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The Cambridge Chamber of Commerce handed out the hardware recently recognizing the achievements of the local business community.

The awards were presented in front of a sold-out crowd of approximately 360 business leaders and Cambridge/Township of North Dumfries officials at Tapestry Hall on Thursday, May 18.

“This event is such an important one for the Chamber because it gives us the opportunity to honour some of the amazing work our local business leaders have accomplished in the last year,” says Cambridge Chamber of Commerce President & CEO Greg Durocher.

The Business Excellence Awards is the Chamber’s premier event and has honoured the contributions and achievements of business leaders in the City of Cambridge and Township of North Dumfries since 2000, and features 11 award categories, nine of whom require nominations. In total, nearly 70 nominations were received.

Among these awards are Outstanding Workplace, Business of the Year, and New Business Venture of the Year which is aimed at both new and existing businesses.

“The awards event itself at Tapestry Hall also provides the perfect setting for business leaders to connect and reconnect, which only strengthens our community,” says Greg.

2023 BUSINESS EXCELLENCE AWARDS recipients

Business of the Year 1-10 employees award winner: Sousa Bookkeeping & Taxes

Being a good corporate citizen is anything but a chore for this award recipient, and in fact, quite the opposite holds true. When it comes to giving back to not only the community, but also its employees by creating a safe zone for everyone and rewarding them with nights on the town and bonuses, this company revels in the opportunity to help others and is always happy to show its appreciation for the support it has received. From donating to local food banks and Cambridge Memorial Hospital, to providing free and reduced rate tax services to low-income individuals and seniors – even offering free pickup and drop-off services - this company firmly believes community should always matter first.

Business of the Year 11-49 employees award winner: Central Industrial Solutions

The recipient of this award has developed a very diverse and loyal customer base thanks to its long-time commitment for providing the best service possible. This includes sometimes offering clients the least expensive option available because its highly motivated staff recognizes that it may be the best choice. This honest approach has built a foundation of trust among this company’s customers, many who have been loyal patrons for 20 years. Service remains a key priority for this company, which unlike many of its competitors, provides its clients with custom designs and a guarantee that their project will not fail to meet their expectations. Their commitment to loyalty also extends to their staff, whom they provide competitive wages and benefits, plus team-building perks to create a friendly and productive workplace environment.

Business of the Year 50 employees & over award winner: Gaslight Events Company Inc.

Big, bold, and innovative are just a few words that best describe the recipient of this award. During a time of great uncertainty, this company has continually experienced massive growth by sticking to its goal of being the best at what it does. It’s ability to adapt and grow, while staying true to its mission of creating a unique events space that celebrates and blends the local arts and the community, have remained paramount. In a short time, this company has quickly established itself as an important part of the community, which is especially apparent when crowds gather in Tapestry Hall under the breathtaking living piece of architecture known as ‘Meander’, or dine together in its new Foundry Tavern Restaurant, or share a pint in its Tap Room. While supporting local remains key for this female-owned company, supporting its growing staff is just as important which is why its female-led executive team has taken great strides to create an exclusive and supportive workspace.

Outstanding Workplace – Employer of the Year Award: Pur Balance Massage & Facial Spa

When it comes to creating a welcoming and supportive workplace, this company goes that extra mile to ensure its employees are presented with every opportunity available to succeed and flourish. Besides offering healthy compensation and bonus packages to reflect the current economic times, this organization continually seeks to support staff by fostering autonomy, providing flexible work schedules, interest-free loans, and additional training. This is a company that wants its staff to succeed both financially and intellectually and offers an array of supports and opportunities to make that happen. It’s a female-driven company that is committed to not only building and retaining a diverse workforce through mentorship, but by promoting a healthy and positive workplace through team-building events. Whether it’s enjoying each other’s company during a night out on the town or sharing clothing their children have outgrown with co-workers who have younger kids, the staff at this company know they are part of a very close-knit family who are more than willing to lend a hand to assist a colleague when needed. Besides building a foundation of camaraderie, this has also created a work environment where achievements and successes are celebrated among team members.

Marketing Excellence Award: Downtown Cambridge BIA

Using a very focused approach helped this award recipient attain some amazing goals in the past year. Thanks to some very captivating short-form video features that played well on Instagram Reels, filled with stunning visuals and narratives, this organization successfully promoted downtown businesses, events, openings, and campaigns to a much broader audience. Balancing this success by using other digital platforms, including Facebook and its website, as well as traditional media releases, allowed this company to experience substantial reach to bolster its message that downtown Cambridge is a very vibrant destination filled with attractions, among them a new outdoor gallery called The Galtway. In 2022 alone, this organization produced 55 Instagram Reels videos that garnered over 353,000 views, plus another 28,000 views on Facebook. This strategy, which resulted in a more than 30% increase in Instagram followers – many of them women – helped further their goal to shine a spotlight on all the great things that our downtown businesses have to offer.

Spirit of Cambridge award winner: Fibernetics Corporation

Helping to create an even better community is very important to the recipient of this award.

Through its unwavering support of several local initiatives, this company is creating a solid foundation for the next generation of residents to succeed and prosper, while at the same time demonstrating extraordinary community leadership. Among its ongoing commitments is a successful partnership with Food4Kids, a program that is near and dear to the hearts of its employees. In the past year alone, it donated just over $12,000 to this organization to assist in its efforts to provide students in more than 20 Cambridge schools with nutritious snacks – driving home the point that no child should go to school hungry. This past December, this company even matched its employees’ fundraising efforts dollar to dollar and donated more than $4,300 to the cause. It also supports a secondary initiative created by one of its own employees called Coffee4Kids to further benefit Food4Kids. Also, as well as sponsoring youth sports teams, this company also provides two days of paid volunteer leave to ensure its employees have ample chance to give back to their community, which makes it clear the spirit of giving is a priority to this organization.

Young Entrepreneur of the Year Award: Eric Johnson of Vitality Village Osteopathy and Wellness

A commitment to overall health and wellbeing, and community, are driving forces that continue to lead the recipient of this award to great success. An opportunity to volunteer with a falls prevention and stroke rehab program as an undergrad at university started this recipient on the path to entrepreneurship which later would result in Eric opening his own successful business in downtown Hespeler. Utilizing business in relation to his many skills – including founding his own landscaping business which he maintained until August of 2022 - has been a passion and has led him to achieve great success in a short time. According to many of his loyal clients, he is constantly trying to do better for his community and is proud his business gives people the opportunity to connect and find commonalities in hobbies, health, and goals. He and the team of health experts he has assembled under one roof provides the perfect setting for his clients to foster those connections.

New Venture of the Year award winner: Java Jax Good Roast Coffee Inc.

The recipient of this award is a great example of what a small business owner can achieve through passion and good old-fashioned hard work. After navigating through the litany of startup requirements so many new businesses face, not to mention undertaking a major construction project during a pandemic, this new business managed to bring its plan to fruition in a relatively short time. Creating a bright and comfortable setting – perfect for private dining or a quiet place to do some work – has helped this family-run business achieve steady success since opening its door in the fall of 2022. In that time, it has become a ‘go-to’ spot for many loyal customers by ensuring service remains its No. 1 priority and has done this by making a point of getting to know their clients not just by name, but by also by remembering their favourite dishes and drinks, and by adjusting its menu to reflect their requests and dietary needs. The growing number of its glowing Google reviews and Instagram followers are clear indicators the owners are on the right path as they continue to hone and enhance their business model, which featured special drink offers that were included in the ‘welcome baskets’ presented to new residents of the neighbouring condos in the Gaslight District – reaching more than 800 residents.

(Two recipients tied for the following award)

WoW Cambridge award winner: Homewood Suites by Hilton Cambridge/Waterloo

Providing good old-fashioned hospitality, not to mention a haven for people in need, made this local company stand out in 2022. Welcoming dozens of families that arrived in Waterloo Region as Government Sponsored Refugees, the employees of this organization left a lasting impression on a group of people looking for a new start, including many displaced by the war in the Ukraine, by treating them with kindness and respect. In turn, this has prompted many of these refugees to make Cambridge their permanent home. The employees accomplished this great feat by leading with their hearts and not any unconscious biases. It wasn’t always an easy task, especially when faced with outright racism against new Canadians from a small but vocal minority of people who took it upon themselves to criticize their efforts.  But they didn’t let this negativity deter them from helping others, so much so, their ramped-up service efforts went on to garner them a globally recognized travel award from Trip Advisor.

WoW Cambridge award winner: Jeff and Angie of Sun Variety

The continued kindness shown by the recipients of this award has made a lasting impression on many of the customers who visited their variety store. But it was one good deed that stood out and didn’t go unnoticed in the community that set them apart. It involved a long-time customer who was having mobility issues. Realizing he was having an issue, out of general concern, the recipients of this award took it upon themselves to purchase him a four-pronged cane which immediately improved the quality of his life and enabled him to return to their store.

Chair’s Award: Graham Mathew Chartered Professional Accountants

The recipient of this award has continued to be a valuable community partner to countless organizations since it first went into business more than 50 years ago. This is a company that values the importance of creating an economically strong, healthy, and vibrant community, and knows that giving back is key to make that happen. They always walk the talk which is why they are the true definition of a good corporate citizen. Among their many achievements is ongoing support to the Cambridge Memorial Hospital Foundation and since 1995 have donated approximately $130,000 to this worthy cause, as well as sponsoring CMH events to ensure we have the best equipped hospital possible. In fact, they played a pivotal role in the WeCareCMH Campaign in 2017, which raised more than $10 million towards the purchase of vital equipment. But their support doesn’t just include the community’s physical health but extends to its cultural health also which is why this company has been a been a big financial supporter of Drayton Entertainment since the Hamilton Family Theatre Cambridge first opened its doors in 2013.

As well, this award recipient also continues to do its best to ensure our community’s most vulnerable are not forgotten and is an ongoing champion of the Cambridge Shelter Corporation in its work to help those in need, not only sponsoring the region-wide Hockey Helps the Homeless fundraiser but by providing this organization with expert accounting assistance.

However, these are just a handful of the organizations and causes this company quietly supports behind the scenes. Others include, to name just a few, the Cambridge Food Bank, United Way Waterloo Region Communities, Porchlight Counselling & Addiction Services, Food4Kids, and YMCA Three Rivers. This award is all about going above and beyond, which is something this company does nearly daily and for that, as a community, we couldn’t be more thankful.

Community Impact Award: Terry Kratz of HFK MacRae & Wilson LLP

Community and prosperity are two words that clearly mean a great deal to the recipient of this prestigious award. Born and raised in Waterloo Region, Terry Kratz has seamlessly blended his knack for numbers with his passion for volunteering by continually assisting various initiatives and organizations that help make our community an even better place to work, live and play. Throughout his very successful accounting career, which has included a partnership for more than a decade at Ernst & Young, our award recipient has always been willing to step up to assist organizations and causes in need.

The quiet, steadfast, and realistic approach he uses in his professional career has been a huge benefit to the many groups who are fortunate to have him in their corner. From his past involvement with the Grand River Film Festival, Cambridge Community Foundation, and Cambridge Library & Gallery, to his current work with the Cambridge Symphony Orchestra, his commitment to ensuring these organizations and others like them flourish has never wavered.  So, it’s no surprise he is often the first person to step up to lend a hand. He also remains driven to ensure our community succeeds economically. In the 1990s he played a pivotal role in the creation of the city’s much talked about strategic plan called ‘Our Common Future’, as well Chaired the Cambridge Chamber of Commerce’s Board of Directors. In fact, his relationship with the Chamber has continued as Board Treasurer for the last 20 years allowing him to work very closely with its key officials in their efforts to assist our city’s business community grow and prosper. Also, his love of exploring new lands has made him an integral part of making our Travel Program a success, leading dozens of adventure seekers to exotic locations worldwide. He is a true community champion who never stops making an impact.

Creating an economic environment to ensure businesses can succeed was the key part of the agenda at the Ontario Chamber of Commerce’s 2023 Annual General Meeting and Convention in Niagara Falls.

In attendance at the recent event, hosted by the South Niagara Chambers of Commerce and Greater Niagara Chamber of Commerce, were 160 delegates representing nearly 80 Chambers provincewide, including Cambridge Chamber of Commerce President and CEO Greg Durocher, and Board Chair Kristen Danson.

“The OCC’s AGM is an important avenue to share new ideas and connect with other Chamber leaders to find ways to ensure businesses have the legislative support they need to succeed,” he said. “The policies the Chamber network approves create a roadmap when it comes to making important legislative changes.”

In total, 43 policies were approved by the delegates covering a wide variety of issues that can directly affect businesses including labour, energy, education, healthcare, transportation and transit. 

The theme for this year’s AGM was Growing Together, which exemplifies the Chamber network’s focus on driving economic growth in the province. 

This year's event featured a range of keynote speakers, panel discussions, and breakout sessions on topics that are critical to the success of Ontario's businesses.

Attendees had the opportunity to hear from experts in areas such as innovation, trade, workforce development, and government relations.

Fireside chats were held featuring a variety of provincial political leaders, including Ontario’s Minister of Red Tape Reduction Parm Gill, who talked about the importance of creating a path for businesses to succeed. 

“I think we can all agree that for the province to be competitive we’ve got to make sure we are creating a business environment for businesses to come and make investments, and create well-paying jobs,” he told the delegates. “That’s what we (PC Party of Ontario) have been doing for the last five years. We’ve made tremendous progress.”

However, there is more room for improvement according to Ontario NDP Finance & Treasury Board Critic Catherine Fife. The Waterloo MPP, along with Ontario Green Party Leader Mike Schreiner, were among those who discussed a variety of issues that needed to be addressed such as housing and healthcare.

“When you have a strong healthcare system that can actually draw people into the province, that social infrastructure investment is seen as a plus by companies that are thinking of coming into Ontario,” she said. “And it also serves employees well and is certainly worth fighting for.”

Her concerns about Ontario’s healthcare system were reiterated by Ontario Liberal Party Interim Leader John Fraser, who talked about the importance of creating a stronger workforce.

“We do not have enough people to care for the people who need it,” he said. “We need a skilled workforce, but enough training is not always that accessible to all people.”

The Hon. Perrin Beatty, Canadian Chamber of Commerce President, also identified the need to boost our innovation capacity for Canada to compete internationally.

“We’ve been calling on the government to focus on the fundamentals of growth. We need to build a 21st Century workforce,” he said. “It’s time for governments at all levels to treat business as partners not a problem.”

Cambridge Chamber policies approved by Ontario delegates

The AGM is a pivotal event for Ontario’s business community, providing an opportunity for industry leaders to come together to discuss and debate key policies that shape the Ontario Chamber of Commerce’s (OCC) advocacy agenda for the coming year.

The Cambridge Chamber presented three policies, all of which received overwhelming support from delegates:

• The first policy is aimed at opening Ontario’s job market for employers and employees and urged the Government of Ontario to develop all potential partnerships within local municipalities and community organizations to ensure that language training is made available to new immigrants to help expediate entrance into the workforce. Also, the policy called on the Province to provide an opportunity for those on ODSP (Ontario Disability Support Program) who want to work to do so without risk of losing their provincially funded benefits if their employer does not provide those services. And finally, the policy recommended providing employers with a form of renumeration (i.e., tax credit) when it comes to providing provincially regulated training, such as WHMIS and their associate costs.
• The second policy was ‘reaffirmed’ by the Chamber network after first being introduced in 2019 calling for more to be done by the Province to encourage more women and girls to consider a career in the skilled trades. 
• The Chamber also presented and co-sponsored a policy with the Greater Kitchener-Waterloo Chamber of Commerce to attract and retain highly skilled talent by urging the Province to double the size of the Ontario Immigrant Nominee Program and to work with post-secondary institutions to reduce regulatory barriers hindering the construction of new on and off-campus housing. As well, it urged the Province to match investments in post-secondary infrastructure and increase funding for Facilities Renewal Program-elgible projects. 

Excitement is building for Business Expo 2023.

This popular trade show, which hasn’t been held since 2019, returns to Bingemans on May 10 and will feature more than 200 exhibitors and at least 1,500 attendees from throughout Cambridge, Kitchener-Waterloo, and Guelph.

“This has always been a great opportunity for local businesses to not only showcase what they do but meet and network with other business leaders,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “It also will provide job hunters, entrepreneurs and businesses the chance to make professional connections.”

Business Expo 2023, co-sponsored by the Cambridge, Kitchener-Waterloo, and Guelph Chambers of Commerce, is free for the public to attend and will also feature many local food and beverage vendors. It runs from 2 p.m. to 7 p.m., providing ample time to check out the displays.

“All three Chambers are pleased to have the chance once again to be able to work together on this event which gives attendees the opportunity to really learn about some of the great local businesses we have,” says Greg.

For businesses taking part in the trade show, he says the quality of their displays can make or break the experience for them.

“Exhibitors new to trade shows tend to focus on the flashy; they want to create displays that will draw crowds,” he says. “But that’s not the point. It’s not the number of people your display draws that matters; it’s whether or not your exhibit engages them when they’re there.”

To maximize your networking at Business Expo 2023, here are a few tips:​

• Neatness and visibility - Keep your display neatly organized and clearly mark all your prices.
• Build Demand - Spark customers’ interest by placing a sold sign on a few items, or by leaving a display spot empty.
• Be Interactive - Contests, prizes, demonstrations, games, and quizzes will generate interest in your display.
• Offer Takeaways - Provide visitors with a small item they can take home with them.
• Clear Signage - Ensure basic information and prices are clearly visible for visitors.
• Literature - Stock up on brochures and fliers, as well as price sheets and business cards.
• Be Business Ready - Make sure you have pens and order forms ready to process potential sales.
• Engage With Visitors - A friendly welcome and the proper body language can go a long way.
• Always Be Open - Ensure your booth is never left empty.
• Follow Up Promptly - The faster you send out emails or make a call the better it is for your business.

By comparison to other statutory holidays, Family Day is still a relatively new after Ontario followed the lead of several provinces and adopted it in 2008.

While most businesses will be closed on Monday, Feb. 20, they will be operating on the weekend itself providing a great opportunity to get out and explore and support what our region has to offer in terms of retail, dining, and overall experiences.

We reached out to Explore Waterloo Region for their input on what the Family Day Weekend means locally:

Q.  Has Family Day Weekend grown in popularity since its inception in Ontario in 2008?

A. If Explore Waterloo Region’s membership is any indication, it is definitely growing in popularity in our area.  Every year there seems to be new Family Day activities for both locals and visitors to enjoy.

Q.  Is this an important winter weekend for the economy in Waterloo Region?

A. Waterloo Region is a four-season destination, and our winter visitation numbers tend to be relatively strong compared with other areas that consider this season a “low” time.  Our region does a great job at always having interesting activities going on but having a long weekend in the winter does help our hotels encourage more overnight stays. It means visitors can extend their road trips and have more fun.

Q. What are some great things people should check out that weekend in Waterloo Region?

A. We have all kinds of great outdoor activities to enjoy like skiing (downhill and cross-country), ice-fishing, hiking, winter cycling and skating. Both the St. Jacobs Market and the Kitchener Market have special activities planned.  If indoor is more your speed, our museums and galleries are offering up all kinds of fun things. Family Day also coincides with post-secondary reading week so it’s a perfect time for our student populations to take a well-deserved study break and enjoy what’s in their own backyard and maybe invite their family and friends to visit too.

Q.  How does Explore Waterloo Region promote this weekend?

A. Explore Waterloo Region continues to promote our area as the perfect location for a road trip.  For Family Day we specifically gear our campaign to families (naturally!) looking for a fun getaway.  We will have a variety of options promoted on our social channels and our website provides planning inspiration for visitors coming to the region and for locals looking for some cool things to do.

On Family Day itself, the City of Cambridge is offering various free drop-in activities for the whole family, including swimming, skating, sports, and fitness. 

The Cambridge Centre for the Arts will also be open that day from 1-4 p.m. and is offering a range of family activities. 

Business is built on relationships and networking is a key tool to make that happen.

But walking into a room filled with strangers can be very a daunting task, says Cambridge Chamber of Commerce President & CEO Greg Durocher.

“The whole trick to networking is understanding what you’re doing,” he says. “You’re not there to make a sale. You’re there to start building relationships because people prefer to do business with others they know, like and trust.”

The Chamber Social, held monthly at a various Members’ businesses, is a great place to build those relationships providing the commitment is there to attend often.

“It’s very much like learning to swim. You don’t learn just by jumping in the pool; you have to continually jump in, and it can be scary,” says Greg. “But the more you do it the more comfortable you become.”

He says by approaching a networking event as way to discover how you can help others can lead to success.

“It might just be offering a recommendation to help them solve a problem and that in itself is doing business. It’s not about being the salesperson, because you’re not selling a product or service, it’s about selling yourself and building a relationship to the point where people will start wanting to do business with you.”

To assist, Greg recommends attending networking events using a tag team approach.

“Tag teams are really important, especially for people who feel a little bit nervous if they’re attending an event where they don’t know many people.”

He says having a comfortable backup will not only give them someone to chat with, but also makes it easier to circulate at an event.

As well, Greg says having a good supply of business cards on hand – in pockets and the car - is vital.

“Having a business card is the authorization you’re giving people to collect the data that’s important to make contact with you,” he says, noting digital cards which utilize a QR code are also good to have. “The only problem with a digital business card is that people have to remember who it was they were speaking with and if they forget your name, it may take time to search it out.”

But when it comes to networking, Greg says ‘repeat, repeat and repeat’ is a must in terms of attendance to build a strong foundation of trust.

“You want to be that one person in the room that virtually everybody knows,” he says. “When you become the person they know, like and trust, that’s going to be your new salesforce because they are the ones who will be referring you and recommending you to others which makes good business sense.”

Put your networking skills to the test at our next Chamber Social which is at Staples, The Business Depot on Monday, Feb. 13 from 5-6:30 p.m

Networking tips:

• Introduce yourself by name and give them your card.
• Make your card memorable, but easy to read.
• Tag-teammates introduce you to people you don’t know but they do, and they get their network working for you too.
• Tag-teammates help one another and keep an eye out. If one is trapped in a conversation or left high and dry, the other can come to their aid.
• Tag-teammates can sing your praises much better than you can. It’s hard for you to launch into a story about yourself.
• Use your teammates name in conversation, this ensures everyone remembers their name.
• If your teammate doesn’t introduce someone to you, use ‘step forward rescue’ and stick out your hand and introduce yourself.
• When you enter a room of strangers, stop, and take your time, look around for the best opportunities, friendly groups, wallflowers and or acquaintances.
• Front of the room is the place to meet people or start a group.
• Approach networking by thinking about what you can do for someone else.
• Establish eye contact, extend a dry, warm hand, exchange cards, engage in conversation (weather, game)
• Great networkers work on building relationships and are known for being there.
• Keep track of events, and the number of contacts you make.  Set goals of events and contacts.
• Just being there isn’t enough, remember, you to need to exchange info. Be entertaining and informative.
• To be a good networker, you need be someone who’s good at following up.
• You need to learn something about people before you can discover what you can do for them. Ask questions, check their website, and talk with others.

A new year has begun and with it comes challenges ahead for businesses.

Even though there are signs economic conditions are improving, such as a relatively fast drop in inflation and labour market additions, many small businesses are likely to feel the pinch of rising interest rates, the threat of a looming recession, and persistent labour shortages in 2023.

We reached out to Noah Jensen, a partner at Racolta Jensen LLP in Cambridge, to get a sense of what businesses can expect in the coming year:

Q.  What priorities or potential pitfalls should businesses wishing to expand in 2023 keep in mind?

Noah: Keep acquisitions open as an option. There are quite a few business owners with established businesses who are looking to divest themselves into retirement. Lower-mid market acquisitions (say, less than $10 million in value) are starting to see more supply than there is capital for private equity/investment firms to invest, especially on smaller deals. Acquiring an established brand with a customer list and team of trained employees that have complementary customers, production process, and/or supply chain partners can help achieve more scale by eliminating redundancies in the combined business after the acquisition is complete.

Avoid over-committing on cash, or over-hiring of employees. In the start-up world they   call this “lengthening the runway” by containing overhead costs. Labour is a fixed cost in the short-term and a variable cost in the long-term, be selective on who is being hired for what as many customers in the business-to-business landscape are being more thoughtful about purchases and many things are being delayed.

Q. How should businesses prepare for potential economic slowdowns this coming year?

Noah: Evaluate pricing. Costs have risen substantially in the past two years and there are still some businesses that have not adjusted their prices to their customers. If you have not changed pricing because your competitors have not changed theirs, you may have an issue with productivity to look at. If the market price has gone up and you have not changed your price, look at a price increase as an option. If your customers are unable to accept a price increase, look at the profitability of the relationship and consider not serving the client any longer.

Be clear on terms of payment with customers and suppliers to think through forecasting your cash flow over the next several months. Look into how this can be done with your accountant and/or bankers to see about a back-stop financing facility if needed. It is generally better to ask for financing facilities when your company is showing good financial results. You will not regret doing so now before things get too grim.

Think through your cost structure for any commitments to experiment with new products or services for your business that you thought would improve the productivity of your business. Are they all working? Is there anything that could be cut?

If you are in the business-to-business market, talk to your customers. What trends are they seeing from your competitors that they like or don’t like? How could you provide a better solution for them?

Do you have any redundant assets on your balance sheet? This would be assets that have no value to the operations of your company that have monetary value.

Q. Will this be a good year for businesses to make productivity investments?

Noah: Productivity investments will need to continuously be considered in today’s economic climate. Whether you are in dairy production or robotics, your competitors are purchasing equipment and/or software that is allowing them to get work done with less labour (a necessity in today’s labour market).

Q. How important is it for businesses to ensure they have a solid succession plan in place?

Noah: It is important to always consider the contingency plan of your business. If you are young with the intention of running your business for the long-term, failing to plan for what happens if you are suddenly disabled or facing terminal illness will put you and your family in a precarious position if any of those events transpire and you are unable to run the company. Certain insurance products mitigate the financial impact of this, but you still need to consider what shape your company will be in if you are eventually able to return to work.

If you are older and considering retirement, you should be thinking about this five-10 years out. Some considerations:

1. Customer concentration: try to avoid having a lot of revenue tied to one customer relationship
2. Supplier concentration: try to avoid having a lot of your inputs concentrated with one supplier.
3. Management aptitude: always be grooming someone else (or a couple of internal candidates) to do your job.
4. Cash flow: the valuation of the company is often determined on a multiple of cash flow. If you are selling at five times multiple, a $1 increase in cash flow increases your value by $5. So, make sure you are dialed in on profitability.
5. Structuring: the structure of corporations will make a difference in the taxation of the sale, and you should be thinking of this a couple of years prior to sale.

Q.  What should business owners consider if they are planning an acquisition in the coming year?

Noah: Be aware of market trends. With uncertainty in the system related to financing costs (interest rate driven) and risk tolerance of people investing in private companies, there will be ebbs and flows in the low-mid-market mergers and acquisitions environment.

According to a recent poll, 2022 Q4 had a pull-back in interest on the buy-side of acquisitions which could indicate that the bargaining power could tilt in the favour of buyers rather than sellers. We have seen a lot of interest in our existing clients wanting to sell. Mainly related to age/retirement.

Be aware of the quality of earnings that are presented. While many people had an amazing fiscal 2022, if you broke it down by quarters, they were increasing prices to their customers faster than they were adjusting their costs for labour. Additionally, certain industries would have been on fire during the low-financing cost era (residential/industrial construction, auto sector manufacturing), that will be facing downturns in the upcoming year or two.

Q. Will 2023 be a good year to start a new business?

Noah:  Every year is a good year to start a new business if you have a good idea or good contacts in a particular field. The difficult thing about right now is that people currently employed will probably be seeing the best of the best in terms of offers for their labour time and talents due to the shortage.

The upside to starting a business right now is that a lot of people throw in the towel when there is the amount of uncertainty as there is right now with the changing economic landscape. This creates new opportunities for people.

As discussion mounts about another pandemic wave this summer, the Cambridge Chamber of Commerce is prepared to do what it can to help businesses and their employees remain safe.

Since the beginning of April 2021, the Cambridge and Greater Kitchener Waterloo Chambers have been working with Health Canada and the Province on a pilot program to provide free rapid antigen self-screening kits to small and medium-sized businesses throughout Waterloo Region.

That program – open to all SMEs not just Chamber Members – continues this summer and as of June more than 1.2 million kits had been distributed to more than 9,100 businesses in our area. This translates into screening kits being provided to approximately 151,000 individuals which in turn aims to help curb transmission of the virus in the community.

“We must always be ready. We need to accept the fact there is a ‘new normal’ and that consistency in our environment is not in our favour any longer,” says Cambridge Chamber of Commerce President & CEO Greg Durocher. “We need to ensure our business and ourselves are nimble, prepared, and strategic.”

Like many public health agencies in Ontario, through wastewater testing the Region of Waterloo Public Health has detected an increase in positivity rates indicating an increase in COVID-19 activity.

In a recent edition of the Waterloo Record, Region of Waterloo Public Health’s Sharon Ord is quoted as saying: “Although the wastewater signal — up to June 25, 2022 — is dominated by Omicron subvariant BA.2.12.1, the BA.4 and BA.5 subvariants are increasing in Waterloo Region.”

According to health experts, these subvariants are the most transmissible variants of Omicron and can evade the immune system in previously infected individuals.

For this reason, Greg is urging businesses to ensure they are well stocked with screening kits in effort to provide as much protection as possible to their employees and customers.

“Don’t dismantle your plexiglass dividers just yet or toss out your hand sanitizer. Ensure you have access to a good supply of masks to keep you, your employees, and your customers safe, which in turn will keep your business safe,” he says. “We are so very close to finding our way out of this so let’s not blow it now. The ‘new normal’ is here to stay. Let’s be prepared, always.”

The program was expanded by the Ontario Chamber of Commerce network to Chambers provincewide soon after it launched here.

In Waterloo Region, businesses can order kits by visiting chambercheck.ca.

The collective power of the Chamber movement to assist businesses succeed was front and centre at the Ontario Chamber of Commerce’s recent AGM and Convention.

Approximately 150 delegates, the majority representing Chambers and Board of Trades from across the province, gathered at the Pearson Convention Centre April 28-May 1 in Brampton to network, hear from Ontario political leaders, and debate policy issues to assist them in their advocacy work with government on behalf of businesses.

“Ensuring businesses have the legislative backing and supports they need to succeed and prosper plays an important role for all Chambers and Boards of Trade,” says Cambridge Chamber of Commerce President & CEO Greg Durocher, who led a strategy session on delivering Chamber services across a diverse membership base and was joined at the event by in-coming Chamber Board Chair Kristen Danson. “The conference is a great place to share new ideas and connect with other Chamber leaders from around the province.”

This was the first in-person AGM the OCC has held since the pandemic and featured appearances by the Ontario leaders of the Liberals (Steven Del Duca), NDP (Andrea Horwath) and Green (Mike Schreiner), as well as the Hon. Prabmeet Sarkaria, President of the Treasury Board of Ontario. All four spoke about the strength and importance of the business community and what their parties can do to help our economy.

Also, Canadian Chamber of Commerce President and CEO Perrin Beatty was on hand to offer an update on the Chamber network from a national perspective.

“It’s great for the Chamber network to hear from all sides of the political spectrum,” says Greg, noting potential policy resolutions are formulated from a wide range of issues and concerns.

This year, 34 resolutions were up for debate on a variety of topics ranging from improving supports to employers, to the creation of a construction strategy for tiny homes.

The Cambridge Chamber’s policy calling for the creation of a ‘backstop’ for the implementation of mandated workplace vaccination policies was among 32 that received approval from delegates. The approved policy calls for the Ministry of Labour to include elements within the articles of the Occupational Health & Safety Act to provide protection against discriminatory legal actions aimed at businesses that wish to implement such a policy.

“It’s important that businesses have the protections they need in order to operate in the manner which they feel works best for them,” says Greg.

The approved policies now become part of the OCC policy ‘playbook’ in its efforts to advocate for change with provincial and federal levels of government.

Besides adopting policies, the conference wrapped up with an awards ceremony to recognize the achievements of Chambers and Boards of Trades.

The Cambridge Chamber, in partnership with the Greater Kitchener Waterloo Chamber of Commerce, was presented with the Chair’s Award for Innovative Program or Service to recognize the success of their rapid screening kits program which has been adopted by Chambers provincewide. Since April of 2021, the program has resulted in the distribution of more than one million kits to more than 7,500 businesses throughout Waterloo Region.

“This program has made a huge difference to thousands of businesses in our region, and we couldn’t be more pleased,” says Greg.

For more information about the kits, visit https://chambercheck.ca.

Ontario’s economic outlook remains uncertain for businesses and households as labour shortages, high energy costs, supply chain disruptions, and inflation continue to hit home. Ontario's business community needs a clear and predictable path forward to support economic recovery and growth. 

In preparation of the budget’s release, the Cambridge Chamber of Commerce and Ontario Chamber of Commerce (OCC) released the 2022 Ontario budget submission with recommendations to the Government of Ontario to ensure a strong and sustainable recovery. 

“In the upcoming budget, we would like to see the government direct sufficient resources towards the hardest-hit sectors, while laying the groundwork for a sustainable and inclusive economy,” said Cambridge Chamber of Commerce President & CEO Greg Durocher. “The submission notes that the crisis has created new problems and exacerbated pre-existing ones. Government must work to resolve these longstanding issues to ensure Ontario remains an attractive destination to start and grow businesses.”

OCC’s 2022 provincial budget submission provides recommendations to the Government of Ontario under the following categories: Economic Recovery; Resilient Communities; and Modernizing Regulation and Fiscal Policy.

Some key highlights include proposals to:  

• Support entrepreneurship and small business growth with targeted business supports and access to public sector procurement.
• Strengthen Ontario’s workforce by boosting immigration and training programs.
• Make housing more affordable through increased supply and regulatory reforms.
• Advance regional transportation and broadband infrastructure projects.
• Bolster our health care system and address major backlogs in diagnostics and cancer screenings. 
• Seize Ontario’s opportunity to lead in the global green economy. 
• Remove barriers to interprovincial trade and labour mobility.

“The pandemic has made it clear that we cannot have a strong business community without a resilient health care system. Budget 2022 needs to focus on immediate measures that support business predictability and competitiveness while building health care capacity to withstand current and future challenges,” added Rocco Rossi, President and CEO of the Ontario Chamber of Commerce.

The recommendations outlined in the OCC’s budget submission were developed together with businesses, associations, post-secondary institutions, and the Ontario Chamber Network.   

Read the submission: https://bit.ly/3usBZa9

Canada is facing a competitiveness problem. Inflation, supply chain constraints, and labour shortages risk undermining a swift and robust economic recovery. Meanwhile, recent domestic and international events have renewed the spotlight on energy security and affordability.  

The Cambridge Chamber of Commerce and the Ontario Chamber of Commerce (OCC) has released the 2022 Federal Budget Submission focused on public policies that increase Canada’s economic resilience to ongoing and future threats. 

“Businesses across Waterloo Region are continuing to feel the effect of the pandemic,” said Cambridge Chamber of Commerce President & CEO Greg Durocher.  “Budget 2022 must lay the groundwork for a strong, inclusive recovery with policies that support the sectors and demographics hardest hit by the pandemic, building the infrastructure and workforce of the future, and modernizing regulation to ensure Canada can attract investment and nurture entrepreneurship.” 

Some key highlights from the budget submission include recommendations for the Government of Canada to: 

• Promote Canada’s energy sector on the global stage and recognize nuclear power as a clean and necessary energy resource in the fight against climate change. 
• Expand immigration and express entry of skilled workers to address labour shortages.  
• Increase the Canada Health Transfer Payment to meet the current and future pressures facing Ontario’s health-care system.
• Modernize transportation infrastructure to address bottlenecks along supply chains and facilitate the decarbonization of the transportation sector.
• Reform the federal tax system to attract foreign direct investment, drive domestic business growth and innovation. 
• Develop a sustainable path to reduce the federal debt-to-GDP ratio and wind down other pandemic-related supports to ensure long-term fiscal balance and the capacity to address future economic shocks. 

The OCC’s 2022 Ontario Economic Report found that a staggering 62% of sectors face labour shortages in Ontario and expect to continue facing them over the next year. Together with supply chain disruptions, these shortages impact the cost of living, service delivery, and product availability. 

“As the indispensable partner of business, we call on the government to resolve long-standing structural issues, including barriers to interprovincial trade and skilled labour shortages, to drive entrepreneurship, investment and long-term economic growth,” added Rocco Rossi, President and CEO of the OCC. 

The recommendations outlined in the budget submission were developed together with businesses, associations, post-secondary institutions, chambers of commerce, and boards of trade from across the province.  

See budget recommendations: http://bit.ly/3uRp9Bl