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To succeed in the unpredictable world of start-ups and business, entrepreneurs need more than just a good idea—they need strong leadership traits. 

Effective leadership is one of the most critical ingredients in an entrepreneur’s success. Without strong leadership, even the best ideas can fail due to lack of direction, poor team performance, or weak organizational culture.

Fortunately, leadership is not an inborn trait; it can be learned and developed, something Frank Newman, founder and CEO of Newman Human Resources Consulting, says can be done by promoting the ‘5Cs’ - connect, clarify, coach, courage and compassion.

“These are the five elements that really make a great leader and they're more important now than ever,” he says.

Connection

“By connection what I mean is building meaningful relationships with your team because without that emotional component, people are not going to follow the leader, they're not going to respect them. And more importantly, they're not going to trust them,” says Frank. “It’s really getting to know them on a more personal level; if we feel our bosses care about us, we will care more about our bosses and then we will care more about the company itself.”

He says leaders must also consider ways to connect with employees who may be working virtually and recommends using various tools, including employee surveys, to understand what people are thinking about. 

“It’s about finding other ways to connect and get information back because the more exchange of information you have, the more powerful that connection is going to be.”

Clarify

“What I have found in my experience is that so much of discomfort or lack of success in the world is because people are not clarifying expectations or goals or missions, so if employees are unclear on where the business is going, particularly right now, they're not going to be as effective,” says Frank, adding employees will make assumptions without clarification. “They'll have different expectations and then, sadly, we will disappoint them because we don't know what they want. It’s about taking time, particularly with all the chaos around us, to verify when it comes to objectives or roles.”

Coaching

“More and more we’re seeing the role of coaching is different from being a manager. A manager tells people what to do, a coach gives them the tools to do it,” says Frank, noting the importance to develop and support employees. “This is something that most people really appreciate when their boss takes the time connect with them. Obviously the more you coach, the more your staff are going to grow and it's going to be easier on the boss.”

Courage

“Leaders need to have the courage to make tough decisions, and decisions to change the team and the courage to ask for feedback. So often in business I see people who are afraid to make tough decisions and that has a lingering effect,” says Frank, adding it can be challenging. “It takes courage to ask for feedback and sadly I don't ask for very much myself because I don't like the story sometimes. I think in this day and age for a leader to be connected with the people to ask for that feedback is going to make a huge difference and sometimes, quite frankly, most people don't like to get feedback.”  He says when it comes to asking for feedback, it must be done in a positive way.

“It’s about creating connections and dialogue and being authentic leaders,” says Frank.  

Compassion

“We’re living in a very anxious and very fragile world these days, so people are naturally on edge. They're upset, they may be worried about their financial futures,” says Frank. “A compassionate leader will create that emotional bond with people and will be able to guide them wisely if they're doing some coaching. I think that's really going to make a difference if you can create a compassionate organization.”

He says for many people, work has become a ‘sanctuary’ away from the stress or pressures of home.  “If you can create a compassionate workplace that has a little bit of a sanctuary feeling so people feel safe there, that's important. I've had people that were having struggles at home, and say ‘I just want to come to work because work is sane’. Work is logical and there's no drama.”

Good leadership is not a fixed trait but a continuous practice. For entrepreneurs, developing strong leadership abilities is essential for building successful businesses, inspiring teams, and achieving long-term goals.

By cultivating self-awareness, improving communication, leading by example, building emotional intelligence, and committing to lifelong learning, entrepreneurs can grow into the leaders their ventures need. With persistence and humility, any entrepreneur can transform into a confident, capable, and ethical leader.

Steps towards developing good leadership traits

Cultivate self-awareness

Entrepreneurs must understand their own strengths, weaknesses, values, and motivations. By reflecting on their behaviours and decision-making patterns, they can identify areas for improvement. Entrepreneurs who know themselves well are better able to regulate their emotions, make authentic decisions, and inspire trust in others. 

Develop clear communication skills

Entrepreneurs must communicate their vision, goals, and expectations clearly to employees, partners, investors, and customers. This includes not only speaking clearly, but also listening actively. Good leaders are able to adapt their communication style to different audiences, making sure everyone understands the mission and their role in it. 

Lead by example

Entrepreneurs should demonstrate a strong work ethic, integrity, accountability, and resilience. If an entrepreneur expects their team to be committed and enthusiastic, they must show that same passion and dedication themselves. By consistently walking the talk, entrepreneurs gain credibility and respect. This inspires employees to follow their lead, creating a strong, values-driven company culture.

Build emotional intelligence

High-EQ leaders can handle interpersonal relationships judiciously and empathetically. They can manage conflict, give constructive feedback, and motivate diverse personalities. Entrepreneurs can develop their emotional intelligence by practicing empathy, becoming better at reading nonverbal cues, managing their stress levels, and reflecting on how their behaviour affects others. Learning to pause before reacting in difficult situations is one practical habit that can boost EQ over time.

Invest in continuous learning

Entrepreneurs face new challenges at every stage of growth — from launching a product to scaling a team to navigating market shifts. A commitment to lifelong learning helps entrepreneurs stay agile and effective. Entrepreneurs should actively seek out knowledge on leadership strategies, industry trends, and management techniques. They should also be open to learning from their own failures and mistakes.

Foster a collaborative mindset

Instead of trying to control every aspect of the business, they build strong teams, delegate effectively, and empower others to contribute their talents. Entrepreneurs can foster a collaborative mindset by hiring people with diverse skills and perspectives, encouraging open dialogue, and creating an environment where innovation and experimentation are welcomed. 

Practice resilience and adaptability

Strong leaders are resilient — they recover from setbacks quickly and use them as opportunities to grow. Entrepreneurs can strengthen resilience by developing a growth mindset, which means viewing challenges as learning experiences rather than failures. Building a support system of peers, mentors, and advisors can also help entrepreneurs navigate tough times with greater strength and perspective.

Focus on ethical leadership

Entrepreneurs must commit to acting with honesty, fairness, and transparency in all their dealings. Ethical leaders build trust with employees, customers, and investors — and that trust becomes a powerful competitive advantage. To develop ethical leadership, entrepreneurs should define their core values, create clear ethical standards for their companies, and hold themselves accountable. When mistakes happen, ethical leaders take responsibility, make amends, and use the experience to improve.

Develop decision-making skills

Good leaders can gather relevant information, weigh options, anticipate risks, and make timely, confident choices. To improve decision-making, entrepreneurs can use techniques like SWOT analysis (strengths, weaknesses, opportunities, threats), seek input from trusted advisors, and practice making decisions with incomplete information. Learning to balance intuition with data is also an important leadership skill.

Seek mentorship and build a network

By building relationships with experienced mentors, peers, and industry leaders, entrepreneurs can gain valuable insights, guidance, and support. Entrepreneurs should actively seek out mentors, join professional associations, attend industry events, and cultivate relationships over time. Learning from the successes and failures of others accelerates leadership growth.

The ongoing U.S. tariffs situation is widely covered in economic and political headlines, but one of its less-discussed casualties is the human resources (HR) department.

Although HR teams are not directly involved in trade negotiations or tariff enforcement, the consequences of tariff changes are creating an unexpected wave of challenges, from workforce disruptions to morale issues and talent management headaches.

It’s a situation, says Brad Ratz, Director of Growth Strategy and Customer Experience at H2R Business Solutions, has not gone unnoticed by companies like his that provide support to small and mid-sized businesses.

“It definitely shifts you from a proactive stance to a reactive stance as an organization,” says Brad, referring to the ongoing impact of tariffs and how businesses have had to adapt. “But I think in the last few weeks there has been some more stability.”

Tariffs, essentially taxes on imported goods, often lead to higher costs for raw materials, components, and finished products. For industries like manufacturing, automotive, electronics, agriculture, and retail, this has created enormous financial pressure. While executives and supply chain managers scramble to adjust pricing, sourcing, and operations, HR departments are left to manage the human side of the fallout.

Companies facing shrinking profit margins often respond with hiring freezes, layoffs, or restructuring. This leaves HR teams tasked with managing reductions in force, handling severance, conducting difficult conversations, and navigating legal risks—all while maintaining morale among the remaining workforce.

Assessment key for businesses

However, Brad says on the other end of the ‘doom and gloom’ side of the situation there has been an uptake in hiring as many companies capitalize on the ‘buy Canadian’ movement.

“As many companies are being impacted and may be modeling out some worst-case scenarios, we've got on the other side clients that say, ‘How do we even keep up with the amount of work that's being directed to us right now?’” says Brad, adding organizations must really start to think strategically when it comes to planning. “How do we navigate this uptick? Because the question then is how long is this sustainable?”

For companies forced to shift their strategies—such as relocating manufacturing out of tariff-affected countries—HR faces the complex task of redeploying talent. This might involve reskilling workers for new roles, managing transfers, or negotiating with unions. Retraining programs, once seen as long-term development initiatives, have become urgent necessities to keep pace with rapidly changing business needs.

Assessment, says Brad, is key when companies are faced with rapid changes.

“Take that pause and ask some questions and assess the landscape and what's happening. Once you've assessed, then it's time to start planning. What's best case scenario and what's worst case scenario?” he says. “I love the assessment piece because you’re acting off of real data and you're kind of eliminating some of that emotional stuff that's going to come in if you don't stop and do the assessment.”

Managers require support

Another hidden cost of the tariffs situation is employee anxiety. News of supply chain disruptions, rising costs, or customer losses spreads quickly through the workforce. Employees fear for their jobs, speculate about layoffs, and worry about the company’s future. Even if no cuts are made, morale can take a hit, leading to drops in productivity and engagement.

HR teams must invest time in internal communication to reassure employees, manage rumours, and maintain trust. They also need to support managers in having transparent conversations with their teams. In some cases, HR may introduce stress management programs or offer additional mental health resources to help employees cope.

“We've had a significant increase from a training and development side trying to equip leaders to help navigate the changes that are coming through this and support their teams,” says Brad, adding some smaller organizations may already have tools in place to assist. “If you do feel like your team is going to be affected in many different ways, what systems or tools do you already have access and available that can support our staff through this?”

Moving forward, companies need to recognize HR’s critical role in times of economic disruption. This means ensuring that HR leaders have a seat at the table during strategic planning, providing resources for employee support programs, and investing in workforce planning and training. Without this, the toll on morale, retention, and performance may far outlast the tariff wars themselves.

Speaking on a personal note, Brad says despite any shifts caused by tariffs, he is optimistic for the what the economic future holds.

“Canada is one of the largest economies in the world. On a global scale, we’re not small and there's lots of opportunity out there,” he says. “Typically, after any time of crisis, and I would classify this as crisis, that's usually when the largest level of innovation happens.”

Challenges faced by HR departments include:

Job security and layoffs

Tariffs can lead to declining demand in certain industries, potentially causing layoffs and hiring freezes. HR must develop strategies for managing workforce reductions while maintaining employee morale.

Reskilling and upskilling

As businesses adapt to changing market conditions, including tariff-related shifts in supply chains, HR may need to focus on reskilling employees for new roles.

Employee morale

The uncertainty surrounding tariff policies and their potential impact on jobs and the economy can negatively affect employee morale, leading to decreased productivity and engagement.

Compensation and benefits

Rising material costs due to tariffs can put pressure on company budgets, potentially requiring HR to adjust compensation structures and benefits packages to remain competitive.

Transparency and communication

HR leaders need to be transparent with employees about how tariffs may impact the business and provide support programs to help them navigate the changes.

Impact on healthcare costs

Tariffs could also lead to rising pharmaceutical costs, adding to the challenges already faced by HR in managing healthcare inflation, according to Businessolver.

Conducting an effective business meeting requires more than simply gathering people in a room or on a video call. Many meetings fall short of their potential due to common pitfalls that can undermine productivity, morale, and decision-making.

One of the most frequent pitfalls is the absence of a clear, defined objective. Without a specific goal, meetings often devolve into vague discussions with little direction. Participants may leave the meeting confused about what was decided or what actions are expected of them.

“It all comes down to proper planning,” says Linda Braga, Business & Executive Development Specialist with LMI Canada, which has provided leadership development for more than 50 years. “It’s about being effective and aware of your time and planning.”

Effective meetings begin with a clear purpose, whether it's planning, brainstorming ideas, solving a problem, or sharing updates. Having a focused agenda helps keep discussions on track and ensures that time is used efficiently, something Linda says is pivotal.

“Who is ensuring there is a plan and an agenda? Who is taking ownership of the meeting?” she says. “You have to show strong leadership and stick to the agenda. If something comes up, then you’re going to take that offline and have another meeting.”

Preparation needed

Time is a valuable resource, and poorly managed meetings can waste a significant amount of it. Meetings that start late, run over time, or spend too long on unimportant issues frustrate participants and reduce productivity. This often stems from a lack of preparation or failure to allocate appropriate time for each agenda item.

To avoid this, organizers should respect attendees' time by starting and ending on schedule and prioritizing discussion points according to their importance.

“Again, it comes down to managing time and knowing what works to fill the time that has been allotted,” says Linda, adding respecting set time limits is critical. “What’s the goal of the meeting? What are the talking points?”

She references the Pareto Principle, also known as the 80/20 rule, which suggests that for many outcomes, roughly 80% of the consequences come from 20% of the causes.

“When it comes to a problem with sales, that principle applies to everything,” says Linda. “But when it comes to productivity, it’s the same.”

A poorly facilitated meeting can quickly become chaotic or unproductive. Without someone to guide the discussion, keep things on track, and ensure that all voices are heard, meetings can veer off-topic or become dominated by side conversations.

Skilled facilitation helps maintain focus, manages time wisely, and resolves conflicts constructively. 

“You have to have someone who is going to take control of the meeting,” says Linda. “And it’s not about cutting anybody off, but everyone needs to respect time which is the most valuable asset.”

Follow-up required

However, sometimes business leaders can hold too many meetings, resulting in ‘meeting fatigue’. When meetings are scheduled too frequently or without real necessity, they become a drain on productivity. Employees may come to view meetings as interruptions rather than valuable touchpoints.

To avoid this, businesses should regularly assess whether a meeting is truly necessary and explore alternatives like shared documents, project management tools, or short check-ins.

“It’s like being on autopilot,” says Linda, referring to those ‘regular’ meetings that may not be required. “It’s about implementing new habits and ensuring the time you’re spending is on those high payoff activities that are getting you closer to your goal or main objectives.”

A common failing in meetings is the lack of follow-up. Decisions may be made, or tasks assigned, but without proper tracking or accountability, progress can stall. People may leave without clarity on who is responsible for what, leading to miscommunication and unmet deadlines.

Every meeting should end with a clear summary of action items, responsibilities, and deadlines. Experts recommend sending a follow-up email with minutes or task lists reinforces accountability and helps keep everyone aligned.

“You don’t want passive attendees,” says Linda, adding having people leave meetings motivated and engaged is key. “There are digital tools out there that can help with action items after the meeting.”

Tips to make your meetings more productive and efficient

Define a clear purpose
Are you solving a problem, brainstorming new ideas, or updating the team on progress? Define the goal and communicate it clearly in the meeting invite. This helps attendees understand what’s expected and whether they need to be involved.

Prepare an agenda and share it early
It should outline topics for discussion, who will present them, and how much time is allotted for each. Send it at least a day in advance, so participants can come prepared with ideas or questions. A well-structured agenda prevents meetings from veering off course.

Invite the right people
Only include individuals who are directly involved or impacted by the topics on the agenda. Having too many attendees can lead to confusion and unproductive discussions, while excluding key people can result in delays or missed decisions. Be selective and intentional with your invitations.

Start and end on time
Respect everyone’s time by starting and ending the meeting as scheduled. Waiting for latecomers or allowing meetings to drag on lowers energy and reduces productivity. If you anticipate needing more time, schedule a follow-up meeting rather than extending the current one.

Establish ground rules
This might include guidelines like staying on topic, limiting side conversations, and using respectful language. Encourage active participation but make sure one person doesn’t dominate the conversation. A balanced discussion fosters better decision-making.

Take notes and assign action items
Designate someone to take notes or use a collaborative tool to document decisions and next steps in real time. Clearly identify who is responsible for each action item and set deadlines. This ensures accountability and provides a reference for future meetings.

Use technology wisely
For virtual or hybrid meetings, ensure that the technology works well. Test audio, video, and screen sharing ahead of time. Use collaboration tools like shared documents or chat features to keep everyone engaged. Keep in mind that tech issues can disrupt flow, so have a backup plan.

Follow up
After the meeting, share a summary with notes, decisions, and action items. This reinforces what was discussed and helps everyone stay aligned. Following up also gives attendees a chance to ask questions or clarify anything they missed.

An open-door policy is a vital tool for business leaders who want to foster transparency, trust, and effective communication within their organizations. 

When managed correctly, it can boost morale, improve collaboration, and increase productivity. However, it must be implemented thoughtfully to avoid potential pitfalls such as misuse, leader burnout, or undermining formal processes.

“One of the main things that leaders need is information to make decisions. So, an open-door policy is good in terms of acquiring information or getting the knowledge that you need,” says Professor Douglas Brown of the Faculty of Arts Department of Psychology at the University of Waterloo. “But then the downside is if you take the open-door policy too far that it potentially makes your employees less able to engage in problem solving themselves. Potentially, it creates a bottleneck in terms of decision making. If everyone's bringing every decision to you, you become essentially a choke point in getting things done.”

When employees feel that they can approach their leaders at any time for advice, feedback, or to voice concerns, it can lead to a high frequency of meetings or conversations, many of which may be trivial or not urgent.

Leaders may find themselves bogged down with constant disruptions, which can detract from their ability to focus on high-priority tasks. This not only affects their productivity but may lead to burnout, as leaders struggle to juggle management responsibilities with being constantly available.

Micromanaging can derail leaders

“Managers and leaders have their own jobs to do and if they're being inundated constantly with having to make all kinds of decisions in the short run then that's distracting them from doing things that are more strategic that need to get done,” says Professor Brown, adding delegating responsibilities is key for business leaders. “But one of the biggest derailers of managers is being a micromanager and being unable to delegate.” 

When employees are constantly encouraged to approach their leader with every issue or concern, it can lead to dependency and over time, employees may begin to rely on their leader to make decisions for them, rather than fostering independence and critical thinking. This dependency can stifle innovation and initiative, as team members may not feel empowered to solve problems on their own.

Leaders may find themselves spending more time providing solutions to issues that their team should be capable of handling independently, leading to inefficiency and slower decision-making.

“So, is your open-door policy a symptom of something more problematic about your own leadership style?” asks Professor Brown, adding the first thing a leader should ask is if an open-door policy is working for them. “They have to reflect on information that they're getting themselves as well as through observing their teams. Do you feel stretched as an individual? Do you feel stressed out and is this a consequence of these constant interruptions that you're getting because you're being asked to make all kinds of small insignificant decisions?”

He says hybrid work situations can exacerbate the situation.

Clear boundaries needed

“I think in these virtual environments in many ways it's psychologically hard because you don't have control and information and so you have this level of uncertainty of what are people doing which makes it psychologically hard on you,” says Professor Brown, adding leaders must move away from the mentality that leadership isn’t about walking around keeping tabs on employees but creating structures that allow leaders to collect the information they need. “But you also can’t give people free control to do anything they want. It’s kind of a balancing act because you don’t want to completely rob people of their freedom and autonomy.”

To mitigate these risks, leaders should establish clear boundaries, encourage independent problem-solving, and ensure that they are still focusing on long-term strategic goals. With the right balance and structure, an open-door policy can be a powerful tool for fostering a healthy, communicative, and productive work environment.

Professor Brown says structural changes may be required to achieve a more productive environment.

“Maybe I don’t provide enough role clarity for people as a leader? Or maybe I’m very inconsistent in my delegation? Or maybe I have a decision-making process where everything must run through me?” he says. “Those are all structural things I think are easy to change if they accept this may be the source of the problem.”

How a business leader should effectively deal with an open-door policy:

Clearly define the policy

Leaders should communicate the purpose of the policy—encouraging open communication, quick resolution of concerns, and building stronger relationships. It should also include guidelines on what types of issues are appropriate for open-door discussions (e.g., ideas, feedback, ethical concerns) and when more formal channels should be used (e.g., HR complaints or legal issues).

Maintain availability, but set boundaries

Leaders need to strike a balance between being accessible and staying productive. While it’s important to be approachable, setting realistic boundaries around availability helps prevent disruptions. For example, a leader might designate specific times for walk-ins or encourage scheduling brief check-ins to manage time more effectively. This also signals that while the door is open, time and focus are respected on both sides.

Be fully present

When employees do come through the door, leaders must give them their full attention. Listening actively and without judgment builds trust and encourages honest dialogue. It’s important to acknowledge concerns and follow up with appropriate actions. Even if the answer is “no” or change isn't possible, employees will appreciate transparency and sincerity.

Encourage a culture of communication

An open-door policy should complement—not replace—a broader culture of communication. Leaders should regularly engage with employees at all levels, foster team dialogue, and promote peer-to-peer communication. Encouraging open dialogue in meetings, anonymous feedback channels, and regular one-on-ones can support the policy and make employees feel heard beyond just the “open door.”

Avoid micromanagement or bypassing hierarchies

One challenge of an open-door policy is that it can unintentionally bypass middle managers or create confusion around decision-making authority. Leaders must reinforce the importance of chain-of-command and support managers rather than undercutting them. When appropriate, employees should be encouraged to resolve issues at the closest level before escalating them.

Act on feedback

The effectiveness of an open-door policy depends heavily on what happens after the conversation. If employees regularly share concerns or ideas and nothing changes—or worse, there's retaliation—trust erodes quickly. Leaders should document key themes from conversations, follow up, and implement improvements where feasible. Even small changes based on employee input can reinforce the value of the policy.

Model openness and integrity

Finally, leaders should model the values they want to see—honesty, humility, and openness to feedback. If leaders are defensive, dismissive, or inaccessible, the policy becomes symbolic rather than functional. Being authentic and approachable sets the tone for the entire organization.

A website is one of the most critical tools for attracting and retaining customers and is often the first point of contact when it comes to developing relationships between your business and potential clients. 

However, as technology and consumer expectations evolve, a website that was once cutting-edge can quickly become outdated. As a result, if your website looks like it was designed a decade ago, visitors may assume your business is outdated as well so a ‘reboot’ may be in order, says Aneesh Janardhanan, who operates White Space Studio Inc. which serves many clients in Waterloo Region.

“It’s one of the major mistakes many small businesses make. They think just having a website will give them customers,” says Aneesh. “But that’s not the real story since the internet is filled with millions of websites.”

Running a company that specializes in web design and SEO has given him invaluable insight creating sites that utilize the latest practices when it comes search engine results.

Search engine algorithms change frequently, and a website that isn’t optimized for modern SEO techniques—such as fast loading times, relevant keywords, and high-quality content—won’t perform well. Regular updates can help maintain or improve those rankings.

Keep tabs on competitors

“Google cannot read images, so putting as much text on your site as possible will be much easier for Google to read,” says Aneesh, who also recommends creating a Google business profile. “That’s where people are going to check initially when they have a requirement. For example, if I’m new to Cambridge and I need an electrician or a plumber, where should I go? I’ll just ask Google for plumbers near me, or I will use other key words to search.”

He also stresses the need to look towards what a business’ competitor is doing with their website.  If they look more modern, load faster, or provide a better user experience, potential customers may choose them over you so keeping your website updated ensures you remain competitive in your industry.

“Anybody can create a website, but at the end of the day, you have to think about ‘What am I doing with this? Why am I creating this website?’” says Aneesh. “When creating a website, make sure you do your research regarding what’s going on around your locality.”

He also recommends when designing or updating your website, a business should try to maximize the amount of information it can have on the site.

“I always say put as much information as you can on the website, but it should be categorized in a way people can easily find it,” says Aneesh. “For example, if you're posting reviews, create a page for reviews. If you are posting your services, create a particular page for those services. That’s how people can easily, or even Google, see that your business is providing these services because you have a page explaining everything.”

Comprehensive experience is key

He says giving customers a comprehensive experience online is key since the majority no longer will take the time to reach out via an email, let alone a phone call.

“Nowadays, nobody goes out to a business ahead of time without knowing what they provide, or what exactly they offer,” says Aneesh.

When it comes to updating a website, if it requires calling a developer every time you need to make a small change, it could be time to switch to a modern content management system (CMS). Platforms like WordPress, Shopify, and Wix make it easy for business owners to update their sites without technical expertise.

However, for any major redesigns, Aneesh recommends using the services of a professional, recognizing that costs are always at the forefront of decision-making for smaller businesses.

“But e-commerce is so important, which is something businesses learned going through the pandemic,” he says, noting the introduction of AI is also drastically changing the way people search online. “The possibilities are infinite nowadays and technology is evolving every day.”

Signs that your website needs a reboot:

Outdated Design and Aesthetics

Trends in web design evolve, and a modern, visually appealing site creates a positive first impression. Flat design, bold typography, and interactive elements are now standard. If your site still features cluttered layouts, outdated fonts, or excessive animations, it may be driving potential customers away.

Poor Mobile Responsiveness

More than half of web traffic comes from mobile devices, so a website that isn’t mobile-friendly is a major drawback. If users must zoom in, scroll excessively, or struggle with unclickable buttons, they’re likely to leave. A responsive website automatically adjusts to different screen sizes, ensuring a seamless experience across devices.

Slow Loading Speeds

If your website takes longer than a few seconds to load, visitors may leave before it even loads. Slow loading speeds can be caused by unoptimized images, outdated coding practices, or a lack of proper hosting. Regularly testing speed and making necessary improvements can enhance user experience and boost search engine rankings.

Low Search Engine Rankings

If your website isn’t ranking well on search engines, it may be due to outdated SEO practices. Updating your website with modern SEO techniques, such as optimized content, meta tags, and mobile responsiveness, can help improve visibility.

Security Vulnerabilities

If your site is still running on an old CMS version, lacks SSL encryption, or doesn’t follow security best practices, hackers may exploit it. Regular security updates and a secure hosting provider can protect sensitive customer data and maintain trust.

High Bounce Rate and Low Engagement

If your website analytics show that visitors are leaving quickly without interacting, it may indicate a poor user experience. This could be due to confusing navigation, slow load times, or unappealing content. Analyzing user behaviour and making necessary updates can help keep visitors engaged and encourage conversions.

Difficult Content Management

A modern CMS makes it easier to edit pages, publish blog posts, and update product listings without needing technical expertise. A well-maintained and dynamic website keeps customers informed and engaged.

Incompatibility with New Technologies

With evolving technology, older websites may not support new features such as chatbots, e-commerce integrations, or interactive elements. If your website can’t keep up with current digital trends, you might be missing out on valuable opportunities to enhance customer experience and streamline operations.

When an entrepreneur starts a business, they often find themselves wearing many hats, often taking on such jobs as CEO, accountant, marketer, and even the IT technician.

However, trying to do everything yourself can take a toll on your mental and physical health – and, eventually, your business growth, which is why experts recommend outsourcing certain tasks.

“I think a lot of entrepreneurs think they don't have the money for it, or they feel like they can save money by doing it themselves,” says Carrie Thomas, founder, and CEO of Nimbus HR Solutions.  “But all it takes is being tripped up one time over something, like an HR issue, and you realize you should be reaching out.”

One of the primary reasons businesses outsource is to save money since hiring full-time employees for every task can be costly, considering salaries, benefits, training, and office space.

But outsourcing allows businesses to tap into skilled professionals at a fraction of the cost which can lead to significant reductions in operational expenses, enabling companies to allocate resources more effectively.

Streamlined approach

As well, outsourcing non-core activities, businesses can focus on their core competencies, leading to increased efficiency and productivity. This can allow employees to devote more time to strategic initiatives, innovation, and revenue-generating activities rather than administrative or repetitive tasks. This streamlined approach ensures that key business functions run smoothly without unnecessary distractions.

“Having to outsource means you can have subject matter experts available to you for a fraction of the price, who can help you and kind of level up your business,” says Carrie, describing how finding an accountant to help handle finances was one of the first things she did when starting her company. “Maybe you have a bookkeeper do fractional CFO, or maybe you could do the books yourself but with guidance from an accountant?”

Outsourcing provides businesses with access to specialized expertise that may not be available in-house. Many outsourcing firms are dedicated to specific industries, meaning they have the latest knowledge, tools, and best practices.

Whether it's IT support, digital marketing, legal services, or customer service, outsourcing allows companies to leverage the expertise of professionals who excel in their respective fields.

Reach out to other business leaders

But finding the right sources can be difficult, which is why Carrie suggests entrepreneurs reach out to other business leaders for potential contacts and advice.

“For myself, I spoke to other business owners and asked them what accounting service did they us, or didn’t use,” she says. “This can be really valuable.”

Outsourcing, especially when chosen based solely on cost savings, can sometimes lead to subpar quality. Some vendors may cut corners, use less experienced staff, or fail to meet the company's expectations. As a result, quality could suffer and businesses may face customer dissatisfaction, negative brand perception, and even additional costs to correct errors or redo work.

When it comes to finding a potential outsource, Carrie says business leaders should treat the process as a job interview.

Choose reputable partners

“You’re interviewing them to be your partner in a certain component of your business,” she says. “So do the homework and ask those difficult questions. ‘Why did you lose a client?’, ‘What was your worst client situation and how did you handle it?’”

Carrie also recommends trying to stay away from using the services of friends or family when starting out in business.

“It’s so easy to go people we know. I think that’s OK to a point, but I think when you have family or people you know that are involved, it’s business and you don’t want to blur the lines,” she says. “If it becomes a business relationship, you have to be clear on what the expectations are and be clear on what the deliverables are and if they’re not, then you can have another conversation.”

To minimize potential downsides, companies should choose reputable outsourcing partners, establish clear contracts, and continuously monitor performance because a well-balanced approach can help businesses leverage outsourcing while avoiding its pitfalls.

Benefits of outsourcing

Cost Savings

By outsourcing, companies can access skilled professionals at a lower cost, often in countries where labor expenses are significantly reduced. This allows businesses to allocate resources more effectively and invest in core operations.

Access to Global Talent

Outsourcing enables businesses to tap into a global talent pool, ensuring access to highly skilled professionals without geographical limitations

Increased Efficiency and Focus on Core Activities

By outsourcing non-core tasks, businesses can focus on their primary objectives and strategic goals. This leads to improved efficiency and a stronger competitive edge.

Scalability and Flexibility

Outsourcing offers businesses the flexibility to scale operations up or down based on demand. This is especially beneficial for businesses with seasonal fluctuations or those experiencing rapid growth.

Access to Advanced Technology

Many outsourcing providers invest in the latest technology, software, and tools to remain competitive. This is particularly valuable in areas like IT, cybersecurity, and digital marketing, where staying ahead in technology is crucial.

Risk Management and Compliance

Outsourcing can help businesses mitigate risks, particularly in areas such as legal compliance, cybersecurity, and regulatory requirements. This is particularly important for businesses operating in highly regulated sectors like finance and healthcare.

When should a business outsource?

Overworked Employees and Decreased Productivity

If your employees are constantly overburdened with tasks outside their core responsibilities, it may be a sign that outsourcing is needed. Overworked staff can lead to burnout, decreased morale, and lower productivity. 

Rising Operational Costs

Businesses looking to cut costs without compromising quality often turn to outsourcing. Hiring external specialists can reduce the need for in-house infrastructure and long-term employee commitments, leading to substantial savings.

Lack of In-House Expertise

As businesses expand, they may require specialized skills that their existing team doesn’t possess. Outsourcing allows you to access top-tier professionals without the costs of recruitment, training, and salaries.

Declining Customer Satisfaction

If customers are experiencing long wait times, poor service quality, or unresolved issues, it may be time to outsource customer support. Happy customers lead to repeat business and positive brand reputation.

Difficulty Scaling Operations

For businesses experiencing rapid growth, scaling operations efficiently can be challenging. Whether it's manufacturing, logistics, or administrative support, outsourcing provides flexibility, allowing you to expand or downsize without major disruptions.

Falling Behind on Innovation and Strategy

If your leadership team spends too much time managing routine administrative tasks instead of focusing on strategic growth, outsourcing is a logical solution. Non-core functions like bookkeeping, IT maintenance, and HR services can be outsourced, freeing up time for business leaders.

Compliance and Security Concerns

Businesses operating in industries with strict regulatory requirements, such as healthcare and finance, must ensure compliance with laws and data security measures. Outsourcing to specialized firms with expertise in compliance and cybersecurity can help mitigate risks and prevent costly legal issues.

Canadian businesses are grappling with significant challenges stemming from U.S. President Donald Trump's imposition of tariffs.

These measures have introduced economic uncertainty, disrupted supply chains, and strained the historically robust trade relationship between Canada and the United States.

That uncertainty has been compared to what many businesses felt when the pandemic virtually shut down the economy, creating chaos and confusion.

To assist the local business community as they did then, the Cambridge Chamber of Commerce and Greater Kitchener Waterloo Chamber of Commerce have relaunched their Ask the Expert initiative to share information and resources.

Held online every Thursday from 9 a.m. to 10 a.m., Ask the Expert provides business operators the opportunity to discuss their concerns, as well as hear the latest news and insights from a variety of professionals surrounding the issues related to this escalating trade war, including federal aid programs.

Global growth slowdown

Among those who recently shared their knowledge was Automotive Parts Manufacturers’ Association (APMA) CEO Flavio Volpe who discussed, among other things, the impact tariffs will have on auto industry on both sides of the border. 

“It almost feels a little bit like we are in the early days of the pandemic when business owners we’re just trying to understand what was happening,” says Cambridge Chamber President and CEO Greg Durocher, describing the uncertainty currently being felt by business owners.

The Organization for Economic Co-operation and Development (OECD) has highlighted the detrimental impact of these tariffs on the global economy, with particular emphasis on Canada.

The OECD forecasts a slowdown in global growth to 3.1% in 2025 and 3.0% in 2026, attributing this deceleration partly to the trade tensions initiated by the U.S. Specifically, Canada's economic growth is projected to decline to 0.7% in 2025, a significant reduction that underscores the profound effect of the tariffs on the nation's economic trajectory.

Eroded business confidence

The unpredictability associated with the on-again, off-again nature of the tariffs has eroded business confidence.

The latest CEO Confidence Index from Chief Executive magazine indicates a significant drop, reaching the lowest level since November 2012. This decline is attributed to the fluctuating tariff policies between the U.S., Canada, and Mexico, which have made long-term planning and investment decisions increasingly challenging for businesses.

Executives from major financial institutions have voiced concerns about the negative impact of this uncertainty on business operations and economic stability. 

Greg says that uncertainty is clear, noting many of those logging on to Ask the Expert are smaller business owners who may not be directly impacted by tariffs but more from the trickle-down effects of a prolonged trade war.

“Nobody really knows yet what those impacts will be,” he says. “The people joining us really want to know more about timing and when things are going to happen. I think some of the concerns are morphing away from talk of annexation and are now touching on the realization that there is something really wrong in the U.S.”

To join an Ask the Expert conversation, visit www.chambercheck.ca (which offers resources and information to help businesses) and sign up. 

For those who can’t participate live, Ask the Expert videos are posted on  www.chambercheck.ca  and the Cambridge Chamber of Commerce YouTube channel. 

Federal aid package info

In response to U.S. tariff impositions that have disrupted trade and heightened economic uncertainty, the Canadian government has introduced a comprehensive aid package exceeding $6 billion to support affected businesses. The key components of this financial assistance include:

1. Trade Impact Program by Export Development Canada (EDC):

With its newly launched Trade Impact Program, EDC is prepared to facilitate an additional $5 billion over two years in support. This program aims to:

• Market Diversification: Assist exporters in identifying and penetrating new international markets, reducing reliance on the U.S. market.

• Risk Mitigation: Provide solutions to manage challenges such as non-payment risks, currency fluctuations, and cash flow constraints.

• Expansion Support: Offer financial backing to overcome barriers hindering business growth and international expansion.

These measures are designed to help companies navigate the economic challenges posed by the tariffs and adapt to the evolving trade environment. 

Government of Canada.

2. Business Development Bank of Canada (BDC) Financing:

To support businesses directly affected by the tariffs, the BDC is providing $500 million in favorably priced loans. Key features include:

• Loan Amounts: Businesses can access loans ranging from $100,000 to $2 million.

• Flexible Terms: Loans come with favorable interest rates and flexible repayment options, including the possibility of deferring principal payments for up to 12 months.

• Advisory Services: Beyond financing, BDC offers advisory services in areas such as financial management and market diversification to strengthen business resilience.

This initiative aims to provide immediate financial relief and support long-term strategic planning for affected businesses. 

3. Farm Credit Canada (FCC) Support for Agriculture and Food Industry:

Recognizing the unique challenges faced by the agriculture and food sectors, the government has allocated $1 billion in new financing through FCC. This support includes:

• Additional Credit Lines: Access to an additional credit line of up to $500,000 for eligible businesses.

• New Term Loans: Provision of new term loans to address specific financial needs arising from the tariffs.

• Payment Deferrals: Current FCC customers have the option to defer principal payments on existing loans for up to 12 months.

These measures are intended to alleviate cash flow challenges, allowing businesses to adjust to the new operating environment and continue supplying high-quality agricultural and food products. 

4. Enhancements to the Employment Insurance (EI) Work-Sharing Program:

To mitigate layoffs and retain skilled workers, the government has introduced temporary flexibilities to the EI Work-Sharing Program:

• Extended Duration: The maximum duration of work-sharing agreements has been extended from 38 weeks to 76 weeks.

• Increased Access: Adjustments have been made to make the program more accessible to businesses experiencing a downturn due to the tariffs.

This program allows employees to work reduced hours while receiving EI benefits, helping employers retain experienced staff and enabling workers to maintain their employment and skills during periods of reduced business activity. 

5. Strengthening Investment Protections:

To safeguard Canadian businesses from potentially harmful foreign takeovers during this period of economic vulnerability, the government has updated the Investment Canada Act Guidelines. While Canada continues to welcome foreign investment, these updates ensure that any investments posing risks to economic security can be thoroughly reviewed and addressed.

Click here to learn more.

The uncertainty surrounding trade policies and the potential for sustained tariffs have already begun to erode business confidence in Ontario. 

A survey conducted in February by the Ontario Chamber of Commerce (OCC) has revealed that more than 80% of businesses believe U.S. tariffs are clearly impacting confidence in Ontario’s economy. 

Coupled with the results of the OCC’s 2025 Ontario Economic Report released last month which revealed that business confidence had risen from a historic low of 13% to only 26% in 2024, Canada’s economy remains in a precarious position in wake of U.S President Donald Trump’s continued tariffs attacks.

“The problem is we have Trump, a 78-year-old man trying to run a country in the same manner as it would have been run in 1968,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “But that country doesn’t exist anymore.”

He notes Trump’s continued claim that NATFA (North American Free Trade Agreement) resulted in the closure of 90,000 plants and factories in the U.S. is an exaggeration as well as touting that introducing exorbitant tariffs will eliminate the need for income tax.

Many industries at risk

“It’s literally impossible for that to happen,” says Greg, adding revenue from tariffs would equate to about 2% of the U.S. budget. “His whole end game centres on minerals, considering all he talks about is titanium and lithium from Ukraine. There’s no question about it.”

But in the wake of this pursuit, experts agree the impact of sustained tariffs will hit Canada hard.

The manufacturing sector stands at the forefront of potential adverse effects due to its substantial contribution to Ontario's economy and its heavy reliance on U.S. markets.

The automotive industry, a cornerstone of Ontario's manufacturing base, is especially vulnerable. Tariffs could render Canadian auto parts and vehicles less competitive, leading U.S. companies to seek alternative suppliers. This shift threatens to result in decreased production, layoffs, and a contraction within the sector. 

Beyond automotive manufacturing, other industries such as steel and aluminum production are also at risk. 

In retaliation to the U.S. tariffs, the federal government has already announced a $155 billion tariff package targeting various U.S. goods. The first phase included 25% tariffs on $30 billion worth of U.S. imports, confirmed March 4, encompassing products like orange juice, peanut butter, wine, spirits, beer, coffee, appliances, apparel, footwear, motorcycles, cosmetics, and pulp and paper.

An additional list targeting $125 billion worth of U.S. goods is under consideration on products such as electric vehicles, trucks and buses, certain fruits and vegetables, aerospace products, beef, pork, and dairy. 

Businesses ready to adapt

While these countermeasures aim to protect Canadian interests, they also risk escalating trade tensions, potentially leading to a trade war that could further destabilize Ontario's economy.

The results of the OCC tariffs survey reflect these concerns considering 77% of the 600 respondents said they expect U.S. tariffs will negatively impact their business, while slightly fewer (74%) believe that Canadian tariffs will have a negative impact.

However, when it comes to adapting to U.S. tariffs, approximately half (52%) of the respondents remain confident in their businesses ability to do so, something that doesn’t surprise Greg.

“When Canadian entrepreneurs are pushed, they become very structured and organized and say if our only option is to branch out and look elsewhere, then we're prepared to do that,” he says, adding having 52% of business owners prepared to seek other opportunities and avenues is a positive sign. “It just demonstrates that the structure of the businesses in Canada are probably more resilient than they are anywhere else, even compared to businesses in the U.S. They’re not relying on Donald Trump when it comes to changing his mind, they're relying more on themselves.”

Key findings of the OCC tariffs survey

The OCC conducted an online survey from Feb. 7-23 in co-ordination with local Chambers and Boards of Trade

Business confidence

• 60% of respondents do not currently feel confident in Ontario’s economic outlook, with nearly a quarter indicating they are not at all confident (24%).
• 88% of respondents indicated the U.S. tariffs are negatively impacting Ontario’s economy. In fact, 51% said that U.S. tariffs will have a significant negative impact on their confidence in the province’s economy.

 Business impacts of U.S. tariffs

• 77% expect U.S. tariffs on Canadian goods will negatively impact their businesses, while 74% expect Canadian tariffs will also be negative for them.
• 26% are expecting decreases sales/revenue and/or increased costs, while 23% expect increased costs of raw materials.  About 21% expect changes in customer demand because of tariffs.

 Adapting business to U.S. tariffs

• 52% of responding businesses are confident they can adapt with ongoing trade tensions between Canada and the U.S.
• 35% of businesses say they are diversifying their suppliers or considering it while 24% are considering a price increase. Approximately 84% said they are not looking to relocate any part of their business operations due to U.S. tariffs.
• 36% of respondents are anticipating a shift in market focus, while 31% expect innovations in products/services in their industry.
• 48% of respondents would welcome information and guidance, or advocacy when it comes to dealing with U.S. tariffs, while 41% would welcome financial assistance.

Click here to read survey results.

The impact of U.S. President Donald Trump’s 25% tariffs on Canadian imports and Canada’s counter tariffs has significant implications for various sectors of our economy, including tourism, with Ontario poised to experience both direct and indirect effects on this industry.

The Canada-U.S. border has traditionally seen substantial movement of tourists in both directions. However, these escalating trade tensions have led to a surge in nationalistic sentiments, influencing travel decisions.  Reports have indicated that many Canadians plan to boycott travel to the U.S. in response to Trump’s tariffs, opting instead for domestic destinations or alternative international locations, a trend that has not gone unnoticed by tourism experts. 

“We're hearing that 40% of Canadians that had booked a trip to the U.S. have cancelled their plans,” says Explore Waterloo Region CEO Michele Saran, noting travel destinations nationwide are expecting an uptick in tourists this summer. “If I was a Canadian destination that actively pursued the U.S. market, right now I would be pushing the exchange rate really hard.”

Potential side-effects

However, economic downturns typically result in reduced disposable income, which can lead to a decline in domestic tourism as residents may cut back on travel and leisure activities.

Moreover, the weakening of the Canadian dollar is likely to make international travel more expensive for Canadians, potentially reducing outbound tourism. But on the flipside, a weaker Canadian dollar could make Canada a more attractive destination for foreign tourists, as their currencies would have greater purchasing power. 

There are also potential side-effects surrounding the impact heightened political tensions and changes in consumer sentiment that have been created.

“I have been told that Americans are expressing concern about how they'll be treated if they come to Canada right now,” says Michele. “So, they're a little bit reticent about it right now. But from a leisure travel perspective, Waterloo Region has always focused on marketing in Southern Ontario.”

In fact, she says the travel organization is in the process of creating and promoting new packages to encourage visitors to spend more time here once they arrive.

Specific marketing

“We want to provide them with options they can’t find in downtown Toronto,” she says of this new promotional tactic. “We're giving them an itinerary so that they'll be able to create a mental movie of a staycation in Waterloo Region and how they could spend their time here.”

Michele says Explore Waterloo Region is conducting specific marketing targeted at couples, families and groups of friends highlighting the authentic ‘experiences’ that cities located on the edge of nature can offer. 

“We're testing them right now at the target market to make sure we mitigate any risk to make sure that these markets find them compelling,” she says, noting Waterloo Region’s proximity to the GTA will likely prove to be an even bigger advantage this year.  “About 90% of our leisure visitors come from that area. It’s easy to get here and we also have we have both rural and urban, so there's something for everyone when you come to the region.”

Annually, Waterloo Region attracts approximately five million visitors not just for leisure visits, but conferences, meetings, and sporting events, which translates into nearly $560 million for the local economy. 

To learn more, visit Explore Waterloo Region.

Tourism stats:

• Canada is the biggest source of international visitors to the U.S. accounting for for 20.4 million visits in 2024, generating $20.5 billion in spending and supporting 140,000 American jobs. 
• According to the U.S. Travel Association, even 10% less Canadian tourists to the U.S. could mean 14,000 job losses in related industries in that sector and two million less visitors.
• Florida, California, Nevada, New York, and Texas are the top states Canadians visit. Since shopping is a popular activity for Canadian visitors, these states could see steep declines in retail and hospitality revenue.
• Ontario’s Highlands Tourism Organization (OHTO) recently revealed that visitors are increasingly seeking meaningful experiences that allow them to reconnect with friends, family, and nature. This trend is reflected in a noticeable shift in spending patterns; between January and September 2024, visitor spending reached $399 million, marking a 12% increase over the previous year.
• In January 2025, more than $1.4 million was allocated to 10 organizations across southern Ontario federal government. Notable projects include the creation of a looped trail connecting Burlington to the Niagara Escarpment trail network and the Bruce Trail, aimed at augmenting active outdoor visitor experiences. Additionally, enhancements to were announced for the Hydrocut mountain bike trails in the Waterloo Region.

The high cost of living, inflation, housing affordability, and rising operational costs top the lists of concerns for Ontario businesses, according to the Ontario Chamber of Commerce’s (OCC) most recent Ontario Economic Report (OER). 

The report shows a significant rise in business confidence over the course of 2024, climbing from a historic low of 13% to 26% by year’s end. Despite this improvement, confidence remains historically low and fragile, with 48% of businesses expressing a lack of confidence in the economy. Affordability and the cost of living continue to be the most pressing concerns for businesses.

The survey, conducted between October 15 and December 2, 2024, gathered insights from 1,714 respondents representing a diverse range of industries, regions, and organizations.

The results show that when U.S. tariff threats are on the table, business confidence drops dramatically to just 15%, almost erasing the last year’s gains, according to the OCC’s separate tariff survey in early February. This recent research also shows that with tariffs in play, six in ten (60%) business decision makers would lack confidence in Ontario’s economic outlook.

“I may not use the word fragile describing the confidence level and instead use the word tempered,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “People's optimism for the future of business in the short term is tempered by the impact of Trump’s tariffs. I think most people in business realize that the impact of any decision is probably going to be short term. Whether or not tariffs are long term isn't the issue, it’s the impact of tariffs. So, after a period time, the marketplace settles down and people get used to whatever is the new reality.”

Ontario’s economic outlook varies

Confidence in Ontario’s economic outlook varies significantly across industries, with the information and cultural industries sector reporting the lowest level of optimism at just 17%.  Businesses in this sector cite high operational costs, shifting consumer behaviour, declining advertising revenues, and mounting pressures from technological disruption, global competition, and regulatory challenges as key drivers of their pessimism.

The retail (18%), non-profit (20%), utilities (21%), and accommodation and food services (22%) sectors follow closely, reflecting the impact of declining consumer spending amid heightened cost-of-living pressures.

The agriculture sector, while showing a slight improvement over last year, also remains among the least confident sectors (22%). Concerns in this sector centre on extreme weather events, trade and supply chain barriers, and growing labour gaps and succession planning challenges as a significant portion of the workforce approaches retirement.

By contrast, confidence is strongest in the mining (56%), finance and insurance (40%), and administrative and waste management services (40%) sectors. This could be explained by the strong demand for critical minerals supported by Ontario’s Critical Minerals Strategy, rising sustainability initiatives the finance sector’s ongoing resilience, and growth driven by fintech advancements. These sectors demonstrate adaptability and the ability to capitalize on emerging opportunities.

Survey respondents remain optimistic

Regionally, most of Ontario’s regions outside the GTA saw a significant reduction in confidence compared to the previous year.

Confidence is lowest in Stratford-Bruce Peninsula (19%), Northeast Ontario (21%), and the Greater Ottawa Area (21%), where in addition to concerns surrounding high costs and housing affordability, businesses are disproportionately sensitive to government policies and investments and have suffered more extreme weather events than other regions.

Confidence is highest in the Greater London Area (34%), a significant rebound from last year (9%). This resurgence is likely fueled by strong consumer demand, and domestic manufacturing capacity and supply chains, including the announcement of the Volkswagen EV battery plant in St. Thomas.

Despite the challenges, respondents report relative optimism about their own business growth prospects. Nearly half (49%) express confidence in their own future, citing factors such as strong consumer demand, innovation, and improved inflation management, something that doesn’t surprise Greg.

“I think that you'll find that there's going to be a growth and optimism because many sectors in Canada are going to strengthen as a result,” he says. “We’ve never been the ‘buy Canadian’ kind of a nation and the U.S. has always had buy American programs in place because we’ve always understood we were a player in the global market.”

He says there are initiatives created by the Provincial and Federal governments to encourage Canadian businesses to look at other, more reliable markets, rather than depending on the American market.

European Union agreement key

“Why we perceive the U.S. market to be unreliable right now is because anything that the American government does that impacts the trade with their nation is exponential in our case because 80 per cent of our GDP goes to the United States,” says Greg. “So, we're vulnerable to every whim of the U.S. government. For us to get more reliable sources, we need to diversify so we need to have relationships in the European Union.”

He notes the Canada-European Union Comprehensive Economic and Trade Agreement, which Canada signed in the fall of 2016, has been underutilized. 

“I think it stands to reason that we have not served ourselves well by not really looking seriously at the European Union for economic trade,” says Greg, noting this happened primarily because of our expectation the U.S. would always remain a reliable trading partner.

“We need to understand what the reality of this is going to be going forward and whether we do get aggressive when it comes to find other trading partners.  And if Canadians continue to buy Canadian that will really impact the U.S. exponentially because we do consume a lot of American products.”

Click here to read the report.

Report highlights: 

• Business confidence in Ontario’s economy has doubled in the past year, rising from 13% to 26%, but a majority of respondents (48%) lack confidence in the economy. 
• High costs remain the top concern for businesses, with 78% citing the cost of living, followed by inflation (62%), housing affordability (57%), and rising operational costs (51%).
• Simplifying or reducing business taxes (42%) is the most frequently cited policy solution to improve economic conditions, followed by affordable housing (32%), health system capacity (30%) and workforce development to solve labour shortages (29%).
• While businesses recognize the economic importance of technology adoption, environmental sustainability, diversity and inclusion and Indigenous reconciliation, businesses report a need for support and guidance in seizing these opportunities.
• Businesses report being ill-equipped to support workers and communities through mental health and addictions challenges. For example, while 71% of businesses recognize the importance of mental health and well-being to their success, only 41% have formal mental health strategies.
• Business leaders are confident in their ability to adapt to ongoing trade tensions between the U.S. and Canada with nearly half (48%) reporting confidence, while 32% are neutral and only 15% expressing a lack of confidence. 
• Ontario’s post-pandemic recovery faces significant headwinds, including potential U.S. tariff threats, geopolitical instability, lagging productivity, affordability challenges, and rising unemployment.