Learn more about Chamber Circles for Women and Entrepreneurs
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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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Business failure, while often seen as a setback, can contradictory be a catalyst for growth and success in the long run. Although it may bring disappointment and financial loss initially, failure has the potential to foster resilience, learning, and innovation, ultimately paving the way for future accomplishments.
“Failing is the first attempt at learning,” says Ken Zelazny, owner of Cambridge-based Z2K Business Solutions Inc., which provides executive coaching to assist small and medium-sized businesses.
Now semi-retired, the long-time business consultant has been involved with his own entrepreneurial ventures over the years which he admits have not always worked out and readily shares those experiences with his clients.
“I have learned a lot and talk about those failures during my coaching sessions with people and say, ‘Here’s what happened to me when I did that’,” he says, adding that type of honest approach can assist them in their decision-making process. “At the end of the day it’s not where I want you to go, but where do you want to go.”
Failure offers entrepreneurs a unique opportunity to assess what went wrong, identify weaknesses in their business model, and learn from mistakes.
By analyzing the causes of failure, entrepreneurs can gain insights into areas such as market demand, customer preferences, operational inefficiencies, and financial management. These insights enable them to refine their strategies, adapt their approaches, and make more informed decisions in future ventures.
Ken agrees and says conducting a ‘post-mortem’ is a helpful course of action for business leaders to take when a venture doesn’t work out.
Failure can foster innovation
“Talk about what didn’t work, and what did work, or why did it work? People don’t stop to think about those things as well,” he says. “There are lots of key lessons when a business owner does fail but the point is not to get disturbed by it and find out what did you learn from it?”
Failure fosters innovation and creativity. When conventional approaches prove unsuccessful, entrepreneurs are compelled to think outside the box, explore new ideas, and experiment with alternative solutions. Failure encourages risk-taking and experimentation, pushing entrepreneurs out of their comfort zones and encouraging them to embrace change and innovation.
This is something many successful business leaders have experienced, including James Dyson, creator of Dyson, Four Seasons Hotels founder Isadore ‘Issy’ Sharp, Boston Pizza co-owner Jim Trevling, FedEX founder Fred Smith and American industrialist and business magnate Henry Ford.
“Some of the most predominant businesspeople in the world have gone bankrupt at least three or four times,” says Ken. “They’ve lost businesses, but they bounce back.”
He recommends clients create a detailed contingency or ‘disaster’ plan to offset potential pitfalls down the road, should their business venture suddenly start to flounder but stresses it should not deter them from focusing on their goals.
“I’m not suggesting this plan will be something you take down from the shelf and read every day,” says Ken. “But you have to be pragmatic because you have a fiduciary responsibility to your organization, especially when you’re employing people.”
He says similar to preparing a business plan, the ‘disaster’ plan should be fluid to accommodate potential changes.
Disaster planning essential
“When you write a business plan, you may have to pivot because things are going to change, no question. Your vision changes and the economy changes,” says Ken. “It’s the same thing with your disaster plan.”
He also recommends that business owners communicate with their employees, especially when plans are changing.
“It’s kind of like a marriage. When you stop communicating things can go south very quickly,” says Ken. “We don’t communicate enough in any business.”
While business failure may be accompanied by disappointment and hardship, it also holds the potential for growth and resilience. By embracing failure as a natural part of the entrepreneurial process and leveraging the lessons learned, entrepreneurs can transform setbacks into opportunities, ultimately emerging stronger, wiser, and more determined to succeed.
“If you love what you do, again, it’s a whole different situation,” says Ken, noting a positive mindset is vital. “I work with clients all the time who have the mindset of ‘I get to go to work’, and not, ‘I have to go to work’.”
Here are some tips for business owners to navigate and cope with failure:
Acknowledge and Accept Failure: Recognize that failure is a natural part of the entrepreneurial journey. Avoid denial or blame-shifting, and instead, accept responsibility for what went wrong. Acknowledging failure is the first step towards learning from it.
Reflect and Learn: Analyze what went wrong, identify any mistakes or missteps, and extract valuable lessons from the experience. This introspection will provide insights that can inform future decision-making and business strategies.
Seek Support: Don't shoulder the burden of failure alone. Reach out to mentors, fellow entrepreneurs, or a trusted support network for guidance and encouragement. Sharing your experiences with others who have faced similar challenges can provide valuable perspective and emotional support.
Focus on Solutions: Instead of dwelling on past failures, channel your energy into finding solutions and moving forward. Develop a concrete plan of action to address the issues that led to failure and implement corrective measures. Stay proactive and focused on rebuilding and improving your business.
Maintain a Positive Mindset: Cultivate a positive attitude and resilience in the face of setbacks. View failure as an opportunity for growth and learning rather than a reflection of your worth or abilities as an entrepreneur. Stay optimistic and determined to overcome obstacles and achieve success.
Adapt and Pivot: Be willing to adapt your business model, strategies, or goals based on the lessons learned from failure. Embrace flexibility and innovation, and don't be afraid to pivot in response to changing market conditions or feedback from customers.
Take Care of Yourself: Prioritize self-care and well-being by maintaining a healthy work-life balance, exercising regularly, and seeking activities that bring you joy and relaxation. Taking care of yourself mentally and physically will help you bounce back stronger from failure.
Stay Persistent: Perseverance is key to overcoming failure and achieving long-term success. Stay committed to your goals and vision, even in the face of adversity. Remember that setbacks are temporary, and every failure brings you one step closer to eventual success.
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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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Providing innovative programming that assists women business leaders reach their full potential as well as further their professional and personal goals is something the Cambridge Chamber of Commerce continues to do well. This will be especially apparent at our inaugural Women’s Well-Being Summit: Investing in Yourself to Achieve Your Goals on April 24 at Tapestry Hall.
The summit features an array of expert speakers sharing their insight on areas centring on the theme of total well-being, focusing on both physical and mental health, emotional intelligence, as well as financial wellness.
“Helping to build a healthier community has always been an important role of the Chamber, and that includes not only economic prosperity but societal prosperity as well,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “Our Women’s Well-Being Summit fits right in with this role.”
Men are also encouraged to attend in hopes of creating more awareness and understanding in the workplace.
Greg notes that approximately 60% of Chamber Members are women and says the summit is the ideal extension of the many programs the organization already offers them.
Others include its popular Women Take Charge Breakfasts and Women’s Collective Series events, each featuring inspiring female speakers, plus the Chamber's annual Salute to Women in Business Luncheon which this year raised more than $13,000 for the breast reconstruction unit at Cambridge Memorial Hospital. To date, the Chamber has raised more than $143,000 from this event to benefit this important cause.
As well, its new Chamber Circles Program provides expert mentoring to women aimed at encouraging their professional and personal growth.
“Women business leaders play a significant role in our community and the Chamber is pleased to provide them with as many tools and supports as possible to ensure their continued success,” says Greg.
Summit speakers include:
Click here for more on the Women’s Well-Being Summit including information about the Early Bird registration price that is available until March 29. |
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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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In the changing landscape of business, where uncertainty and rapid change are constants, effective leaders must adeptly manage chaos to ensure organizational resilience and success.
Navigating through tumultuous times requires a strategic and agile approach, says Linda Braga, Business & Executive Development Specialist with LMI Canada, which has provided leadership development for more than 50 years.
“I think there’s still a lot of uncertainty out there,” she says, referring to issues that now exist in workplaces surrounding remote working, labour shortages and retention. “I think leaders are still adapting to managing the workplace and the whole side of leading and actually developing their people because we are successful through our people.”
Unfortunately, Linda says developing employees now often takes a ‘backseat’ as company leaders navigate these issues, some of which have been magnified by major shifts in the workplace.
“There are four generations in the workplace right now and each come with different attitudes and different viewpoints,” she says, noting older employees prefer having that ‘physical’ presence in the office while younger ones are looking for more of a ‘social’ connection. “It’s about leaders being flexible and adaptable, and having more of an open mind to solicit feedback from their people. Empathy is huge right now.”
However, this could prove to be difficult considering statistics show that at least 60% of small and medium-sized businesses owners are aged 50 or older and many will soon be leaving their companies, making it harder for some to adapt to these dramatic workplace shifts before they retire.
Self-care important
To manage the chaos effectively, Linda leaders should first look at how they manage and lead themselves.
“I think it’s important they are able to put on their own oxygen masks first because they’re very busy dealing with the day to day trying to keep their companies running and keeping their employees happy,” she says, adding ‘self-care’ is something they should take seriously.
Linda says often leaders have difficulty asking for assistance, especially from their employees.
“Just because you’re a leader or manager, or a company owner, doesn’t necessarily mean you have all the answers and know everything,” she says. “That’s what I feel separates really good leaders from managers is that they empower their people.” As well, when it comes navigating uncertainty and rapid change, setting goals is key for leaders.
“It’s important for our leaders and managers to have crystal clear goals, which they need to communicate,” says Linda, noting there is a big difference between efficiency and effectiveness. “They can be really good at being effective and doing things the right way. But are they doing the right things? Even as a leader, are you hitting your own goals? All leaders should be able to look at themselves in a mirror and be self-aware.”
Some key methods for business leaders to manage chaos:
Develop a Resilient Mindset: Successful leaders should acknowledge that change is inevitable, viewing challenges as opportunities for growth rather than insurmountable obstacles. Embracing uncertainty allows leaders to respond with flexibility and creativity.
Establish Clear Communication Channels: Leaders must provide regular updates, share relevant information, and foster a culture of open dialogue. Clear communication helps employees understand the situation, reduces anxiety, and builds trust in leadership.
Prioritize and Delegate Effectively: Leaders must prioritize activities based on their impact on the organization's core objectives. Delegating responsibilities to capable team members ensures that tasks are handled efficiently, preventing overwhelm at the leadership level.
Encourage Adaptability: Business leaders should encourage employees to embrace change, learn new skills, and remain agile in the face of uncertainty. An adaptable workforce is better equipped to navigate chaos and contribute to innovative solutions.
Invest in Technology and Automation: Leveraging technology and automation can streamline processes and enhance organizational efficiency. Implementing digital solutions allows businesses to adapt quickly to changing circumstances and minimizes the disruptions caused by chaotic events.
Build a Diverse and Inclusive Team: A diverse team brings varied perspectives and skills to the table, enhancing the organization's ability to address challenges creatively. Inclusion fosters a collaborative environment where team members feel valued, increasing their commitment to overcoming chaos together.
Conduct Scenario Planning: Business leaders should engage in proactive scenario planning to anticipate potential challenges and devise strategies to address them. This foresight enables quicker and more effective responses when chaos unfolds, reducing the negative impact on the business.
Cultivate Emotional Intelligence: Leaders with high emotional intelligence can navigate uncertainty with empathy, providing support to their team members and maintaining a positive organizational culture.
Learn from Mistakes: Successful leaders acknowledge mistakes, learn from them, and apply those lessons to improve future decision-making. This adaptive learning approach contributes to organizational resilience.
Strategic Resource Allocation: Business leaders must strategically allocate financial, human, and technological resources to areas that will have the most significant impact on maintaining stability and achieving long-term objectives. |
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As technology continues to rapidly evolve, businesses are increasingly turning to Artificial Intelligence (AI) to streamline operations, enhance efficiency, and gain a competitive edge.
There is no question surrounding the benefits of integrating AI into business processes, but there remain legitimate concerns that accompany this technological leap.
One primary concern is the ethical implications of AI implementation. As AI systems such as ChatGPT, ClickUp, Copy.ai, or Kickresume become more sophisticated, they often require access to vast amounts of data to function effectively. This raises questions about privacy and the responsible use of sensitive information, as well as legal concerns surrounding the use of intellectual property.
“The question is fair use or is it a violation of copyright,” says Maura Grossman, Research Professor, School of Computer Science at the University of Waterloo, whose expertise centres on AI policy and ethics.
She notes that an AI user can reference a particular article, book, or poem, despite it being copyrighted. “It shouldn’t be able to do that because that’s a copyright infraction, but it can. The law hasn’t caught up with that yet but there are a number of legal cases now pending.”
Algorithms a concern
As well, Professor Grossman says bias in AI algorithms is another major concern. AI systems learn from historical data, and if that data contains biases, the algorithms can sustain and amplify them resulting in discriminatory outcomes and reinforcing existing social disparities.
“You’re going to find that in the language as well as the images. Open AI has spent a lot of time trying to remove toxic language from the system, so you get a little bit less of that with ChatPT,” she says, referring to the problems Microsoft experienced when it released its Tay bot in March 2016. The bot, under the name TayTweets with the handle @TayandYou, resulted in Twitter (now known as ‘X’) users tweet politically incorrect phrases and inflammatory messages resulting in the bot releasing racist and sexually charged messages in response to other users. Initially, Microsoft suspended the account after 16 hours, erasing the inflammatory tweets and two days later took it offline.
“Most systems, like ChatGPT, are trained on the internet and that has its pluses and minuses,” says Professor Grossman, adding ‘hallucinations’ pose another big problem for AI users. “ChatGPT for example is trained to generate new content and to sound very conversational, so it uses what it has learned on the internet to predict the next most likely word. But that doesn’t mean it’s telling you the truth.”
Official policy needed
She says there have been instances of people using AI to conduct legal research and submitting bogus case citations in court. “I think the first case happened recently in B.C., but it has also happened all over the U.S.,” says Professor Grossman.
For businesses utilizing AI, she recommends drafting an official policy to outline usage.
“First they need to have a policy and then need to train who in the business is going to use AI because people need to understand what it does well and doesn’t do well,” she says. “Your policy needs to say what permissible uses are and what impermissible uses are.”
Impermissible uses could include creating a deep fake video in the workplace.
“Even if it’s a joke, you don’t want employees creating deep fakes,” she says, noting the policy should also outline what workplace devices can be used for AI. “If you need to save something because you’re involved in a lawsuit, then you don’t want to it be on an employee’s personal device because you won’t have access to it.”
Employees require training
As well, Professor Grossman also recommends employees clearly know what AI tools are okay to use and which are not and ensure they are fully trained.
“You don’t want them violating intellectual property rules or other privacy rights. You also don’t want them putting into a public tool any confidential or propriety information,” she says. “Some companies have turned off the ability to use these AI tools because they are terrified employees will put propriety information out there while asking a question about a problem they are working on. If you’re using one of these open-source tools, it’s like Google or anything else; it’s free rein.”
Professor Grossman says rules and regulations around AI will be gradually strengthened, noting a new regulation coming into play in B.C. pertaining to issues surrounding intimate imagery is just one example.
“As soon as this starts making its way more into politics, we will start to see more effort into creating regulations,” she says, referring to a recent ‘deep fake’ image that surfaced of U.S. President Joe Biden.
Despite these issues, Professor Grossman says AI is something more businesses will become comfortable using and should embrace this new technology.
“It will save on efficiency,” she says, noting AI can greatly assist in the creation of marketing material. “Companies need to explore it and learn about it but learn about it in safe ways and understand where it can be beneficial and not just let people experiment on their own because that’s going to lead to a lot of trouble.”
AI hurdles in business
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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 |