Learn more about Chamber Circles for Women and Entrepreneurs
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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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Customer reviews can serve as a powerful tool in the contemporary marketplace, offering invaluable insights for both consumers and businesses alike.
However, while reviews can elevate a product or service, they can also become a source of challenge for businesses as negative comments find their way onto Google Review, TripAdvisor, Trustpilot and Yelp as customers enveloped by social media vent their frustrations.
But just how businesses can utilize the information from this positive or negative feedback can prove difficult when it comes to gauging the impact.
“It’s one of those things where you can’t ignore it. Emotionally, you can’t ignore it, nor should you,” says Brad Davis, Associate Professor at Wilfrid Laurier University’s Lazaridis School of Business and Economics, who specializes in consumer behaviour and trends. “If you’re seeing reoccurring patterns in your reviews, to me that’s free research so you will want to investigate the validity of that.”
He says customer feedback is clearly a good marketing tool and warns that companies attempting to ‘stack’ their reviews with positive ones can quickly pay a price, noting research shows consumers between the ages of 18 to 34 are very savvy when it comes to analyzing reviews.
“They can easily filter out the reviews where people are being too whiny or the ones that are too glowing and clearly smack of being written by a PR person,” says Brad. “They’ve developed this innate filter that can diminish the impact of much of it.”
Authenticity of reviews leads to skepticism
The authenticity of online reviews has become a growing concern, blurring the line between genuine recommendations and promotional tactics, leading to a loss of trust in reviews overall. In this way, the very tool designed to provide transparency can become a breeding ground for deception, causing skepticism among consumers.
In Canada, those promoting fake reviews could be liable under the Competition Act. Enforcing the Act is a key responsibility of the Competition Bureau and any business making materially false or misleading claims to promote a product, service or business interest could find themselves in legal hot water.
Brad says there is already a certain amount of skepticism among consumers regarding online reviews noting research data shows that 88% to 95% of those between the ages of 18 and 34 say they rely on reviews. However, among them research also shows that 93% say they are suspicious of Facebook reviews, while 89% says they are suspicious of Yelp reviews, with 88% admitting to being skeptical about reviews on Amazon.
“On one hand, they’re saying reviews are very influential but on the other hand, they’re saying they are very suspicious of the content. I think there is a real shallowness about a lot of this research. There’s a lot of assumptions,” says Brad, adding consumer behaviour is driven more by subconscious emotional drivers where people rationalize their decisions after having already made them. “Consumers aren’t going to the reviews with a blank slate in most cases. A review would really have to be very extreme in order to make you reconsider your decision.”
He says consumers often turn to reviews as a final ‘check’ to confirm they have made the ‘right’ choice and that striking a balance between leveraging the benefits of customer feedback and mitigating their potential drawbacks is crucial for businesses aiming to thrive in the digital era.
Companies must focus on genuine customer engagement, ethical practices, and continuous improvement to ensure that customer reviews remain a constructive force rather than a destructive one.
“I think consumers sometimes often just want to vent a little a bit and know they are being heard,” says Brad. “Reviews are worth monitoring but I would be concerned if businesses think they are a definitive thing and will make or break us.”
Tips on how to handle reviews:
Monitor Reviews Regularly: Stay updated with what customers are saying about your business by regularly monitoring various review platforms such as Google My Business, Yelp, TripAdvisor, and social media channels.
Respond Promptly: Address both positive and negative reviews promptly. Responding promptly shows that you value customer feedback and are proactive in resolving issues.
Personalize Responses: Personalize your responses to each review whenever possible. Use the reviewer's name, acknowledge their specific feedback, and express appreciation for their input.
Stay Professional: Maintain a polite and professional tone in your responses, regardless of whether the review is positive or negative. Avoid getting defensive or confrontational, even if the review is critical.
Acknowledge Positive Reviews: Thank customers for positive feedback and let them know that you appreciate their business. This encourages repeat business and loyalty.
Address Negative Reviews Constructively: When responding to negative reviews, apologize for any negative experience the customer may have had and offer a solution or compensation if appropriate. Avoid making excuses or blaming the customer.
Take the Conversation Offline: For complex issues or disputes, encourage the reviewer to contact you directly to resolve the issue privately. Provide a contact email or phone number for further assistance.
Seek Clarification: If the feedback is unclear or vague, seek additional information to fully understand the customer's perspective. This helps in providing more targeted and effective solutions.
Stay Consistent Across Platforms: Ensure consistency in your responses across different review platforms to maintain your brand's credibility and professionalism.
Use Feedback to Improve: Use feedback from reviews to identify areas for improvement in your products, services, or customer experience. This demonstrates your commitment to continuous improvement.
Encourage Positive Reviews: Encourage satisfied customers to leave positive reviews by including links to review platforms in follow-up emails, on receipts, or on your website. However, avoid incentivizing reviews in a way that violates platform guidelines.
Address Fake or Malicious Reviews: If you suspect a review is fake or malicious, report it to the platform for investigation. Provide evidence to support your claim and request its removal if it violates the platform's policies.
Seek Professional Help if Necessary: If managing online reviews becomes overwhelming or if you need assistance in developing a strategy, consider seeking help from reputation management professionals or digital marketing agencies. |
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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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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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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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In the past year local businesses have faced many issues surrounding economic and labour concerns.
Despite these challenges, many have managed to prevail and overcome seemingly insurmountable obstacles which is why the Cambridge Chamber of Commerce is encouraging local business leaders to recognize their success through a nomination at our annual Business Excellence Awards.
“The hard work of our business community is something we should all be very proud of and celebrate, especially during these current economic times,” said Cambridge Chamber of Commerce President & CEO Greg Durocher. “Our awards are an important way to show how much our business community means to all of us.”
The Business Excellence Awards is the Chamber’s premier event and has honoured the achievements and contributions of business leaders in the City of Cambridge and Township of North Dumfries since 2000.
It features 11 award categories, most of whom require nominations. These include Business of the Year, Spirit of Cambridge, and Young Entrepreneur of the Year Award presented to the owner or director of a new or existing business that has achieved great success this past year.
“We have so many dynamic and innovative young business leaders in our community,” says Greg, referring to this award. “This is a great opportunity for them to be recognized for their work at building a successful business.”
Also included among the award categories are the prestigious Chair’s Award which is selected among from among the nominees and the Community Impact Award which is presented to an individual who has contributed, or continues to contribute, to the overall prosperity, economic growth, or vibrancy of the community.
“These awards really speak to the calibre of businesspeople we have in Cambridge,” says Greg, adding the awards are great way to let others know what local businesses have accomplished. “This is the time to share your story.”
The awards will be held May 29 at Tapestry Hall. Nominations close Feb. 23. Click here to submit a nomination.
Award Categories and Criteria:
Spirit of Cambridge Award – This award recognizes an outstanding effort and commitment to making Cambridge and/or Township of North Dumfries a better, more prosperous community through corporate leadership and social responsibility.
Business of the Year (1 – 10 employees) – This award is given to a good corporate citizen who exhibits a competitive edge through technological innovation in one or more of three following areas: customer service; workplace environment, products and services, growth in business, employee retention.
Business of the Year (11 – 49 employees) – Given to a good corporate citizen who exhibits a competitive edge through technological innovation in one or more of three following areas: customer service; workplace environment, products and services, growth in business, employee retention.
Business of the Year (More than 50 employees) – This award is given to a good corporate citizen who exhibits a competitive edge through technological innovation in one or more of three following areas: customer service; workplace environment; products and services; growth in business; employee retention.
New Venture of the Year Award – This award is presented to a new or existing business that through innovation of design and technology has significantly improved the esthetics and functionality of their operation.
Outstanding Workplace – Employer of the Year - The recipient of this award goes above and beyond to ensure it provides employees with the best overall workplace, with a strong focus on a happy and healthy work culture and environment.
Marketing Excellence – This award is presented to the business or organization that has best demonstrated excellence, innovation, and originality in traditional or new-media marketing.
Young Entrepreneur of the Year Award – The recipient of this award is presented to the director/owner aged 18-40 of a new or existing business who has achieved outstanding results by successfully building it up to a new level.
WOWCambridge.com Customer Service Award - Each month the Chamber has recognized an individual at a business who has gone above and beyond, providing extraordinary service in everyday situations. These individuals and the businesses they work for exemplify service excellence. This award is presented to one of those monthly winners as the Grand Award Winner.
Community Impact Award - This award recognizes an individual who has contributed, or continues to contribute, to the overall prosperity, economic growth, or vibrancy of our community through their business, volunteer or philanthropic endeavours, and exemplary overall service to assist others.
Chair's Award - The Chair's Award recognizes an outstanding organization or individual who makes an exceptional effort which goes above and beyond the call of duty in any area of business and/or community development. |
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In the fast-paced world of business, the success of any organization hinges on the quality of its workforce. Hiring mistakes can be both expensive and detrimental to a company's growth and stability, especially in this changing job market which is now seeing an influx of potential candidates in certain fields.
“I really do feel that the market over the last year has softened,” says Lisa Marino, Senior Recruitment Specialist with H2R Business Solutions, noting there are always a handful of roles that are specialized resulting in fewer available candidates.
Her colleague Sue Benoit, Head of Recruitment Services at H2R Business Solutions, agrees.
“On the trades side there still is a labour shortage, especially since those types of roles are really hard to fill,” she says. “But if you have an accounting or bookkeeping role to fill there’s 100 plus applicants.”
As a result, finding the right person to fill those types of positions means putting systems in place that can help you avoid potential pitfalls, such as taking too long to decide on a potential hire which is a common mistake many employers make, says Sue.
“If they’re taking too long in the decision or interview process, they can lose that great candidate who might have been hard to find in the first place,” she says. “Then it it’s a matter of having to start over a lot of the time because employers are not going to just settle, necessarily.”
As well doing their due diligence regarding reference checking, her colleague suggests making a select group of others in the company part of the hiring process.
“Bring in one or two other people from the company into the process rather than letting the hiring manager do it all because somebody from another department may be instrumental helping you gain a different perspective of the candidate,” says Lisa, adding incorporating some of type of skills testing during that process, depending on the level of the role, can also be helpful. “It can give some insight of how a candidate thinks.”
She also says once a candidate has been hired, an employer should be diligent when it comes to monitoring the performance of that person during their 90-day probationary period and watch for potential ‘flags’. These can include absences, struggling to meet deadlines, or an overall disconnect with their new workplace or colleagues.
“Hopefully, the recruiter is good enough to catch some of those flags in our pre-screen conversations,” says Sue. “How interested are they in the organization? Have they done any research? Employers really want someone who is truly interested in what they’re doing.”
Tips for avoiding hiring mistakes
Define Clear Job Requirements Before posting a job opening, employers should thoroughly analyze and document the skills, qualifications, and experience necessary for the role. This not only ensures that candidates are well-informed but also assists in filtering applicants more effectively.
Create a Comprehensive Recruitment Strategy Develop a well-thought-out recruitment strategy that includes a timeline, sourcing channels, and a structured interview process. By outlining the steps from job posting to offer, employers can maintain control and consistency throughout the hiring journey.
Leverage Technology The use of technology can significantly streamline the hiring process, from applicant tracking systems (ATS) to video interviews. These tools help in organizing candidate information, assessing qualifications, and conducting efficient interviews.
Thoroughly Assess Cultural Fit A candidate might have an impressive resume, but if they don't align with the company culture, it can lead to a discordant team dynamic. Incorporate questions and assessments during interviews that delve into a candidate's values, work style, and how well they would integrate into the existing team.
Conduct Behavioural Interviews Conducting behavioral interviews allows employers to gain insights into how candidates handled situations in their previous roles. This approach provides a more realistic preview of a candidate's capabilities.
Check References Thoroughly Reach out to previous employers, colleagues, and supervisors to gain a comprehensive understanding of the candidate's work ethic, reliability, and interpersonal skills. A candidate's performance history can reveal valuable information that might not be apparent during interviews.
Utilize Probationary Periods Implementing probationary periods for new hires allows both the employer and the employee to assess the fit within the organization. This trial period provides an opportunity to evaluate job performance, integration into the team, and adherence to company values before making a long-term commitment.
Invest in Continuous Training for Hiring Managers If possible, equip hiring managers with the skills necessary to conduct effective interviews, assess candidates accurately, and make informed decisions. Continuous training on fair hiring practices, diversity, and inclusion can help mitigate biases and enhance the overall quality of hiring decisions. |
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Brian Rodnick 195 April 22, 2024 |
Greg Durocher 41 July 28, 2023 |
Canadian Chamber of Commerce 24 January 29, 2021 |
Cambridge Chamber 2 March 27, 2020 |