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Despite progress in gender equality and growing awareness of women’s contributions to the economy, women continue to be underrepresented in entrepreneurship in Canada.

Sadly, this comes at a time when entrepreneurship itself - always a driving force for innovation, job creation and economic growth - is also declining and continues to suffer post-pandemic. In fact, BDC (Business Development Bank of Canada) has noted half as many people are opening businesses now compared with 20 years ago.

The impact of these issues is explored in a recent Canadian Chamber of Commerce report entitled Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity, a follow up to a report the national business organization’s Business Data Lab released last year entitled Barely Breaking Ground: The Slow Stride of Progress for Women in Business Leadership and Entrepreneurship.

Both reports outline the ‘glacial’ progress of women-owned ventures, despite years of investment.

“I don’t think it’s something that can be resolved by one party or one piece of the ecosystem,” says Marwa Abdou, Senior Research Director at the Canadian Chamber of Commerce, who authored the Women Entrepreneurs report. “I think it needs an all-hands-on deck approach.”

Among its many surprising findings, this latest report found that women-owned businesses have not accounted for more than 20% of all enterprises since 2005 and that approximately 710,000 majority women-owned businesses are ‘missing’ (meaning people who could be involved in entrepreneurship but are not). Also, nearly two-thirds of these ‘missing’ women-owned businesses in Canada are in Ontario and Quebec.

Limited access to capital

One of the most significant barriers for women entrepreneurs in Canada remains limited access to capital. Studies consistently show that women are less likely to receive funding from investors and banks. This can be due to several reasons, including unconscious bias in lending practices, lack of networks connecting women to investors, and fewer women in investment decision-making roles.

“They deal with, comparatively and relatively speaking, more barriers to entry, particularly in a male dominated sector. They have less access to funding and are mentored less and have less training,” says Marwa. “All of that is also mirrored in their trajectory in the business landscape. When you then add on top of it an entrepreneurship environment where it is much more difficult and much riskier to be an entrepreneur, generally that means that the very barriers that women have faced for decades have now become exponentially worse.”

Successful entrepreneurship often relies on access to networks, mentors, and business communities. Unfortunately, women are underrepresented in these areas. Networking events, accelerator programs, and industry associations may not always feel welcoming or inclusive to women, especially those from racialized or Indigenous backgrounds.

Lack of mentors

Marwa notes in a recent podcast she hosts called Canada’s Economy Explained, her guest Isabelle Hudon, President and CEO of the Business Development Bank of Canada (BDC), discussed the economic gap of fewer women entrepreneurs and the pieces surrounding this issue.

“One of the things that she (Isabelle) talks about is even something as simple as when you think about women coming in and bringing in an entrepreneurial idea; they're coming into a boardroom full of white men who are somewhere in the middle, or not engaged,” says Marwa. “They're not going to see things from their perspective. They're not connected to the markets that they're connected to. They don't have the same lens on these issues.”

Without mentors who understand the unique challenges faced by women entrepreneurs, it can be difficult to navigate business growth, funding, and leadership development. The lack of visible female role models in certain industries also contributes to fewer women pursuing entrepreneurship in those fields.

Policies can be cumbersome

Marwa says the need for having advocates and champions in the room for these women entrepreneurs is crucial to access the capital pieces needed, explaining current policies and funding opportunities have not made it easy. She refers to the $2 billion Women Entrepreneurship Strategy (WES) announced by the Government of Canada in 2018 to advance women entrepreneurship.

“We haven't really gotten traction on the things that have really held women back,” she says, adding current polices have made it cumbersome for them to get the loans they need or decipher which start-up incubators or accelerators they can tap into. “We have a lot of programs, and we have a lot of funding that we've made available for women entrepreneurs, but we haven't thought about the practicalities of what it's like from their perspective to navigate that landscape.”

Click here to read the report.

Findings from Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity:

• Roughly 710,000 majority women-owned businesses are “missing” (i.e., “people... who are not involved in entrepreneurship, but who could be” (OECD 2023).
• Women-owned businesses have not accounted for more than 20% of all enterprises since 2005 and stand at approximately 18% in 2024, behind of the federal Women Entrepreneurship Strategy’s goal to double the number of women- owned businesses by 2025.
• Women remain underrepresented in high-growth industries such as construction, mining, and tech, where they own fewer than 10% of businesses.
• Almost two-thirds of Canada’s “missing women-owned businesses” are in Ontario and Quebec. The gender gap is highest in the Prairies, Prince Edward Island, and New Brunswick.

Why there is a lack of women entrepreneurs in Canada

Access to Capital and Funding

Studies show that women receive less venture capital and are less likely to secure business loans compared to their male counterparts.

Gender Bias and Stereotypes

Women often face skepticism about their abilities, particularly in male-dominated industries like technology or construction. Stereotypes about women being risk-averse or less committed to business pursuits can undermine their credibility.

Limited Networks and Mentorship Opportunities

Many networking environments remain male-dominated, which can be intimidating or unwelcoming for women. Additionally, a lack of female mentors in leadership roles means aspiring women entrepreneurs may struggle to find guidance from someone with shared experiences and challenges.

Balancing Family Responsibilities

Women are still more likely than men to bear the primary responsibility for childcare and household duties. This unequal distribution of domestic responsibilities can limit the time, flexibility, and energy women must devote to entrepreneurial ventures.

Confidence and Risk-Taking

While women are just as capable as men, studies suggest that women may be less likely to pursue entrepreneurship due to lower self-confidence or a greater perception of risk. This often reflects societal conditioning that encourages men to take bold steps while urging women to play it safe.

Lack of Representation and Role Models

There are relatively few high-profile female entrepreneurs in Canada. This lack of visible role models can lead to a perception that entrepreneurship is a “man’s world,” discouraging some women from pursuing that path.

Structural and Institutional Barriers

Finally, institutional policies and practices can inadvertently disadvantage women. Similarly, economic development policies may focus on sectors where women are underrepresented, such as tech or manufacturing, rather than supporting diverse entrepreneurial pathways.

Canadian businesses are grappling with significant challenges stemming from U.S. President Donald Trump's imposition of tariffs.

These measures have introduced economic uncertainty, disrupted supply chains, and strained the historically robust trade relationship between Canada and the United States.

That uncertainty has been compared to what many businesses felt when the pandemic virtually shut down the economy, creating chaos and confusion.

To assist the local business community as they did then, the Cambridge Chamber of Commerce and Greater Kitchener Waterloo Chamber of Commerce have relaunched their Ask the Expert initiative to share information and resources.

Held online every Thursday from 9 a.m. to 10 a.m., Ask the Expert provides business operators the opportunity to discuss their concerns, as well as hear the latest news and insights from a variety of professionals surrounding the issues related to this escalating trade war, including federal aid programs.

Global growth slowdown

Among those who recently shared their knowledge was Automotive Parts Manufacturers’ Association (APMA) CEO Flavio Volpe who discussed, among other things, the impact tariffs will have on auto industry on both sides of the border. 

“It almost feels a little bit like we are in the early days of the pandemic when business owners we’re just trying to understand what was happening,” says Cambridge Chamber President and CEO Greg Durocher, describing the uncertainty currently being felt by business owners.

The Organization for Economic Co-operation and Development (OECD) has highlighted the detrimental impact of these tariffs on the global economy, with particular emphasis on Canada.

The OECD forecasts a slowdown in global growth to 3.1% in 2025 and 3.0% in 2026, attributing this deceleration partly to the trade tensions initiated by the U.S. Specifically, Canada's economic growth is projected to decline to 0.7% in 2025, a significant reduction that underscores the profound effect of the tariffs on the nation's economic trajectory.

Eroded business confidence

The unpredictability associated with the on-again, off-again nature of the tariffs has eroded business confidence.

The latest CEO Confidence Index from Chief Executive magazine indicates a significant drop, reaching the lowest level since November 2012. This decline is attributed to the fluctuating tariff policies between the U.S., Canada, and Mexico, which have made long-term planning and investment decisions increasingly challenging for businesses.

Executives from major financial institutions have voiced concerns about the negative impact of this uncertainty on business operations and economic stability. 

Greg says that uncertainty is clear, noting many of those logging on to Ask the Expert are smaller business owners who may not be directly impacted by tariffs but more from the trickle-down effects of a prolonged trade war.

“Nobody really knows yet what those impacts will be,” he says. “The people joining us really want to know more about timing and when things are going to happen. I think some of the concerns are morphing away from talk of annexation and are now touching on the realization that there is something really wrong in the U.S.”

To join an Ask the Expert conversation, visit www.chambercheck.ca (which offers resources and information to help businesses) and sign up. 

For those who can’t participate live, Ask the Expert videos are posted on  www.chambercheck.ca  and the Cambridge Chamber of Commerce YouTube channel. 

Federal aid package info

In response to U.S. tariff impositions that have disrupted trade and heightened economic uncertainty, the Canadian government has introduced a comprehensive aid package exceeding $6 billion to support affected businesses. The key components of this financial assistance include:

1. Trade Impact Program by Export Development Canada (EDC):

With its newly launched Trade Impact Program, EDC is prepared to facilitate an additional $5 billion over two years in support. This program aims to:

• Market Diversification: Assist exporters in identifying and penetrating new international markets, reducing reliance on the U.S. market.

• Risk Mitigation: Provide solutions to manage challenges such as non-payment risks, currency fluctuations, and cash flow constraints.

• Expansion Support: Offer financial backing to overcome barriers hindering business growth and international expansion.

These measures are designed to help companies navigate the economic challenges posed by the tariffs and adapt to the evolving trade environment. 

Government of Canada.

2. Business Development Bank of Canada (BDC) Financing:

To support businesses directly affected by the tariffs, the BDC is providing $500 million in favorably priced loans. Key features include:

• Loan Amounts: Businesses can access loans ranging from $100,000 to $2 million.

• Flexible Terms: Loans come with favorable interest rates and flexible repayment options, including the possibility of deferring principal payments for up to 12 months.

• Advisory Services: Beyond financing, BDC offers advisory services in areas such as financial management and market diversification to strengthen business resilience.

This initiative aims to provide immediate financial relief and support long-term strategic planning for affected businesses. 

3. Farm Credit Canada (FCC) Support for Agriculture and Food Industry:

Recognizing the unique challenges faced by the agriculture and food sectors, the government has allocated $1 billion in new financing through FCC. This support includes:

• Additional Credit Lines: Access to an additional credit line of up to $500,000 for eligible businesses.

• New Term Loans: Provision of new term loans to address specific financial needs arising from the tariffs.

• Payment Deferrals: Current FCC customers have the option to defer principal payments on existing loans for up to 12 months.

These measures are intended to alleviate cash flow challenges, allowing businesses to adjust to the new operating environment and continue supplying high-quality agricultural and food products. 

4. Enhancements to the Employment Insurance (EI) Work-Sharing Program:

To mitigate layoffs and retain skilled workers, the government has introduced temporary flexibilities to the EI Work-Sharing Program:

• Extended Duration: The maximum duration of work-sharing agreements has been extended from 38 weeks to 76 weeks.

• Increased Access: Adjustments have been made to make the program more accessible to businesses experiencing a downturn due to the tariffs.

This program allows employees to work reduced hours while receiving EI benefits, helping employers retain experienced staff and enabling workers to maintain their employment and skills during periods of reduced business activity. 

5. Strengthening Investment Protections:

To safeguard Canadian businesses from potentially harmful foreign takeovers during this period of economic vulnerability, the government has updated the Investment Canada Act Guidelines. While Canada continues to welcome foreign investment, these updates ensure that any investments posing risks to economic security can be thoroughly reviewed and addressed.

Click here to learn more.

The impact of U.S. President Donald Trump’s 25% tariffs on Canadian imports and Canada’s counter tariffs has significant implications for various sectors of our economy, including tourism, with Ontario poised to experience both direct and indirect effects on this industry.

The Canada-U.S. border has traditionally seen substantial movement of tourists in both directions. However, these escalating trade tensions have led to a surge in nationalistic sentiments, influencing travel decisions.  Reports have indicated that many Canadians plan to boycott travel to the U.S. in response to Trump’s tariffs, opting instead for domestic destinations or alternative international locations, a trend that has not gone unnoticed by tourism experts. 

“We're hearing that 40% of Canadians that had booked a trip to the U.S. have cancelled their plans,” says Explore Waterloo Region CEO Michele Saran, noting travel destinations nationwide are expecting an uptick in tourists this summer. “If I was a Canadian destination that actively pursued the U.S. market, right now I would be pushing the exchange rate really hard.”

Potential side-effects

However, economic downturns typically result in reduced disposable income, which can lead to a decline in domestic tourism as residents may cut back on travel and leisure activities.

Moreover, the weakening of the Canadian dollar is likely to make international travel more expensive for Canadians, potentially reducing outbound tourism. But on the flipside, a weaker Canadian dollar could make Canada a more attractive destination for foreign tourists, as their currencies would have greater purchasing power. 

There are also potential side-effects surrounding the impact heightened political tensions and changes in consumer sentiment that have been created.

“I have been told that Americans are expressing concern about how they'll be treated if they come to Canada right now,” says Michele. “So, they're a little bit reticent about it right now. But from a leisure travel perspective, Waterloo Region has always focused on marketing in Southern Ontario.”

In fact, she says the travel organization is in the process of creating and promoting new packages to encourage visitors to spend more time here once they arrive.

Specific marketing

“We want to provide them with options they can’t find in downtown Toronto,” she says of this new promotional tactic. “We're giving them an itinerary so that they'll be able to create a mental movie of a staycation in Waterloo Region and how they could spend their time here.”

Michele says Explore Waterloo Region is conducting specific marketing targeted at couples, families and groups of friends highlighting the authentic ‘experiences’ that cities located on the edge of nature can offer. 

“We're testing them right now at the target market to make sure we mitigate any risk to make sure that these markets find them compelling,” she says, noting Waterloo Region’s proximity to the GTA will likely prove to be an even bigger advantage this year.  “About 90% of our leisure visitors come from that area. It’s easy to get here and we also have we have both rural and urban, so there's something for everyone when you come to the region.”

Annually, Waterloo Region attracts approximately five million visitors not just for leisure visits, but conferences, meetings, and sporting events, which translates into nearly $560 million for the local economy. 

To learn more, visit Explore Waterloo Region.

Tourism stats:

• Canada is the biggest source of international visitors to the U.S. accounting for for 20.4 million visits in 2024, generating $20.5 billion in spending and supporting 140,000 American jobs. 
• According to the U.S. Travel Association, even 10% less Canadian tourists to the U.S. could mean 14,000 job losses in related industries in that sector and two million less visitors.
• Florida, California, Nevada, New York, and Texas are the top states Canadians visit. Since shopping is a popular activity for Canadian visitors, these states could see steep declines in retail and hospitality revenue.
• Ontario’s Highlands Tourism Organization (OHTO) recently revealed that visitors are increasingly seeking meaningful experiences that allow them to reconnect with friends, family, and nature. This trend is reflected in a noticeable shift in spending patterns; between January and September 2024, visitor spending reached $399 million, marking a 12% increase over the previous year.
• In January 2025, more than $1.4 million was allocated to 10 organizations across southern Ontario federal government. Notable projects include the creation of a looped trail connecting Burlington to the Niagara Escarpment trail network and the Bruce Trail, aimed at augmenting active outdoor visitor experiences. Additionally, enhancements to were announced for the Hydrocut mountain bike trails in the Waterloo Region.

The high cost of living, inflation, housing affordability, and rising operational costs top the lists of concerns for Ontario businesses, according to the Ontario Chamber of Commerce’s (OCC) most recent Ontario Economic Report (OER). 

The report shows a significant rise in business confidence over the course of 2024, climbing from a historic low of 13% to 26% by year’s end. Despite this improvement, confidence remains historically low and fragile, with 48% of businesses expressing a lack of confidence in the economy. Affordability and the cost of living continue to be the most pressing concerns for businesses.

The survey, conducted between October 15 and December 2, 2024, gathered insights from 1,714 respondents representing a diverse range of industries, regions, and organizations.

The results show that when U.S. tariff threats are on the table, business confidence drops dramatically to just 15%, almost erasing the last year’s gains, according to the OCC’s separate tariff survey in early February. This recent research also shows that with tariffs in play, six in ten (60%) business decision makers would lack confidence in Ontario’s economic outlook.

“I may not use the word fragile describing the confidence level and instead use the word tempered,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “People's optimism for the future of business in the short term is tempered by the impact of Trump’s tariffs. I think most people in business realize that the impact of any decision is probably going to be short term. Whether or not tariffs are long term isn't the issue, it’s the impact of tariffs. So, after a period time, the marketplace settles down and people get used to whatever is the new reality.”

Ontario’s economic outlook varies

Confidence in Ontario’s economic outlook varies significantly across industries, with the information and cultural industries sector reporting the lowest level of optimism at just 17%.  Businesses in this sector cite high operational costs, shifting consumer behaviour, declining advertising revenues, and mounting pressures from technological disruption, global competition, and regulatory challenges as key drivers of their pessimism.

The retail (18%), non-profit (20%), utilities (21%), and accommodation and food services (22%) sectors follow closely, reflecting the impact of declining consumer spending amid heightened cost-of-living pressures.

The agriculture sector, while showing a slight improvement over last year, also remains among the least confident sectors (22%). Concerns in this sector centre on extreme weather events, trade and supply chain barriers, and growing labour gaps and succession planning challenges as a significant portion of the workforce approaches retirement.

By contrast, confidence is strongest in the mining (56%), finance and insurance (40%), and administrative and waste management services (40%) sectors. This could be explained by the strong demand for critical minerals supported by Ontario’s Critical Minerals Strategy, rising sustainability initiatives the finance sector’s ongoing resilience, and growth driven by fintech advancements. These sectors demonstrate adaptability and the ability to capitalize on emerging opportunities.

Survey respondents remain optimistic

Regionally, most of Ontario’s regions outside the GTA saw a significant reduction in confidence compared to the previous year.

Confidence is lowest in Stratford-Bruce Peninsula (19%), Northeast Ontario (21%), and the Greater Ottawa Area (21%), where in addition to concerns surrounding high costs and housing affordability, businesses are disproportionately sensitive to government policies and investments and have suffered more extreme weather events than other regions.

Confidence is highest in the Greater London Area (34%), a significant rebound from last year (9%). This resurgence is likely fueled by strong consumer demand, and domestic manufacturing capacity and supply chains, including the announcement of the Volkswagen EV battery plant in St. Thomas.

Despite the challenges, respondents report relative optimism about their own business growth prospects. Nearly half (49%) express confidence in their own future, citing factors such as strong consumer demand, innovation, and improved inflation management, something that doesn’t surprise Greg.

“I think that you'll find that there's going to be a growth and optimism because many sectors in Canada are going to strengthen as a result,” he says. “We’ve never been the ‘buy Canadian’ kind of a nation and the U.S. has always had buy American programs in place because we’ve always understood we were a player in the global market.”

He says there are initiatives created by the Provincial and Federal governments to encourage Canadian businesses to look at other, more reliable markets, rather than depending on the American market.

European Union agreement key

“Why we perceive the U.S. market to be unreliable right now is because anything that the American government does that impacts the trade with their nation is exponential in our case because 80 per cent of our GDP goes to the United States,” says Greg. “So, we're vulnerable to every whim of the U.S. government. For us to get more reliable sources, we need to diversify so we need to have relationships in the European Union.”

He notes the Canada-European Union Comprehensive Economic and Trade Agreement, which Canada signed in the fall of 2016, has been underutilized. 

“I think it stands to reason that we have not served ourselves well by not really looking seriously at the European Union for economic trade,” says Greg, noting this happened primarily because of our expectation the U.S. would always remain a reliable trading partner.

“We need to understand what the reality of this is going to be going forward and whether we do get aggressive when it comes to find other trading partners.  And if Canadians continue to buy Canadian that will really impact the U.S. exponentially because we do consume a lot of American products.”

Click here to read the report.

Report highlights: 

• Business confidence in Ontario’s economy has doubled in the past year, rising from 13% to 26%, but a majority of respondents (48%) lack confidence in the economy. 
• High costs remain the top concern for businesses, with 78% citing the cost of living, followed by inflation (62%), housing affordability (57%), and rising operational costs (51%).
• Simplifying or reducing business taxes (42%) is the most frequently cited policy solution to improve economic conditions, followed by affordable housing (32%), health system capacity (30%) and workforce development to solve labour shortages (29%).
• While businesses recognize the economic importance of technology adoption, environmental sustainability, diversity and inclusion and Indigenous reconciliation, businesses report a need for support and guidance in seizing these opportunities.
• Businesses report being ill-equipped to support workers and communities through mental health and addictions challenges. For example, while 71% of businesses recognize the importance of mental health and well-being to their success, only 41% have formal mental health strategies.
• Business leaders are confident in their ability to adapt to ongoing trade tensions between the U.S. and Canada with nearly half (48%) reporting confidence, while 32% are neutral and only 15% expressing a lack of confidence. 
• Ontario’s post-pandemic recovery faces significant headwinds, including potential U.S. tariff threats, geopolitical instability, lagging productivity, affordability challenges, and rising unemployment.

Corporate social responsibility (CSR) has become a critical aspect of modern business strategy, transcending the traditional goal of profit maximization. It represents a company's commitment to ethical practices, environmental stewardship, and positive contributions to society. 

In an increasingly interconnected world, stakeholders—from consumers to investors and employees—are placing higher expectations on businesses to operate responsibly.

“In today’s world, social responsibility continues to play a bigger role in consumers’ decision making of where and who they want to shop from or work with,” says Brittany Silveira, Marketing Manager at Grosche International Inc. “However, for some organizations, social responsibility remains a checkbox rather than a core value.”

For more than a dozen years the Cambridge-based kitchenware company which has operated as a social enterprise not only offers quality products but has provided thousands of people worldwide with clean drinking water through its Safe Water Project. 

“Businesses that integrate social responsibility into their DNA—like Grosche does—see long-term benefits. It's about creating shared value and using your business as a force for good: positively impacting society while fostering brand loyalty and resilience,” says Brittany, who shared some of her insights at our annual Small Business Summit held this past fall at The Tap Room in Tapestry Hall.

Workers seek purpose-driven employment

It’s a mindset that has become more prevalent for many businesses.

Some do it, according to Daniel Waeger, Associate Professor, Canada Research Chair in Corporate Governance at Lazaridis School of Business and Economics Policy, because they are a consumer facing business and realize it’s important to their clientele, and others see it as a way to charge a higher price.

“Often times it’s also just the values of the leadership,” he says, adding employees themselves are also a driving force for many businesses to become more socially responsible.

Today's workforce values purpose-driven employment. Employees, particularly younger generations, prefer to work for organizations that align with their values. CSR initiatives, such as community engagement programs or efforts to promote diversity and inclusion, create a sense of pride and belonging among employees.

Moreover, companies that demonstrate social responsibility often experience higher retention rates, as employees are more likely to stay with employers who contribute to the greater good.

“I would say over the last five to ten years, it has shifted quite a bit more to the employee side,” says Daniel, noting employees are also willing to hold a business accountable when it comes to upholding their CSR commitments even more so than the public. “As you soon as you make commitments towards your employees, they know what’s going on inside the firm, so they are in a better position than the media to hold you to your words and to hold you accountable to a certain extent.”

CSR strategies attract investors

While CSR requires investment, it often leads to long-term financial benefits.

Studies have shown that socially responsible companies tend to perform better financially over time. Ethical practices reduce risks, such as legal issues or reputational damage, which can be costly.

Additionally, CSR initiatives can open new revenue streams, such as eco-friendly product lines or partnerships with like-minded organizations. Investors also favour companies with robust CSR strategies, as these are seen as more sustainable and resilient in the long run.

For the next generation of business leaders, Daniel says he has seen a difference in the attitude among the people he instructs when it comes to putting CSR at the forefront of their business ambitions.

“People used to go to business school to become rich,” he says. “I think the considerations of the public good or of the common good are more central today than they were before. And I do think that it’s overall a good thing if there is a civic attitude.”

Brittany agrees and believes the notion of social responsibility is not a foreign concept anymore, but that its implementation still widely varies.

“The challenge lies in shifting it from an afterthought to a strategic priority,” she says. “I believe this transition is crucial for businesses aiming to stay relevant and meaningful.”

Reflect on company values

In terms of taking that first step to CSR, Brittany says a business must reflect on its values and the values of its consumers.

“Basically, what do you want to stand for beyond profitability? Brainstorm and identify causes that align with your mission and resonate with your team and customers,” she says. “From there it’s about creating a plan, starting small and measuring your efforts. Begin with one or two meaningful projects rather than spreading yourself too thin. Whether it’s reducing waste in your operations, launching a give-back program, or volunteering in your community, ensure your efforts are manageable and measurable.”

From there, Brittany says a company can then embed these values into its business model and share its efforts with the community both internally and externally.

For some businesses, like Grosche, becoming a Certified B Corporation may become the next logical step. Being one signals a business's commitment to balancing purpose and profit. B Corps are companies verified to meet high standards of social and environmental performance, accountability, and transparency.

“This certification assures employees, customers and stakeholders that you’re not just talking the talk. You’re actually making a real difference,” says Brittany. “This credibility and the give back component to your business is a great competitive advantage that can also attract top talent and increase customer loyalty.”

10 ways a business can actively embrace CSR:

Promote Environmental Sustainability

Reduce waste through recycling programs and sustainable packaging.

Transition to renewable energy sources and improve energy efficiency.

Implement water conservation initiatives and reduce carbon emissions.

Practice Ethical Sourcing

Ensure suppliers follow fair labor practices and humane working conditions.

Source raw materials sustainably to avoid environmental degradation.

Partner with vendors who share the company’s ethical standards.

Encourage Diversity and Inclusion

Establish equitable hiring practices to foster a diverse workforce.

Support underrepresented groups through mentorship or leadership programs.

Create a workplace culture that celebrates inclusivity and equity.

Support Community Initiatives

Sponsor local events or donate to community programs.

Encourage employees to volunteer by providing paid time off for service.

Partner with non-profit organizations to address local social issues.

Invest in Employee Well-being

Offer competitive wages, comprehensive benefits, and work-life balance initiatives.

Provide professional development and training opportunities.

Prioritize mental health through access to resources and support systems.

Champion Ethical Business Practices

Adopt anti-corruption policies and ensure transparency in operations.

Uphold consumer rights by delivering honest advertising and high-quality products.

Maintain strict compliance with labor and safety regulations.

Educate and Raise Awareness

Create campaigns to educate employees and customers about social or environmental issues. Collaborate with schools and universities to promote sustainability or ethics education. Use social media to amplify causes aligned with the company’s CSR goals.

Develop Sustainable Products and Services

Innovate products that are environmentally friendly or socially beneficial.

Reduce the environmental impact of production processes. Offer services that address societal challenges, such as renewable energy solutions.

Engage in Fair Trade Practices

Support fair trade-certified products and suppliers. Promote economic growth in developing regions by purchasing goods directly from small-scale producers.

Ensure fair compensation throughout the supply chain.

Measure and Report CSR Impact

Regularly assess the effectiveness of CSR initiatives using KPIs. Share progress and achievements through transparent reports. Use feedback to continuously improve CSR strategies.

While the recent 30-day postponement of U.S. President Donald Trump’s tariffs and Canada’s retaliatory measures came as welcomed news to businesses, the lingering presence of these threats remain prompting the Chamber network to act using a variety of tactics, including advocacy, negotiation, education and promoting partnerships.

Trump’s demand for 25 per cent blanket tariffs on all Canadian goods, with the exception of a 10 per cent tariff on Canadian energy, and Canada’s proposed retaliatory tariffs on $155 billion of U.S. goods, has sent economic shockwaves through both nations prompting calls for action on both sides of the border.

To clearly map out the vital importance of the trading relationship between the two countries and the risks businesses face, the Canadian Chamber of Commerce’s Business Data Lab has introduced the Canada-U.S. Trade Tracker —a new tool designed to illustrate the ties between the two economies. It notes that $3.6 billion in goods crosses the Canada-U.S. border daily, generating a $1.3 trillion annual trade relationship.

"A 30-day delay means more time for Canadian businesses and governments to drive home the point that tariffs make no sense between the two closest allies the world has ever known,” said Candace Laing, President and CEO, Canadian Chamber of Commerce, in a release. “The Canadian Chamber, our network and businesses across the country will spend every day of it fighting hard to secure this historic, robust trading relationship. Raising the cost of living for Americans and Canadians with these taxes is the wrong move. Canada and the U.S. make things together, and we should in fact be building on that.”

Call to dismantle interprovincial trade barriers

It is a sentiment echoed by her colleagues at the Ontario Chamber of Commerce who have rallied their members, which includes the Cambridge Chamber, in a show of unity and strength and targeted actions including supporting a unified call for Canadian premiers to quickly dismantle interprovincial trade barriers and the creation of a business and trade leadership coalition.

Called the Ontario Business & Trade Leadership Coalition (OBTLC), it aims to unit leaders from key trade-dependent sectors to champion business-driven solutions, advocate for effective government policies, and solidify Ontario’s position as a global leader in trade.

“President Trump has claimed the U.S. doesn’t need Canada – but we are here to show just how invaluable we are. Ontario businesses are stepping up to safeguard our economy and reinforce our global competitiveness,” said Daniel Tisch, President and CEO of the Ontario Chamber of Commerce, in a release. “The Ontario Business & Trade Leadership Coalition represents a united response – a coalition of industry leaders committed to resilience, collaboration, and growth.”

BestWR brings business groups together

But the fight to ward off economic turmoil caused by these tariff threats has also been ramped up locally, says Cambridge Chamber of Commerce President and CEO Greg Durocher, through the revival of a unique partnership created during the pandemic to assist businesses.

“We created the Business Economic Support Team of Waterloo Region (BestWR) during COIVD-19 consisting of organizations that are fundamentally engaged in the economic activities through business in the region and have brought it back as a support mechanism for local businesses with respect to trade,” he explains. “It was created during the pandemic, but this is now really about a united force of business organizations helping local businesses navigate these turbulent trade waters.”

Besides the Cambridge and Greater Kitchener Waterloo Chambers, BestWR also includes Waterloo EDC, Communitech and Explore Waterloo Region.

“We are engaged right now with regional municipalities to create opportunities whereby we can offer a support role in helping local businesses find local or Canadian suppliers, or to expose local businesses to the products they currently manufacture or sell and may be able to find Canadian customers for,” says Greg, noting BestWR also has strong federal and provincial connections which they will use to assist businesses.

“We have the insight to be able to tap into key levers within provincial government and within the federal government to have input on what potential supports those governments may need to provide businesses to keep them moving through this turmoil.”

Ask the Expert returns

As a further measure to assist, both the Cambridge and KW Chambers have revived their online tool 'Ask the Expert'.

These weekly Zoom calls - created during the pandemic to provide business leaders with current information – will now provide an opportunity for manufacturers and businesses in the region who export to the U.S. to ask questions.

“We will invite various experts to take part in the one-hour call, and hopefully get some answers to their questions and help them keep their business humming along and doing the things they need to do to support their employees,” says Greg.

'Ask the Expert' will take place every Thursday, between 9-10 a.m.

“This all about businesses,” he says. “And how do we navigate the turbulent challenges ahead and make it a win for Canadian businesses.”

The Chambers have also revamped the chambercheck website (which offered timely resources for businesses during the pandemic) to provide a growing list of trade-related resources to inform and assist businesses.

Reasons for businesses to remain confident and optimistic:

Economic Resilience

Canadian businesses have demonstrated remarkable resilience in the face of past economic challenges. Our diverse economy and strong trade relationships beyond the United States provide a buffer against potential disruptions.

United Response

The Canadian government, provincial leaders, and business organizations like your local Chamber of Commerce are presenting a united front in response to this threat. This co-ordinated approach strengthens our negotiating position and demonstrates our commitment to protecting Canadian interests.

Potential for Internal Growth

For years the Chamber network has been encouraging the government of Canada to remove interprovincial trade barriers and unlock the economic prosperity lying dormant in these archaic policies. This situation presents an opportunity to address long-standing interprovincial trade barriers and by removing them boost Canada's economy by up to $200 billion per year, potentially offsetting the impact of U.S. tariffs.

Mutual Economic Interests

It's important to remember that the proposed tariffs would also significantly harm the U.S. economy. American businesses and consumers would face higher costs and reduced competitiveness, which could lead to pressure on the U.S. administration to reconsider this approach. 

Time for Preparation

With the proposed tariffs not set to take effect until at least March 1, there is time for diplomatic efforts and for businesses to prepare contingency plans as we work our business contacts and channels to influence key stakeholders in the U.S.

Leveraging Canadian Assets

Canada continues to highlight its valuable assets that are strategically important to the U.S., including:

• Energy resources
• Critical minerals
• Nuclear power capabilities
• AI research excellence
• Lumber and building materials
• Automotive
• Agriculture

By emphasizing these assets, Canada is demonstrating that doing business with us is not just beneficial but strategically smarter than alternatives.

Government Support

The Canadian government has a track record of supporting businesses during trade disputes. We can expect measures to be put in place to assist affected industries if the tariffs are implemented.

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

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

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

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

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

Canada: An Indispensable Ally

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

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

Revisiting NAFTA and Trade Tactics

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

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

The Reality of Trump’s First Term

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

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

What’s Next?

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

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

Canada’s Challenge

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

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

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

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

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

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

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

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

Reliability an issue

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

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

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

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

Businesses need predictability

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

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

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

Shipments continue to shrink

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

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

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

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

The holiday season is an important time to boost the bottom line for retail businesses.

But just how much consumers are spending this year is hard to pin down, says Brad Davis, a retired Associate Professor at Wilfrid Laurier University’s Lazaridis School of Business and Economics, who specializes in consumer behaviour and trends.

According to the Retail Council of Canada (RCC) and Leger, this year average holiday spending was expected to be around $972, which is up $74 or eight per cent from the 2023 holiday season. Meanwhile, PwC Canada says Canadian consumers were planning to spend an average of $1,853 on gifts, travel, and entertainment this holiday season, a 13% increase over last year.

Shoppers, it seems, are adopting more strategic behaviours when it comes to gift giving. With inflation still impacting prices, an Angus Reid Group study indicates that 71% of Canadians are budgeting carefully, seeking promotions, and comparing options extensively.

Black Friday and Cyber Week have remained key shopping periods, with many delaying purchases to capitalize on discounts.

“The last few years I've taught I've been kind of really disparaging about spending surveys and I think you see so many of them where the results say one thing and then the actual behaviour is totally different,” says Brad. “I think we've created this environment where there's kind of a disconnect between immediate gratification of purchase and then the actual feeling of having spent money you don't see until the credit card bill arrives.”

That same Angus Reid Group survey, conducted from Oct. 15-21 from among approximately 1,500 Canadians 18 and older, also indicates at least 46% of holiday shoppers were planning to spend less this year. 

Sustainability and quality key factors

Sustainability and quality are also playing a significant role in purchasing decisions this year. Shoppers increasingly prefer high-quality, longer-lasting items and even second-hand products. For retailers, offering compelling loyalty programs and promoting ethical practices could further attract this value-driven demographic.​

Brad says while the holiday shopping season is an important time for many businesses, planning for the long term has also become a priority.

“You’ve got the sales now and the cash flow, but there is so much stuff going on with artificial intelligence and the relationship between online and bricks and mortar stores,” he says. “There’s that balance between being very reactive to what’s happening now and not compromising what you’re going to have to do for that long-term adjustment to current changes. I think many are still dealing with kind of a post-COVID restructuring.”

According to the Angus Reid Group, 26% of Canadians were planning to do most of their holiday shopping in-store this year, while 34% will do the majority online. With half (48%) of small businesses finding it harder to compete with the rise of online giants.

Survey results show Ontarians are leading nationwide in online shopping, with 41% of their holiday budget spent digitally, balancing this with the tactile experience of in-store shopping​, something Brad says is hard to define for many retailers.

“Every retail space has presumably different consumer experience expectations,” he says, adding the term ‘customer experience’ is the mantra retail experts often tout. “But when you have so much traditional retail stuff or a customer experience which is designed to create that kind of more spontaneous or in-store decision making, how do you balance that with online?”

By focusing on value, engaging promotions, and omnichannel excellence, experts say Ontario retailers and businesses should be maximizing their potential this holiday season.

Some key spending drivers this holiday season:

Consumer spending growth: Rising disposable incomes, particularly among millennials and Gen Z, are fueling higher expenditure on gifts, travel, and entertainment​.

Preference for online shopping: Retailers with robust digital platforms and promotions, especially during key events like Black Friday and Cyber Week, are poised for success​.

In-store experience matters: While online shopping grows, 62% of Canadians still value the tactile experience of in-store shopping. For Ontario retailers, curating an engaging, festive in-store atmosphere could capture the attention of consumers seeking the traditional holiday shopping experience​.

Strategic shopping and sustainability: Items like clothing, home essentials, and gift cards dominate wish lists. Retailers offering eco-friendly options or emphasizing value-driven strategies are likely to resonate with shoppers​.

Impact of promotions and loyalty programs: Businesses offering early deals, compelling promotions, and customer-centric loyalty programs will stand out during this competitive season​.

Challenges facing Ontario businesses:

Economic uncertainty: While economic indicators are improving, the lingering effects of inflation mean that consumers remain cautious. Retailers need to balance pricing strategies carefully to attract budget-conscious shoppers without eroding profit margins​.

Supply chain and inventory management: Ensuring adequate inventory while avoiding overstock is critical. Supply chain disruptions seen in previous years underline the importance of proactive planning​.

Diverse consumer preferences: Businesses must cater to a broad range of consumer priorities, from those seeking traditional gifts to those favoring experiences or sustainable options. Flexibility and adaptability will be key​.

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

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

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

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

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

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

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

Stronger government connections needed

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

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

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

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

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

Chambers a conduit for government

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

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

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

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

Click here to read the full report.