Blog - Cambridge Chamber of Commerce

An ongoing labour shortage continues to hamper Canada’s economic recovery in wake of the pandemic.

 

In fact, recent research published by the Business Development Bank of Canada (BDC) indicates that 64% of Canadian business says labour shortages are limiting their growth.

 

The BDC also reports that 55% of Canadian entrepreneurs are struggling to hire the workers they need and as a result, must now work longer hours themselves and delay or even refuse orders they can’t fill. As well, more than a quarter say they are having a difficult time even retaining current employees.

 

This news doesn’t come as a surprise to Mike Jennings, President of the Cambridge-based digital marketing agency MoreSALES, who has been keeping close tabs on the latest trends as employers in all sectors deal with continued labour shortages.

 

“The whole interview process is reversed right now. People aren’t coming in to interview for a job, they’re interviewing the company to see if they get to hire them or not,” he says, adding those in the skilled labour category are in very high demand.

 

According to CPA (Chartered Professional Accountants) Canada, Canadians in general have changed throughout the pandemic. While some decided being locked out of work provided them with the ideal motive to retire, at least 20% of the thousands who lost their jobs have changed sectors looking for work in places that not only may pay more but provide them with opportunities for advancement.

 

“A lot has to do with the culture of the company,” says Mike, noting surveys targeting millennials shows that flexibility at work and potential opportunities for nurturing and advancement tops wage expectations in terms of importance. “I think the smarter companies get it and those that are smart hire well will do well.”

 

He says more flexibility in terms of hours and the ability to work from home is key when it comes to attracting new talent, especially parents looking to return to the workforce following paternal leaves.

 

However, Mike knows this isn’t always the case for many companies, especially those in the manufacturing sector.

 

“If you’re a machine shop you can’t be all that flexible with your hours,” he says, adding in this case having an up-to-date website is vital since potential talent will do their research before submitting a resume. “If you’re thinking of working for a company that’s progressive and is going to pay well, you’re going to look at their website. But if that website hasn’t been touched in years and there is nothing about the employment situation or the culture of the company, then you’ve got a problem.”

 

As well, while social media is a great way to promote your company or business and attract potential talent, Mike encourages companies to be very strategic in their approach.

 

“It really depends on the company. If you’re a B2B company, I wouldn’t waste a lot of time on Instagram or Facebook,” he says. “I would focus more on LinkedIn or YouTube video clips outlining what the working environment is like at your company.”

 

He says connecting your staff on LinkedIn is a great way for potential employees to get a ‘sneak peek’ at your workplace.

 

“It will give them a sense of what kind of people they could be working with,” says Mike.

 

Visit https://moresales.ca to learn more.

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Providing the necessary supports to businesses is vital, especially as work continues to rebuild our economy in wake of the COVID-19 pandemic by getting people back to work. 

 

One way to ensure the economic development of Canada is well positioned is by creating more opportunities for entrepreneurial newcomers who can not only help fill existing labour shortage gaps but work towards reshaping our business landscape by opening new businesses and assisting existing ones in need of solid succession plans as aging business owners look towards retirement. 

 

With that in mind, the Cambridge Chamber of Commerce has developed a policy through consultations with Members via its MasterMind series entitled ‘Promoting the need for Entrepreneurship Immigration’ which calls for the Federal government to examine ways to ensure that a percentage of the 1.2 million immigrants slated to be brought to Canada by our government over the course of the next three years be linked to the entrepreneurship stream.

 

The policy won approval at the recent 2021 Canadian Chamber AGM & Convention which attracted more than 250 Chamber policymakers and officials nationwide virtually over a two-day period. The approved policy now becomes part of the Canadian Chamber of Commerce’s mandate when it lobbies at the legislative level with the Federal government.

 

“This policy will target individuals who are entrepreneurs and business builders who come to Canada with money in their pockets to not only invest in this country, but more importantly to invest in their own businesses here that will create opportunities for other Canadians,” says Cambridge Chamber President and CEO Greg Durocher. “We’re always looking for companies that want to expand into Canada, but why don’t we look for people who want to bring their businesses and business ideas here? It’s a market that’s been left untapped and we hope this policy receives serious consideration at the Federal level.”

 

An estimated 181,000 of small business owners according to a Canadian Federation of Independent Business (CFIB) survey conducted last year said they were seriously considering closing due to the pandemic and at least 200,000 were facing closure. Coupled with the fact many small business owners on the verge of retirement have not created viable succession plans – a CFIB survey conducted in 2018 indicated more than $1.5 trillion in business assets will be in play over the next decade as 72% of small business owners leave their business – there exists many potential opportunities for new immigrants with an entrepreneurial spirit.  

 

A current shortage of workers, especially in the construction, manufacturing, and hospitality industries, has set the stage for skilled immigrants in these fields to enter the market and possibly use their entrepreneurial know-how and practical work experiences to create new opportunities in these sectors. 

 

The Federal government has been attempting to make strides in addressing the ongoing shortage of skilled workers in Canada which has been only amplified by the pandemic. 

 

In February of this year, it announced an invitation to approximately 27,300 workers with Canadian experience to apply for permanent residence. This followed on an earlier federal announcement in the fall of 2020 to bring to Canada an additional 1.2 million immigrants over the course of the next three years: 401,000 in 2021; 411,000 in 2022; and 421,000 in 2023. 

 

While this influx of newcomers is welcomed and needed considering there are growing concerns centred on Canada’s falling birth rate, a more focused approach to create an ‘economic immigration policy’ that not only provides ample assistance to newcomers but also ensures the needs of existing Canadian groups, including Indigenous entrepreneurs seeking their own opportunities, are not negatively impacted, would be beneficial.

 

“We have an immigration policy that is geared towards our economy. It’s a point system, largely generated on the skills newcomers bring to the table,” says Greg, referring to education and various qualifications. “The problem is there are holes within the economic system that are not being filled.”

 

He says the current system often seems to focus on professionals, such as doctors, lawyers and engineers but needs to be widened. 

 

“We need to look at people who have businesses and would like to move them here have business ideas and the skills to develop those ideas in Canada,” says Greg.

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As vaccine rollout accelerates in Ontario, the Cambridge Chamber of Commerce and Ontario Chamber of Commerce’s (OCC) latest report offers solutions to support small businesses during economic recovery.

 

The COVID-19 pandemic is creating a cash flow crisis for many entrepreneurs and small business owners across Ontario who represent 98% of all Canadian businesses and contribute close to half the GDP generated by the private sector. Recognizing the critical role of entrepreneurship in Canada’s economic recovery, the Cambridge Chamber of Commerce and OCC’s latest report – Capital is Key:  Financing Entrepreneurship in Ontario After COVID-19 – offers practical solutions to support small businesses as they fuel Ontario’s economic advantage.  

 

“We know that Ontario’s economic recovery will largely be driven by entrepreneurs engaged in launching and scaling their enterprises,” said Cambridge Chamber of Commerce President and CEO Greg Durocher. “Even in good times, small business owners encounter challenges at various stages of growth. Real progress can come from redoubling efforts to eliminate barriers and advancing creative solutions to improve access to capital and other resources.”

 

“Entrepreneurial diversity should be recognized as a powerful strategy for Ontario’s economic recovery and long-term prosperity,” said Claudia Dessanti, Senior Policy Manager, Ontario Chamber of Commerce “Equal opportunities for women, Indigenous, racialized, and other diverse groups in the entrepreneurial ecosystem is necessary for both their own recovery and that of the entire province.  For example, closing the gender gap in entrepreneurship alone could add up to $81 billion to Canada’s GDP.”

 

This latest policy brief identifies 14 policy recommendations to improve financing of entrepreneurship, from loan guarantees to tax incentives, capital market reforms, procurement policies, and more.

 

The report also addresses eight key challenges policymakers must navigate as they look for ways to improve financing options and access to capital for entrepreneurs and small businesses:

  • RISKY BUSINESS: Small businesses (particularly start-ups) are generally riskier to finance than larger ones because they have shorter credit histories, fewer assets, and lower survival rates.
  • SCALE-UP FIRMS: Although Ontario excels at producing start-ups, the province has been less successful at turning high-growth firms into global competitors.
  • DIVERSITY: Barriers to accessing capital are uneven across demographic groups, which limits opportunities for some entrepreneurs and undermines broader social and economic outcomes.
  • DEBT: Despite relatively low interest rates, debt is not always the right solution for small businesses, particularly those with less collateral and/or irregular cash flows. Loans often require personal guarantees, and not all entrepreneurs have sufficient assets to provide as collateral.
  • WORKING CAPITAL: Over the past decade, Canadian businesses have signaled a growing need for external capital to cover day-to-day operating expenses. Working capital is especially important for start-up firms that may lack adequate cash flows to reinvest in their businesses in the first several months. However, in Canada, most government-supported loans and grants are designed for other uses, such as technology adoption.
  • INDUSTRY BIAS: Private equity and venture capital investors tend to have more appetite for sectors that are considered knowledge-intensive, such as information technology and biotechnology. As a result, more traditional brick-and-mortar businesses (such as restaurants and retail stores) may have limited access to equity investments.
  • PANDEMIC PRESSURES: As temporary grant and loan programs expire, many small businesses will need access to new financing or refinancing to grow, restructure, or simply keep their doors open.
  • SUCCESSION: Ontario’s aging population has implications for small business succession. By 2030, the number of seniors aged 65 and over is projected to almost double to 23 percent of Ontario’s population.

Read the report:  https://bit.ly/3vnA0Cf

 

We would like to acknowledge and thank Meridian Credit Union and Innovate Cities for their collaboration on this policy brief.

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The Cambridge Chamber of Commerce and Ontario Chamber Welcome Focus on Tourism, Small Business, Women, Training, and Local Communities

 

The Cambridge Chamber of Commerce released the following response to the Government of Ontario’s 2021 Budget, Ontario’s Action Plan: Protecting People’s Health and Our Economy.

 

“Ontario’s 2021 Budget means supports for the hardest-hit sectors and communities including right here in Waterloo Region, much needed aid for women who have been deeply impacted by the pandemic, and initiatives that will create a strong economic rebound related to tourism, training, and vital infrastructure such as broadband,” said Cambridge Chamber of Commerce President and CEO Greg Durocher.

 

Leading up to Budget 2021, the Ontario Chamber Network was calling for policies that mitigate the immediate impacts of the crisis and lay the groundwork for a robust and inclusive economic recovery. Resources need to be focused on those hit hardest by the pandemic, where they will have the greatest impact.

 

“Ontario’s business community welcomes the 2021 Budget, which gives businesses much-needed supports to confront the current health crisis while laying the foundation for a strong and inclusive economic recovery,” added Rocco Rossi, President and CEO of the OCC.

 

Some of the things called for in the Ontario Chamber Network pre-Budget Submission included:

  • Targeted support for the hardest-hit sectors and communities;
  • Demand-driven skills programming;
  • Enhanced access to capital for small businesses and entrepreneurs;
  • Bold action on interprovincial trade;
  • Strengthening of municipalities’ fiscal capacity; and
  • A sensible path to getting Ontario’s finances on track post-pandemic.

 

“Women’s fulsome participation in the labour market is a precondition to our economic recovery and future prosperity. We greatly appreciate the new supports for women, as they have been among those disproportionately impacted by the crisis,” said the report’s author Claudia Dessanti, Senior Policy Analyst of the Ontario Chamber of Commerce. “A taskforce for inclusive economic growth, further supports for child care, a job training tax credit, relief for the tourism industry, and support for survivors of domestic violence are all welcome initiatives that will help turn the tides on the impacts that were so severe and immediate for women in Ontario. Budget 2021 addresses many of the supports we called for in our recent report, The She-Covery Project: Confronting the Gendered Economic Impacts of COVID-19 in Ontario.”

 

Some of the measures welcomed by the Ontario Chamber Network in the 2021 Budget are:

 

Support for inclusive growth:

 

  • A taskforce for inclusive economic growth. The COVID-19 crisis has disproportionately affected women, racialized individuals, Indigenous people, people with disabilities, and other communities in the province. The new taskforce will examine how to increase women’s participation in the workforce, which will support economic recovery.
  • Temporary Job Training Tax Credit. Studies suggest about half a million jobs are not expected to return in Canada after the pandemic, the majority of which are occupied by women. Financial support for underemployed individuals to access training and reskilling will be particularly important for lower-income workers, new immigrants, and Ontarians living in Indigenous, rural, remote, and northern communities.
  • Child care support. Access to affordable child care is a long-standing issue that has been exacerbated by the pandemic. Enhancing the CARE tax credit for 2021, extending financial support for virtual learning costs, and investing in new child care spots will help ease the burden for Ontario families and allow more women to re-enter the workforce.
  • Supports for women fleeing domestic violence. The increase in domestic violence incidences during the pandemic has forced many women to leave their homes and communities, jeopardizing their safety and livelihood. Support for women in transitional housing and underserved areas will help provide safety for women in vulnerable situations.

 

Supports for business:

 

  • Doubling of the Ontario Small Business Support Grant. The grant has helped many organizations survive the crisis thus far and making this an automatic top-up instead of asking businesses to re-apply will reduce the administrative burden on both businesses and government.
  • Additional resources for the Digital Main Street Grant. Many small businesses, particularly in rural and remote regions, have benefited from the supports of this grant to get their business online. Expanding the program will help more businesses digitize and prepare for the economy of tomorrow.
  • Invest Ontario Fund. Additional funding in Invest Ontario over the next four years will be important to create jobs and investment across the province.

 

Support for tourism:

 

  • Tourism and Hospitality Small Business Support Grant. The OCC recently wrote to the Ontario government about how the tourism industry is not eligible for the Ontario Small Business Support Grant. This new grant is welcome news for hotels, travel agencies, hunting and fishing camps, and other organizations that did not qualify for the original grant.
  • Local Tourism Tax Credit and Tourism Recovery Program. Many of the chambers of commerce and boards of trade are active in the tourism industries within their local communities. These additional supports will be critical to support a revival of tourism after the pandemic.
  • Support for alcohol producers & local distilleries. Ontario’s vineyards, cideries, and small distillers have been greatly impacted by the pandemic as tourism stalled this year.

 

Support for communities and municipalities:

 

  • Broadband investments. The pandemic has put the spotlight on the digital divide for people and businesses, particularly in remote and rural communities. Additional funding to connect all Ontarians, including businesses, to reliable broadband by 2025 is welcome news. 
  • Regional Opportunities Tax Credit. Additional resources towards this program will allow rural and remote communities to invest in projects that create local jobs and economic growth.
  • Property reassessment for municipalities. Pausing the property tax reassessment gives municipalities and businesses more capacity and time to adjust to the economic uncertainty and challenges caused by the pandemic.
  • Expansion of the Ontario Together Fund. The Ontario Together Fund has successfully leveraged Ontario’s business community to address pandemic-related challenges and support relief efforts.
  • Access to vaccination appointments. The Ontario Chamber Network welcomes support to help seniors and people with disabilities get to their vaccination appointments. The faster the population is inoculated, the sooner we can focus on recovery.
  • Strategic Priorities and Infrastructure Fund. Renovations to local buildings and sports facilities will also be integral to local economic growth and recovery initiatives.

Read the Ontario Chamber of Commerce full pre-Budget submission here.

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How long is your ‘to-do’ list?

 

It’s a question many of us ask ourselves when we look at ways to create a better time management system.

 

“For most of us, our to-do list will never end,” says Murray Smith, Principal of The Achievement Centre. “For most of us there are more things we’d like to do in a day than we can do in a day and that’s why it becomes really important to establish what are the priorities.”

 

Managing your priorities will be a key focus at our March 25 YIP Growth Learning Series event: Time Management, which Murray will facilitate.

 

But he warns participants won’t be provided with the ultimate solution to managing their time.

 

“Some people will be looking for some ‘magic’ system,” he says. “There is no such thing as a perfect system.”

 

Instead, he says the many methods people may already be using to manage their work duties - from apps and computer calendars, to even notepads – are fine and there is no right or wrong when it comes to creating your own time management system. “You get a system that works, and chances are you’re going to use a combination of a few. What I will be encouraging people to do is create a system that works.”

 

Murray says managing priorities is important and looks for inspiration from author Stephen R. Covey’s book The 7 Habits of Highly Effective People as a point of reference.

 

“He set up that urgency/ importance matrix and it makes a lot of sense,” he says. “It’s more about understanding what is urgent and what is important versus what’s perhaps urgent for other people but is not important to you.”

 

And with many people working from home due to the ongoing pandemic, Murray says most of us are dealing with more distractions.

 

“The notifications on our phone create an urgency. Unless your job is tied to responding to those notifications, you’ve got to control them,” he says. “The bottom line is priorities and eliminating those distractions.”

 

Murray says knowing what your priorities are and being able to communicate that to others, especially your employers, is vital.

 

“Time management is as much about communication with others who do have influence on your time and priorities as it about fulfilling the task list,” he says. “When you know what is most important, you have the power to communicate with others when the inevitable change to your pile of tasks occurs. Don’t complain, communicate.”

 

Our YIP learning session is sponsored by Deluxe and takes place Thursday, March 25 from 11 a.m. to noon. For more, visit https://bit.ly/2OfZVeM

 

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Chamber network urges government to address pain points and lay the groundwork for a strong rebound as province grapples with economic fallout of the crisis

 

The Cambridge Chamber of Commerce and Ontario Chamber of Commerce (OCC) has released its 2021 Ontario pre-Budget submission, which focuses on recovery, growth, and modernization.

 

The submission calls for policies that minimize the impacts of business closures, uplift the sectors and demographics hit hardest by the pandemic, invest in the infrastructure and workforce of the future, and modernize government services to improve outcomes for businesses and residents.

 

 

“With Ontario’s economy expected to enter a period of recovery this year as vaccines are distributed and businesses begin to reopen, resources need to be focused on where they will have the greatest impact,” said Cambridge Chamber of Commerce President & CEO Greg Durocher. “In the upcoming budget, we would like to see a focus on reskilling, broadband, and access to capital, which will be necessary for the revival of small business and entrepreneurship as well as an inclusive   economic recovery.”

 

In 2021, Ontario will continue to grapple with the COVID-19 pandemic and its economic fallout. The Cambridge Chamber and OCC’s submission notes the crisis has created new problems and exacerbated pre-existing ones. The impact on people and business has been catastrophic overall, and disproportionate for certain regions, sectors, and demographics.

 

“Resources should be targeted towards the sectors and communities that have been hit hardest by the COVID-19 pandemic, including industries requiring face-to-face contact, small businesses, municipal governments, as well as women, lower-income, racialized, elderly, new immigrant, and younger Ontarians,” added Rocco Rossi, President and CEO of the Ontario Chamber of Commerce.

 

The recommendations outlined in the submission were developed together with businesses, post-secondary institutions, chambers of commerce, and boards of trade. The submission focuses on mitigating the immediate impacts of the crisis, while laying the groundwork for a robust and sustainable economic recovery.

 

Read our provincial pre-budget submission here: bit.ly/3qYxUqg

 

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(February 5, 2021) – The Chamber Network is looking forward to create a co-ordinated approach to reopening the province’s economy in the wake of the pandemic and calling on the Provincial government to ensure this happens in a balanced fashion.

 

“In the middle of a once-in-a-century pandemic, it is difficult to think beyond confronting the immediate demands of COVID-19,” said Cambridge Chamber of Commerce President & CEO Greg Durocher.   “However, even as we continue supporting each other today, we must also begin looking over the horizon to ensure businesses are prepared for the province’s reopening and recovery. It is never too early to start planning how our province and economy can emerge stronger while doing everything necessary to avoid further lockdowns.”

 

Each region’s experience differs significantly across the province when it comes to transmission rates, tracking and tracing capacity, and other variables.  The Cambridge Chamber of Commerce and the Ontario Chamber of Commerce have written to the Premier so that when the time comes businesses of all sizes have a predictable and coordinated effort to ensure society reopens in a harmonized fashion that prioritizes individual safety as well as economic stability asking for the following:

 

  • A readiness plan with a focus on sectors and regions hardest hit. It is critical that Ontario’s employers are aware of how reopening will take place step-by-step so they can properly prepare.
  • Advanced notice. Businesses and their employees need sufficient time to prepare to get back to work. 
  • Clear guidelines. Businesses need to clearly understand the rules and how they will be enforced. Inconsistent and unclear public health guidelines cause confusion among businesses, employees, and consumers alike, and make it difficult for individuals to take appropriate action to protect themselves and their communities.
  • Fulsome communication. Educational training via virtual workshops in advance of reopening would equip employers with practical information to help them keep staff and customers safe.
  • Workforce management systems. Employers in Ontario should adopt a scalable digital software tool for routine self-screening and assessment by employees, as part of a comprehensive workforce management system.
  • Rapid testing. Sufficient and timely testing and tracing gets employees back to work quickly, ensuring continued productivity and reduced strain on families.
  • Evidence-based decision making. A strong testing and tracing apparatus ensures the province can accurately assess where and how the virus is spreading, so that efforts to target restrictions can be confidently based on solid data.
  • Continued supports for those who need it most. Finally, continued timely and accessible supports for business will prevent further layoffs, closures, and bankruptcies.
  • Leveraging private sector to support vaccine distribution and deployment. Businesses will be critical in supporting public awareness, logistical capabilities, and best practices.

“As the government explores options to safely re-open the economy, it is worth noting that businesses already adhere to a number of existing health and safety protocols and will do their part to support a safe re-opening. The business community will continue to prove their commitment to safety protocols to protect their worker and customers to keep their doors open,” added Durocher

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The pandemic has not only dramatically altered our lives, but also the way we do business.

 

Conducting business online has become paramount for many operations which makes the the importance of effective marketing even more vital to ensure a strong client base.

 

“Is your website SEO and is it navigational intuitive? Have you thought about using Google ads?” asks Mike Jennings, president of the Cambridge-based digital marketing agency MoreSALES.

 

These are just some of the many questions that will form the base of the discussion he will lead at our next YIP Growth Learning Series event later this month ‘Marketing 101: 4 Ps of Marketing – Place, Price, Promotion, Product’.

 

This seminar is aimed at assisting entrepreneurs in understanding how to effectively market their product/service by utilizing the basic ‘4Ps’ strategy to create a sales and marketing strategy.

 

Mike says the onset of COVID-19 has resulted in many marketing changes.

 

“Prices aren’t going to change that much,” he says. “But promotion is going to be the main difference in a COVID world. How do you promote your product?”

 

He says the seminar will focus heavily on digital marketing, which has been his speciality for many years, and the importance of being able to shift when it comes to doing business.

 

“Do you shift your price to be more attractive on e-commerce?” asks Mike, noting that e-commerce is a vital tool for businesses when it comes to competing. “People are not going to be rushing back to your building. They’re still going to want to buy online and those businesses that are easy to buy from are the ones that are going to get the business.”

 

He says an important takeaway for seminar participants will be to realize these changes don’t have to signify the end for their business.

 

“There are ways to adjust,” says Mike, adding looking at the expected trajectory of the market is key. “You have to think six to 12 months ahead and how you apply these principles (4 Ps).”

 

He says a business will never ‘lose’ using e-commerce and digital marketing.

“It’s only going to compound the return to normalcy and accelerate that return to normalcy,” says Mike.

 

‘Marketing 101: 4 Ps of Marketing – Place, Price, Promotion, Product’ takes place Wednesday, Feb. 24 from 11 a.m. to noon and is sponsored by Deluxe.  Click here to register.

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The release of the province’s Budget 2020 Ontario’s Action Plan: Protect, Support, Recover has gained the support of the Chamber of Commerce network and business community.

 

The recent budget lays out $187 billion in expenditures this year to help the province recover from the impact of COVID-19, earmarking cash for healthcare and subsidizing electricity rates for businesses.

 

 

“These are extremely difficult times for businesses, and we understand that there is only so far a provincial government can go,” said Cambridge Chamber of Commerce President & CEO Greg Durocher. “I was particularly please with the reduction in electricity, education tax and the increase in the exemption to the employer’s health tax.”

 

Many of these items were called for in a pre-budget submission released last week by the Ontario Chamber of Commerce, which Cambridge Chamber of Commerce Board Chair Darren Drouillard says the board supported.

 

“Focusing intently on reducing overhead for SMEs through lower utility costs and tax reductions to business and improving IT infrastructure throughout the province, it is evident that the OCC is in touch with the needs of business and has a well thought-out set of recommendations to guide us through the next stage of the pandemic and economic recovery,” he said.

 

The OCC and Cambridge Chamber have long advocated for greater investment in broadband and cellular infrastructure, reforming taxes to enhance business competitiveness, developing new skills training opportunities, and lowering the cost of electricity for industry, all of which are priorities in Budget 2020.

 

“I certainly welcome a reduction for small businesses in the property tax, however, we will need to see how that comes off the page,” said Greg. “Municipalities cannot hold the burden of these reductions when they are unable to run deficits or borrow money for operational losses.”

 

The province is looking at spending $45 billion over the next three years on the crisis, taking into account the $30 billion already announced earlier this year, plus $15 million in new funding over the next two years. The plan also shows a record deficit of $38.5 billion for this year, which is in line with the government’s projections in the summer. A plan to balance the budget is expected in next year’s budget.

 

 “Now is the time to explore innovative partnerships – such as pubic/private partnerships to build our needed rail infrastructure, commissioning, alternative financing, and community and social impact bonds – to share risk and make the most of every dollar spent,” said Greg, noting small businesses are the heart of the community.

 

Darren agrees.

 

“We, as a business community and network of Chambers and Boards of Trade, will continue to overcome through collaboration, innovation and resilience,” he said.

 

Some key measures in Budget 2020 supported by the Ontario business community include:

 

  • Reducing commercial and industrial electricity rates will make Ontario businesses more competitive and enable them to invest in recovery and growth. For years, Ontario businesses have paid more for electricity than most other jurisdictions in North America, and the pandemic has only increased electricity system costs.
  • Business Education Tax rates vary throughout Ontario; as a result, businesses in London, Waterloo, Hamilton, Toronto, Windsor/Middlesex, and Kingston are paying higher taxes than those in other regions. The government has announced it will both reduce the BET rate and address regional variance within that rate, both of which the OCC and its Chamber network have advocated for in the past.
  • The decision to make the higher Employer Health Tax threshold permanent is a welcome one that will free thousands of businesses from having to pay this tax.
  • The move to allow municipalities to target property tax relief specifically to small business is a creative and important tool to grant communities, given that small business has been hardest hit by the pandemic.
  • Broadband is a basic infrastructure requirement in today’s economy, but the ongoing pandemic has made it even more essential to public health and economic resilience. The Chamber network is very pleased to see the government take this seriously with an additional investment of $680 million (for a total of nearly $1 billion) over six years.

 

For a look at the budget, visit: occ.ca/rapidpolicy/2020-provincial-budget

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Depression. Anxiety. Addiction.

 

These issues have intensified over the course of the last few months as COVID-19 continues to take its toll on our mental health, just ask Angela Englander, a registered psychotherapist and trauma specialist who operates Ways to Wellbeing Therapy in Cambridge and Tillsonburg.

 

“I’ve had clients who were perfectly stable pre-pandemic and now have completely fallen apart,” she says, noting some are in the healthcare profession which is facing much strain as this health crisis continues. “I’ve talked to a lot of doctors and nurses who want to go on leave. These people are the webbing of our health system and if their mental health crashes, everyone is going to fall through that gap.”

 

Identifying what mental health is, as well as trauma and therapy, will form the base of her discussion at our YIP Growth Learning series event on November 19.

 

“People have such a small amount of knowledge they’re working from when it comes to mental health,” she says, adding the amount of stress people are under right now is skyrocketing as the second wave of the pandemic appears to be escalating.

 

According to a CTV report, a recent federal study has highlighted a jump in alcohol and drug use during COVID-19, as well as an increase in opioid deaths. Also, according to that same CTV story, overdose calls in Waterloo Region have spiked higher since August and 68 people have fatally overdosed so far this year compared to 63 deaths in 2019.

 

Angela says at the start of the pandemic in March adrenaline was high as people went into ‘crisis mode’, putting their emotions on the backburner as they adapted to this new reality.

 

“But the bigger risks will be over the next year because that excitement and adrenaline has started to wear out,” she says. “People are starting to feel more hopeless and facing depression and anxiety.”

 

Angela says the approaching winter will only add to that negative situation since unlike the past few months, many won’t have the option to go outdoors and enjoy the sunshine and nicer weather.

 

“I’ve already talked to people who say they’re experiencing SAD (seasonal affective disorder) and are already getting their winter blues and we’re only in October.”

 

Besides current concerns such as increased addiction issues and a rise in suicides, Angela fears the ripple effect of COVID-19 could manifest in other mental health problems over the next several generations.

 

“Many people may become germaphobes or even become agoraphobic,” she says, adding people must learn to accept the negative emotions they may be facing now in order to deal with them in a healthy way.

 

“We are a very emotion-phobic society. The truth is you have to be willing to step towards those emotions and feel them and accept the reality that is.”

 

During her YIP presentation, Angela hopes to break down how the brain functions into several categories pertaining to mental health and outline how trauma works.

She intends to provide participants with some valuable takeaways.

 

“They’re going to get a lot of self-awareness and coping skills,” says Angela, noting more typical coping skills such ‘date nights’ with a partner or hanging out with a few family members may not be sufficient enough for some during this pandemic.

 

She says self-care and emotional awareness will play key roles in the presentation in hopes of giving people more understanding.

 

“No one is above this virus,” says Angela.

 

Our YIP Growth Learning series virtual event ‘Mental Health for Young Professionals’ sponsored by Deluxe will take place Thursday, Nov. 19, from 9-10 a.m. For more, visit: https://bit.ly/34OBryG

 

 

 

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Brian Rodnick
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