spring day 50 years ago would end in a disaster causing millions of dollars in damages in the city’s downtown core, leaving lasting memories etched in the minds of many long-time residents.
The Grand River flood on Friday, May 17, 1974, lives on as a pivotal moment in Cambridge’s history because it showed not only the power of community spirit but the resiliency of local business leaders as they rallied back from this major disaster.
“Everybody was helping one another, no doubt about that,” says Murray Garlick, retired business leader and former board president of the Cambridge Chamber of Commerce. (The organization had been created in 1973 by the merger of the Galt and Preston Chambers of Commerce and the Hespeler Retail Merchants Association).
Murray, who owned the former Barton’s Men’s Shop at 51 Main St., recalls returning to work after lunch that day from his new home in Blair when he received an emergency message from the Grand River Conservation Authority (GRCA). Not only was he Chamber board president at the time, he also was serving as chairman of the Downtown BIA and was that organization’s key contact for the GRCA in case of an emergency.
“I got the call in the early afternoon that we were going to have at least two to three feet of water on lower Main and Water streets,” says Murray. “Driving to the store, water was coming onto Blair Road and by the time I got downtown, the Main Street bridge was shaking because the water was so intense.”
The spring melt, plus a 50-mm rainfall across the top of the Grand River watershed had created prime conditions for major flooding.
Merchants warned about the flood
Springing into action, he began going door-to-door warning the downtown businesses about the looming disaster urging them to start preparing.
The Chamber’s general manager, the late Don Faichney, did the same after also learning of the flood around 11 a.m. and asked the Waterloo Regional Police if they had a megaphone to inform residents of the impending disaster. The police did not have one.
“I would say half the people I contacted told me I was out of mind,” says Murray, who went back to his store and began moving his stock onto higher racks and to the second level. “By the time I called my wife (Susan), the carpet at the front of the store was starting to get wet and the water began seeping in. We just locked up and headed to higher ground.”
According to a 2014 article in the GRCA’s GrandActions newsletter, by 7 p.m. that night, the Grand River was rushing through downtown Galt at a rate of 1,490 cubic metres per second, nearly 100 times the normal summer flow. Floodwaters engulfed parts of Paris, Caledonia, Cayuga and Dunnville, and left about four feet (1.2 metres) of water filling Galt’s downtown core.
Murray says many of the merchants who were affected ended up waiting out the disaster at the Iroquois Hotel, which had been located at the southwest corner of Main and Wellington streets and was destroyed by fire less than a year later.
He vividly can recall seeing the floodwaters pouring into the former Right House building located at 60 Main St.
“I remember the floodwaters filling up the store and then bursting through the front doors dumping water all over the top of the lower end of Main Street,” he says, adding at that point, it became a matter of ‘wait and see’ until the floodwaters began to recede later that evening.
The cleanup began almost immediately, says Murray, describing how he and Don used snow shovels to remove the silt left behind in his store by the floodwaters.
“Everybody went back to doing business the best they could and got cleaned up as best they could, and did what they could with their merchandise,” he says.
In fact, in a Cambridge Times article Bill Couch, who was the ‘retail chairman’ of the Chamber for the downtown, was quoted as saying approximately 90% of the 45 businesses that were severely flooded were back in business with their doors open soon after.
Financial impact hits hard
“Many brought their merchandise on to the street since it was nice sunny weather. Some of the goods were very dirty, and they knew they would have to reduce their prices,” says Murray, adding he was grateful when the City finally closed Main and Water streets to traffic. “The silt was so bad on the roads and all these people driving by to have a look were raising all kinds of dust and the merchandise was getting filthy.”
During this time, the financial impact of the disaster was being tallied.
In a Cambridge Times article published a few days after the flood, Right House manager Elmer McCullogh estimated damage to the store was at least $750,000. Major financial losses were also reported by many larger downtown businesses and industries, including Dobbie Industries Limited, Mannion’s Quality Furniture, and Canadian General Tower Limited.
“The monetary figure on our losses will be substantial. Plastic material can be cleaned up, but General Tower got a hard kick in losses of some paper products, materials and cores,” said Gord Chaplin, former president of the company, in a Cambridge Daily Reporter article. The late Francis Mannion was also quoted in that same article stating his company suffered at least $100,000 damage to the building and stock.
Being located on a floodplain, many businesses did not have flood insurance.
“It was just too expensive,” says Murray.
In the end, the total damage amount in Cambridge was pegged at approximately $5.1 million (the equivalent of $33 million in 2024), with approximately $2.9 million suffered by small businesses and residences, with industries facing $1.9 million in damages. These figures do not include cleanup.
Calls for compensation surfaced almost immediately, as the scope of the disaster continued to unfold.
Former Ontario Premier, the late Bill Davis, toured the area four days after the flood and eventually heeded demands for financial relief by unveiling a compensation formula where the Province agreed to provide $4 for every $1 raised by the Grand River Disaster Relief Committee.
“The province feels a deep sense of concern for those whose properties who have suffered from the Grand River flood, and the measure of relief we are announcing today is a direct reflection of that concern,” he was quoted in a Cambridge Times article.
Public inquiry held
As well as compensation, calls for a public inquiry were also growing as anger over how the disaster unfolded grew, much of it aimed at how the GRCA handled the situation when it came to warning of the disaster.
To assist, the Chamber’s general manager sent out a questionnaire to all citizens who suffered flood damage to gauge how they were warned of the impending disaster. Of the 546 that were sent out, 320 responses were returned with the results indicating a severe lack of notice had been received.
“One can understand the bitterness of the large number of victims who had no notice or had inadequate notice. A flood warning system must be devised to give citizens reasonable notice of a threatening flood,” wrote the Hon. Judge W.W. Leach in the conclusions of his 1974 Flood Royal Commission Report. “I have been critical of the City Engineering Department, the City Administrator, the Police, and the Fire Department, for the role they played in the flood warning system. However, in all fairness to them, once the city was in flood, they performed outstanding services to the citizens. This extended right through the clean-up.”
Despite any controversary in the aftermath, Murray can still recall some lighter moments during the disaster, including how he found his friend, the late Aubrey McCurdy, wading through three feet of water in his flower shop trying to retrieve flowers for a Saturday wedding.
“I told him he had to leave, and he said, ‘No, I have to finish this’,” laughs Murray.
And even when Aubrey told a Cambridge Daily Reporter journalist a few days later his store suffered a $10,000 loss, he still found a reason to remain positive.
“The flood did have its good points,” he was quoted as saying. “It showed how unified merchants are and highlighted a spirit of co-operation never seen before.”
Grand River Flood facts
Flood prevention measures
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Debating policies to create evidence-based solutions that will benefit the business community and province’s economic growth played an important role at the Ontario Chamber of Commerce’s recent 2024 Annual General Meeting and Convention in Timmins.
Approximately 100 delegates representing Chambers provincewide made the trek north, including Cambridge Chamber of Commerce President and CEO Greg Durocher and incoming Board Chair Murray Smith.
“Ensuring businesses have the legislative backing and supports they need to succeed and prosper is at the core of what Chambers and Boards of Trade do and the policies approved at this event assists our network in creating a roadmap to make that happen,” says Greg. “The conference also provides a great opportunity to connect with other Chamber leaders and share ideas and best practices.”
This year, 28 policies were approved by the delegates covering a wide variety of issues that can directly affect businesses including labour, education, healthcare, transportation, infrastructure, manufacturing, and housing. These policies now become entrenched in the Ontario Chamber of Commerce’s policy ‘play book’ to guide its ongoing advocacy work at Queen’s Park.
The AGM, held April 25-27 and referred to as A Northern Experience, featured sessions related to the creation of a more prosperous business climate for success in Ontario’s north surrounding labour and supply chain issues touching on the needs of the growing EV market in the southern part of the province. Guest speakers included Minister of Mines the Hon. George Pirie, plus representatives from the mining and renewable energy sectors.
Another session focused on the OCC’s Economic Reconciliation Initiative, created in partnership with the Canadian Council for Aboriginal Business, and provided delegates the opportunity to share challenges and opportunities with OCC representatives that they have regarding building relationships with Indigenous Peoples and businesses in their communities.
The OCC will now review their findings and report back to the Ontario Chamber Network with feedback and potential solutions.
Economic growth imperative
The need to create economic growth was at the heart of a video message shared with delegates from Canadian Chamber of Commerce President & CEO Perrin Beatty, who urged the government to modernize its regulatory framework.
“Requiring federal regulators to apply an economic and competitive lens would encourage manageable regulations and reduce the interprovincial trade barriers affecting over 1/3 of Canadian businesses,” he said, adding doing this would ‘fortify’ Canada’s economic foundation. “Modernizing our regulatory framework would cost the government little or nothing at a time when Canadians and businesses from coast to coast are struggling with affordability. The government should be looking to relieve financial burdens wherever possible.”
Beatty also stressed the need for strategic and long-term investment in infrastructure to create a “resilient network” of gateways and corridors.
“As the world increasingly needs what Canada can provide, it’s critical that Canadian businesses are able to get their goods and services to market reliably,” he said. “If we have learned anything from 2023 is that supply chains are only as strong as their weakest link.”
As well, Beatty also called on the need for the government to provide financial supports, like the CEBA (Canada Emergency Business Account) program during the pandemic, that require more tailored, strategic, and innovative solutions.
“The issue isn’t about how to bail out small businesses but how to build them out,” he said, adding collaboration between the Canadian and Ontario Chambers of Commerce, as well as local Chambers, is needed to make change happen. “The work of the Canadian and Ontario Chambers, and the rest of the Chamber network has never been more important than it is today. Canada has never more greatly needed what we as a network of Chambers can offer.”
Click here to see the OCC Policy Compendium.
Cambridge Chamber policies approved by Ontario delegates
The AGM provides an opportunity for Chamber leaders to come together to discuss and debate key policies that shape the Ontario Chamber of Commerce’s (OCC) advocacy agenda for the coming year. The Cambridge Chamber presented three policies which received overwhelming support from delegates:
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The federal Liberals 2024 budget landed last week to mixed reviews, especially among Chamber of Commerce leaders.
While Deputy Prime Minister Finance Minister Chrystia Freeland kept her promise to keep the deficit from growing without raising income taxes on the middle class by tabling Budget 2024: Fairness for Every Generation with a projected deficit of $39.8 billion, slightly below the $40 billion projected last fall, the document contained few surprises.
“Most of the major new spending was announced by the government over the last few weeks, and the government’s projections for the deficit are largely in line with previous predictions. Instead of using a revenue windfall to reduce the deficit more quickly, the government chose to use it along with changes to the capital gains tax, to fund this new spending,” said Perrin Beatty, President and CEO, Canadian Chamber of Commerce, in a release. “What’s still missing is a clear plan to promote productivity and restore economic growth in Canada. Canada continues to slip further behind our competitors in both of these categories.”
This sentiment is shared by Cambridge Chamber of Commerce President and CEO Greg Durocher, who says business operators regularly share their frustrations with him regarding the difficulties they continue to face trying to conduct business.
“Their concerns do not seem to reach the ears of the those who make the decisions,” he says. “The reality of it is the framework around how this current federal government wants to address the issues of the day are not conducive to solving the problem but probably more conducive to deepening the problem.”
Housing affordability crisis
Among these issues is the housing affordability crisis, which the budget addresses by putting special emphasis on generational fairness and helping younger people – Millennials and Generation Zs — with programs to help renters and first-time home buyers. While this may bring some relief, Greg says there are other ways to address the issue in a less costly manner.
“There is no secret to building more homes. You must create a market for home builders to access and ensure interest rates are acceptable for homeowners to borrow money and you must simply reduce the costs to developers in building the product we desperately need. None of these issues have ever been addressed by any level of government to this point,” he says, adding despite any incentive programs local political bureaucracies often create barriers for development. “You can throw all kinds of mud up against the wall, but none of it is going to stick when it’s already dry.”
Besides housing, the Ontario Chamber of Commerce says the budget should have addressed the need to build better resiliency surrounding supply chains by providing targeted financial support for small and medium-sized businesses. It has recommended the federal government work with the private sector to invest in digitization infrastructure and explore contingency plans for key trading partners and assess potential vulnerabilities.
“I think those are just sensible things our federal government should always be doing to ensure the flow of goods and services can happen because every issue that all levels of government deal with requires a strong, vibrant economy in order to find solutions to those problems,” says Greg. “Building a more resilient supply chain shouldn’t even part of a budget, it should be a core element of the government’s role.”
Despite these concerns, both he and Beatty both welcomed the budget’s move to support interprovincial trade through the creation of the Canadian Internal Trade Data and Information Hub, something the Chamber network has been seeking for several years.
“Strengthening our internal trade could elevate GDP growth by up to 8% and fortify Canada’s economic foundation,” said Beatty in a release. “It shouldn’t be easier to trade with Europe than it is within our own country.”
Economic survival imperative
Besides interprovincial trade, the budget’s promised investment of $2.4 billion towards building AI infrastructure and adoption advancement also came as welcomed news.
“The investment in AI infrastructure and support of start-ups in the AI field is good for business,” says Greg, adding he was disappointed the budget didn’t contain more regarding the co-ordination of broadband investments with the private sector. “The government has done nothing to extend broadband coverage to remote and rural communities and the fact of the matter is if you don’t have internet, you can’t do business. You can’t function without the most advanced technology.”
Overall, he says the 2024 federal budget sends a clear signal the current government is forgoing economic survival in favour of more social programming, a move that doesn’t bode well for conducting business in Canada.
“While I support taking care of those who can’t care for themselves, and every business I know supports initiatives to help others, we also have to recognize the No. 1 objective of any level of government is to ensure a strong and vibrant economy,” he says. “There are very little initiatives in this budget signalling that Canada wants to develop a robust economy.”
Click here to read the budget.
Several measures announced in the federal budget to assist Ontario’s business community. These include:
The Ontario Chamber network is calling for further action in the following areas:
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Buying an existing business can be a strategic move that saves an entrepreneur a substantial amount of hard work and offers numerous advantages over starting or expanding a current venture from scratch.
Purchasing an existing business offers a head-start in terms of market presence and brand recognition, while building a brand from scratch requires extensive time, effort, and resources. However, buying a business with an established brand allows the new owner to capitalize on existing customer loyalty and market reputation, something Carson O’Neill, Managing Principal of Rincroft Inc., a local firm which facilitates the sale of medium-sized businesses, believes.
“What I like about goodwill is that you have repeat customers and it’s not necessarily something you will see on the income statement,” he says. “Goodwill is sort of an elusive thing but it’s important that you have customers coming back. Even in this electronic and digital age, we are creatures of habit and if I go into a store and somebody goes that extra mile, at least with me, I will remember that.”
It is also one of many things to consider when it comes to purchasing an existing business, says Carson.
Another key consideration for those seeking to purchase an existing business is establishing clear parameters, in terms of the industry they wish to buy into and the size of the business.
“Ideally, the buyer should have a background and relevant expertise in the industry which brings value to the business they are buying,” says Carson. “Buyers are often so enthusiastic they want to come out of the gate with their foot on the accelerator without understanding where the tracks are. I wouldn’t encourage people to buy a business in an industry they know nothing about.”
Emotions can cloud 'good judgment'
He says emotions can sometimes play a role in the decision-making process, which in turn can cloud “good judgment”, noting it can take at least six months from start to finish to complete a business sale.
“It can be very costly if you buy the wrong kind of business and it’s not like trying to get another job,” says Carson. “If you have your money sunk into a business that doesn’t work out, it’s a very different thing.”
Buying an existing business can save hard work by minimizing the risks associated with start-up ventures. Start-ups face a high failure rate, with many new businesses failing within the first few years of operation. By purchasing an existing business with a proven track record, entrepreneurs can mitigate some of the risks associated with starting a new venture. This can provide greater peace of mind and increase the likelihood of long-term success.
“What you hear about are the successful start-ups. The media loves to talk about somebody who started a business in their family room on a computer, or was making something in the garage,” says Carson. “What you don’t hear about is the number of business failures.”
That’s why he recommends to his clients looking to expand their business by integrating it with another or those getting into business for the first time, to find an owner who is nearing retirement but prepared to remain involved through the transition of ownership to ensure continuity is maintained.
“If the owner feels welcomed in the transition, the buyer is less threatening,” he says. “It’s more of a seamless transition.”
While the acquisition process may be easier to navigate for an established medium-sized business that has the resources to undertake a new venture, Carson says many business purchases are often first-time experiences for both parties.
“You’re dealing with people on both sides of the street trying to come together,” he says. “That’s why the basics are important and they both bear that in mind because they are trying to get a friendly deal.”
Essential tips to consider when buying a business:
Define Your Goals: Whether it's to expand your existing operations, enter a new market, or pursue a passion, knowing your goals will help guide your search and evaluation process.
Industry Research: Understand market trends, competition, and potential growth opportunities. This knowledge will help you assess the viability and potential success of the business.
Financial Analysis: Review financial statements, cash flow projections, and historical performance. Consider hiring an accountant or financial advisor to help assess the business's financial health and value.
Due Diligence: Perform thorough due diligence to uncover any potential risks or liabilities associated with the business. This includes reviewing contracts, leases, licenses, and legal documents. Consider hiring legal experts to assist in the due diligence process.
Assess Assets and Liabilities: Evaluate the business's assets, including inventory, equipment, intellectual property, and customer contracts. Also, assess any existing liabilities, such as debts, pending lawsuits, or tax obligations.
Understand the Reason for Sale: Determine why the current owner is selling the business. It could be due to retirement, health issues, or declining profitability. Understanding the reason for sale can provide insights into the business's condition and potential challenges.
Evaluate Management and Employees: Assess the competency and experience of the existing management team and employees. Consider whether you'll retain key personnel post-acquisition and how their departure might impact the business's operations.
Customer Base and Reputation: Consider factors such as customer loyalty, satisfaction levels, and brand perception. A strong customer base and positive reputation can contribute to the business's long-term success.
Legal and Regulatory Compliance: Ensure the business complies with all relevant laws, regulations, and industry standards. Verify licenses, permits, and regulatory approvals are up to date.
Negotiate Terms and Purchase Agreement: Seek legal advice to ensure the agreement protects your interests and addresses key aspects such as price, payment terms, warranties, and post-acquisition support.
Seek Professional Advice: Consider seeking guidance from experienced professionals, such as business brokers, lawyers, accountants, and financial advisors. Their expertise can help navigate the complexities of buying a business and increase the likelihood of a successful acquisition. |
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Portions of the provincial government’s 2024 budget and the economic impact they will have on businesses are being welcomed by the Ontario Chamber network, but a call remains for more to be done.
“This budget takes important steps in the right direction, and at a time when Ontario faces declining productivity, we hope it sets the stage for bigger leaps forward,” said Daniel Tisch, President and CEO of the Ontario Chamber of Commerce (OCC) in a release. “The government has been bold in attracting investments and committing to build infrastructure to create jobs – and we need similarly bold investments in our people, public institutions, and communities.”
Building a Better Ontario, tabled by Minister of Finance Peter Bethlenfalvy on March 26, is the Province’s largest spending budget coming in at $214.5 billion.
While it featured no tax hikes or tax breaks, it did include substantial funding for infrastructure and highways, something Cambridge Chamber of Commerce President and CEO Greg Durocher says is vital to the business community.
He notes Minister Bethlenfalvy’s mention of the long-awaited Highway 7 project between Kitchener and Guelph, as well as improvements along the Kitchener Line to facilitate future two-way all-day GO Train service, should bode well for local businesses.
"This shows these projects are still a priority for this government and that’s what we have been fighting for in this region for a very long time,” he says, adding a $1.6 billion investment also announced for the new Municipal Housing Infrastructure Program to help Ontario build at least 1.5 million new homes by 2031 also comes as good news. “The cost of housing is very concerning to businesses because they can’t attract the brightest and best people to come and work here if housing costs are beyond the pay-scale they are willing to offer.”
Housing Crisis
However, Greg questions whether the financial commitment outlined in the budget will be enough towards creating a long-term solution to the housing crisis.
“The reason housing and rent costs are through the roof is because the supply isn’t even close to the demand. Everybody needs to understand the price of any commodity is based on supply and demand,” he says, adding the Province should amend the Planning Act to give municipalities the broader ability to accelerate the housing construction process. “I also think the Federal government needs to weigh in as well if they are truly concerned about it and reach out to municipalities to see what areas of responsibility the feds can have, perhaps on the subsidized housing side.”
Greg says costs surrounding new home construction, which rose during the pandemic, have also not decreased despite the fact supply chain issues have improved. “You can’t ask a builder to build a home for less than what it costs them.”
The budget also outlined an additional $100 million investment through the Skills Development Fund and an additional $49.5 million over three years for the Skilled Trades Strategy in hopes to address the growing skills gap in Ontario, something both Greg and the Chamber network were pleased to see.
“We have the country’s No. 1 skilled trades school (Conestoga College Skilled Trades Campus) right here in Waterloo Region, so this announcement is very important,” he says. “What is even more important is that Cambridge has such a density of advanced manufacturing and each one of those facilities need skilled tradespeople to work. Investment in skilled trades is certainly paramount for us and it should be paramount for the province and the entire country.”
And while the Chamber network applauds the Province’s $546 million investment in healthcare access, Greg admits he’s disappointed the budget contains only an overall 1.3% hike for health care.
“I really believe this government is working hard behind the scenes to try and figure out where the money will be best spent because with a system like health care, which is the biggest piece of the puzzle here in Ontario, you can’t just keep dumping in money. You have to rationalize where we’re putting it,” he says. “Our healthcare system is a rationalized system where we get what we need, not what we want. So, let’s make sure we get the money directed in the right places to ensure our health needs are taken care of.”
Click here to read the budget.
Several positive measures in the budget to help the business community:
As the government enters the second half of its mandate, the OCC urges action to support:
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Artificial Intelligence (AI) has emerged as a double-edged sword in the realm of cybersecurity, offering immense potential to bolster defenses and creating daunting challenges that can exacerbate vulnerabilities. As businesses and organizations increasingly rely on digital infrastructure and data-driven processes, the role of AI in cybersecurity becomes crucial.
Historically, the term ‘artificial intelligence’ was first coined in the mid-1950s during a workshop held in Dartmouth by John McCarthy, a U.S. computer scientist, but the concept had already surfaced in 1921 when a Czech playwright introduced the notion of “artificial people” in a production entitled Rossum’s Universal Robots.
“AI has been around for a long time and has just scaled to what it is today, and is definitely something businesses are catching on to,” says Nick Lewis, CEO and Director of ShockproofIT, referring to AI and the issues surrounding its use.
On the positive side, AI is now a daunting ally in the fight against cyber threats due to its ability to process vast amounts of data at lightning speed which enables AI-powered systems to accurately detect anomalies and patterns indicative of malicious activities. Machine learning algorithms can analyze historical data to identify evolving attack courses, allowing for proactive defense measures.
“AI can really speed up the process and can look at the path of an infection from the root file all the way up to the end user,” says Nick. “AI can help investigate that path and how it’s happening, locating where the broken or infected link is so you can troubleshoot further.”
Insights offered for emerging threats
As well, AI-driven threat intelligence platforms can provide real-time insights into emerging threats, empowering organizations to stay one step ahead of cybercriminals. And for those who’ve already experienced an attack, it can also provide a detailed report of the incident for auditing purposes.
“AI can help you provide some verbose notes and data for creating reports about any attacks,” he says. “It can help you build that out.”
On the negative side, the proliferation of AI also introduces new challenges and risks to cybersecurity as cybercriminals continue to increasingly harness AI-powered tools and techniques to launch sophisticated attacks that can evade traditional security defenses.
“Cybercriminals can analyze and collect data much quicker now and identify other avenues and trajectories of attack,” says Nick. “Criminals can also create new and sophisticated, and original targeted phishing attacks that wouldn’t otherwise be possible without the help or aid of AI.”
As well, AI can also assist cybercriminals in creating malware that contains new vulnerabilities and then bypasses detections, he says.
Barrier lowered for novice hackers
Couple this with the fact the democratization of AI technologies has lowered the barrier to entry for cybercriminals, enabling even novice hackers to leverage AI-driven attack tools with devastating consequences, means even more threats for businesses.
To combat potential threats, Nick recommends businesses conduct thorough research when it comes to boosting their cybersecurity systems.
“You have to do your research so you can make an informed decision before you implement anything, especially something like AI,” says Nick, who also recommends talking with someone who is knowledgeable when it comes to AI-powered systems. “Talk to a professional, or someone who has been using it for a long time in many different markets and knows it from a core fundamental aspect.”
But more importantly, he recommends having a security professional audit the needs of your business to ensure you implement any AI property, safely, and effectively.
“How does your organization and your day-to-day operations work? What do you do and don’t do? What kind of logistics are going on?” says Nick. “From there, you can build a solid plan based on those things.”
Tips for leveraging AI in business cybersecurity:
Understand your cybersecurity needs: Before adopting AI solutions, assess your organization's cybersecurity posture, identify key vulnerabilities, and determine specific areas where AI can make the most impact, such as threat detection, incident response, or user authentication.
Choose the right AI technologies: Select AI technologies that align with your cybersecurity objectives and capabilities. This may include machine learning for anomaly detection, natural language processing for threat intelligence analysis, or robotic process automation for automating routine security tasks.
Invest in quality data: Ensure that your cybersecurity data is accurate, relevant, and representative of potential threats and attack scenarios. Invest in data quality assurance processes and data governance frameworks to maintain the integrity and reliability of your data.
Employ AI-driven threat intelligence: Leverage AI-powered threat intelligence platforms can analyze vast amounts of data from diverse sources, including open-source intelligence, dark web forums, and security feeds, to provide actionable intelligence for proactive defense.
Implement AI-driven anomaly detection: Deploy machine learning algorithms to monitor network traffic, user behaviour, and system activities for anomalies indicative of malicious activities.
Enable AI-driven incident response: Automate incident response processes using AI-powered orchestration and automation tools which can analyze security alerts, prioritize incidents based on severity and impact, and execute predefined response actions to contain and mitigate security breaches more efficiently.
Ensure transparency and accountability: Maintain transparency and accountability in AI-driven cybersecurity initiatives by documenting processes, methodologies, and decision-making criteria.
Stay informed about AI advancements and best practices: Keep abreast of the latest developments in AI technologies, cybersecurity trends, and best practices through continuous learning and engagement with industry forums, conferences, and professional networks.
Balance AI automation with human oversight: While AI can automate routine security tasks and augment human capabilities, it is essential to maintain human oversight and intervention where necessary.
Regularly evaluate and adapt your AI cybersecurity strategy: Continuously monitor the performance and efficacy of your AI-driven cybersecurity initiatives and make adjustments as needed based on evolving threats, technological advancements, and organizational requirements.
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Advocating for public policies that can benefit businesses has been a cornerstone feature of the Chamber of Commerce movement for generations.
The Cambridge Chamber of Commerce, like many of its counterparts in the Ontario Chamber network, works consistently all year striving to translate the needs and wants of their members into potential policy resolutions aimed at prompting change at both the provincial and federal levels of government.
But this work, and the work of other Chambers, is often carried out without many of their members even aware there is a widespread network advocating on their behalf.
“This isn’t unique to the Chamber movement and quite common for any advocacy organization because it’s a concept so intangible to a lot of individuals who aren’t engaging in it and don’t necessarily understand the value of it,” says Andrea Carmona, Manager of Public Affairs for the Ontario Chamber of Commerce. “Advocacy, I feel, is a little bit like a unicorn. When you’re a small business owner who is probably focused on keeping your business running, you’re more likely to be looking towards your local Chamber for what are the more tangible services they can offer – programs, events, and grants.”
She says collectively, promoting its advocacy work is something the Ontario Chamber network must communicate clearly as possible.
“It is kind of a difficult thing to explain to people, but really it’s all about amplifying issues and having a chorus of voices saying the same thing so that we can move the needle and make an impact,” says Andrea. “That’s ultimately what advocacy looks to do.”
Making that impact formulated the basis of the Ontario Chamber of Commerce’s recent Advocacy Day at Queen’s Park. This nineth annual event gave nearly 100 delegates representing Chambers provincewide, including Cambridge Chamber President and CEO Greg Durocher and Board President Kristen Danson, the opportunity to meet with MPPs to discuss various issues facing business communities.
Some of the key areas targeted by delegates included:
Although the Chamber network’s advocacy efforts are ongoing year-round, Andrea says Advocacy Day provides an ideal opportunity for face-to-face meetings and discussions with the decisionmakers.
“It’s all about ongoing engagement and follow up,” she says. “It can’t just be a single day of advocacy. We need to ensure Chambers are keeping connected with their local MPPs. A lot of this is relationship building since they see Chambers as a credible source for what is happening on the ground.”
Andrea says building those relationships sets the groundwork for support and the ability to drive change that can assist the business community.
“It’s a great opportunity to connect across party lines,” she says. “Politics is unpredictable, and you don’t know what is going to happen in 2026 so you want to ensure you are establishing relationships across the board. We are a non-partisan organization and of course the government of the day is important, but that’s not to say you shouldn’t be engaging with other parties.”
Andrea notes it’s also a two-way street for the decisionmakers who participate in Advocacy Day, as well.
“It’s such a great opportunity for them to hear about such a broad stroke of local perspectives across the province,” she says. |
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The weight of responsibility can be overwhelming for business leaders.
They are constantly under pressure to drive growth, manage teams, make critical decisions, and ensure their organizations’ long-term success, which is something Debra Burke, Head of Client Success at H2R Business Solutions says has only been magnified in the recent years.
“Since the pandemic, some things have really changed. They changed during the pandemic and somewhat again since then,” she says, referring to a rise in negative conflicts which can lead to a toxic environment and even workplace investigations.
“We’re seeing an unbelievable amount of those kinds of problems coming into play in organizations and have leaders coming to us because they’ve never had to deal with them before but are dealing with them much more often.”
She says employees have become more empowered with information, and that many are dealing with mental health issues and feeling ‘angry’.
“They may not be working with the same expectations in their jobs that they used to and for some people, there are more challenges as they deal with downsizing, and shifts,” says Debra, adding bigger workloads, and hybrid work situations could be adding to these stresses since they may no longer ‘align’ with what an employee wants.
As a result, she says many leaders are now seeing more employees who are willing to take employers to court, or a human rights tribunal, or filing a report with the Ministry of Labour.
“Leaders who may never really had many people issues to deal with are now finding they are faced with all kinds of these things just to keep the business going,” says Debra.
She says the challenges can vary between the several generations of employees that are now in the workplace, noting there are still many benefits of having a multi-generational workforce despite potential issues.
Leadership can be isolating
“For a leader, becoming someone who has to manage all these things that come to play and the nuances and potential conflicts, plus the lack of time and resources, it’s very challenging,” says Debra. “When someone says being a leader can be a very isolating place, they are not wrong.”
She says leaders must first watch for warning signs and realize they don’t have all the answers.
As the demands of leadership continue to mount, it is vital for leaders to discover effective strategies to ease their burden and navigate their roles successfully, which Debra says can start with better communication.
“As a leader, you have to get comfortable with communicating. Employees want messaging and they want to hear it from the owner, CEO, or an executive,” she says, adding that a communication breakdown is often the key cause of any conflict, and that lack of management training could be the root cause. “When you do a job well and get promoted to management, that doesn’t necessarily mean you’re going to be a good people manager.”
As well, Debra says leaders can benefit from expert support from others who may have experienced the same issues they are facing, even those outside of a leader’s particular industry.
“I’m not a big fan of coaching for your own industry. You can receive a lot of benefits from working with a diverse support group,” she says. “Even if you feel like you’re an introvert CEO or leader, you might be really surprised how much that support is going to mean to you.”
And while some companies and industries are dealing with tight budgets, Debra says investing in training can pay off big time for a leader professionally and personally, as well as the organization.
“Those things are going to trickle down through an organization in powerful and impactful ways,” she says.
Several strategies to lighten the burden of leadership
Delegation and empowerment Many leaders fall into the trap of trying to do everything themselves, fearing that no one else can handle the responsibilities as well. However, effective delegation distributes the workload and fosters team development and growth. By entrusting capable team members with tasks and responsibilities, leaders can free up valuable time and mental energy to focus on strategic decision-making and higher-priority matters. Delegation is not just about offloading tasks but also about giving team members the opportunity to contribute and grow.
Building a support system Establishing a support system of mentors, advisors, or fellow business leaders can provide valuable guidance and emotional support. Sharing experiences and seeking advice from those who have faced similar challenges can be invaluable. Additionally, leaders should foster a culture of open communication within their organizations. Encouraging team members to share their thoughts and concerns can lead to more collaborative problem-solving and reduce the burden on the leader.
Embracing technology and automation Automation can handle routine tasks, data analysis, and reporting, allowing leaders to focus on strategic initiatives. Investing in technology solutions that align with the organization’s goals and processes can significantly reduce the administrative burden on leaders. Moreover, data-driven insights can aid in making informed decisions and staying ahead of market trends.
Setting realistic goals and expectations While ambition is essential, setting achievable goals and expectations is equally crucial. Unrealistic targets can lead to stress and burnout, as well as erode team morale. Leaders should work with their teams to establish realistic objectives and timelines. This approach fosters a sense of accomplishment and helps prevent the exhaustion that can result from chasing unattainable goals.
Continuous learning and development Continuous learning and professional development are essential for effective leadership. Leaders should invest in their own growth by attending seminars, workshops, and courses relevant to their industry. Also, encouraging team members to pursue their own professional development can contribute to the organization’s success and ease the burden on leaders.
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High inflation, interest rates and housing costs continue to drive pessimism in Ontario’s economic outlook, according to the Ontario Chamber of Commerce’s (OCC) eighth annual Ontario Economic Report (OER).
Despite this, many businesses surveyed remain confident in their own outlooks, with 53% expecting to grow in 2024.
“In spite of the fact there seems to be a mood of pessimism in the air, the reality of it is there seems to be more bright lights than there are dim lights,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “We’ve had years where business confidence and prospects of being confident are going to be over 60% but given where we are today, I think having around 50% of businesses confident they are going to have a good year and grow is a positive sign.”
However, he says that figure doesn’t minimize the economic issues facing businesses, including affordability and also notes the struggle to achieve necessary tax reform measures continues.
“We must also ensure there is a balance or equity in tax distribution from not only a cost perspective but also on deployment so when money is being handed out it’s being handed out appropriately,” says Greg.
The OER contains regional and sector-specific data on business confidence and growth, public policy priorities, regional forecasts, and timely business issues such as supply chains, employee well-being, diversity, equity and inclusion, economic reconciliation, and climate change.
The report, compiled from a survey of businesses provincewide conducted between Oct. 12 and Nov. 21 and received just under 1,900 responses, states that 13% of businesses are confident in Ontario’s economic outlook. That represents a 3% drop from last year and a 29% drop from the year before with the cost of living and inputs, inflation, and housing affordability as the key factors for the confidence decline.
The sector showing the most confidence was mining, with the least confidence being shown in the agriculture, non-profit and healthcare social assistance sectors. The most confident regions were Northeastern and Northwestern Ontario, both at 23%, and the least were Kitchener-Waterloo, Windsor-Sarnia, and Stratford-Bruce County. (The survey indicated these latter two regions had a high share of respondents in the non-profit and agriculture sectors compared to other regions).
“As the report suggests, businesses still need to grapple with economic headwinds and many of those headwinds are limiting their ability to invest in important issues within the workplace and that may well be part of the reason they are having difficulty hiring people,” says Greg. “That said, entrepreneurs are interesting individuals, and they always will find a way to wiggle themselves through the difficulties of the economy.”
He questions whether the pessimism around growth and confidence outlined in the survey is related to the economy or stems more from the fact many businesses are unable to hire the people they require so they can grow their business.
“There are lots of companies out there that need people and that’s always a good thing when you’re at a very low unemployment rate now which is hovering around the 5% rate,” says Greg, noting he receives calls and emails daily from local companies seeking workers. “As inflation starts to drop and as the Bank of Canada rates start to drop, I think we’ll see that pessimism go away.”
Read the report.
Outlook highlights:
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While economic and technological shocks will always be a constant feature of our world, experts say small businesses must continue to adapt and innovate to stay competitive and satisfy consumer preferences.
“The adoption of technology should be the priority for small businesses and the adoption of AI where it can help bolster their business should also be a priority,” says Cambridge Chamber of Commerce President & CEO Greg Durocher, noting 98% of Canadian businesses qualify as small businesses.
In its recent report entitled, A Portrait of Small Business in Canada: Adaption, Agility, All At Once, the Canadian Chamber of Commerce touches on this issue as it explores the integral role small businesses in play in Canada’s economy and sheds light on how these businesses can thrive despite major economic forces working against them — including the rising cost of doing business, the highest borrowing costs in over two decades and increased pandemic debt loads.
The report, which defines ‘micro businesses’ as having 1-4 employees, ‘scale businesses’ as 5-19 employees, and ‘mature businesses’ as 19-99 employees, shows how small businesses of all sizes, ages and industries are already investing in technology to better access data and applications from their computers, tablets, or mobile phones — whether in the office or on the road — to connect better with their customers and employees. However, as the report indicates, a business’s size is important to its ability to not only adopt technology, but also take advantage of a variety of technology tools. The report finds that even more change is essential.
Greg agrees and says the need for smaller businesses to adopt artificial intelligence (AI) is especially imperative.
“In all probability, smaller businesses are less likely to adopt AI technology because they may be fearful of it,” he says. “But the fact of the matter is it may be the only tool that can bring them up and allow them to compete.”
AI and digital technologies
According to the report, across all industries, a higher proportion of small businesses planned to invest in AI and digital technologies. While 62% of micro firms (compared with an average of 55% for all small firms) expressed plans for the latter, 30% of mature firms were keen on investing in AI compared with the all-industry average of 24% for all small businesses. Scale and mature businesses were more likely to adopt multiple technology tools, especially those in finance and insurance, professional services, and wholesale trade.
“If they (small businesses) don’t get knee deep in AI from a business perspective, they may be missing the boat that was inevitably sent to save them,” says Greg.
The report also highlights trends to help small businesses adapt to how Canadian shoppers have evolved. While online shopping accelerated as a result of the pandemic, roughly 75% of Canadian shoppers still visit physical stores for key items like groceries, clothing, automotive, electronics, home and garden, and health products. To meet consumer preferences, businesses need to implement on and offline sales strategies to reach customers.
In the report, the critical importance of having an enticing online commercial presence is highlighted, with 83% of Canadian retail shoppers reporting they conduct online research before they visit a store. Having physical stores near customers also supports online sales, with nearly one in 10 Canadians making purchases online from retailers located nearby.
“There is still an opportunity for small businesses to capitalize on local business by advertising and marketing themselves locally,” says Greg. “But that doesn’t mean you shouldn’t have a strong online presence and look for every opportunity in which AI can help advance your cause.”
Canadian Chamber President & CEO Perrin Beatty says the findings in this report provides yet another signal that more focus is needed to support growth, especially among small businesses.
“We can start by reducing red tape, investing in infrastructure, and enabling an innovation economy,” he said in a press release. “These fundamentals of growth will increase Canadian businesses’ ability to compete and attract investment that will benefit Canadians, their families, and our communities.”
Click here to read the report.
Highlights of the report:
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Brian Rodnick 199 May 17, 2024 |
Greg Durocher 41 July 28, 2023 |
Canadian Chamber of Commerce 24 January 29, 2021 |
Cambridge Chamber 2 March 27, 2020 |