Learn more about Chamber Circles for Women and Entrepreneurs
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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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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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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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Dealing with toxicity in the workplace can be detrimental to employee morale, productivity, and overall organizational success.
For business leaders, addressing this issue requires a combination of empathy, clear communication, and proactive measures to foster a more positive and supportive work environment.
“Ultimately, it’s going to affect your bottom line because you’re going to spend a ton of money on recruiting talent because you’re going to have a revolving door,” says Carrie Thomas, a human resources expert and founder of Nimbus HR Solutions Group.
It's essential to identify the root causes of toxicity within the workplace. It can stem from various sources, such as authoritarian leadership styles, irresponsible behaviour of employees and managers, unrealistic performance expectations, lack of transparency, or a history of punitive actions. By understanding the underlying factors contributing to fear, leaders can develop targeted strategies to address them effectively.
“You have to find a balance. How do you maintain your employees and give them some input on things?” says Carrie. “But that’s where trust comes from. Change comes from the speed of trust.”
Address issues promptly
However, finding that trust can be difficult when leaders are faced with challenging issues surrounding time theft and absenteeism, especially after many businesses introduced hybrid work schedules. Employers must address these issues promptly and effectively to maintain a healthy work environment and ensure the smooth functioning of their operations.
“You have to nip the bad behaviour in the bud,” says Carrie, noting that inaction can easily demoralize other employees. “You can put policies in place because if one person burns that bridge it’s going to make it crummy for everyone else and the leader will have to deal with it.”
To offset potential issues that can lead to a toxic environment, she recommends leaders take a closer examination of the work culture which may require immediate attention and says creating an employee engagement survey can be a good starting point.
“If employees chose not to answer, that immediately tells me you have a culture of fear in your workplace because they don’t want to speak up,” says Carrie, adding in this situation HR assistance may likely be required. “But you have to ensure the HR person can handle the situation in a confidential and professional manner that follows the rules on how you handle an investigation or a complaint because there are laws pertaining to no retaliation.”
As well, she also suggests leaders visit the work review site Glassdoor to get a sense of what may be taking place at their company.
Good mechanisms needed
“I remember saying at the beginning of COVID, the businesses that will come through this is because their success in retaining people will solely be based on how they treated their staff during the pandemic,” says Carrie. “So, there are a lot of employers right now saying they can’t find anyone. But if you weren’t kind to your employees then, nobody will want to work for you. I call it the ‘tainted talent pool’. If people see a job continuously posted, they’re not going to want to touch it.”
She notes the ‘new’ generation of employees in the field are not apt to remaining in a job if they deem the work environment as toxic.
“Sometimes they may try and discuss their issues once, or even twice, with an employer but if they see no change, then they’re gone,” says Carrie, adding addressing concerns is imperative for leaders.
As well, she says having good mechanisms in place such as weekly one on one meetings are good vehicles to diffuse potential issues before they start affecting the entire team, especially when others may see their co-workers not adhering to the rules.
“I always say leadership is a shared responsibility,” says Carrie, adding ‘skip level’ meetings with a higher level of management may also be required to solve some of these issues. “But this falls in line with an open-door policy and being honest and transparent.”
A few key issues business leaders may encounter when dealing with a toxic work environment:
Decreased Employee Morale and Engagement: Toxic work environments can lead to decreased morale and disengagement among employees. This can manifest as increased absenteeism, lower productivity, and higher turnover rates, all of which can have a negative impact on the company's bottom line.
Negative Organizational Culture: Toxicity often stems from underlying cultural issues within the organization. Changing entrenched cultural norms and behaviors can be difficult and requires sustained effort from leadership to promote a more positive and inclusive culture.
Legal and Reputational Risks: Inappropriate behaviour such as harassment or discrimination can expose the company to legal liability and damage its reputation. Leaders must take swift and decisive action to address such issues and prevent them from escalating.
Loss of Talent: Talented employees may choose to leave the organization if they feel unsupported or mistreated in a toxic work environment. Losing key talent can disrupt business operations and hinder long-term growth and success.
Difficulty Attracting New Talent: A reputation for being a toxic workplace can make it challenging to attract top talent. Potential candidates may be wary of joining a company with a negative work environment, leading to difficulties in recruiting skilled individuals.
Impact on Leadership Credibility: Leaders who fail to address issues related to toxicity may lose credibility and trust among their employees. This can undermine their ability to lead effectively and diminish their influence within the organization.
Productivity Loss: Toxic work environments can impede productivity as employees may be preoccupied with workplace conflicts or feel demotivated to perform their best. This can result in missed deadlines, decreased quality of work, and ultimately, reduced profitability for the company.
Resistance to Change: Addressing toxicity often requires implementing changes to organizational policies, procedures, and cultural norms. Resistance to change from employees who are comfortable with the status quo can hinder efforts to create a healthier work environment.
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Customer reviews can serve as a powerful tool in the contemporary marketplace, offering invaluable insights for both consumers and businesses alike.
However, while reviews can elevate a product or service, they can also become a source of challenge for businesses as negative comments find their way onto Google Review, TripAdvisor, Trustpilot and Yelp as customers enveloped by social media vent their frustrations.
But just how businesses can utilize the information from this positive or negative feedback can prove difficult when it comes to gauging the impact.
“It’s one of those things where you can’t ignore it. Emotionally, you can’t ignore it, nor should you,” says Brad Davis, Associate Professor at Wilfrid Laurier University’s Lazaridis School of Business and Economics, who specializes in consumer behaviour and trends. “If you’re seeing reoccurring patterns in your reviews, to me that’s free research so you will want to investigate the validity of that.”
He says customer feedback is clearly a good marketing tool and warns that companies attempting to ‘stack’ their reviews with positive ones can quickly pay a price, noting research shows consumers between the ages of 18 to 34 are very savvy when it comes to analyzing reviews.
“They can easily filter out the reviews where people are being too whiny or the ones that are too glowing and clearly smack of being written by a PR person,” says Brad. “They’ve developed this innate filter that can diminish the impact of much of it.”
Authenticity of reviews leads to skepticism
The authenticity of online reviews has become a growing concern, blurring the line between genuine recommendations and promotional tactics, leading to a loss of trust in reviews overall. In this way, the very tool designed to provide transparency can become a breeding ground for deception, causing skepticism among consumers.
In Canada, those promoting fake reviews could be liable under the Competition Act. Enforcing the Act is a key responsibility of the Competition Bureau and any business making materially false or misleading claims to promote a product, service or business interest could find themselves in legal hot water.
Brad says there is already a certain amount of skepticism among consumers regarding online reviews noting research data shows that 88% to 95% of those between the ages of 18 and 34 say they rely on reviews. However, among them research also shows that 93% say they are suspicious of Facebook reviews, while 89% says they are suspicious of Yelp reviews, with 88% admitting to being skeptical about reviews on Amazon.
“On one hand, they’re saying reviews are very influential but on the other hand, they’re saying they are very suspicious of the content. I think there is a real shallowness about a lot of this research. There’s a lot of assumptions,” says Brad, adding consumer behaviour is driven more by subconscious emotional drivers where people rationalize their decisions after having already made them. “Consumers aren’t going to the reviews with a blank slate in most cases. A review would really have to be very extreme in order to make you reconsider your decision.”
He says consumers often turn to reviews as a final ‘check’ to confirm they have made the ‘right’ choice and that striking a balance between leveraging the benefits of customer feedback and mitigating their potential drawbacks is crucial for businesses aiming to thrive in the digital era.
Companies must focus on genuine customer engagement, ethical practices, and continuous improvement to ensure that customer reviews remain a constructive force rather than a destructive one.
“I think consumers sometimes often just want to vent a little a bit and know they are being heard,” says Brad. “Reviews are worth monitoring but I would be concerned if businesses think they are a definitive thing and will make or break us.”
Tips on how to handle reviews:
Monitor Reviews Regularly: Stay updated with what customers are saying about your business by regularly monitoring various review platforms such as Google My Business, Yelp, TripAdvisor, and social media channels.
Respond Promptly: Address both positive and negative reviews promptly. Responding promptly shows that you value customer feedback and are proactive in resolving issues.
Personalize Responses: Personalize your responses to each review whenever possible. Use the reviewer's name, acknowledge their specific feedback, and express appreciation for their input.
Stay Professional: Maintain a polite and professional tone in your responses, regardless of whether the review is positive or negative. Avoid getting defensive or confrontational, even if the review is critical.
Acknowledge Positive Reviews: Thank customers for positive feedback and let them know that you appreciate their business. This encourages repeat business and loyalty.
Address Negative Reviews Constructively: When responding to negative reviews, apologize for any negative experience the customer may have had and offer a solution or compensation if appropriate. Avoid making excuses or blaming the customer.
Take the Conversation Offline: For complex issues or disputes, encourage the reviewer to contact you directly to resolve the issue privately. Provide a contact email or phone number for further assistance.
Seek Clarification: If the feedback is unclear or vague, seek additional information to fully understand the customer's perspective. This helps in providing more targeted and effective solutions.
Stay Consistent Across Platforms: Ensure consistency in your responses across different review platforms to maintain your brand's credibility and professionalism.
Use Feedback to Improve: Use feedback from reviews to identify areas for improvement in your products, services, or customer experience. This demonstrates your commitment to continuous improvement.
Encourage Positive Reviews: Encourage satisfied customers to leave positive reviews by including links to review platforms in follow-up emails, on receipts, or on your website. However, avoid incentivizing reviews in a way that violates platform guidelines.
Address Fake or Malicious Reviews: If you suspect a review is fake or malicious, report it to the platform for investigation. Provide evidence to support your claim and request its removal if it violates the platform's policies.
Seek Professional Help if Necessary: If managing online reviews becomes overwhelming or if you need assistance in developing a strategy, consider seeking help from reputation management professionals or digital marketing agencies. |
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Buying an existing business can be a strategic move that saves an entrepreneur a substantial amount of hard work and offers numerous advantages over starting or expanding a current venture from scratch.
Purchasing an existing business offers a head-start in terms of market presence and brand recognition, while building a brand from scratch requires extensive time, effort, and resources. However, buying a business with an established brand allows the new owner to capitalize on existing customer loyalty and market reputation, something Carson O’Neill, Managing Principal of Rincroft Inc., a local firm which facilitates the sale of medium-sized businesses, believes.
“What I like about goodwill is that you have repeat customers and it’s not necessarily something you will see on the income statement,” he says. “Goodwill is sort of an elusive thing but it’s important that you have customers coming back. Even in this electronic and digital age, we are creatures of habit and if I go into a store and somebody goes that extra mile, at least with me, I will remember that.”
It is also one of many things to consider when it comes to purchasing an existing business, says Carson.
Another key consideration for those seeking to purchase an existing business is establishing clear parameters, in terms of the industry they wish to buy into and the size of the business.
“Ideally, the buyer should have a background and relevant expertise in the industry which brings value to the business they are buying,” says Carson. “Buyers are often so enthusiastic they want to come out of the gate with their foot on the accelerator without understanding where the tracks are. I wouldn’t encourage people to buy a business in an industry they know nothing about.”
Emotions can cloud 'good judgment'
He says emotions can sometimes play a role in the decision-making process, which in turn can cloud “good judgment”, noting it can take at least six months from start to finish to complete a business sale.
“It can be very costly if you buy the wrong kind of business and it’s not like trying to get another job,” says Carson. “If you have your money sunk into a business that doesn’t work out, it’s a very different thing.”
Buying an existing business can save hard work by minimizing the risks associated with start-up ventures. Start-ups face a high failure rate, with many new businesses failing within the first few years of operation. By purchasing an existing business with a proven track record, entrepreneurs can mitigate some of the risks associated with starting a new venture. This can provide greater peace of mind and increase the likelihood of long-term success.
“What you hear about are the successful start-ups. The media loves to talk about somebody who started a business in their family room on a computer, or was making something in the garage,” says Carson. “What you don’t hear about is the number of business failures.”
That’s why he recommends to his clients looking to expand their business by integrating it with another or those getting into business for the first time, to find an owner who is nearing retirement but prepared to remain involved through the transition of ownership to ensure continuity is maintained.
“If the owner feels welcomed in the transition, the buyer is less threatening,” he says. “It’s more of a seamless transition.”
While the acquisition process may be easier to navigate for an established medium-sized business that has the resources to undertake a new venture, Carson says many business purchases are often first-time experiences for both parties.
“You’re dealing with people on both sides of the street trying to come together,” he says. “That’s why the basics are important and they both bear that in mind because they are trying to get a friendly deal.”
Essential tips to consider when buying a business:
Define Your Goals: Whether it's to expand your existing operations, enter a new market, or pursue a passion, knowing your goals will help guide your search and evaluation process.
Industry Research: Understand market trends, competition, and potential growth opportunities. This knowledge will help you assess the viability and potential success of the business.
Financial Analysis: Review financial statements, cash flow projections, and historical performance. Consider hiring an accountant or financial advisor to help assess the business's financial health and value.
Due Diligence: Perform thorough due diligence to uncover any potential risks or liabilities associated with the business. This includes reviewing contracts, leases, licenses, and legal documents. Consider hiring legal experts to assist in the due diligence process.
Assess Assets and Liabilities: Evaluate the business's assets, including inventory, equipment, intellectual property, and customer contracts. Also, assess any existing liabilities, such as debts, pending lawsuits, or tax obligations.
Understand the Reason for Sale: Determine why the current owner is selling the business. It could be due to retirement, health issues, or declining profitability. Understanding the reason for sale can provide insights into the business's condition and potential challenges.
Evaluate Management and Employees: Assess the competency and experience of the existing management team and employees. Consider whether you'll retain key personnel post-acquisition and how their departure might impact the business's operations.
Customer Base and Reputation: Consider factors such as customer loyalty, satisfaction levels, and brand perception. A strong customer base and positive reputation can contribute to the business's long-term success.
Legal and Regulatory Compliance: Ensure the business complies with all relevant laws, regulations, and industry standards. Verify licenses, permits, and regulatory approvals are up to date.
Negotiate Terms and Purchase Agreement: Seek legal advice to ensure the agreement protects your interests and addresses key aspects such as price, payment terms, warranties, and post-acquisition support.
Seek Professional Advice: Consider seeking guidance from experienced professionals, such as business brokers, lawyers, accountants, and financial advisors. Their expertise can help navigate the complexities of buying a business and increase the likelihood of a successful acquisition. |
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Advocating for public policies that can benefit businesses has been a cornerstone feature of the Chamber of Commerce movement for generations.
The Cambridge Chamber of Commerce, like many of its counterparts in the Ontario Chamber network, works consistently all year striving to translate the needs and wants of their members into potential policy resolutions aimed at prompting change at both the provincial and federal levels of government.
But this work, and the work of other Chambers, is often carried out without many of their members even aware there is a widespread network advocating on their behalf.
“This isn’t unique to the Chamber movement and quite common for any advocacy organization because it’s a concept so intangible to a lot of individuals who aren’t engaging in it and don’t necessarily understand the value of it,” says Andrea Carmona, Manager of Public Affairs for the Ontario Chamber of Commerce. “Advocacy, I feel, is a little bit like a unicorn. When you’re a small business owner who is probably focused on keeping your business running, you’re more likely to be looking towards your local Chamber for what are the more tangible services they can offer – programs, events, and grants.”
She says collectively, promoting its advocacy work is something the Ontario Chamber network must communicate clearly as possible.
“It is kind of a difficult thing to explain to people, but really it’s all about amplifying issues and having a chorus of voices saying the same thing so that we can move the needle and make an impact,” says Andrea. “That’s ultimately what advocacy looks to do.”
Making that impact formulated the basis of the Ontario Chamber of Commerce’s recent Advocacy Day at Queen’s Park. This nineth annual event gave nearly 100 delegates representing Chambers provincewide, including Cambridge Chamber President and CEO Greg Durocher and Board President Kristen Danson, the opportunity to meet with MPPs to discuss various issues facing business communities.
Some of the key areas targeted by delegates included:
Although the Chamber network’s advocacy efforts are ongoing year-round, Andrea says Advocacy Day provides an ideal opportunity for face-to-face meetings and discussions with the decisionmakers.
“It’s all about ongoing engagement and follow up,” she says. “It can’t just be a single day of advocacy. We need to ensure Chambers are keeping connected with their local MPPs. A lot of this is relationship building since they see Chambers as a credible source for what is happening on the ground.”
Andrea says building those relationships sets the groundwork for support and the ability to drive change that can assist the business community.
“It’s a great opportunity to connect across party lines,” she says. “Politics is unpredictable, and you don’t know what is going to happen in 2026 so you want to ensure you are establishing relationships across the board. We are a non-partisan organization and of course the government of the day is important, but that’s not to say you shouldn’t be engaging with other parties.”
Andrea notes it’s also a two-way street for the decisionmakers who participate in Advocacy Day, as well.
“It’s such a great opportunity for them to hear about such a broad stroke of local perspectives across the province,” she says. |
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The weight of responsibility can be overwhelming for business leaders.
They are constantly under pressure to drive growth, manage teams, make critical decisions, and ensure their organizations’ long-term success, which is something Debra Burke, Head of Client Success at H2R Business Solutions says has only been magnified in the recent years.
“Since the pandemic, some things have really changed. They changed during the pandemic and somewhat again since then,” she says, referring to a rise in negative conflicts which can lead to a toxic environment and even workplace investigations.
“We’re seeing an unbelievable amount of those kinds of problems coming into play in organizations and have leaders coming to us because they’ve never had to deal with them before but are dealing with them much more often.”
She says employees have become more empowered with information, and that many are dealing with mental health issues and feeling ‘angry’.
“They may not be working with the same expectations in their jobs that they used to and for some people, there are more challenges as they deal with downsizing, and shifts,” says Debra, adding bigger workloads, and hybrid work situations could be adding to these stresses since they may no longer ‘align’ with what an employee wants.
As a result, she says many leaders are now seeing more employees who are willing to take employers to court, or a human rights tribunal, or filing a report with the Ministry of Labour.
“Leaders who may never really had many people issues to deal with are now finding they are faced with all kinds of these things just to keep the business going,” says Debra.
She says the challenges can vary between the several generations of employees that are now in the workplace, noting there are still many benefits of having a multi-generational workforce despite potential issues.
Leadership can be isolating
“For a leader, becoming someone who has to manage all these things that come to play and the nuances and potential conflicts, plus the lack of time and resources, it’s very challenging,” says Debra. “When someone says being a leader can be a very isolating place, they are not wrong.”
She says leaders must first watch for warning signs and realize they don’t have all the answers.
As the demands of leadership continue to mount, it is vital for leaders to discover effective strategies to ease their burden and navigate their roles successfully, which Debra says can start with better communication.
“As a leader, you have to get comfortable with communicating. Employees want messaging and they want to hear it from the owner, CEO, or an executive,” she says, adding that a communication breakdown is often the key cause of any conflict, and that lack of management training could be the root cause. “When you do a job well and get promoted to management, that doesn’t necessarily mean you’re going to be a good people manager.”
As well, Debra says leaders can benefit from expert support from others who may have experienced the same issues they are facing, even those outside of a leader’s particular industry.
“I’m not a big fan of coaching for your own industry. You can receive a lot of benefits from working with a diverse support group,” she says. “Even if you feel like you’re an introvert CEO or leader, you might be really surprised how much that support is going to mean to you.”
And while some companies and industries are dealing with tight budgets, Debra says investing in training can pay off big time for a leader professionally and personally, as well as the organization.
“Those things are going to trickle down through an organization in powerful and impactful ways,” she says.
Several strategies to lighten the burden of leadership
Delegation and empowerment Many leaders fall into the trap of trying to do everything themselves, fearing that no one else can handle the responsibilities as well. However, effective delegation distributes the workload and fosters team development and growth. By entrusting capable team members with tasks and responsibilities, leaders can free up valuable time and mental energy to focus on strategic decision-making and higher-priority matters. Delegation is not just about offloading tasks but also about giving team members the opportunity to contribute and grow.
Building a support system Establishing a support system of mentors, advisors, or fellow business leaders can provide valuable guidance and emotional support. Sharing experiences and seeking advice from those who have faced similar challenges can be invaluable. Additionally, leaders should foster a culture of open communication within their organizations. Encouraging team members to share their thoughts and concerns can lead to more collaborative problem-solving and reduce the burden on the leader.
Embracing technology and automation Automation can handle routine tasks, data analysis, and reporting, allowing leaders to focus on strategic initiatives. Investing in technology solutions that align with the organization’s goals and processes can significantly reduce the administrative burden on leaders. Moreover, data-driven insights can aid in making informed decisions and staying ahead of market trends.
Setting realistic goals and expectations While ambition is essential, setting achievable goals and expectations is equally crucial. Unrealistic targets can lead to stress and burnout, as well as erode team morale. Leaders should work with their teams to establish realistic objectives and timelines. This approach fosters a sense of accomplishment and helps prevent the exhaustion that can result from chasing unattainable goals.
Continuous learning and development Continuous learning and professional development are essential for effective leadership. Leaders should invest in their own growth by attending seminars, workshops, and courses relevant to their industry. Also, encouraging team members to pursue their own professional development can contribute to the organization’s success and ease the burden on leaders.
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In the changing landscape of business, where uncertainty and rapid change are constants, effective leaders must adeptly manage chaos to ensure organizational resilience and success.
Navigating through tumultuous times requires a strategic and agile approach, says Linda Braga, Business & Executive Development Specialist with LMI Canada, which has provided leadership development for more than 50 years.
“I think there’s still a lot of uncertainty out there,” she says, referring to issues that now exist in workplaces surrounding remote working, labour shortages and retention. “I think leaders are still adapting to managing the workplace and the whole side of leading and actually developing their people because we are successful through our people.”
Unfortunately, Linda says developing employees now often takes a ‘backseat’ as company leaders navigate these issues, some of which have been magnified by major shifts in the workplace.
“There are four generations in the workplace right now and each come with different attitudes and different viewpoints,” she says, noting older employees prefer having that ‘physical’ presence in the office while younger ones are looking for more of a ‘social’ connection. “It’s about leaders being flexible and adaptable, and having more of an open mind to solicit feedback from their people. Empathy is huge right now.”
However, this could prove to be difficult considering statistics show that at least 60% of small and medium-sized businesses owners are aged 50 or older and many will soon be leaving their companies, making it harder for some to adapt to these dramatic workplace shifts before they retire.
Self-care important
To manage the chaos effectively, Linda leaders should first look at how they manage and lead themselves.
“I think it’s important they are able to put on their own oxygen masks first because they’re very busy dealing with the day to day trying to keep their companies running and keeping their employees happy,” she says, adding ‘self-care’ is something they should take seriously.
Linda says often leaders have difficulty asking for assistance, especially from their employees.
“Just because you’re a leader or manager, or a company owner, doesn’t necessarily mean you have all the answers and know everything,” she says. “That’s what I feel separates really good leaders from managers is that they empower their people.” As well, when it comes navigating uncertainty and rapid change, setting goals is key for leaders.
“It’s important for our leaders and managers to have crystal clear goals, which they need to communicate,” says Linda, noting there is a big difference between efficiency and effectiveness. “They can be really good at being effective and doing things the right way. But are they doing the right things? Even as a leader, are you hitting your own goals? All leaders should be able to look at themselves in a mirror and be self-aware.”
Some key methods for business leaders to manage chaos:
Develop a Resilient Mindset: Successful leaders should acknowledge that change is inevitable, viewing challenges as opportunities for growth rather than insurmountable obstacles. Embracing uncertainty allows leaders to respond with flexibility and creativity.
Establish Clear Communication Channels: Leaders must provide regular updates, share relevant information, and foster a culture of open dialogue. Clear communication helps employees understand the situation, reduces anxiety, and builds trust in leadership.
Prioritize and Delegate Effectively: Leaders must prioritize activities based on their impact on the organization's core objectives. Delegating responsibilities to capable team members ensures that tasks are handled efficiently, preventing overwhelm at the leadership level.
Encourage Adaptability: Business leaders should encourage employees to embrace change, learn new skills, and remain agile in the face of uncertainty. An adaptable workforce is better equipped to navigate chaos and contribute to innovative solutions.
Invest in Technology and Automation: Leveraging technology and automation can streamline processes and enhance organizational efficiency. Implementing digital solutions allows businesses to adapt quickly to changing circumstances and minimizes the disruptions caused by chaotic events.
Build a Diverse and Inclusive Team: A diverse team brings varied perspectives and skills to the table, enhancing the organization's ability to address challenges creatively. Inclusion fosters a collaborative environment where team members feel valued, increasing their commitment to overcoming chaos together.
Conduct Scenario Planning: Business leaders should engage in proactive scenario planning to anticipate potential challenges and devise strategies to address them. This foresight enables quicker and more effective responses when chaos unfolds, reducing the negative impact on the business.
Cultivate Emotional Intelligence: Leaders with high emotional intelligence can navigate uncertainty with empathy, providing support to their team members and maintaining a positive organizational culture.
Learn from Mistakes: Successful leaders acknowledge mistakes, learn from them, and apply those lessons to improve future decision-making. This adaptive learning approach contributes to organizational resilience.
Strategic Resource Allocation: Business leaders must strategically allocate financial, human, and technological resources to areas that will have the most significant impact on maintaining stability and achieving long-term objectives. |
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