Blog - Cambridge Chamber of Commerce

As technology continues to rapidly evolve, businesses are increasingly turning to Artificial Intelligence (AI) to streamline operations, enhance efficiency, and gain a competitive edge. 

 

There is no question surrounding the benefits of integrating AI into business processes, but there remain legitimate concerns that accompany this technological leap.

 

One primary concern is the ethical implications of AI implementation. As AI systems such as ChatGPT, ClickUp, Copy.ai, or Kickresume become more sophisticated, they often require access to vast amounts of data to function effectively. This raises questions about privacy and the responsible use of sensitive information, as well as legal concerns surrounding the use of intellectual property.

 

“The question is fair use or is it a violation of copyright,” says Maura Grossman, Research Professor, School of Computer Science at the University of Waterloo, whose expertise centres on AI policy and ethics. 

 

She notes that an AI user can reference a particular article, book, or poem, despite it being copyrighted.  “It shouldn’t be able to do that because that’s a copyright infraction, but it can. The law hasn’t caught up with that yet but there are a number of legal cases now pending.”

 

Algorithms a concern

 

As well, Professor Grossman says bias in AI algorithms is another major concern. AI systems learn from historical data, and if that data contains biases, the algorithms can sustain and amplify them resulting in discriminatory outcomes and reinforcing existing social disparities.

 

“You’re going to find that in the language as well as the images. Open AI has spent a lot of time trying to remove toxic language from the system, so you get a little bit less of that with ChatPT,” she says, referring to the problems Microsoft experienced when it released its Tay bot in March 2016. The bot, under the name TayTweets with the handle @TayandYou, resulted in Twitter (now known as ‘X’) users tweet politically incorrect phrases and inflammatory messages resulting in the bot releasing racist and sexually charged messages in response to other users. Initially, Microsoft suspended the account after 16 hours, erasing the inflammatory tweets and two days later took it offline.  

 

“Most systems, like ChatGPT, are trained on the internet and that has its pluses and minuses,” says Professor Grossman, adding ‘hallucinations’ pose another big problem for AI users. “ChatGPT for example is trained to generate new content and to sound very conversational, so it uses what it has learned on the internet to predict the next most likely word. But that doesn’t mean it’s telling you the truth.”

 

Official policy needed

 

She says there have been instances of people using AI to conduct legal research and submitting bogus case citations in court. “I think the first case happened recently in B.C., but it has also happened all over the U.S.,” says Professor Grossman.

 

For businesses utilizing AI, she recommends drafting an official policy to outline usage.

 

“First they need to have a policy and then need to train who in the business is going to use AI because people need to understand what it does well and doesn’t do well,” she says. “Your policy needs to say what permissible uses are and what impermissible uses are.”

 

Impermissible uses could include creating a deep fake video in the workplace.

 

“Even if it’s a joke, you don’t want employees creating deep fakes,” she says, noting the policy should also outline what workplace devices can be used for AI. “If you need to save something because you’re involved in a lawsuit, then you don’t want to it be on an employee’s personal device because you won’t have access to it.”

 

Employees require training

 

As well, Professor Grossman also recommends employees clearly know what AI tools are okay to use and which are not and ensure they are fully trained.

 

“You don’t want them violating intellectual property rules or other privacy rights. You also don’t want them putting into a public tool any confidential or propriety information,” she says. “Some companies have turned off the ability to use these AI tools because they are terrified employees will put propriety information out there while asking a question about a problem they are working on. If you’re using one of these open-source tools, it’s like Google or anything else; it’s free rein.”

 

Professor Grossman says rules and regulations around AI will be gradually strengthened, noting a new regulation coming into play in B.C. pertaining to issues surrounding intimate imagery is just one example.

 

“As soon as this starts making its way more into politics, we will start to see more effort into creating regulations,” she says, referring to a recent ‘deep fake’ image that surfaced of U.S. President Joe Biden.

 

Despite these issues, Professor Grossman says AI is something more businesses will become comfortable using and should embrace this new technology. 

 

“It will save on efficiency,” she says, noting AI can greatly assist in the creation of marketing material. “Companies need to explore it and learn about it but learn about it in safe ways and understand where it can be beneficial and not just let people experiment on their own because that’s going to lead to a lot of trouble.”

 

 

AI hurdles in business

 

  • Data Quality and Availability: AI models require vast amounts of data to learn and make accurate predictions. However, businesses often struggle with data quality issues, such as incomplete, inaccurate, or biased data. Additionally, accessing relevant data across various sources and systems can be challenging.
  • Data Privacy and Security: With the increasing emphasis on data privacy regulations businesses must ensure that AI systems comply. Protecting sensitive customer and business data from unauthorized access or breaches is crucial.
  • Lack of Skilled Talent: There's a significant shortage of professionals with expertise in AI and machine learning. Hiring and retaining skilled data scientists, machine learning engineers, and AI specialists can be difficult and expensive.
  • Integration with Existing Systems: Integrating AI solutions with existing business processes, legacy systems, and IT infrastructure can be complex and time-consuming. Compatibility issues, scalability concerns, and resistance to change within the organization can hinder successful integration.
  • Interpretability and Explainability: AI algorithms often operate as "black boxes," making it challenging to understand how they arrive at specific decisions or predictions. Lack of interpretability and explainability can lead to distrust among stakeholders and regulatory compliance issues.
  • Ethical and Bias Concerns: AI systems may inadvertently perpetuate biases present in the data they were trained on, leading to unfair outcomes or discrimination. Ensuring fairness, transparency, and accountability in AI decision-making processes is essential.
  • Cost and ROI Uncertainty: Implementing AI solutions involves significant upfront investments in technology, infrastructure, talent, and ongoing maintenance. Businesses may struggle to justify these costs and accurately measure the return on investment (ROI) of AI initiatives.
  • Regulatory Compliance and Legal Risks: AI applications in business must comply with various industry-specific regulations and standards. Failure to meet regulatory requirements can result in legal liabilities, fines, and damage to the company's reputation.
  • Change Management and Cultural Resistance: Introducing AI into the workplace often requires significant cultural and organizational changes. Resistance from employees, fear of job displacement, and lack of understanding about AI's potential benefits can impede adoption efforts.
  • Performance and Reliability: AI models may not always perform as expected in real-world environments due to factors like changing data distributions, unexpected scenarios, or adversarial attacks. Ensuring the reliability and robustness of AI systems is crucial for business applications.

 

 

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While economic and technological shocks will always be a constant feature of our world, experts say small businesses must continue to adapt and innovate to stay competitive and satisfy consumer preferences.

 

“The adoption of technology should be the priority for small businesses and the adoption of AI where it can help bolster their business should also be a priority,” says Cambridge Chamber of Commerce President & CEO Greg Durocher, noting 98% of Canadian businesses qualify as small businesses.

 

In its recent report entitled, A Portrait of Small Business in Canada: Adaption, Agility, All At Once, the Canadian Chamber of Commerce touches on this issue as it explores the integral role small businesses  in play in Canada’s economy and sheds light on how these businesses can thrive despite major economic forces working against them — including the rising cost of doing business, the highest borrowing costs in over two decades and increased pandemic debt loads.

 

The report, which defines ‘micro businesses’ as having 1-4 employees, ‘scale businesses’ as 5-19 employees, and ‘mature businesses’ as 19-99 employees, shows how small businesses of all sizes, ages and industries are already investing in technology to better access data and applications from their computers, tablets, or mobile phones — whether in the office or on the road — to connect better with their customers and employees. However, as the report indicates, a business’s size is important to its ability to not only adopt technology, but also take advantage of a variety of technology tools. The report finds that even more change is essential.

 

Greg agrees and says the need for smaller businesses to adopt artificial intelligence (AI) is especially imperative.

 

“In all probability, smaller businesses are less likely to adopt AI technology because they may be fearful of it,” he says. “But the fact of the matter is it may be the only tool that can bring them up and allow them to compete.”

 

AI and digital technologies

 

According to the report, across all industries, a higher proportion of small businesses planned to invest in AI and digital technologies. While 62% of micro firms (compared with an average of 55% for all small firms) expressed plans for the latter, 30% of mature firms were keen on investing in AI compared with the all-industry average of 24% for all small businesses. Scale and mature businesses were more likely to adopt multiple technology tools, especially those in finance and insurance, professional services, and wholesale trade.

 

“If they (small businesses) don’t get knee deep in AI from a business perspective, they may be missing the boat that was inevitably sent to save them,” says Greg.

 

The report also highlights trends to help small businesses adapt to how Canadian shoppers have evolved. While online shopping accelerated as a result of the pandemic, roughly 75% of Canadian shoppers still visit physical stores for key items like groceries, clothing, automotive, electronics, home and garden, and health products. To meet consumer preferences, businesses need to implement on and offline sales strategies to reach customers.

 

In the report, the critical importance of having an enticing online commercial presence is highlighted, with 83% of Canadian retail shoppers reporting they conduct online research before they visit a store. Having physical stores near customers also supports online sales, with nearly one in 10 Canadians making purchases online from retailers located nearby.

 

“There is still an opportunity for small businesses to capitalize on local business by advertising and marketing themselves locally,” says Greg. “But that doesn’t mean you shouldn’t have a strong online presence and look for every opportunity in which AI can help advance your cause.”

 

Canadian Chamber President & CEO Perrin Beatty says the findings in this report provides yet another signal that more focus is needed to support growth, especially among small businesses.

 

“We can start by reducing red tape, investing in infrastructure, and enabling an innovation economy,” he said in a press release. “These fundamentals of growth will increase Canadian businesses’ ability to compete and attract investment that will benefit Canadians, their families, and our communities.”

 

Click here to read the report.

 

 

Highlights of the report:

 

  • In June 2023, there were 1.35 million businesses in Canada with paid employees. The over- whelming majority (98% of the total) were conventionally classified as “small” businesses, which collectively employed over 11 million people.
  • In the “small business” category, micro firms are by far the most common businesses type in Canada. In fact, if all businesses in Canada were sorted by employment size, the median firm would have fewer than five employees, which underscores the importance of improving our understanding of the business realities of all small firms, but especially micro firms.
  • Nearly half of all small businesses are in the following four industries: professional, scientific, and technical services; construction; retail trade; and health care and social assistance.
  • Immigrants to Canada own a disproportionate share of private sector businesses (263,850 businesses, or 25.5% of all private sector businesses) compared with their share of population (23%). One strong factor is immigrants’ high share of micro businesses (30%), in contrasts with their underrepresentation in both scale and mature enterprises.
  • The past few years have offered women more flexible work arrangements, encouraging them to find more in-demand and higher-paying jobs, while government efforts to increase the availability of affordable childcare have helped women’s labour force participation to rebound. With the transition back to the office, barriers that perpetuate gender-based differences in labour force participation threaten this progress.
  • An underrepresented group in terms of business ownership (2.2%) compared with their share of the population (22%) is persons with a disability. Given the prevalence of disability, this gap signals tremendous untapped potential for entrepreneurship, but also one with significant potential effects on socio-economic outcomes, including labour market participation.
  • The LGBTQ2+ population (4% of Canada’s total population according to the 2021 Census) is also somewhat underrepresented as business owners (3.3%), lagging most as owners of mature businesses (0.6%).
  • Although they are 5% of the country’s population, Indigenous people’s share of businesses owned remains less than half of that (2.2%), although they appear to be doing better on ownership of mature businesses, the largest type of small business.
  • The most recent data (June 2023) show that, compared with pre-pandemic conditions in December 2019, the number of businesses increased by 7.3% for large firms, 5.0% for medium firms and only 2.9% for small firms.
  • Retail sales data show that e-commerce enjoyed a massive spike early in the pandemic but have since moderated as Canadians go back to in-person shopping. The share of total retail sales from e-commerce increased rapidly from 3.7% in January 2020 to peak of 10.7% just four months later in April 2020. With the lifting of pandemic related restrictions and stores have reopened for in-person shoppers, this figure has since moderated to 5.7%.
  • In addition to age, variation by industry showed a strong trend in technology adoption. Overall, average adoption shares across all industries and all technology tools were lowest for micro firms (12%), followed by scale (16%) and then mature firms (22%). Small businesses — particularly scale and mature — in finance and insurance, information and culture, professional services and wholesale trade were consistently among those reporting the highest technology adoption rates.
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The evolving nature of work continues to shape the employee landscape due to unprecedented changes driven by technological advancements, shifting societal expectations, and the aftermath of a global pandemic. As a result, organizations must adapt to emerging employee trends to foster a resilient and engaged workforce.

 

One way to accomplish this suggests Frank Newman, owner of Newman Human Resources Consulting, is to keep in touch with employees through engagement surveys.

 

“Listening to the pulse of your organization is going to be more important than ever,” he says. “Employers may also want to think about their work culture and in terms of what attracts people, and they want to make sure they are managing leadership effectively.”

 

Among the many trends employers must embrace is creating a more welcoming work environment, especially when it comes to Canada’s growing immigrant population.

 

More than 430,000 immigrants were brought to Canada in 2022 by Immigration, Refugees and Citizenship Canada (IRCC), with an additional target of 485,000 this year and a further 500,000 in 2025. IRCC data indicates in 2022, 184,725 of these new permanent residents came to Ontario.

 

“There is a large talent pool available, and employers have to be thoughtful in how they bring new talent into their organizations from our immigrant population,” says Frank. “The whole concept of diversity, inclusion, and equality is rising in terms of what’s important for companies and for individuals. If you’re not having that positive and diverse work culture, that’s going to hurt you in the long run.”

 

AI gaining importance

 

He says the introduction of AI tools, such as ChatGPT, Copy.ai and Kickresume, have not only benefitted Canada’s newcomer population by helping them become more proficient and fluid in the English language, but have become valuable assets for businesses as well.

 

“I think we are going to see more employers looking for people who have some AI experience,” says Frank. “Being able to say you can demonstrate use of those tools is a good thing for potential job candidates.”

 

However, there are potential downsides such as the creation of AI generated resumes and materials that can help a candidate embellish their qualifications.

 

“There are tools to test a document to see if it’s been AI written and you may now see many sophisticated employers doing just that,” he says. “They may also be thinking of asking a potential employee to provide writing samples.”

 

Managing performance key

 

Another trend is the emergence of ‘The Great Stay’ phenomenon, which experts say has been replacing the ‘Great Resignation’ experienced during the pandemic as employees re-evaluated their priorities and migrated to other opportunities.

 

“I’m not sensing The Great Stay too much in this region and am still sensing a fair bit of fluidity, but having people stay longer is always a good thing because it’s less costly,” says Frank, noting it can cost at least three times an employee’s salary to replace them considering the recruitment process, training, and upskilling. “Employers still have to focus on managing performance if people are going to stay longer and they have to invest in leadership and coaching if you want to maximize your investment.”

 

He notes employees may also be a little reluctant to move due to the ‘shakiness’ of the economy.

 

“I think employers may want to continue to monitor salaries which have stabilized quite a bit and want to make sure they are staying around that 3-4% annual change,” says Frank. “But I think in general, employers are cautiously optimistic about things going forward.”

 

 

Job Market Trends 

 

Hybrid Work Models

Employees now seek a balance between the flexibility of remote work and the collaboration offered by in-person interactions. Organizations that embrace hybrid models will likely attract and retain top talent, offering employees the autonomy to choose where and when they work.

 

Employee Well-being Takes Centre Stage

Organizations are placing a heightened focus on mental health, work-life balance, and holistic wellness programs. Employees value employers who prioritize their well-being, leading to increased job satisfaction and productivity.

 

Continuous Learning and Development

With the rapid pace of technological advancements, the demand for upskilling and reskilling is on the rise. Employees expect continuous learning opportunities to stay relevant in their roles and advance their careers. Forward-thinking organizations invest in robust training programs and partnerships with educational institutions to foster a culture of continuous development.

 

Diversity, Equity, and Inclusion (DEI)

Employees prioritize working for organizations that are committed to fostering diverse and inclusive workplaces. Companies that actively address and rectify disparities in hiring, promotions, and pay will not only attract diverse talent but also create a more innovative and collaborative work environment.

 

Emphasis on Employee Experience

Employee experience encompasses the overall journey of an employee within an organization. Companies are investing in enhancing the employee experience, from onboarding to offboarding. Personalized employee experiences, feedback mechanisms, and inclusive company cultures contribute to higher employee satisfaction and retention rates.

 

Remote Employee Engagement

With remote work becoming a staple, maintaining employee engagement is a challenge for many organizations. Companies are leveraging technology to create virtual team-building activities, foster communication, and build a strong remote work culture. Employee engagement tools and platforms play a crucial role in keeping teams connected and motivated.

 

Job Search and Career Success Hinge on Ethics

Employers are still looking for candidates who create undeniable value, not just put in clocked times, who have above-average communication skills, have a strong work ethic, will be reliable, possess the ability to think critically and above all, will fit their culture. Regardless of the uncertainty ahead, the key to creating job search luck will be the same as it has always been: preparation of hard work. 

 

 ‘The Great Stay’

The current global economic situation, the state of China and other major economies, as well as the ongoing geopolitical conflicts will see recession talk intensify, leading companies to focus on vital roles and hold off on hiring for roles that aren’t ‘must-haves’. Taking these factors into consideration, the next year it will be ‘The Great Stay’ as opposed to the ‘Great Resignation’ when many people switched jobs/careers during the pandemic.

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Navigating the intricacies of entrepreneurship and professional growth in the business world can be a daunting journey filled with challenges, uncertainties, and a constant need for adaptability. 

 

In this ever-evolving business environment, the mentor-mentee relationship can be a powerful and crucial catalyst for success and personal development, which is why our Chamber Circles program has been created. 

 

The program – one for women and another for entrepreneurs - offers business leaders a platform to not only expand their network but explore potential partnerships with peers as they advance their own growth both professionally and personally. 

 

The Chamber has enlisted a group of talented business mentors for each ‘Circle’ which consists of between four and five people who will discuss pre-selected topics once a month.

 

“Chamber Circles is a great way for business leaders to not only tap into our mentors’ knowledge and professional connections but can lead to networking opportunities with their peers as well as give participants the chance to cultivate their own skills and strengths,” says Cambridge Chamber of Commerce President & CEO Greg Durocher. “The monthly sessions will provide these business leaders with some added tools they need to enhance their businesses.”

 

He says the Chamber Circles for Women stream was created after the Chamber was approached by some female members requesting an opportunity to learn and collaborate with other women business leaders like themselves. The second stream, Chamber Circles for Entrepreneurs, is available to all business leaders.

 

“Having both streams provide a large cross-section of the business community the chance to thrive and succeed,” says Greg.

 

The program touches on a variety of topics, including bringing creativity into your work role, finding new ways to manage yourself and others, how to give and receive effective feedback, as well as a look at resiliency and the importance to continuously evolve. 

 

“These are topics we feel are very relevant to operating a business in today’s economic climate and will give these leaders an even better foundation,” says Greg.

 

Click here to learn more about joining Chamber Circles

 

A few reasons why joining Chamber Circles can assist your business:

Guidance Through Experience

By sharing their experiences, mentors provide invaluable insights that can help mentees avoid pitfalls and make informed decisions. 

 

Accelerated Learning Curve

Instead of relying solely on trial and error, mentees can leverage the wisdom of their mentors to gain a deeper understanding of industry intricacies, best practices, and strategies for success. 

 

Building a Network

Building a robust network is an invaluable asset, often leading to collaborations, partnerships, and a broader spectrum of career opportunities.

 

Confidence and Emotional Support

Having a mentor provides a reliable source of emotional support and encouragement. This emotional support fosters confidence, helping mentees navigate uncertainties with a positive mindset.

 

Encouraging Innovation

Mentors not only guide mentees within existing frameworks but also encourage innovative thinking. This dynamic approach to problem-solving is essential in an era where innovation is often the key differentiator between success and stagnation.

 

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

 

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

 

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

 

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

 

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

 

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

 

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


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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Tips about a resilient mindset

 

Embracing Change and Uncertainty

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

 

Learning from Failure

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

 

Cultivating a Positive Mindset

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

 

Building Strong Social Connections

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

 

Setting Realistic Goals

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

 

Practicing Self-Care

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

 

Adaptability

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

 

Developing Problem-Solving Skills

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

 

Seeking Support and Seeking Help -

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

 

Maintaining Perspective

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Click here to learn more about this informative learning event.

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Cambridge Chamber policy approved

 

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

 

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

 

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

 

Cambridge Chamber co-sponsored policies approved

 

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

 

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

 

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

 

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

 

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

 

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

 

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The business landscape is complex and changing, especially today.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

How can mentors help

 

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

 

Source: LinkedIn

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The expression, ‘it’s lonely at the top’, may ring truer than ever these days as business leaders deal with a barrage of labour and financial issues which can not only affect their motivation but lead them to quickly becoming burned out.

 

In fact, Microsoft’s 2022 Work Trend Index - compiled via a global survey of workers across multiple industries and companies - indicated that 53% of manager reported feeling burned out at work.

 

This doesn’t come as a surprise to leadership coach and expert Julie Dupont, Principal Strategist and Owner of Cambridge-based Reimagine Leadership.

 

“We know there has been a bit of a mass exodus with boomers leaving (the workplace) and the onset of COVID, but still leaders have been expected to achieve the same results with even fewer resources,” she says, adding the ‘doomsday’ predictions of a potential recession have just exacerbated the situation. “It’s no wonder they are starting to feel burned out.”

 

Like employees, Julie says a lack of motivation in leaders often manifests itself in either performance or attitude when it comes to work.

 

“With managers you will see a loss of enthusiasm in the goals of the organization because a motivated manager sees the vision and buys into it and wants to be part of it and rallies the troops to make it happen,” she says. “But when you start getting to that point of burnout or loss of motivation, you start feeling some apathy towards the goals of the organization. You become so busy trying to figure out what you’re going to do for yourself that the goals of the organization take a backseat.”

 

As a result, Julie says employees’ performance and growth is easily impacted since they are no longer being challenged.

 

“They get used to this of life just doing the bare minimum and it spirals, so it’s about not having opportunities missed because your manager just doesn’t have the capacity to perform.”

 

However, Julie says there are many ways business leaders can ‘reignite’ their motivation beginning with having the self-awareness to know what their triggers are when it comes to work.

 

“You can then be in a place to start taking steps to manage yourself when you start noticing the apathy and anxiety,” she says, adding keeping a journal can help, even creating a ‘gratitude’ journal. “Some people may say it sounds hokey, but it works and brings to mind things that are good in your life so it’s not all doom and gloom.”

 

Also, the need for self-management is key says Julie.

 

“Moods are contagious and if you’re that leader walking around with a cloud over your head all the time that spreads and can be very unproductive,” she says. “When your people see that you don’t care, why should they?”

 

Julie says when leaders receive the skills they need to make choices and handle stress, that helps build resiliency and suggests using the services of a professional coach as another option, especially if they don’t have anyone either personally or professionally, they can confide.

 

“Managers don’t always they feel there is someone at work they can confide in. They may feel they’re at the top and have to do it alone,” she says, adding a coach can become a great ‘thinking partner’ for a business leader. “This is a person you can off load to who isn’t judging you and there’s no repercussions to sharing your experiences, and they have the added benefit of having strategies or ideas that can help you overcome those hurdles.”

 

 

10 tips to combat leadership burnout

 

  • Know your early warning signs. Common burnout symptoms include poor sleep, loss of motivation, exhaustion, feeling every day at work is a bad day, increased irritability and engaging in escapist behaviours.
  • Increase your self-efficacy. Seek out coaching and professional development experiences to identify mastery experiences.
  • Empower your team and delegate more. Share your vision and purpose and reduce micro-managing.
  • Become more deliberate with your time. Use your leisure time wisely and seek out positive social support and sources of relaxation and achievement outside of work.
  • Take a break, 20 minutes a day. No texting, no internet, just you and an introspective practice (like mindfulness). Unplug out of work daily.
  • Rewind, reflect, remember.  Take time to remember why you’re doing what you do. What is your purpose?
  • Get the basics right.  Diet, sleep, and exercise.
  • Honestly assess your situation and work toward solutions. Ask yourself the following questions: How am I travelling? Am I doing those things? Why am I doing what I am doing?
  • Mentally remove yourself from the job. Step back and try to look at your job from an external objective point of view.
  • Manage your energy not your time. Work out when you are most productive and do important tasks then.

 

Source: HumanPsychology 

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