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The Canadian tourism sector has experienced a brisk recovery since the initial pandemic lockdowns, according to economic experts. But that recovery pace has been easing due to higher interest rates, a slowing job market, and broader cyclical slowdown in the U.S. and abroad. In Ontario, many tourism operators continue to face a great deal of debt caused by the pandemic, prompting many to worry about what the future holds. 

Locally, tourism in 2024 is expected to continue to do well, despite the ‘economic crunch’ that may prompt travelers to adjust their plans in the coming year. 

We reached out to Explore Waterloo CEO Michele Saran to get her take on what the local tourism sector can expect in the New Year:

How is local tourism shaping up for 2024, considering the economic realities many people are dealing with?

Tourism in Waterloo Region is expected to continue doing well into 2024.  We are beating 2019 pre-pandemic; hotel occupancy numbers and campaigns are driving keen interest in our offerings.  Yes, the economic crunch is impacting everyone and may result in visitors spending a bit less but not completely abandoning all vacation plans.  People consider travel a priority and have been shown to spend less in other discretionary areas to afford some kind of getaway with family and friends. Waterloo Region’s main market is the GTA, and we really lean into the concept of being the perfect road trip destination.  This type of travel can be as budget conscious as one wishes.  There are so many affordable options for fun.

Are local tourism operators feeling optimistic about what is in store for 2024?

The operators I speak with are all quite optimistic about a strong 2024, despite concerns around inflation and its impact on visitor spending.  In addition to leisure travel, we are also seeing incredible interest in the region for meetings, conventions, and sporting events.  The tourism industry is nothing if not resilient. Having come out on the other side of a worldwide pandemic that shut everything down completely, we now have the gift of perspective.  

What are some of the hurdles do local tourism operators face in the coming year?

One of the biggest challenges facing tourism operators everywhere (not just in Waterloo Region) is rebuilding the workforce.  Hospitality workers left the industry during the pandemic, and many did not return.  Industry advocacy organizations are working to address this issue from many angles, from working with government to ease immigration barriers to marketing the industry to students as a career choice. Finding affordable housing is a big hurdle for those in the service sector.  Many of the destinations that are the most popular with visitors are also very expensive places to live.  People want to live in the same area where they work, and this presents another labour-related challenge for the tourism industry as well as many others.

Despite optimism for next year’s visitation potential, a very significant issue is the amount of debt tourism businesses incurred during the pandemic just to stay afloat and survive.  According to the Tourism Industry Association of Ontario, 55% of operators say they lack confidence they will be able to repay their debts in two years and 45% risk closure in three years without government intervention.  Thirty-three percent of tourism businesses indicate that they hold more than 250K in outstanding debt. This is a serious issue and one all tourism advocacy organizations continue to push with government for solutions.

Is talk of the pandemic a thing of the past?

I recently returned from the Tourism Industry Association of Canada’s Annual Tourism Congress.  The conversation was around the legacy effects of COVID cited above but I think the entire industry is ready to put the pandemic itself in the rearview mirror and focus on what we do best – welcoming visitors and showing them why our area is fantastic.   

The holiday shopping season has begun, and retailers are hoping for the best despite the fact consumer indicators have been painting a less than perfect picture of the weeks to come. In fact, according to Deloitte Canada’s 2023 Holiday Retail Outlook, Canadians are expected to spend at least $1,300 over the holidays representing an 11% drop from last year. 

But how these dire predictions will affect them in 2024 remains to be seen.

“I think in 2024 retailers will be facing an awful lot of pressure on inventory management and cashflows just because of the interest rate problems,” says Brad Davis, Associate Professor at Wilfrid Laurier University’s Lazaridis School of Business and Economics, who specializes in consumer behaviour and trends. “I think retailers are going to have a real deal seeking consumer base who are going to want deals, and that again cuts into their margins and can play havoc with inventory turnover.”

He says like the past couple of years, effective retail management will be required noting that consumers, in general, don’t really pay attention to consumer indicators.

“We’re not very good a judging what is a good deal or what is good value,” says Brad, noting that many consumers are very susceptible to perceived ‘sales’. “We have this whole apparatus that is designed to stimulate impulse purchasing.”

To encourage more in-store shopping, which has been facing turmoil as anti-theft measures and store closures detract from the customer experience, retail experts insist consumers must be provided exclusive products and deals or fun, and experiences they can’t find online. 

However, Brad says the true definition of what that special ‘customer experience’ is can be hard to pinpoint.

“Experts can never seem to quite define what this is,” he jokes, adding a positive in-store environment with expediated delivery and payments, and return policies should play a role. “We used to just call it good customer service. But for most consumers, when you talk to them about what they think is a good experience it’s ‘Can I find stuff easy?’, ‘I want to be able to check in and out fast’, ‘I don’t want salespeople bugging me unless I need help’. It’s sort of fairly basic.”

He says customer mapping is also something to consider, noting that online searching can lead consumers to physical stores. Industry experts often refer to the omnichannel approach where consumers may start their search in one place and make their purchase in another and encourage retailers in 2024 to learn where their audience is discovering products and where they are buying them.

“There is still a huge social component of shopping in a mall, particularly with younger generations,” says Brad, noting that humans still crave that ‘tactile’ physical encounter. “You have a generation of young people who is always going to gravitate to that sense of immediate gratification.”

He says the key for retailers going forward is to remain flexible in their approach to conducting business.

“Something that worked before and got you where you are now does not mean it’s going to get you where you need to go next,” says Brad. “Things are just happening so fast in multiple directions, and you have to be open to rethink and revisit what you thought was truth before.”

Released this past fall, the 6th annual RCC X Leger Holiday Shopping Survey from Retail Council of Canada (RCC) unveils the evolving shopping patterns of more than 2,500 Canadians: 

A few findings:

• Savvy Shopping in Spotlight: Economic apprehensions, including inflation and rising living costs, weigh on many. Accordingly, 88% (vs 83% in 2022) of Canadians are turning to proactive holiday shopping tactics, most notably hunting for sales (52%), preparing in advance (41%), and adhering to a precise budget (40%).
• Retailer Selection: To help shoppers decide which retailers to buy from this year, Canadians are prioritizing holiday sales/promotions (66%) and free shipping (55%). They are also looking for in-store exclusives (48%) and distinct online promotions (60%) to provide additional value.
• Shopping Experiences Enhancers: In-store shopping will benefit from value bundles (26%) and product sampling (25%). Conversely, online shopping will be amplified by unique product offers and extended return policies, both at 33%.
• Lead Spending Categories: Clothing emerges as 2023’s frontrunner, constituting 17% of the holiday budget, followed closely by home entertainment and essentials like food and alcohol grabbing 16% of the planned spend. 
• More Gift Cards:  45% of shoppers are leaning towards purchasing gift cards for others this season, with a notable 37% of Canadians (up from 32% last year) expressing a preference for receiving gift cards over traditional presents. Dining gift cards top the charts (42%), while big-box retailers come in at 33% and food outlets register at 27%.
• Local Shopping Upswing: Supporting local businesses this holiday has seen an increase in intent, with 82% of Canadians accentuating its importance, a leap from 74% last year.

Source: Canada News Wire

Effective leadership communication is the cornerstone of any successful business or organization.

A leader's ability to convey their vision, build trust, and inspire others can determine the difference between an average outcome and an extraordinary one.

But to arrive at that point requires the ability to be a good listener.

“There’s a lot of people that listen but they don’t hear,” says career consultant and corporate soft skills trainer Murray Comber of Life Concepts. “You cannot be a good communicator unless you are a good listener. It’s all about understanding yourself and understanding others.”

Since 2001 he has trained more than 8,000 people, noting that many in the workplace don’t realize becoming a better communicator is a very learnable skill.

“It’s all about the pattern of human dynamics,” says Murray, adding that boards of education or even in families, do not teach people how they are hard wired. “I teach my clients that. I always say to them you need to know who you are, and you need to know who you are not.”

He says at least 71% of companies that fail do so because the leader didn’t understand who they were and who their employees were.

“Good communication is based on a relationship. You don’t communicate with people you don’t relate with,” says Murray, who regularly uses personality and temperament studies to determine a course of action for his clients. “Unless you know how to relate to a person, it’s going nowhere.”

He admits this type of soft skills training is often considered ‘fluff’ and is usually one of the first things cut from the budget or put on the backburner when economic times get tough.

“The truth is when things are going south, that’s when they should be put on the front-burner,” says Murray. “Training shouldn’t be seen as an expense but as an investment.”

In terms of advice for business leaders looking to take their first step at becoming better communicators, he says there must be a willingness to learn and connect with employees not just as a manager with subordinates. 

“What I’ve learned is that there is more emphasis put on product knowledge than there is people’s knowledge,” says Murray. “When you respond to what you’ve heard and have listened, you build trust with your employees and good communication is built on trust.”

To lead effectively, one must be a skilled communicator who can inspire, guide, and unite a team. A few things to consider:

• Active Listening: Leaders must pay close attention to what others are saying, not just with their ears, but also with their eyes and heart. By showing genuine interest and empathy, leaders can better understand their team's needs and concerns, creating a foundation of trust and respect.
• Clarity and Conciseness: Leaders must articulate their thoughts and ideas clearly and concisely. Avoiding jargon and complex language ensures that the message is easily understood by all team members. A clear message prevents confusion and promotes alignment with the leader's vision.
• Empathy: Leaders who demonstrate empathy can connect on a deeper level with their team members, making them feel valued and understood. This skill helps resolve conflicts, build trust, and foster a positive work environment.
• Adaptability: Effective leaders are versatile in their communication style. Whether it's a one-on-one conversation, a team meeting, or a public presentation, adaptability ensures that the message resonates with its intended audience.
• Body Language: Leaders should be aware of their own body language and the signals they convey. Maintaining open and approachable body language encourages a sense of comfort and trust within the team.
• Feedback and Constructive Criticism: Leaders need to provide feedback and constructive criticism in a manner that is supportive and motivating. Constructive feedback should focus on specific behaviors, offer solutions, and be delivered in a private and respectful setting.
• Conflict Resolution: Leaders must be skilled in addressing and resolving conflicts, promoting a healthy and productive work environment. Effective communication is essential in facilitating conversations that lead to resolution and growth.
• Storytelling: Leaders who can weave a narrative around their vision and goals are more likely to capture the hearts and minds of their team members. Storytelling is a powerful tool for making the message memorable and relatable.
• Consistency: Leaders must align their words with their actions and decisions. When team members can rely on a leader's consistency, they feel secure and are more likely to follow their guidance.
• Openness to Feedback: Leaders should be open to receiving feedback from their team members and actively seek it out. Constructive criticism can help leaders improve their communication and leadership skills.

By honing these skills, leaders can create a positive and productive work environment, foster strong relationships with their teams, and achieve success in their leadership roles.

While running a business, it's easy to get caught up in the complexities of the day-to-day operations surrounding production, quality control, and supply chain management. 

However, one aspect that often takes a back seat but is equally crucial to success is customer service. Exceptional customer service is a critical component of operating a business and providing employees with the right training is essential to meet and exceed customer expectations.

“If people are not well trained, that’s going to have an impact,” says Frank Newman, owner of Newman Human Resources Consulting. “There are a lot of opportunities for people to go through formal customer service training and we know that makes such a huge difference.”

Customer service is not just a necessary requirement but a strategic investment that can assist businesses – in all sectors – the opportunity to build lasting relationships, foster loyalty, and ultimately, drive long-term success.

Acknowledging clients

“You really want to drive home a customer service mentality in all your staff because every sale is important,” says Frank, adding giving employees the autonomy to make decisions benefits the customer experience. “It takes away the frustration for the consumer or client, so they don’t have to wait for a customer rep to go see a manager.”

As well, he says acknowledging a client or customer – perhaps with a thank you card or phone call - after the transaction has been completed can also go a long way to building professional relationships.

“The follow through is very important to show how you go above and beyond in your business,” says Frank, noting even having an employee answer the phone rather than an automated system can make a noticeable difference. “Ultimately, you want to surprise and delight your customer and offer them a little bit of the unexpected, especially in an era when so much customer service is you pick up the phone and wade through five different phone menus.”

Unique experience 

He says differentiation and creating a unique experience are important.

“It’s thinking about what the whole customer service process is like,” says Frank. “From the time that customer makes that first call, to the way the order is handled, and the acknowledgement sent, you need a consistent process, making sure clients or customers receive similar treatment from all employees.”

He says developing a customer service training program doesn’t have to centre on videos and that assigning a ‘mentor’ to assist new employees navigate the workplace can be a benefit.

“The other thing to think about as you bring new people onboard is to provide them with stories featuring examples of great customer service,” says Frank. “Sometimes, the best way to train someone is often through storytelling. People learn by examples.”

The Essentials of Customer Service Training

1. Product Knowledge: Comprehensive product knowledge enables them to answer customer queries, provide valuable insights, and recommend suitable solutions.
2. Effective Communication Skills: Clear and concise communication is a vital skill in good customer service. Training should focus on teaching employees how to communicate complex information in a way that customers can easily understand. 
3. Problem-Solving Abilities: Employees need to be equipped with strong problem-solving skills to address customer issues efficiently. This includes not only finding solutions but also preventing similar problems from arising in the future.
4. Time Management: Customer service training should include time management skills to ensure that customer needs are met promptly without compromising on quality.
5. Emphasis on Quality: Employees must prioritize delivering quality service that reflects the company's commitment to excellence.
6. Personalized Service: Training should emphasize the importance of understanding each customer's unique requirements and finding ways to meet them effectively.
7. Crisis Management: Training should include scenarios to prepare employees for managing unexpected challenges.
8. Continuous Improvement: Regular training and feedback loops are essential for continuous improvement.

Benefits of Effective Customer Service Training

1. Enhanced Customer Satisfaction: Well-trained employees can address customer concerns with confidence, resulting in higher levels of customer satisfaction. Happy customers are more likely to become loyal customers.
2. Customer Retention: Satisfied customers are more likely to return for repeat business. This reduces the need for costly customer acquisition efforts.
3. Positive Brand Image: Exceptional customer service contributes to a positive brand image. When customers receive excellent service, they're more likely to recommend your company to others.
4. Competitive Advantage: In a crowded manufacturing industry, excellent customer service can be a unique selling point. It sets your business apart from competitors who may focus solely on the product.
5. Increased Sales: Happy customers are more likely to make repeat purchases and buy additional products or services, resulting in increased sales and revenue.
6. Reduced Costs: Effective customer service can lead to a reduction in customer complaints and returns, which can lower operating costs.

The one constant thing business owners can count on is change, something the last three years have clearly shown.

But as business leaders continue to navigate in a changing economy shaped in the aftermath of the pandemic, many have not taken a moment to appreciate how resilient they’ve become.

“A lot of people haven’t been able to validate how many changes they’ve had to make doing business, and the transitioning and pivoting,” says Tracy Valko, award-winning mortgage broker and owner of Valko Financial Ltd. “They haven’t been able to look at their business, their goals and what they value in life and take the time to realize how resilient they’ve been.”

Tracy says in particularly, women business leaders are less likely to appreciate themselves and what’ve they been through and hopes to help rectify that by leading an informative and interactive workshop at our Women Leadership Collective Breakfast Series: Resilient Mindset later this month at Langdon Hall.

“I still see so many women spending time second guessing their skill sets,” she says, noting men seem to have more resiliency and forgiveness for themselves when it comes to pivoting in business. “Women spend more time judging themselves, thinking ‘maybe I shouldn’t speak up because someone’s going to say something’. I think in this world, especially now, women have to stand their ground and come together to support each other.”

At our Women Leadership Collective event Tracy will provide strategies for women to become more resilient by offering them a look inside what she refers to as her ‘resilient toolbox’ and share personal stories of what she has gone through creating a successful business over the course of the last 25 years. Besides being named one of Canada’s top individual brokers, she is also a published author and motivational speaker.

“I will provide a lot of different affirmations of ways to look at resiliency,” says Tracy, referring to her presentation. “A lot of people just don’t take the time to appreciate how far they’ve come and be able to pivot very quickly in an ever-changing world.”

Click here to learn more, or to register for our Women Leadership Collective Breakfast Series: Resilient Mindset which takes places Wednesday, Nov. 29 from 9-11 a.m. at Langdon Hall.

Tips about a resilient mindset

Embracing Change and Uncertainty

A resilient mindset begins with the willingness to embrace change and uncertainty. 

​Learning from Failure

Failure is a common part of life, and a resilient mindset allows us to see failure as a valuable teacher. 

​Cultivating a Positive Mindset

Resilient people focus on the positive aspects of a situation and avoid dwelling on the negative. 

​Building Strong Social Connections

Resilience is not a solitary endeavor. Building and maintaining strong social connections is a crucial aspect of a resilient mindset. 

​Setting Realistic Goals

While having big dreams is important, setting smaller, attainable milestones helps build confidence and motivation. 

​Practicing Self-Care

Resilient individuals recognize the importance of taking care of their physical and mental well-being. 

Adaptability

Those with resilience are not rigid in their thinking and are open to new ideas and solutions. They can adjust their plans as circumstances change and are willing to try different approaches to achieve their goals.

​Developing Problem-Solving Skills

Resilient individuals are excellent problem solvers. They break down complex issues into manageable steps and work through them systematically. 

​Seeking Support and Seeking Help -

Resilient individuals are not afraid to seek support and help when they need it. 

​Maintaining Perspective

In the face of adversity, resilient individuals remind themselves of the bigger picture. They recognize that the current challenge is just a chapter in their life's story and that it will pass, making way for new opportunities and growth.

It’s no secret small and medium-sized businesses play a crucial role in our community’s economic landscape, but they continue to face many challenges that impact their growth and competitiveness.

Knowledge is key when it comes to finding business solutions which is why the Cambridge Chamber of Commerce has organized its inaugural Small Business Summit: Evolve and Thrive to provide entrepreneurs the opportunity to learn from local experts on a variety of topics relevant to operating their businesses.

“Business changes every single day, and we need to always stay focused ensuring we are working on our business and not just working in our business,” says Cambridge Chamber President and CEO Greg Durocher. “And working on your business can mean participating in programming that helps you uncover new techniques in management, inspiring your employees and leadership training.”

The Small Business Summit: Evolve and Thrive will focus on a variety of areas over the course of several hours at Tapestry Hall. The discussions will centre around:

• Creating an immersive customer experience;
• Mental health practices for the modern entrepreneur;
• Streamlining your business with new technologies;
• Communication across cultures;
• Exploring the future of ChatGPT and artificial intelligence;
• Intrapreneurship.

The summit speakers are leaders in both the business and post-secondary sectors who will share with participants some of their vast and practical expertise on these topics.

Among them is John Stix, co-founder of Cambridge-based Fibernetics, who will lead the session on intrapreneurship and Jay Krishnan, CEO of The Accelerator Centre in Waterloo, who will outline how AI is revolutionizing business. As well, mental health advocate and meditation practitioner and serial entrepreneur Iman Grewal will also provide her expertise.

“We hope by hosting this summit we can provide entrepreneurs of SMEs with the tools they need to help them better navigate what may be some very choppy waters in our economy over the next few months,” says Greg.

The Small Business Summit: Evolve and Thrive takes place from 8 a.m. to 2:30 p.m. on Wednesday, Nov. 22 at Tapestry Hall.

Click here to learn more about this informative learning event.

The collective strength of the Chamber network took centre stage as Chamber representatives nationwide gathered in Calgary recently to debate and approve policies aimed at boosting Canada’s economy.

Several hundred delegates were in attendance Oct. 11-14 at the Canadian Chamber of Commerce’s CCEC Conference and AGM to not only discuss policies but hear from several high profile political and industry leaders, including Treasury Board President Anita Anand who spoke about the economic concerns facing businesses and taxpayers, and her plans to launch a spending review to find savings.

“The key has to be on efficiency, process and purpose,” she said, noting the need for the government to pivot on the economic front. “There are continued lessons to be learned in terms of how we can improve. I know we have to continue to build an economy that works for everyone.”

Her sentiments were echoed by Canadian Chamber of Commerce President and CEO Perrin Beatty who stressed the need for filling infrastructure gaps to meet the needs of the nation’s growing population.

“We require infrastructure that’s both resilient and sufficient so when increasingly frequent climate change emergencies and labour disruptions occur, we can continue to supply ourselves and our allies,” he told delegates. “Canada has a great many economic, and green growth ambitions, but only ambition matched with action results in achievement.”

The Canadian Chamber leader also spoke about the power of the Chamber network when it comes to lobbying the government to do what is necessary for businesses to succeed.

“We only accomplish so much because of our partnership with you. You, the provincial, territorial and local Chambers, and Boards of Trade, are the engines that drive responsible growth in Canada.”

Chamber of Commerce President & CEO Greg Durocher says the AGM and conference play an important role in developing policies that will benefit businesses, and in turn, create an environment for communities to prosper.

“These policies are valuable advocacy tools when it comes to urging both the provincial and federal levels of government to make decisions that will benefit the economy, and in turn, the places we live and work,” he says. “Having the Chamber network work as a collective group to inspire change is a very valuable asset.”

Cambridge Chamber policy approved

This year, of the 66 policy resolutions presented by Chambers and Boards of Trade nationwide, 62 were approved by 293 voting delegates on hand. The policies – which now become part of the Canadian Chamber of Commerce’s ‘official playbook’ - touched on the following areas: natural resources, energy, and environment; transportation and infrastructure; finance and taxation; agriculture; digital economy; human resources; as well as international and indigenous affairs.

The Cambridge Chamber’s policy resolution, entitled Created Systems to Provide Adequate Child-care Spaces to Ensure Parents – Particularly Women – Have Equal Opportunities to Enter the Workforce, received overwhelming support and resulting in the approval of several recommendations calling for the Government of Canada to undertake the folllowing:

1. Work with provincial/territorial governments to explore all prospective ways that could increase compensation for ECE workers in effort to attract more workers into the child-care sector with the goal of reducing waitlists at licensed child-care centre, setting the stage for more parents – particularly women - to enter or re-enter the workforce.
2. Work with provincial/territorial governments to examine all potential solutions to ensure there are systems in place, possibly financial, to ensure adequate child-care spaces are available to provide parents – particularly women – the opportunity to enter or re-enter the workforce.
3. Recognize the critical role of private sector in delivering childcare services and advocate for a continued role for entrepreneurs and businesses to provide childcare through public debate on the subject, and through the CCC’s advocacy with federal policymakers.

Cambridge Chamber co-sponsored policies approved

Collaboration among Chambers when crafting policies that can benefit the network is key. This year, the Cambridge Chamber co-sponsored two policies submitted by the Greater Kitchener-Waterloo Chamber of Commerce which also received support from delegates.

The first resolution, entitled Review of the Canadian Tax System and Business Taxes, was approved, and called for the Government of Canada to:

1. Not implement any new business taxes or increases on existing business taxation levels until a review of the current system, particularly related to competitiveness and productivity, is completed.

A second policy resolution, entitled Closing the National Digital Divide, was also approved, and called upon the Government of Canada to:

1. Continue with broadband infrastructure investments across rural/remote areas and First Nations;
2. To build an inclusive economy for all Canadians, ensure all financial resources allocated to increasing broadband capacity are urgently distributed for addressing the digital divide;
3. To evaluate the effectiveness of government broadband policy in delivering connectivity, particularly in rural and indigenous areas, there should be an evaluation of connectivity coverage, quality, and adoption.
4. Commit to businesses and citizens in rural and remote areas that necessary infrastructure to allow them access to competitive broadband speeds will be constructed.

Click here to see the Canadian Chamber of Commerce’s full compendium of policy resolutions.

Our Chamber of Commerce over the years has not only learned how to pivot, but how to address the concerns, issues and needs of the small and medium-sized businesses in our community.

The events of the last few years have only strengthened our reason for being. We not only champion small and medium-sized businesses but are a source of information, guidance, and the most powerful connector there is.

We have now taken that connection to a new level thanks to ‘The Link’, a place where YOU, an SME business owner/manager can source solutions in a one-stop shop atmosphere. And since this is Small Business Week (Oct. 15-21), it's very important to always remember and celebrate the contributions SMEs make to our economy.

For the last seven months, our Chamber has undertaken this huge project (for us). To say we’re excited is a dramatic understatement because for you, we’ve invested and created an exciting, inspirational space that will not only knock your socks off but provide a place where you can share your troubles and find connections to help you navigate those issues that sometimes surface for every business.

At The Link you can source HR solutions, legal forms and information, access grant writing, and discover business services of all types that help you streamline, or even eliminate operational costs, and yes, of course, we also have direct access to financial resources only for business.

Another aspect to this renovation project is the creation of additional meeting spaces. We can now offer two boardrooms, one that can seat more than 20 and the other between eight and 10, plus a more informal meeting space for five and a private soundproof meeting “pod” also for up to five people. As well, have casual conversation areas and provide a wonderful coffee service.

The Link is modern, accessible, and a great place to have a coffee and share conversation all contained in little over 2,220-square-feet of prime real estate at Highway 401 and Hespeler Road.

Along with this incredibly cool and unique space comes some unbeatable programming to help you and your team get onside, get ramped up, and get excited for what comes next.

Programming at The Link has already been released and space is very limited, so you need to get in early and make sure there is a seat for you. Our Program Manager, (Amrita Gill), is already developing new and different ways for us to connect with meaning, with passion, and as always, with inspiring ideas.

The doors opened Oct. 1 and we already have some committed entities ready to set up shop at The Link, but there may still be room for you and your organization. Do you serve only small and medium-sized business? If so, send me a note and maybe, if all the checkmarks are in place, we may just have a spot for you at The Link, but you need to hurry. Yes, there is a cost because we are not a “funded” organization and our support comes from our membership.

Speaking of membership, did you know the Cambridge Chamber of Commerce has NOT increased its membership fees in more than 25 years? Talk about an inflation stopper, wow! That is what serving business means to us. We will always find ways to support you and now we are looking for your support to continue the work we do.

So please share your expertise with us and book a pod at The Link, or come in and get help from organizations and businesses that are here for you. Even better, drop in and enjoy a coffee, latte, cappuccino, espresso, or my personal favourite, a mochaccino. Hey, I might even buy you one. See you soon at The Link, 750 Hespeler Rd., the Cambridge Chamber of Commerce.

In the opening chapter of The E-Myth Revisited, a nearly 30-year-old book that is still relevant today, author Michael E. Gerber describes “The Entrepreneurial Seizure” or that moment when you decide to go into business for yourself.

Once the idea of entrepreneurship enters your mind it is life changing. Your imagination explodes with dreams of independence and success that will flow from turning your technical skills or passions into a be-your-own-boss enterprise. “Do what you love,” they say, “and you will never work another day in your life.”

This leads to what Gerber calls “The Fatal Assumption” which is that if you are good at the technical work of a business or are passionate about the work you will offer to the marketplace, then it follows that you will understand the business of delivering your goods or services to your customers. In the early days of your business this assumption can appear to be true. 

You launch your business filled with entrepreneurial energy, find customers, provide your products or services, build your reputation, and get more customers.

The growth cycle continues. Everyone is happy until one day you discover that your success is crushing you and the fatal assumption is revealed: That the technical skills you have are just one small part a of a complex set of business skills that you need to ensure your success.

For you to succeed as an entrepreneur you need the following four foundational elements:

• A good product or service that customers want;
• The ability to sell and deliver your products or services to your customers with quality and timeliness;
• The ability to follow your money, understand cashflow, receivables, payables, and taxes and to take action to keep it all in order;
• The ability to manage and strengthen interpersonal relationship with customers, employees, suppliers, etc.

Usually, a business starts with your product or service idea that has market demand or perceived market potential and perhaps you have competency in one of the other three foundational elements. 

But no one is proficient in all four so entrepreneurial energy and grit to succeed will only take you so far. Then the weaknesses in your business structure and practices reveal themselves as your business grows and your entrepreneurial dream begins to crack. It happens to all businesses.

When your business grows to the point where your success is crushing you, you must make a choice to either:

1. Limit your business size to one you can handle on your own or;
2. Change your business structure by hiring talent to shore up your weaknesses to enable continued growth.

Both options are valid. If you want to be a self-employed technician, where you are in control of your job then option 1 is for you but if your entrepreneurial goals include growth beyond your personal time and talent limitations you must choose option 2.

Option 2 requires the strategic hiring of people with talents that you do not have that will enable you to delegate and entrust parts of your business operations to them.

This may be accounting, sales, HR, communications and/or production personnel and managers.  Some of these services may be contracted out and some are better achieved if hired into your company. 

These are important strategic decisions that will enable you to grow beyond your previous limitations.  As you delegate to competent people your job changes to a true company president.

When you have good people in the right places in your business you can look up from your day-to-day operations and look out into the marketplace for new opportunities. Sales grow, production increases, cash flows better, and employees, customers, and vendors are satisfied.

This sounds easy, but giving up control of parts of your business to other people is a challenging and necessary growth step for small business entrepreneurs.  You may want to enlist a business coach who can also help you stick to your growth plan when it gets hard, as it always does.

Remember, at this stage of your business growth what you really need is good people with leadership skills and business management talents that are different and complimentary to yours so that you can set yourself and your business up for success in the next phase of your entrepreneurial journey.

Submitted by Murray Smith, President of Blue Cancoe Consulting

The business landscape is complex and changing, especially today.

For smaller businesses, trying to navigate and manoeuvre in this current economy is critical and requires a solid combination of soft and hard skills.

Having a mentor, usually a person who has more experience, can provide a small business owner the opportunity to glean an understanding of the best ways to accomplish this.

“I’ve had many mentors over the years in different capacities, both on the tech side of the business and some on the leadership side,” says Kristen Danson, Managing Partner of MitoGraphics Inc. in Cambridge. “I believe people either succeed beyond what they know or don’t know and if you only use the knowledge and experience you have, you’re limited in your capacity.”

That’s why experts say finding just the right mentor, especially one that is motivated and energized and willing to commit their time, is vital to a successful mentorship. As well, for mentees, dedication, and a willingness to be mentored properly is also just as important which is why having similar backgrounds, skillsets and challenges makes for a good match.

“You really have to be careful about that and use your gut check,” says Kristen. “You have to make sure you are taking knowledge from a source that is of a benefit to you.”

In terms of finding the right mentor, mapping out your goals and setting clear expectations on how that person can assist you is important. Kristen agrees and says most of her mentors have come from relationships she has cultivated over the years through her industry and member associations.

“I’ve never been afraid over the years to approach someone at an industry event, someone I can connect with for guidance and leadership advice,” she says. “Sometimes you may have to do that because you don’t have an existing relationship with that person, but you recognize there are traits or experiences you want to benefit from that they have.”

While social media has made it easier to make those important connections with others outside of your immediate circle, Kristen says strong mentorships can also be created within your own business by the people you hire.

“I hope that I have mentored people over the years,” she says. “But I’ve had employees as mentors because they’ve worked for bigger companies or different places in my industry and can provide that ‘wait a minute’ advice noting other printing companies may do things another way.”

She says having supportive feedback can help create efficiencies which in turn benefits the business and adds that mentorship is a two-way street, something the Cambridge of Chamber of Commerce has recognized in the creation of its new Chamber Circles mentoring program. The program sees participants ‘matched’ with a mentor for monthly discussions on a variety of pre-selected topics to help foster professional and personal growth.

“Partnerships are not one-sided. That’s why mentoring circles are so important,” says Kristen. “I firmly believe those exchanges of information are always circular.”

How can mentors help

• Learn from their expertise. A mentor can help you acquire new skills, knowledge, and perspectives that can enhance your professional growth and performance. They can also share with you their best practices, tips, and tricks, as well as their mistakes and lessons learned.
• Receive constructive feedback. A mentor can help you identify your strengths and weaknesses and suggest ways to improve them. They can also help you set realistic and achievable goals and monitor your progress and achievements.
• Expand your network. A mentor can introduce you to other professionals, organizations, and resources that can be useful for your career advancement and development. By expanding your network, you can increase your visibility, credibility, and reputation in your field, and access more opportunities and benefits.
• Gain emotional support. A mentor can be a trusted ally, friend, and confidant, who can listen to your concerns, frustrations, and aspirations, and offer you empathy, advice, and inspiration. By gaining emotional support, you can reduce your stress, anxiety, and burnout, and enhance your well-being, happiness, and satisfaction.
• How to find a mentor. To find a mentor who matches your needs and goals, you should first identify your objectives and expectations. Then, look for potential mentors in your field, such as alumni networks, professional associations, or online platforms. Once you have found a mentor, stay in touch with them regularly and follow their guidance and feedback.

Source: LinkedIn