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As 2025 kicks off businesses must adjust to an economic landscape shaped by technological advancements, inflation, shifting consumer expectations, and global challenges. 

Therefore, preparing a business for the future requires strategic foresight, innovation, and a commitment to meeting emerging demands, something Peter Wright, President of The Planning Group, is very familiar.

“In my view, businesses this year should be focused much more on margins and pricing gains,” he says. “If they haven't already made big pricing gains post COVID, they should be saying where can we increase prices?”

Peter says whether the business is B2B or B2C, operators should be pondering how they can increase that component of profitability. 

“Most of the focus for a lot of businesses should be on trying to make those gains at the margin level partly through pricing, but partly through reducing the cost of goods rather than trying to make a bunch of cost cutting exercises in overheads because a lot of businesses have done that,” he says, noting the urge to reduce staffing costs is often very tempting. “They might say, ‘We’ve got this open position, so let’s just not hire someone for it’. But that position could be the thing that’s actually tied to an incredible value proposition the business is trying to achieve.”

Cutting staff can hurt business

Reducing staff can also lead to increased workloads for remaining employees, causing stress and burnout. Often, when employees feel overburdened and undervalued, their productivity declines, and engagement wanes.

Also, customer expectations are set to rise in 2025, with consumers demanding faster service, personalized interactions, and consistent quality and cutting staff can often compromise a company's ability to meet these demands. Longer response times, lower service quality, and limited innovation can erode customer loyalty, driving them to competitors.

As well, cutting back on staffing and spending often leads to a reduction in resources allocated to research and development (R&D) and other innovation-focused initiatives. Without investment in new ideas and technologies, companies risk falling behind competitors who are better equipped to adapt to changing market conditions.

Peter refers to the philosophy of author and business guru Tom Peters, and his book The Circle of Innovation: You Can’t Shrink Your Way to Greatness. “You can’t cut and cut and become a great enterprise,” he says.

Avoid being opportunistic

“I think for all businesses, not just small businesses, should be saying how can we differentiate? How can we set ourselves apart and how can we then not turn around and sell that?” says Peter, adding having everybody in the organization develop a strong a belief in the value of what it is they are selling is key to making that a reality.

He warns businesses not to be too opportunistic when it comes to mapping out their growth plans for 2025 and beyond.

“To me, the big misstep is being opportunistic and not actually clearly articulating where you're going to get your growth from,” says Peter, adding that ‘chasing rabbits’ - coining a phrase from an old Russian proverb – will not be good for business. “It goes, ‘If you chase two rabbits, you will not catch either one’; it teaches us that trying to achieve two things at once will be unfruitful.”

Strategies to ensure your business remains competitive and aligned with the needs of 2025:

1. Embrace Digital Transformation

Companies should invest in cutting-edge technologies such as artificial intelligence, machine learning, and automation to optimize operations, improve customer experiences, and streamline workflows. Additionally, businesses must adopt cloud computing to enhance scalability and flexibility, ensuring they can quickly adapt to market changes.

2. Focus on Sustainability

Businesses should adopt eco-friendly practices, such as reducing carbon footprints, sourcing sustainable materials, and implementing circular economy models. Transparency in environmental, social, and governance (ESG) efforts will not only improve brand reputation but also ensure compliance with stricter regulations expected in the coming years.

3. Leverage Data-Driven Decision Making

Companies must invest in analytics tools to gain actionable insights into customer preferences, market trends, and operational inefficiencies. By using predictive analytics, businesses can anticipate customer needs and stay ahead of competitors. Data privacy and security should also be top priorities to build trust with customers and comply with stringent data protection laws.

4. Prioritize Employee Development

Businesses should prioritize reskilling and upskilling their employees to keep pace with technological advancements and market demands. Offering flexible work arrangements, fostering inclusivity, and creating a supportive workplace culture will also help attract and retain top talent in 2025.

5. Enhance Customer-Centricity

Businesses should leverage omnichannel strategies to provide seamless and personalized customer experiences across digital and physical touchpoints. Incorporating AI-driven chatbots and virtual assistants can enhance customer support, while loyalty programs can help retain existing customers.

6. Adapt to Global and Local Trends

Companies must stay informed about global market trends while tailoring their offerings to meet the unique needs of local consumers. Geopolitical shifts, supply chain disruptions, and economic volatility also require businesses to maintain agility and resilience.

7. Foster Innovation and Agility

Encouraging creativity, experimenting with new ideas, and learning from failures are essential for staying relevant. Additionally, adopting agile methodologies can help organizations respond swiftly to changes in the market and customer demands.

The following column by Cambridge Chamber President and CEO Greg Durocher appears in the winter edition of our INSIGHT Magazine

There’s a chance we might be panicking over nothing after Donald Trump was again elected this past fall as President of the United States, defying political norms in a way few others have.

Despite being a convicted felon—yes, by a jury of his peers, not a partisan judge—Trump secured his return to the highest office in the land, with a staggering 34 convictions under his belt. His campaign rhetoric was, as always, polarizing and often crossed the line of decency. 

Politics has clearly changed since there was a time when even a fraction of Trump's controversies would have ended a political career. Yet here we are. Some Canadians celebrated his victory, but it perplexes me why anyone north of the border would since he has demonstrated little regard for Canada, dismissing us as an afterthought despite our deep economic ties.

The truth is America’s prosperity is intrinsically linked to our resources and partnership.

Canada: An Indispensable Ally

Consider this: 60% of the crude oil the U.S. consumes comes from Canada. Saskatchewan supplies uranium, which is essential for energy production and national security, and potash essential for the agriculture industry. Quebec powers the northeastern United States with hydroelectricity. Alberta’s natural gas and Canada’s aluminum and steel exports are cornerstones of U.S. infrastructure.

But what would happen if we turned off the taps? A trade war would hurt us both, but Canada’s contribution to the U.S. economy is undeniable. Trump’s focus should be on challenges like China and Russia, not antagonizing U.S. allies.

Revisiting NAFTA and Trade Tactics

However, his threats are nothing new since we’ve seen this playbook before. In 2016, Trump declared NAFTA (North American Free Trade Agreement) dead, demanding a "fair deal." After much posturing, the agreement was merely updated—something long overdue. Trump called it a victory, and his supporters cheered him on, but the changes were only modest at best.

Similarly, his famous promise to build a wall funded by Mexico resulted in just 732 km of construction—most of which replaced existing barriers. Mexico, of course, didn’t pay a dime and some of the "new" wall even deteriorated quickly, bogged down by allegations of corruption among Trump’s staff.

The Reality of Trump’s First Term

Let’s be honest—Trump’s first term was marked by unfulfilled promises and many controversies. His pandemic response was completely disastrous, with state governors openly criticizing his lack of leadership. Who could forget his infamous suggestion to inject bleach as a COVID-19 treatment? Why would a person even suggest that? Trump signed agreements that drove up gas prices, contributing to inflation.

Running a country is vastly different from running a private business, and Trump’s approach often revealed his lack of governance expertise.

What’s Next?

His 25% tariff plan threat on Canadian goods are likely bluster—an opening gambit to pressure Canada and Mexico into renegotiating trade agreements. It really is a strategy very reminiscent of his NAFTA theatrics.

In the end, we’ll likely see a slightly revised deal that Trump will tout as another one of his "wins." Of course, his base will applaud, despite little substantial change.

Canada’s Challenge

For Canadians, Trump’s presidency is very concerning since his leadership style— always chaotic and self-serving—offers no real benefit to Canada. Therefore, we must brace ourselves for uncertainty and prepare to protect our interests.

Meanwhile, south of the border, Americans will face the consequences of his polarizing and often ineffective leadership.

In the end, Trump’s bravado may have won temporary support from his base, but we must remember it’s critical to separate rhetoric from results. As the old saying goes, “Be careful what you wish for—you just might get it.”

The end to the recent Canada Post strike came as welcomed news to many businesses but it has inevitably raised concerns about the reliability of one of Canada’s primary delivery services.

While strikes are not uncommon, the disruption they cause can have lasting effects on stakeholder confidence. For many businesses, especially small and medium enterprises (SMEs), this disruption may have eroded trust in Canada Post as the overall impacts continue to be tallied. 

“This has been totally devastating to us and our 900 customers,” says Frank Mosey, owner of Tstone Mailing Inc., a Cambridge-based direct mailing business. “Currently, we have lost about 250K in revenue and that pales in comparison to what our customers are experiencing.”

He is not alone. According to Canadian Federation of Independent Business (CFIB) President Dan Kelly, smaller firms had been losing $100 million per day with a total damage of $1.6 billion since the month-long strike started Nov. 16.

“Nearly three-quarters of small firms report they will reduce their dependence on Canada Post going forward, making it even more challenging for the corporation to operate in the future,” he was quoted by the Financial Post.

Reliability an issue

To restore confidence, Canada Post will need to demonstrate its reliability in the months ahead. Proactive measures, such as transparent communication, operational improvements, and compensatory programs for affected businesses, could help mitigate lingering concerns.

“There’s no question about it, there is a lot of Canadian businesses that aren’t going to have faith in the Canadian postal system any longer and they are going to try and find alternative solutions; whether it’s through technology or whether it’s through other services that are available,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “I think the message to Canada Post is ‘you’d better fix what’s wrong’. Canada Post can't keep losing $750 million dollars a year and continue to operate and really needs to figure out how to do things better.”

While he believes Canada Post workers deserve a wage increase and to participate in a fair negotiation, he says the impact of this labour dispute reached the critical stage very quickly and that support for the 55,000 striking Canada Post workers rapidly waned as the strike dragged on. 

Key bargaining issues have centred around potential expansion into weekend deliveries, with the two sides at odds over how to staff the expansion, plus wage increases, a cost-of-living allowance, and more job protections. Canadian Union of Postal Workers (CUPW) members resumed operations Dec. 17 under the terms of the current collective agreements until May 22, 2025.

Businesses need predictability

During the strike, the Canadian Chamber of Commerce network sent two letters to Labour and Seniors Minister Steven MacKinnon and Public Services and Procurement Minister Jean-Yves Duclos, calling for intervention from the Federal Government to end the walkout. The letters were signed by Chambers and Boards of Trade nationwide, including the Cambridge Chamber.

“According to Statistics Canada’s Canadian Survey on Business Conditions, 90 percent of businesses that recently experienced supply chain obstacles expect those difficulties to either persist or worsen over the coming three months,” the second letter dated Dec. 11 stated. “Businesses need predictability in our supply chains, and yet another labour disruption has unfortunately continued the alarming trend of work stoppages limiting Canada’s ability to deliver goods. This issue extends far beyond gifts and holiday cards; it affects the viability of small businesses and families’ livelihoods.”

Greg agrees and says Canadian businesses should not be held responsible for Canada Post, especially if talk of a potential bailout surfaces if the Crown corporation can’t make the necessary repairs to its financial house.

Shipments continue to shrink

“I think Canada Post has to be responsible for itself. Canadian businesses will support it if it takes that responsibility and does the things it needs to do in order to become profitable, or at least break even,” he says.

In terms of finances, according to its 2023 Annual Report Canada Post recorded a loss before tax of $748 million, compared to a loss before tax of $548 million in 2022 and predicts larger unsustainable losses in the future unless structural challenges with its operating model are addressed.

Also, the postal service’s share of the parcel market has fallen to 29 per cent from 62 per cent before the COVID-19 pandemic, as Amazon and other competitors seized on skyrocketing demand for next-day doorstep deliveries. Canada Post’s shipments have shrunk by nearly a quarter since 2020 to 296 million parcels in 2023.

“Businesses are fed up with government agencies and institutions who leave them in a lurch at a very difficult time and they’re going to try find solutions that will give them a permanent fix to the problem,” says Greg. “I’m sure there are many Canadian businesses that have already done that.”

Effective communication is the cornerstone of a successful workplace. 

Whether collaborating on a project, resolving a conflict, or simply exchanging ideas, the ability to communicate effectively can significantly impact productivity, morale, and relationships. One of the most crucial aspects of effective communication is understanding the diverse communication styles present among colleagues.

At the Chamber’s Dec. 12 Business Growth Series session, entitled Understanding Your Workforce to Unleash Their True Superpowers, leadership development consultant Andrew Leith will examine this topic by diving into the psychology of self-perception and how well we understand those around us, especially in the workplace.

Workplaces are often composed of individuals with varied personalities, cultural backgrounds, and professional experiences. These differences influence how people express themselves, interpret messages, and respond to others. By understanding these preferences, teams can reduce misunderstandings, foster mutual respect, and create an environment where everyone feels heard and valued.

“If we can understand how certain people like to communicate, and understand that certain people, including some that are neurodivergent, communicate in certain ways we can then start to isolate which ways are best to communicate with the people in our company,” says  Andrew, President of Octant Executive Advisory Group.

Neurodivergent communication refers to the ways those with neurodiverse conditions, such as autism, ADHD, dyslexia, or other cognitive differences, express and process language, and interaction.

Thinking ‘outside the box’

“But this is about being accommodating to people, whether they’re neurodivergent or not, and hopefully understanding our organizations better and understanding the ‘superpowers’ of the people that work with us and how we can unlock their potential," he says.

To accomplish this, Andrew will lead participants through a few activities to help them to start thinking ‘outside the box’ when it comes to their own communication styles and those around them.

“I’m not going to diagnose people. We’re not here to tell anyone that they are neurodivergent,” he says. “But if we can understand how certain people like to communicate, we can start to isolate which ways are best to communicate to the people in our company.”

As an example, Andrew says a company may have employees who prefer communicating through emails or text messages, rather than Zoom meetings or even face-to-face, while there may be others who do their best work when faced with either longer or shorter deadlines. He says many employers are realizing they can’t paint all employees with the same ‘brush’ when it comes to communication.

“Many have been communicating with the same expectations from day one and now all of sudden they realize they have a diverse group of thinkers and communicators in their company that require a little bit of accommodation,” says Andrew. “We always think of accommodation as being inconvenient, but it doesn’t have to be inconvenient.”

Accommodation can help bottom line

Instead, he says accommodating an employee’s specific communication needs can yield exponential dividends for an organization and can increase the bottom line, as well as strengthen employee retention. 

“Acquiring new employees is an arduous task in Ontario right now and retaining employees is top of mind for everyone,” says Andrew, noting that many Gen X employees have become more focused on quality of life rather than achieving promotions at work.  

In fact, a recent Randstad survey showed that 42% of Americans say promotions in the corporate world are no longer a priority.

“Go back 20 years and was there anyone in the corporate world that didn’t want a promotion?” quips Andrew. “I think that speaks volumes about quality of life and employee retention.”

But understanding communication styles goes beyond day-to-day tasks; it also strengthens interpersonal relationships. When colleagues feel understood and respected, trust grows. For example, some individuals may value frequent check-ins and verbal affirmation, while others might prioritize autonomy and written communication. Recognizing and honouring these preferences demonstrates empathy and consideration, which are foundational to positive workplace relationships.

Andrew hopes this Business Growth session will help employers gain more insight in creating a more diverse and productive workforce.

“If there’s one thing that I hope people will get out of this session is, depending on how large your organization, there’s a good chance you may already have someone working for you that has a lot of the answers you need,” he says. “You just need to create the environment for them to be able to do that.”

The Business Growth Series session ‘Understanding Your Workforce to Unleash Their True Superpowers’ takes place Dec. 12 at the Chamber office from 9- 11 a.m.

Click here to learn more.

The holiday shopping season is a bustling time for many businesses, but it also attracts increased criminal activity.

With higher foot traffic, extended hours, and valuable inventory on display, businesses can become prime targets for theft, fraud, and other crimes.

“It really is going to depend on the type of what business you have,” says Const. Chris Iden, Public Information Officer with the Waterloo Regional Police Service, explaining that putting promotional material or displays at the front of the business often limits visibility inside the store. “Business operators should make sure things are well visible from the outside since a criminal ultimately doesn’t want to be seen when they’re doing their act.”

Also, he says having security cameras is a plus for businesses, noting feasibility is often a big issue especially for smaller ones.

“If people are going to invest in a camera system, which I heavily encourage, just be aware that it’s not always a deterrent. But it does assist in the investigation quite heavily,” says Const. Iden, adding it’s become common for some businesses to be targeted multiple times by thieves. “What’s important is to make sure that you’re not setting yourself up again and you learn how a crime can be prevented from happening again.”

Break and enters a focal point

He recommends communicating with staff when it comes to strengthening your security measures, especially this time of year.

“Your staff is normally the eyes and ears of your business,” says Const. Iden. “They see what is happening.”

In terms of local crime overall, Const. Iden says a key focal point for WRPS is break and enters as well as robberies involving violence and weapons. 

Data shows that the Crime Severity Index (CSI) in the Waterloo Region decreased by 4.4% in 2023, with violent crime severity dropping by 5.7% and non-violent crime severity by 3.7%. These reductions suggest some success in addressing key public safety issues. However, despite this improvement, the region remains the second highest among major Ontario cities for severe crime, surpassed only by Thunder Bay.

“It goes without saying that gun violence throughout the region is a big focal point,” says Const. Iden.

Economic strains, organized crime, and the opioid crisis have been identified as significant contributors to crime in the region, which is why he says community engagement is pivotal. This includes having business owners or their employees immediately report incidents, depending on the situation, which may require a 911 call or by filing an online report.

“We take all that information in, and it helps dictate our strategized policing model,” says Const. Iden, noting the Galt core due its transient population and the commercial area around Hespeler and Pinebush roads due to its proximity to Highway 401 remain ‘hotspots’ for criminal activity in Cambridge.

Police reactively responding

“We have our (WRPS) direct action response team that’s constantly working in these two areas,” he says, adding the WRPS’ community engagement unit works closely with The Bridges shelter when it comes to the city’s unhoused population. “If we can get people to the resources they need and hopefully get them into some kind of subsidized housing, it will address these issues in the long term.”

But in the meantime, Const. Iden says the WRPS continues to reactively respond to calls from businesses, whether it’s a property crime or reports of unwanted persons.

“Businesses are reaching out and they’re curious since things are always changing. It’s hard to forecast how things are going to look in the future, especially since we’ve had such a social dynamic change in the last few years,” he says. “Our call volume is going up every year and it’s one of the challenges we have, but we’re definitely doing our best with what we’ve got, and I can tell you we are aware of the issues happening and are not turning a blind eye.”

Crime by the numbers

Regional stats compiled by the WRPS from Jan. 1-Nov. 14,  2023, and Jan. 1 to Nov. 14, 2024:

Commercial Property Damage

2023: 114 calls

2024: 93 calls

Unwanted persons (Commercial)

2023: 682 calls

2024: 711 calls

Commercial Thefts (Under $5,000)

2023: 322 Calls

2024: 272 calls

Shoplifting (Under $5,000)

2023: 819 calls

2024: 1223 calls

Implementing preventive measures can reduce risks and help your business operate securely. Here are some tips:

1. Secure Your Premises

Install High-Quality Locks: Use deadbolts and reinforced locks on all doors and windows.

Use Security Cameras: Install visible surveillance cameras both inside and outside the premises. 

Adequate Lighting: Ensure all areas around your property, including entrances, exits, and parking lots, are well-lit to discourage criminal activity.

2. Control Access

Restrict Employee Access: Limit who can access sensitive areas such as cash registers, safes, or stockrooms.

Key Management: Implement a key control system to track who has access to keys and change locks if keys are lost.

Electronic Access Systems: Consider using swipe cards or biometric systems for added security.

3. Train Your Staff

Recognize Suspicious Behaviour: Educate employees on how to spot and respond to suspicious individuals or activities.

Handle Cash Safely: Train staff to minimize the amount of cash on hand and make bank deposits at varying times to reduce predictability.

Emergency Procedures: Conduct regular drills so employees know what to do in case of robbery or other emergencies.

4. Invest in Technology

Alarm Systems: Install a reliable alarm system with motion detectors and glass break sensors.

Inventory Tracking: Use inventory management software to detect discrepancies that may indicate theft.

Remote Monitoring: Enable remote access to security systems so you can monitor your business anytime.

5. Collaborate with Police

Build Relationships: Develop a rapport with local law enforcement and participate in community crime prevention programs.

Report Suspicious Activity: Inform the authorities immediately if you notice unusual behaviour or suspect criminal intent.

6. Create a Community Network

Neighbouring Businesses: Share crime prevention strategies with nearby businesses to keep the area secure.

Join Business Watch Programs: Participate in local programs where businesses collaborate to deter criminal activity.

7. Insure Your Business

Adequate Coverage: Ensure your insurance policy covers theft, vandalism, and other potential losses.

Review Regularly: Update your policy as your business grows or changes to maintain adequate protection.

Entrepreneurship is often idealized as the ultimate path to freedom, success, and financial independence. However, the reality is that pursuing an entrepreneurial journey is filled with challenges, sacrifices, and uncertainty. 

For some entrepreneurs, the dream can sometimes become too overwhelming, leading them to consider stepping away from their plans. But this may not be the best course of action, says Keith Peers, owner of T&R Group in Cambridge, a business consulting firm that offers small business growth systems, coaching and strategic planning.

“Generally, true entrepreneurs are visionaries and they’re willing to take risks to do something they believe in,” he says. “If you’re an entrepreneur and you’re passionate about something, listen to yourself. Not others.”

Keith says while consulting with business professionals such as accountants, bankers, or lawyers, is a natural step for entrepreneurs to take, they must also remember these professions are based on risk averse. 

“If you’ve got passion and an idea, the best advice is to look at yourself in the mirror,” he says, noting that many ideas like the Sony Walkman or iPod likely came under scrutiny in the beginning. “First and foremost, do you believe it in your gut that it’s going to work? Is there a market for this?”

Mistakes can lead to learning

Keith says recognizing a want or filling a need can be the key questions at the top of the checklist for an entrepreneur, adding that overcomplicating or oversimplifying the situation when they are developing a business plan are common mistakes.

“It’s finding that balance,” he says. “Rather than have all the possible permutations of what you’re doing nailed down, get it to the point where it’s good enough for now and then you learn, and you can evolve.”

Keith believes when starting a business, an entrepreneur doesn’t really make mistakes.

“A mistake is only a mistake if you don’t learn from it,” he says, noting that even if things aren’t going as planned, they don’t necessarily constitute as a mistake. “Is everything going as planned? Absolutely not. But that doesn’t mean you’re making mistakes.”

Keith says it’s not uncommon for an entrepreneur to ‘fail’ and take several years before achieving success.

“Most would tell you that they failed many times before they succeeded. But it wasn’t really failing, it was learning, and they just took a different approach and maybe tried different things. The only time you give up is when you lose your passion,” he says. “My job as a consultant is to help them get through those tough times so that they can land on something that works and come up something that’s hugely beneficial for society.”

Here’s a few key strategies that can help entrepreneurs stay driven, focused, and resilient, even in the face of setbacks:

1. Set Clear, Attainable Goals

Entrepreneurs often have visionary ambitions but breaking these down into achievable milestones makes them feel more manageable and provides a sense of accomplishment along the way. Setting both short-term goals (like weekly or monthly targets) and long-term goals (like annual revenue or business expansion) creates a balanced road map that keeps motivation steady. Each small win fuels the journey forward.

2. Build a Strong Support Network

A support network of like-minded entrepreneurs, mentors, and even friends and family can provide invaluable encouragement. Networking events, mastermind groups, or online communities offer a place to share experiences and gain advice. Surrounding yourself with supportive people makes you more resilient, especially when you encounter difficult periods. They offer fresh perspectives, validation, and encouragement, all of which help you to stay motivated.

3. Embrace Learning and Personal Development

Embracing a growth mindset – the belief that your abilities can be developed – keeps you engaged and inspired. Take time to read books, attend workshops, or listen to podcasts relevant to your industry. Learning something new that you can apply to your business adds a fresh element of excitement, prevents stagnation, and helps you continuously improve your skills and mindset. Personal development not only enhances your expertise but also brings a renewed energy to your work.

4. Practice Self-Care and Mindfulness

The demands of entrepreneurship can be intense, and burnout is a real risk. To avoid this, self-care and mindfulness practices should be a regular part of your routine. Establishing healthy habits, like setting boundaries and taking regular breaks, keeps your energy high. Practicing mindfulness can also improve focus, making it easier to concentrate on your goals without becoming overwhelmed by stress.

5. Celebrate Your Successes

It’s easy to skip over achievements in pursuit of the next goal. However, celebrating each success, no matter how small, is vital for staying motivated. Acknowledging your accomplishments reinforces positive behaviors and reminds you of the progress you’ve made. Celebrations can be as simple as taking a day off, sharing your success with your team, or treating yourself to something special. 

6. Remember Your "Why"

Entrepreneurship often begins with a clear sense of purpose – a “why” behind the business. Reconnecting with this purpose during challenging times can reignite your passion and give you the strength to keep going. Whether it’s solving a problem, making an impact, or achieving financial freedom, reflecting on your core motivation can offer a powerful reminder of why the hard work is worthwhile. 

7. Adapt and Stay Flexible

Accepting that challenges and failures are part of the journey helps maintain motivation when things don’t go as planned. Instead of seeing setbacks as failures, view them as learning opportunities. Adaptability keeps you moving forward, allowing you to pivot and make necessary adjustments. Being open to change and continuously refining your strategy can reignite your motivation by showing you’re capable of evolving and succeeding.

The small Canadian businesses with high-growth potential and expectations might not be the ones you have in mind, says a new report from the Canadian Chamber of Commerce’s Business Data Lab (BDL).

The report, entitled Scaling Success: The Characteristics of High-Growth Small Businesses in Canada, shows that while many Canadians might think of the tech sector when thinking of firms with high-growth potential and expectations, the common characteristics for small businesses that are most likely to project high growth are, in fact, quite different. These firms typically:

• Have 5–19 employees.
• Have operated between 3–10 years.
• Are in Ontario and Quebec.
• Are based in manufacturing, accommodation and food services, or professional services.
• Are owned by immigrants or visible minorities.
• Are exporters.

The findings in the report do not come as a surprise, says Cambridge Chamber of Commerce President and CEO Greg Durocher, noting the important impact small and medium-sized businesses have on our economy. 

“A lot of people, especially those in decision-making positions of the government, look at small businesses as ‘mom and pop’ organizations on ‘Main Street’, but overlook the fact that even the major employers we have in this country today all started off as small businesses,” he says, noting the success of a previous Cambridge Chamber program several years ago that promoted small businesses called Small Business Too Big to Ignore. “Everything starts small and it’s one step at a time to reach the pinnacle of corporate success.”

According to Statistics Canada, approximately 98.6% of businesses are considered small with less than 100 employees and historically, small businesses have been a key driver of job creation in Canada, employing nearly 70% of the private sector workforce. Despite slower employment growth over the last four years, small businesses continue to account for almost (43%) of all job gains.

Greg says the government, both federal and provincial, must recognize the fact that growing small businesses is the future of economic growth and prosperity in Canada.

Stronger government connections needed

“It’s kind of like nurturing a child. You want that child to be extremely successful and we as parents do things to help that child through the growing and learning years. It’s the same thing government needs to do for small businesses,” he says, adding this is particularly key for a growing number of businesses started by newcomers. “They are coming to Canada for an opportunity and in many cases, they are starting small businesses because they have skills or expertise in other areas but can’t find work, so they create their own opportunities.”

The report details how approximately 12% of small businesses project growth of 11% or more, compared to almost 8% of medium and large businesses. Three percent of small businesses believe they can achieve “high-growth status,” defined as annual growth of 20% or more.

To help small businesses scale effectively, the report recommends public policy that targets firms’ biggest challenges by simplifying financing, reducing regulatory burdens, fostering export growth, and prioritizing upskilling.

To assist, Greg says the government needs to create stronger connections with small businesses which isn’t easy since nearly one and half million exist in Canada and that their ‘voices’ are often watered down. More often, he says decision-makers can easily connect with much larger businesses since there are fewer of them.

“In most cases they are household names and really big companies,” says Greg, noting these same companies often rely on smaller businesses as suppliers. “But the fact of the matter is that small businesses really need a hand up and support to grow to become medium sized or larger employees.”

Chambers a conduit for government

He says Chambers of Commerce, located in most communities nationwide, are the ideal conduit for government to nurture connections with those smaller operations.

“The mantra of ‘Small Business Too Big to Ignore’ is something the Chamber network should be carrying as a banner. That’s our wheelhouse. We have a personal relationship with these businesses.”

The report also underscores increased input costs, inflation, difficulty attracting and retaining labour, and weak consumer demand as key challenges to growth. The most crucial factors for growth include access to financing, the ability to export, technological adoption and a supportive policy environment.

“Canada needs more high-growth firms,” says Marwa Abdou, the report’s lead author and BDL Senior Research Director. “Years of slow economic growth, low productivity and underinvestment have weakened our global competitiveness and resulted in declining living standards for Canadians. Historically, it’s small businesses that have been a key driver of job creation in Canada.”

Click here to read the full report.

The following column by Cambridge Chamber President and CEO Greg Durocher appears in the fall edition of our INSIGHT Magazine

I’m not sure you are with me on this, but I am perplexed and concerned about the anger and vitriol commentary coming from not only politicians, but more so these days from the voting public. 

I recall the early days of the environmental movement and the efforts made to get politicians to believe it should be a concern for everyone, especially now considering the mild winters we’ve been experiencing.  Many blamed politicians for not acting fast enough. However, in all fairness to them, it was the voters who put “climate” further down the list of priorities of what they wanted their government to do for them.

However, it did ignite the creation of the Green Party, and while their optimism and frustration often appeared to be on high volume, back then there wasn’t much name calling, lying, fabricating and conspiracy theories surrounding this issue.

In the 1980s, the Free Trade Agreement (FTA) was the big issue, and the Progressive Conservative Party led by Brian Mulroney won a majority government by making it the focus of the campaign. However, while the Liberals, led by John Turner, and the NDP, led by Ed Broadbent, vigorously campaigned hard against the FTA, there were no stones being thrown, literally or figuratively. 

Today, every social media stream is filled with vitriol commentary aimed not at the ideas, but rather at the people behind them. There appears to be a feeling that we need to beat people down because it’s believed this is the only way to get them to change their minds, or the only way we can convince others to think the same way. 

While Canada’s national election campaign hasn’t started (officially), we’ve seen this scenario play out in the United States’ election race as actual policies have taken a backseat to insults and taunts. 

Democratic process remains

What has changed in politics? Certainly not the process since we live in a democracy that provides us with the opportunity to make, hopefully, an informed a choice every four years after following election campaigns covered by the media. 

Sure, there are some mainstream media (MSM) outlets that have a bias, some more noteworthy than others, but at the core there are facts being reported. Sure, they edit and can pick out the worst of the worst, but it’s not like they are reporting things that didn’t occur.

I remember when John Tory, while vying to be Ontario Premier, supported universal government funding for all schools. Frankly, that wasn’t the whole story, but nonetheless, the MSM reported it and he fell off the cliff in terms of support.

Communication is important and can derail or rev up a campaign.

But today’s election campaigns have turned on the MSM, calling them “fake news”, calling out their reporters, vilifying the industry in favour of… you guessed it, their own made-up reporting on social media. 

Right after the 2015 federal election where Prime Minister Justin Trudeau moved from third place to first place with a majority government, The Globe and Mail published a story stating that former PM Stephen Harper was the most bullied politician in Canadian history. Today, he wouldn’t even be in the top 1,000 and comparatively got off easy because Facebook and X (formerly Twitter) weren’t in the public domain until after he was elected. 

It took a few years for people to understand how easy it was to hide behind a keyboard and say anything they liked.

Social media posts creating chaos

Don’t get me wrong, I love seeing photos online of family and friends living their lives, but there seem to be less of that compared to all the other trash which seems to fill our social media feeds. Someone really needs to figure out how many posts are valid compared to the amount which are strictly someone’s opinion or false. 

I read a tweet recently by someone with 1.2 million followers, a supporter of former U.S. President Donald Trump, who posted that VP Kamala Harris was not eligible to run for President because she wasn’t born in the U.S. Well, despite that some Republicans don’t want to believe California is even in the U.S., she was in fact born in Oakland, CA.

But the problem is, potentially 1.2 million followers of this person may now believe that tweet. I also read a post where a U.S. senator has promised that if the Republicans win the Senate, he is going to reopen the case on former U.S. President Barack Obama’s birth certificate. 

Stupid posts like these create the chaos we are experiencing and now that the horse is out of the barn, there is no putting it back in.  If the executives of these social media giants get a kick out of the chaos they’ve created, they will never do anything to clean it up. Elon Musk has been using his social media platform ‘X’ to campaign for Trump and when he comes across conspiracy commentary, he generally hasn’t rebuked it, instead he retweets it with a “I wonder” attached. 

Is it any wonder that we are having difficulty finding good candidates these days? Who wants to be the target of some tyrannical rage of baseless unvetted information? 

Ignore conspiracy theorists

I have had my battles with the MSM in the past, but I’ll take them over any social media feed because at least there are guidelines and rules they must follow. On social media, it seems the more outrageous the better and it’s bound to only get worse since many major MSM outlets continue to restructure resulting in layoffs.

The light at the end of the tunnel appears to be growing even more dim for many mainstream media outlets. But I leave you with a very important question: Where will you get the REAL news when the MSM disappears? Will it be X or Facebook, Instagram, or even TikTok? 

I think we all need to understand that what we see today is minor compared to what we will see just a few years down the road. 

The next time we go to the polls, maybe, just maybe try to ignore the conspiracy theorists and crazies and instead read a newspaper (print or online) or listen to the radio - preferably 570 News Radio at noon on Sunday - or watch your favourite newscast on TV because you might just learn something factual about the candidates and their policies.

The strength of the Chamber network when it comes to advocating for the business community was very apparent recently as representatives from Chambers of Commerce and Boards of Trade nationwide recently gathered in Halifax to debate and approve policies aimed at boosting Canada’s economy.

Several hundred delegates gathered Oct. 16-19 at the Canadian Chamber of Commerce’s CCEC Conference and AGM to network, hear from several high-profile business and industry leaders, but more importantly debate policies that can make a difference at a time when Canada’s productivity is suffering to the point where we rank the lowest among the G20 countries, and small businesses continue to face hardships.

“I do think regulation is one of the biggest challenges facing Canadian productivity,” said Shaena Furlong, President & CEO of the Richmond Chamber of Commerce in B.C, while speaking as part of a panel discussion on the outlook for small business. “I think generally in Canada, and this is across all regions, we have problem in that the folks who are imposing regulations on business have only ever signed the back of a pay cheque and there is a sentiment that business and industry are a bottomless well and it’s not just true.”

Delegates were told by Isabelle Hudon, President and CEO of BDC, there are now 100,000 fewer entrepreneurs in Canada than there were 10 years ago, an issue touched on by outgoing Canadian Chamber President and CEO Perrin Beatty during a special tribute to his 17 years as head of the organization. 

Network provides a strong voice

“Capital is fluid, and you are not going to know when an investor chooses not to stay in Canada or not to invest in Canada,” he said. “We need to increase our ease in doing business.”

However, Perrin credited the work of the Chamber network and its advocacy efforts to create a better climate for businesses. 

“Businesses have never more greatly needed a strong, effective and organized voice,” he said. “I’m confident the Chamber can make an even greater contribution to Canada in the future. You are the ones who will carry out that mission. It will be your imagination and your commitment, your energy and your collaboration that will create a brighter future for our country.”

This sentiment is shared by Cambridge Chamber of Commerce President & CEO Greg Durocher who says a key role of Chambers is to develop policies that can lead to fundamental changes in legislation to create environments where businesses can thrive and in turn, communities can prosper. Greg attended the AGM, along with Board Chair Murray Smith and the Chamber’s policy writer Brian Rodnick.

“The policies approved by delegates at the Canadian Chamber AGM and Ontario Chamber AGM provide the tools needed to urge both the provincial and federal levels of governments to make decisions that can assist our economy,” he says. “The Chamber network from coast-to-coast provides a strong voice for businesses.”

At this year’s Canadian Chamber AGM, just over 40 of the policy resolutions presented by Chambers and Boards of Trade nationwide, were approved by nearly 300 voting delegates.

The policies – which now become part of the Canadian Chamber of Commerce’s ‘official playbook’ - touched on the following areas: taxation and finance; labour, skills, and immigration; transportation and infrastructure; agriculture; health; manufacturing; and international affairs.

A policy submitted by the Cambridge Chamber and four others co-sponsored by the Chamber received overwhelming support:

Calling for a comprehensive, independent review to simplify Canada’s tax code

Delegates supported a call to reform Canada’s tax system by establishing an independent, comprehensive review of the tax system ensuring its terms of reference focus on simplification and modernization, identifying potential changes to encourage more economic prosperity for Canadians.

​Implementing a Canada Trade Infrastructure Plan (CTIP) (co-sponsored)

The Chamber network supported a move to have the Federal Government implement, in cooperation with the national business sector and Provinces-Territories, a Canada Trade Infrastructure Plan to guide future planning and construction activities. The hope is to help grow the economy nationwide and ensure that all trade corridors have the capacity to move Canadian goods and service as markets expand.

​Increasing capacity across Canadian manufacturing (co-sponsored)

Delegates supported a call for the Federal Government to implement a 10% refundable manufacturing investment tax credit for all operations nationwide, like the current Atlantic Investment Tax Credit. 

​Addressing the affordability crisis by getting back to fiscal balance & right sizing (co-sponsored)

The Chamber networked supported a series of recommendations to bolster the economic wellbeing of the private sector, including working toward bringing down the level of debt, reviewing government expenditures, if necessary, via a Royal Commission, mandated reviews across all ministries and departments that re-examine government services and the implementation of a cash pooling arrangement within and between all departments and ministries.

​Improvements to the Artificial Intelligence and Data Act (co-sponsored)

The delegates approved a series of recommendations calling for more public consultation when the legislation gets rolled out and assurance that regulations imposed on the industry allow it to remain competitive with other countries including our major trading partners. Also, the policy called for the Federal Government to separate AIDA from Bill C-27 to ensure that it receives due attention and is not held back by other controversial legislation as well as clarifying what makes an AI system ‘high impact’ to better enforce the regulations. 

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.