Learn more about Chamber Circles for Women and Entrepreneurs
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Business-to-business (B2B) sales play a critical role in the economy, driving innovation, productivity, and value creation across various industries. Unlike business-to-consumer (B2C) sales, which involve direct sales to individual customers, B2B sales focus on transactions between businesses.
These types of sales often involve more complex, high-value products or services that support the operations, growth, or competitive edge of the buying company.
Understanding the importance of B2B sales is essential for any company looking to thrive in today’s competitive business landscape which is why the Cambridge Chamber is holding an in-person learning opportunity on Oct. 24 entitled How to Sell B2B.
Part of our Business Growth Learning program, this session will be led by Sanj Rajput, Director of Digital Marketing at Kitchener-based REM Web Solutions, and will touch on a variety of topics including understanding your audience, building a stronger online presence, lead generation as well as the importance of analytics and reporting.
Relationships important
“One of the biggest misconceptions is B2B is all about the product. Actually, relationships and trust play a much larger role in B2B sales than the product or service does,” he says. “But B2B buyers prioritize value reliability and long-term partnerships over prices.”
Another misconception says Sanji is the notion that cold calling is a thing of the past when it comes to making a sale, adding that technology will not replace actual salespeople.
“In order to be a successful in cold calling campaigns, it requires more research and personalization,” he says. “You can’t just cold call without a message that hits home with people. Emotions still play a role in B2B sales and providing assurance and building strong personal relationships are key to closing deals.”
One of the key advantages of B2B sales is the potential for long-term, stable relationships between companies. Unlike individual consumers, businesses seek solutions that provide ongoing value, leading to recurring sales or long-term contracts.
“The post sales experience, including upselling contract renewals and referrals are actually more important than the initial deal that you closed,” Sanji says, referring to the critical role customer retention plays and noting that sales and marketing should be separate functions.
“Modern sales rely on marketing heavily. If your sales reps and your marketing team are not talking to each other, I guarantee you your BMP system is not functioning to the most efficient way.”
Digital transformation vital
When it comes to the latest trends in B2B sales, he says digital transformation is vital, along with an enhanced customer experience.
“Buyers are now expecting a personalized, seamless buying experience similar to what they get in B2C hybrid sales models,” says Sanji, adding customers have become increasingly more comfortable with digital engagement, even in high value transactions. “B2B buyers are also placing increased importance on sustainability and social responsibility with selecting partners and they’re looking for companies that align with their values.”
For participants attending the How to Sell B2B learning event, Sanj hopes one of the key takeaways will centre on a market and competitor analysis.
“They should know and learn how to identify target market segments and understand the pain points and the importance of a competitor analysis,” he says.
How to Sell B2B will take place at our office (750 Hespeler Rd.) on Thursday, Oct. 24 from 9-11 a.m. Click here to learn more or to register.
Here are few tips to help you succeed in B2B sales
Know Your Target Audience Spend time researching the pain points of your prospects, and tailor your approach to address these issues. Personalizing your pitch demonstrates that you are offering a solution rather than just pushing a product or service.
Build Relationships, Not Just Transactions Businesses are more likely to purchase from vendors they trust and view as long-term partners. Invest time in nurturing relationships with key decision-makers. Be consistent in your follow-ups and offer value even when you're not making a sale. Demonstrating that you're genuinely invested in their success will make you a go-to resource when they're ready to buy.
Leverage Social Proof and Case Studies Leverage testimonials, case studies, and referrals from other clients to provide social proof. This adds credibility and reassures potential clients that you’ve successfully solved similar challenges. Highlight measurable results—like increased revenue, cost savings, or process improvements—to demonstrate the tangible benefits of your product or service.
Focus on Consultative Selling Ask thoughtful questions to uncover the challenges they’re facing and tailor your offerings accordingly. By positioning yourself as a consultant rather than a salesperson, you gain trust and become a strategic partner in their decision-making process.
Stay Patient and Persistent Timing is everything in B2B sales, and sometimes the decision to buy is influenced by factors beyond your control, like budgeting or internal priorities. Regular check-ins that provide value can keep you top of mind for when the timing is right.
Use Technology to Your Advantage CRM systems, automation tools, and data analytics can be game changers in B2B sales. Use these tools to track interactions, follow up with leads, and gain insights into your sales pipeline. |
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Small to medium-sized businesses generate big returns for the Canadian economy.
Defined as businesses with fewer than 100 employees, SMEs constitute about 98% of all businesses in Canada providing employment opportunities to millions of Canadians and make up 48% of our gross domestic product.
According to Statistics Canada, businesses with one to 19 employees provide employment for nearly 30% of the country’s working population and three out of four Canadian businesses have less than 10 employees. Locally, 70% of the workforce in Cambridge is employed by small businesses with less than 10 employees, according to the City of Cambridge website.
Taking this into consideration it is fitting that Oct. 20-26 has been deemed Small Business Week to coincide with Small Business Month, providing the Cambridge Chamber of Commerce the chance to not only celebrate SMEs but offer them a unique learning opportunity thanks to our Small Business Summit: Embracing Transformation for Future Success.
“Local SMEs play such a significant role in the economic fabric of our community and this summit is a great way to provide their operators with actionable insights and strategies to create even more success,” says Cambridge Chamber President and CEO Greg Durocher. “The summit will focus on embracing transformation which is something all businesses need to consider given the current economic climate.”
The Small Business Summit – being held Oct. 23 at Tapestry Hall - features three expert speakers who will explore a variety of topics, including AI and automation, diversification strategies, as well as community engagement and corporate social responsibility.
Also featured is a 90-minute virtual experience entitled ‘Spark’ that outlines for viewers the stages surrounding transforming an idea into action.
Summit speakers and topics include:
Building a Resilient Business Model: Diversification strategies to withstand market fluctuations Yohaan Tommy, MNP partner, will share his knowledge surrounding delivering measurable financial results, revenue growth and sales, and supply chain management as well as how to conduct business process reviews to improve operations.
Adopting AI and Automation: Practical applications of AI in small business operations and automation tools to streamline workflows Atif Khan, Vice President, AI & Data Science at Messagepoint, has extensive experience in cutting edge AI research and big data technologies regarding solving challenges and will share his expertise on AI, information systems as well as data privacy and security.
Community Engagement and Corporate Social Responsibility: Building a business that gives back to the community Brittany Silveira, Marketing Manager at Grosche International Inc., will share her insights on this topic and the impact of CSR on brand reputation and customer loyalty.
'Spark’ Spark is a 90-minute virtual experience that will highlight for participants the five stages of transforming an idea into action, including a critical component that is the difference between failure and success on a new goal. The presentation features teaching and interactive exercises that will serve participants’ newest goal or project.
Click here to attend our Small Business Summit: Embracing Transformation for Future Success. The summit runs from 9 a.m. to 2 p.m. Wednesday, Oct. 23 at Tapestry Hall. |
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In business, teamwork is more crucial than ever. When employees work together effectively, they not only enhance productivity but also foster innovation and create a positive work atmosphere.
For business leaders, inspiring employees to function as a cohesive unit requires a blend of vision, communication, interpersonal skills, and more importantly, the ability to identify when work is needed to ensure this cohesion is maintained.
“When you begin to notice more people are spending time talking about each other, rather than to each other, it’s a sign there is trouble on the team,” says leadership expert Julie Dupont of Reimagine Leadership, adding not all work colleagues are going to get along, despite the fact it creates a more positive working environment. “Ideally, they still need to respect each other and work together productively.”
She says a lack of trust plays a key part of creating an inefficient work situation as employees begin to direct more time and energy at protecting themselves, rather than focusing on doing their best work.
“They may start to spend all their time thinking ‘How am I going to say this in the meeting?’, rather than ‘How am I going to move this meeting forward?’,” says Julie. “When people aren’t on high impact teams or interested in their team’s success so much as they are protecting themselves, then you’re not getting the same level performance. That’s very inefficient and productivity and profitability suffers.”
Transparent communication
Inspiring employees to work as a team is in ongoing process that requires dedication, empathy, and strategic planning, especially at the beginning.
“If you’re lucky enough to build your team, you want to hire for those emotional intelligence skills right off the bat,” recommends Julie. “So often, when we’re looking at resumes, we look at all those technical skills and abilities and past experiences, but we’re not thinking about ‘Do they have the social skills to fit well on this team? Are they a pleasure to be around?’.”
Effective teamwork hinges on open and transparent communication and leaders should encourage a culture where team members feel comfortable sharing ideas, feedback, and concerns. Regular team meetings, open-door policies, and collaborative tools can facilitate better communication. Also, listening actively and valuing each member’s input not only improves decision-making but also builds trust and mutual respect among team members.
Julie encourages leaders to ensure their employees learn to ‘fight fair’ by giving them the skills they need to engage with each other proactively and productively.
“This can prevent the blowouts and the spread of underground toxins because you’re dealing with things and teaching them to deal with things right away, instead of noticing something that seems ‘off’ and ignoring it.”
Ongoing training important
Leadership is not just about giving orders; it’s about setting an example. When leaders demonstrate the values and behaviours they expect from their team, they build credibility and respect.
For instance, showing a collaborative spirit, being open to feedback, and displaying a strong work ethic can inspire employees to mirror these traits. Authenticity and consistency in actions are vital - employees are more likely to follow a leader who walks the talk.
This may require ongoing training for leaders, says Julie, noting there are many resources available to assist them in developing their leadership skills and that asking for feedback – either anonymously or via a third-party interview - is a great way to ensure they are on the right path.
“How are you perceived? How do people see you as a leader? What are those skills strengths you have that you should really leverage?” she says. “There are different ways to get the feedback safely and that’s going to be important.”
Key strategies to build an effective team:
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The following profile appeared in a special edition of our Insight Magazine celebrating the Chamber’s 100th anniversary
Giving back to his community is something Murray Garlick takes very seriously.
For several decades, the retired Cambridge business owner and long-time realtor dedicated his time assisting the community by volunteering for several prominent organizations, including the Cambridge Chamber of Commerce.
In fact, when Murray was elected president of the board of the newly formed Cambridge Chamber of Commerce in November of 1972 at the age of 30, he was one of the youngest leaders in the Chamber movement provincewide.
“It actually melded together pretty well,” he says of the organization which officially came into being two months later when Galt, Preston and Hespeler amalgamated Jan. 1, 1973. “There was a fair bit of diversification on the board. We had lawyers, retail, and commercial reps which was healthy.”
This new business organization, created through the amalgamation of the Galt and Preston Chambers of Commerce and the Hespeler Retail Merchants Association, consisted of 24 board members including vice-presidents and members from all three of these organizations, among them the late Bert Boone, a local councillor and realtor, and Bob MacDonald, who owned McDonald Steel Ltd. in Preston.
Valuable business knowledge
“I welcome the responsibility of leading a team of such outstanding calibre,” Murray was quoted in the media at the time in 1972. “We have a lot of hard work ahead of us, but we’re convinced that we have a vital and important role to play in the new City of Cambridge.”
He had already been an active member of the former Galt Chamber for four years prior to serving as its retail committee chairman and vice-president, so he was more than familiar with the Chamber world.
Murray also brought a wealth of business knowledge to the organization where he would serve as board president for two terms - in 1973 and from 1983 to 1984.
“It was sometimes a hard sell. A lot people would ask ‘Why do I need the Chamber of Commerce?’,” he says, referring to those early days. “But the thing that really brought the Chamber together was when Art Mosey (formerly of Marshall Insurance Brokers Limited and later BGM Financial) proposed the group insurance plan.”
He says having that plan significantly boosted the Chamber’s membership, which up until that time consisted primarily of retail businesses.
“It became attractive for different industries to now join the Chamber in order to get in on the plan,” says Murray, noting that many retail businesses began to suffer when the John Galt Mall (now the Cambridge Centre) opened in 1973. “It was very viable in downtown Galt. The stores were all full and at one time, there were six or seven menswear stores.”
To keep that momentum going, he also played a key role in establishing the Downtown Cambridge Business Improvement Area (BIA) in 1976. The same year the Preston Towne Centre Business Improvement Area was also created.
Giving back important
Murray served as chairman of the downtown BIA as well and believes it was one of the first in Ontario, requiring him to visit Ottawa to see what systems were used in operating its BIA. He’s quick to point out the significant difference a between Chambers of Commerce and BIAs.
“The BIA is a retail association and it’s concentrated in just one area,” says Murray, noting at the time the organization put most of its efforts into projects to beautify the city’s core.
He spent 11 years as a downtown business leader, first with Walkers Stores on Main Street where he had been the youngest store manager in the company’s history before leaving to take over ownership of Barton’s Men’s Shop, another downtown menswear store located a few doors away, changing its name to Garlick’s Men Shop.
Tough economic times prompted him to make a difficult decision and give up his shop but in turn sparked a successful 38-year career in real estate, bringing his decade-long relationship with the Chamber to an end when he became president of the local real estate board.
“I was on that board (real estate) for quite a while,” says Murray, who is now enjoying retirement alongside his wife, Susan, spending his time golfing at the Galt Country Club and volunteering three times a week at Cambridge Memorial Hospital – both located a short distance from the couple’s long-time home.
He credits his late father, Fred, who was known as ‘Mr. Guelph’ due to his community involvement which included a stint as board president of the Guelph Chamber of Commerce, for instilling the importance of giving back.
“My father always told me that if someone has a situation, and they are in trouble and you’re capable of helping them, then you help them,” says Murray. |
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The following profile appeared in the spring edition of our Insight Magazine celebrating the Chamber’s 100th anniversary
Like many couples, Art and Deb Mosey share many similar interests.
But it was their mutual interest in promoting the success of the business community that would eventually bring the pair together many years ago when they found themselves enveloped by their work for the Cambridge Chamber of Commerce.
“It was essentially a retail operation then. I think it had a couple of hundred members in Galt,” says Art, describing how the Chamber’s membership looked when he first arrived in the area in the early 1970s.
“The downtown back then was really thriving,” says Deb, who had already been immersed in the Chamber world since her father, the late Don Faichney, became general manager of the former Galt Chamber of Commerce two years prior to the big amalgamation.
“The funny things my sister and I did for dad and the Chamber,” laughs Deb, recalling how they once dressed up as ‘Easter bunnies’ as teens to promote a raffle the organization was running.
She pursued a career in nursing before returning later as a Chamber volunteer after her mother, Betty, became general manager of the still relatively ‘young’ Cambridge Chamber of Commerce in 1975 after her father passed away.
A paid position developed for her in the early 1980s when the Chamber struck a deal with Bell Canada to temporarily house its payment office at its headquarters in Preston after the company closed its Cambridge office.
“The Chamber took that on as a contract so people could still come into the office and pay their bills,” says Deb, who was hired to spearhead this service. “They didn’t know who to hire for this position because nobody was really interested working a six-to-nine-month contract.”
That led to an administrative position at the Chamber overseeing its group benefits program, which was launched to coincide with the amalgamation of the former Galt and Preston Chambers of Commerce and Hespeler Retail Merchants Association on Jan. 1, 1973 – the same day the City of Cambridge was officially born.
Benefits package program a hit
“The benefits package certainly broadened the horizon of bringing in Chamber members who were in manufacturing, or were service or supply industries,” says Art. “It broadened the scope of the different types of members.”
To say he knew the power of the program, the first of its kind for Chambers in Canada, is an understatement since Art was its official ‘architect’ after arriving to Cambridge that year to work for Marshall Insurance Brokers Limited (now BGM Financial) to develop its Employee Benefit and Life Insurance business.
Art had connected with the local company while still working for a large Toronto brokerage and implemented this new local plan following a year of intense study, which included reaching out to Cambridge businesses.
“We were able to bring a lot of new members with that plan. Most of them were smaller industries, plus we had an upper-level tier for larger companies where they could participate and get discounts,” says Art. “It was unique in its formation and was copied by the national plan (Canadian Chamber of Commerce).”
Creating the plan also gave him valuable insight into what the Chamber did for businesses and after being elected to the board, found himself moving up the ranks to serve his first term as board president in 1978, followed by a second term in 1991-1992.
“I think the general public maybe has never really appreciated the scope of the Chamber and its relationship with provincial and national Chambers to have more clout and knowledge in certain government areas,” he says. “Chambers are a voice and a very powerful voice throughout the country.”
Closer to home, Art says the Chamber, particularly in the 1970s, kept a very close eye on local government and served on its Government Relations committee.
“I sat on that committee making sure the city didn’t screw up,” he jokes, adding how Chamber staff and board members often attended city council meetings and reported back to the board. Art jokes city staff often inundated the Chamber with pages of minutes from its meetings, making it nearly impossible to review them in time to present a report at board meetings.
“I think they purposely swamped us with paper,” he laughs. “We became the critics of municipal politics, and that’s not to say we also didn’t criticize provincial and federal politics as well.”
Chamber has always advocated for businesses
Deb says at the time, there was not much trust, especially in regional government, following Cambridge’s amalgamation.
“With the amalgamation, I think people were on edge because they thought they were losing their identity,” she says, noting the businesses in the Chamber were a very cohesive group following the amalgamation. “Trust was built over time.”
Art agrees.
“The Chamber was considered advocates for business in a big way and that was the role we played, but it became more harmonized as time went on and we realized we didn’t need to be such big critics when municipalities did something,” he says. “We could find areas of common ground where we could convey our side of the story without blasting opinions out in news articles.”
Deb left the Chamber in the late 1990s to work with Art at BGM, where they soon married. Art and Deb sold BGM in 2006 but stayed on an additional three years to manage the transfer of ownership.
“You can only carry on in business for so long,” he says, adding being part of the Chamber was, and remains, a great way to be part of the community. “You really get to know what’s going on in the city and its relationship to other communities.” |
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Sometimes, yes only sometimes, do I feel sorry for elected officials at all levels. Now is one of those times, however, I also firmly believe it is their own doing. Some of the problems the Chamber and our colleagues provincewide and nationwide are dealing with right now is ensuring that all the issues related to businesses can get highlighted and dealt with.
The reason I say much of this is of their own doing is because, in fact, it is either the action government officials have taken, or it’s their inaction. This is, without question, a result of simply not paying attention to what is happening in the world of business.
Earlier this year, our former Past Board Chair Kristen Danson and I converged on Queen’s Park in Toronto for the Ontario Chamber network’s annual ‘Advocacy Day’ event. This was a time for us to meet with senior government officials and lay out the issues and solutions they can implement to assist businesses.
While this is extremely valuable and important, this is often just the beginning of the process. The wheels of government turn very, very slowly; Ontario Premier Doug has said this to me personally and that he is as frustrated as many of us are as well.
At some point, however, we need to get our provincial and federal governments to act, and act as quickly as we need them to act.
Connecting people is our job
Local governments are not any different, which is what I hear nearly daily from a business owner, contractor, or developer who is in the process to get some of the simplest answers out of City Hall. These answers can often take far too long and require correction. In some ways, I think politicians need to stay out of the way because they often slow the process down, but at the same time should be involved to insist on immediate action.
Another vital job we have as a Chamber is connecting people. You see, no one has ever purchased a major product or service from a company. You don’t buy a car from the manufacturer; you buy it from the salesperson at the dealership.
People are the endearing element in the equation of sustainable economic prosperity. So, we embark down the path routinely by creating programs and events that centre on connecting one another.
Among these is our new Chamber Circles mentoring program which enlightens participants on connecting and benefiting from each other's experiences and knowledge. As well, our staff regularly facilitates meetings with buyers and sellers to ensure that everyone understands we all do business with people we know, like and trust.
And finally, bringing our community together in these ways, working hard on behalf of our business community and the broader community to find solutions to our problems is at the core of our existence in this community.
It is why we’ve had 100 successful years of building, fostering, influencing, and leading our community in many different directions. We connect, we influence, we drive, we solve, and we are committed to you and this community today. We expect to be here for at least another 100 years, ringing a bell which tolls for you, too.
- Cambridge Chamber of Commerce President and CEO Greg Durocher |
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One hundred years (plus) of economic history in our community is truly something that needs to be unpacked and we have been working hard throughout this year to capture some of those highlights over those years, even stretching back to the 1800s. Cambridge (Galt, Preston, Hespeler, and Blair) has always had a strong beat in its heart for industry. It’s not surprising since being located at the convergence of the Speed and Grand rivers where the water moves at a pace fast enough to turn mills that we quickly became a prized location to build business and community in the early days of industrialization of this country. I am sure that has been our collective “secret sauce” over the years. Our predecessors were innovators, dreamers, and action oriented. I can recall when I served on Cambridge City Council in the 1990s, walking along the Grand River on the Linear Park Trail with a senior staff member from the City discussing a ditch that ran adjacent to the river and the trail because it seemed an odd anomaly for nature to have left behind. I discovered nature wasn’t involved at all. In fact, during the early days of community building an early settler had come to Preston to find a place to build his mill operation. The Linear Park area, undeveloped, looked like the right spot to do that so he started to dig the waterway for the mill. Just as he was ready to open the ditch to the incoming water that would power the mill, his river access was denied, abruptly ending the project which, as memory serves me, was later revived in Hespeler. However, if you head out for a walk along Linear Park Trail today, you can still see the ditch, now overgrown, but still there.
Chamber history is your history
In the spring edition of our Insight Magazine, you will find some fascinating information on the building of this community and the integral part business played in that. The Chamber’s history is your history and the business community’s history tells the story of how we became who we are today. Innovation, determination, dedication, and a love for our community have always been the driving force behind our Chamber of Commerce. When we look around our community, we see evidence of our impact on the world. For instance, IMAX creator Graeme Ferguson was a Galt Collegiate Institute grad, and one of his partners Robert Kerr, former owner of Kerr-Progress Printing Company was mayor of Galt, and later Cambridge. Also, Cambridge-based Heroux-Devtek Manufacturing built the landing gear for the Apollo Lunar Module that landed on the moon. As well, COM DEV (now Honeywell) developed a spinoff company called exactEarth Ltd. (now Spire) that monitors all the shipping traffic in the world via low earth orbiting satellites which were built right here in Cambridge. That same company is also responsible for developing the key equipment on the James Webb Telescope which now allows us to see back in time to “first light”. These are just a few of countless others who are changing our world for the better, every single day. The Chamber solidified its purpose for existing through the pandemic, amplifying its dutiful responsibility for ensuring the voices of business are always heard and that economic vitality remains our No. 1 priority. We have always insisted the community’s problems become our problems to solve, and that we connect the community to those who can develop, provide, and inspire solutions that champion economic growth.
Test kits helped businesses
During the pandemic, even the Federal Government couldn’t figure out how to distribute COVID test kits to small businesses, that is until they mentioned their troubles to me. On a cold Saturday in March of 2021, I suggested to the Assistant Deputy Minister on the phone that the Chamber of Commerce could get them out faster than anyone, and we would be happy to help. Within a couple of weeks, we had thousands of rapid screening kits piled up at our Hesepler Road office and within a month, every Chamber of Commerce in Canada was distributing the kits to small and medium-sized businesses from coast to coast. Locally, we distributed about 1.5 million kits, and collectively Canadian Chambers of Commerce distributed more than 15 million. These kits not only assisted businesses stay open despite a tight regulatory environment but helped keep workplaces safe and employees feeling safe at work, which in turn saved lives. The Chamber is the place to turn when problems require solutions, where things need to get done, and where momentum must be forward moving. That is what we do day in and day out, and that is what we’ve done for the past century on your behalf, always keeping you in mind and community in our heart. We are just celebrating now the impact we’ve had in the past 100 years, which serves as a reminder that we have lots of work to do. The next 100 years begins right now!
- Cambridge Chamber of Commerce President & CEO Greg Durocher |
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In the competitive landscape of modern business, having a strategic plan is essential for long-term success.
A strategic plan serves as a roadmap, guiding an organization toward its goals and ensuring that every action taken is aligned with its overall vision, mission, and core values, which are foundational to all subsequent planning and decision-making processes.
By defining these elements, an organization can ensure that all employees understand the overarching goals and are working cohesively towards the same objectives. This unified focus prevents efforts from being scattered and ensures that resources are allocated efficiently.
But determining when the right time is for an organization to review and update its strategic plan is something that leadership should always keep in mind, suggests Peter Wright, President of The Planning Group.
“If you have a strategy that you’re going to grow in this particular direction and all of a sudden the world around you is changing from a competitive perspective, then you need to be able to adapt to that,” he says. “A strategic plan really never lasts for more than three years.”
Peter recommends never leaving a plan ‘on the shelf’ during that time, and depending on the industry, supports a refresh within at least a year, followed by a performance review on a quarterly basis.
Planning establishes benchmarks
“Most of the companies we deal with are on a good trajectory already, with good leaders and customers who trust them,” he says, adding most companies can advance with ongoing operational improvements but that good strategic planning can help them advance even further. “The very act of planning should take you to a new place where you wouldn’t have arrived otherwise.”
A good strategic plan also establishes benchmarks and key performance indicators (KPIs) that are essential for measuring progress. By setting specific, measurable goals, organizations can track their performance over time and make informed adjustments as needed. This continuous monitoring and evaluation process ensures that the organization remains on track to achieve its long-term objectives and can respond swiftly to any deviations.
Organizations that operate without a strategic plan often find themselves reacting to changes and challenges as they arise. This reactive approach can lead to hasty decisions that may not align with long-term goals. Conversely, a strategic plan allows an organization to anticipate changes, identify potential obstacles, and develop strategies to mitigate risks. This proactive stance enables businesses to navigate uncertainties with confidence and agility.
Surprisingly, Peter says the benefits of updating a strategic plan may not be obvious to many business leaders, and that some go through the process because they feel it’s expected.
“A lot of our clients come to us under the assumption they want to change their strategic plan because they just always do a strategic plan,” he says.
Plan should focus on the future
A strategic plan is not just a document but a vital tool that guides an organization toward its future goals. It provides direction and focus, enables proactive management, ensures efficient resource allocation, facilitates performance measurement, boosts employee engagement, and secures a competitive advantage.
For any organization aiming for sustained success, investing time and effort into developing or updating a comprehensive strategic plan is indispensable and doesn’t have to be an insurmountable task, says Peter.
“With our clients, we’re always trying to set the bar at a place that will scare them a bit, but not so much so they say, ‘that’s aspirational and we’re not actually meant to get there’,” he says, adding a good plan should always focus on a specific, tangible, practical and measurable view of the future.
In terms of the process itself, Peter says businesses often get bogged down in creating or updating a strategic plan that is too detailed which can sour the whole experience.
“We often mistake detail for rigor, so we make these processes so detailed and put so much detail into a strategy that’s never going to come to fruition, and then it does become a big chore,” he says. “It shouldn’t be a chore. It should be something that excites and enthuses people.”
Reviewing a strategic plan is crucial for a business due to several key reasons:
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A large majority of Canadian businesses are sluggish when it comes to the adoption of Generative Artificial Intelligence (Gen AI), according to the results of a recent report by the Canadian Chamber of Commerce’s Business Data Lab (BDL).
The 38-page report details how a multitude of barriers, along with a lack of trust in the new technology, could impede the adoption levels needed to improve Canada’s economic growth.
Locally, the report shows that 11% of businesses in Kitchener-Waterloo and Cambridge are "using", or "planning to use" Gen AI, compared to 18% in Toronto or 15% in Ottawa.
The report, Prompting Productivity: Generative AI Adoption by Canadian Businesses, underscores how Gen AI (referring to Large Language Models bases and the practical applications built on top of them) can help tackle one of the most significant economic challenges facing Canadian prosperity and standard of life — low productivity — while also exploring what is holding Canadian businesses back from adopting AI technologies.
The results detailed in the report, compiled from a survey of 13,327 businesses in January and February of this year, shows that larger businesses are nearly twice as likely to adopt Gen AI compared to smaller businesses. Overall, the data shows that one in seven businesses (roughly 14%) – mostly larger businesses and industries with highly educated workers – are Gen AI adopters.
Patrick Gill, BDL's Senior Director of Operations and Partnerships, and the report's lead author, says he's surprised more small businesses haven't been embracing this new technology.
“I’ve never run into a small business owner who wasn’t run off their feet and wearing multiple hats or wish they could replicate themselves,” he says. “But that’s the nice thing about this tool. With little or at no cost a small business owner or team can leverage this to fill in some of their existing skills gaps.”
According to the report, the top three industries adopting AI includes information & culture (31%), professional services (28%), and finance and insurance (23%). The two lowest to adopt are agriculture, forestry, and fishing (8%) and construction (7%).
Building trust an issue
Patrick says historically, larger businesses usually face more barriers adopting new technologies due to the fact their operations are more complicated and often have technology ‘stacked’ on top of each other.
“Smaller businesses usually face less of a challenge,” he says. “Their biggest challenge has usually been ‘Do I have the money right now to invest in a new technology?.”
Besides potential costs, trust is also a key issue.
“Public trust and the perception of AI will definitely play a crucial role in the adoption of the technology going forward,” says Patrick, noting a survey released last year indicated that Canada was the third most pessimistic country in the world and that only 38% of Canadians view AI in a positive light, slightly ahead of those in the U.S. and France.
Patrick says the Business Data Lab report also indicates that people are nervous about what the adoption of Gen AI will mean for their jobs and notes most agree change will come in the way they conduct their jobs, versus losing them outright.
“Right now, the technology is predominantly being used to augment workers’ abilities and not to replace them entirely,” he says, adding many are looking at Gen AI as a tool that can accelerate production and improve quality and services in effort to reduce costs. “That’s incredibly important during this time of a high-cost operating environment.”
From a global perspective as interest in Gen AI continues to grow, the report indicates that Canadian businesses need to move fast to gain a competitive advantage over global competitors. Low productivity and business investment puts Canadians’ prosperity and living standards at risk and its GDP per capita is now significantly below the U.S. and the OECD (Organisation for Economic Co-operation and Development) average.
Businesses must ‘innovate or die’
“Gen AI is a generational opportunity to boost Canadian productivity at a time when our performance is steadily headed in the wrong direction. The time to prompt productivity and act is now. Canadian businesses must innovate or die, and that means embracing Gen AI,” says Patrick. “While adoption has begun in every industry, it’s likely not fast enough for Canada to be competitive on the global stage, especially since three in four Canadian businesses still haven’t tried Gen AI yet.”
Based on two adoption scenarios (“fast” and “slow”), the Canadian Chamber of Commerce’s BDL projects that Gen AI adoption by Canadian businesses will reach a tipping point of 50% in the next three to six years. This may seem fast but is probably not fast enough to keep pace with global leaders. Businesses in the U.S., China and several European countries are investing heavily in AI, likely outpacing Canadian investment.
“Those who move first basically set the standards and capture the largest market share,” says Patrick. “And everyone else is perennially playing catch up.”
He hopes the findings in the BDL report may gently ‘nudge’ businesses into more experimentation when it comes to adopting Gen AI.
“There are so many low costs and no cost options available, so experiment and give it a try,” says Patrick, explaining how AI can assist with creating emails, marketing, and promotional content, and well as new visuals. “Use and test it and eventually you’ll find a way.”
Click here to the read the report.
Key findings from the report
Recommendations for business
Innovate or die: Canadian businesses need to move fast to gain a competitive advantage over global competitors. With Gen AI so accessible and applicable for every type of business, there is little excuse for Canadian businesses to sit on the sidelines.
Pilot projects that measure uplift: Start with small pilot projects to validate the feasibility and impact of Gen AI. Compare metrics (e.g., efficiency, costs savings and revenue generation) before and after its implementation.
Change management and employee training: Prepare employees for the adoption of Gen AI. Provide training sessions, workshops, and resources to help them understand the technology and develop new workflows.
Strategic alignment: Align Gen AI adoption with overall strategic goals. Identify where Gen AI can enhance existing processes, improve customer experience, or drive innovation.
Data infrastructure and governance: Invest in robust data infrastructure and governance practices. High-quality data is essential for training Gen AI models. Ensure data privacy, security, and compliance.
Talent acquisition and retention: Attract and retain talent skilled in Gen AI. Recruit data scientists, machine learning engineers and domain experts who can develop and deploy Gen AI solutions.
Investment in cloud infrastructure: Leverage cloud platforms for scalable computing power. Cloud services facilitate model training, deployment, and maintenance, allowing businesses to experiment and iterate efficiently.
Leverage public resources: Move faster by basing policies on the federal government’s Guide on the use of Gen AI or tapping available funding, such as the NRC’s (National Research Council of Canada) IRAP AI Assist Program. |
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The health and well-being of its operator or owner is a critical, yet often overlooked element in the day-to-day operations any business. Many small and medium-sized enterprises (SMEs) and even some larger businesses hinge on the vision, leadership, and daily involvement of their owners.
But what happens if the owner suddenly falls ill and is unable to fulfill their role? It’s a situation, says Linda Braga, that many business owners do not think about.
“It’s not even at the forefront,” says Linda, Business & Executive Development Specialist with LMI Canada, which has provided leadership development for more than 50 years. “I think there is a real lack of awareness because no one wants to think about facing an imminent illness.”
In fact, according to a recent StatCan figure, only 15% of business owners actually have a contingency plan in place for themselves in the event of illness.
“That’s very surprising,” says Linda. “In light of what happened with the pandemic and contingency planning, it is something that leaders should have in place.”
A contingency plan serves as a blueprint for maintaining operations when the owner is incapacitated. It outlines clear procedures and assigns responsibilities to other key team members to ensure that the business continues to run smoothly. This foresight helps prevent disruptions that can lead to lost revenue, decreased customer satisfaction, and potential long-term damage to the company’s reputation.
Demonstrating resiliency
“We know that in leadership resilience is the theme and having a contingency plan is just demonstrating a company’s resilience to ensure that they are not going to be impacted in a negative way,” says Linda, adding that for many leaders, their business is essentially their ‘babies’. “Wouldn’t you want to ensure if something happens that it is going to be taken care of?”
She believes fear of showing any vulnerability is not necessarily the reason many business leaders appear to be hesitant to put plans in place, but pertains more to a time management issue.
“They are just so busy with everything that they’re doing. It’s not their priority,” says Linda, adding some fully trust their team will be there to ensure the business continues to smoothly operate and leave no plan in place. “They have to realize when it’s not written in stone or a procedure that’s written out it can create ambiguity and lead to decision paralysis with the leaders and management that’s left behind.”
She says knowing there is a plan in place can significantly reduce stress and anxiety for the owner, their family, and the entire organization. It provides peace of mind that the business can withstand unforeseen challenges, allowing everyone to focus on recovery and continuity rather than crisis management.
“If you’re dealing with an emergency, why would you want to add any additional stress?” says Linda. “All of your top-level management should have a contingency plan in place.”
By preparing for the unexpected, businesses can safeguard their operations, protect their stakeholders, and ensure long-term sustainability. Every business, regardless of size, should invest time and resources into developing a robust contingency plan, securing its future against looming uncertainties.
Preparing for a scenario where the business owner suddenly falls ill and must take a leave of absence is crucial for ensuring the continuity and stability of the business. Here are several strategies a business can implement to be well-prepared for such a situation:
1. Develop a Comprehensive Succession Plan This involves identifying key personnel who can step in temporarily and ensuring they are adequately trained. The plan should include:
2. Document Key Processes and Procedures Having detailed documentation of all critical business processes is essential. This should include:
3. Implement Robust Communication Systems Ensure there are systems in place for seamless internal and external communication:
4. Leverage Technology Utilize technology to maintain business operations smoothly:
5. Financial Preparedness Ensure the business is financially prepared to handle the owner’s absence:
6. Legal and Administrative Measures Take care of legal and administrative preparations:
7. Training and Development Invest in continuous training and development of employees:
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Brian Rodnick 214 October 7, 2024 |
Greg Durocher 41 July 28, 2023 |
Canadian Chamber of Commerce 24 January 29, 2021 |
Cambridge Chamber 2 March 27, 2020 |