Chamber Blog

Members of the local business community gathered on Tuesday, October 22nd for an informative and inspiring breakfast hosted by the Steinbach Chamber of Commerce. The gathering featured a presentation by Arnaud Franco, the director of Economic Research at the BDC, a federal lender that focuses on small and medium-sized businesses in Canada. The event allowed attendees to hear about current economic trends, challenges, and strategies to navigate the future.

Ste. Anne Town Councillor Jeremy Wiens appreciated the update on the economy and connected with the business community.

“This was a great event by Steinbach Chamber of Commerce. I’m really proud to be here,” he said.

Wiens acknowledged the challenges businesses face, particularly with the rise of automation and artificial intelligence. “We’re going to have to adapt,” he added, while also noting that networking opportunities like these can lead to valuable collaborations.

The Benefits of Community

Following the presentation, Wiens highlighted the strengths of rural communities.

“Coming to events like this where we get to network and meet other people, that’s huge for us. We get to meet different businesses, and we also get to learn from these different people who are doing all these amazing things. So, it’s just benefit after benefit,” he noted. He believes learning from each other is essential for growth and success in small, rural communities.

Tessa Masi, Executive Director of the Steinbach Chamber of Commerce, also shared her excitement about the morning’s discussions.

“Arnaud Franco did a magnificent job, really packaging the important information of where our economy is heading for 2025,” she said. Masi emphasized the importance of understanding economic trends, especially as businesses continue to recover from the pandemic.

Key Insights from the Presentation

Franco’s presentation covered four major trends that impact local businesses:

1. Rising Costs: Masi noted that high costs will continue to challenge businesses. This information reassures owners that they are not alone in facing these issues and helps business owners to plan for the future.

2. Shifting Customer Preferences: Younger consumers are increasingly focused on buying local and sustainable products. “As a Chamber, we shout from the rooftops ‘buy local,’” Masi said, reinforcing the importance of supporting local entrepreneurs.

3. Labor Shortages: Franco pointed out that labor shortages will persist, and businesses need to find ways to attract and retain skilled workers.

4. Adopting Technology: The need for businesses to embrace technology is more pressing than ever. Franco advised that implementing technology can help reduce costs and increase efficiency.

Arnaud Franco speaks about trends that are influencing small and medium enterprises.

“I really liked what Arnaud talked about in terms of bringing in other skilled labor, bringing in skilled labor from other countries,” Masi added. ” I know that’s something that we, as the Chamber with Eastman Immigrant Services, we’re already doing that. And then he talked about getting people excited about your business so that you’re retaining the staff that you have. Shout what your business is about and create that atmosphere that people want to work in and the culture of your business, so that when you’re training people, they stay.”

Navigating Challenges

Franco addressed the difficulties of being a small business owner today. “It’s difficult to be a business owner. We know that being an entrepreneur, you often feel very alone,” he said. “You carry the livelihood of your family and often the livelihood of your employees as well.”

He pointed out that many baby boomers are retiring, which could lead to a wave of businesses available for sale. This transition offers a chance for new entrepreneurs to step in.

“While the current climate is challenging, there are also many opportunities,” Franco said.

Tips for Success

During the event, Franco offered suggestions for local business owners:

• Embrace Technology: With rising costs and labor shortages, automation and innovative tools can help businesses become more efficient. “There are many free tools available that can help reduce costs,” he noted.

• Community Engagement: Franco encouraged businesses to engage with their local communities. “Buying local is a huge benefit,” he said, especially for the environmentally conscious younger generation.

• Knowledge Transfer: As baby boomers retire, it’s crucial to preserve the knowledge and experience they hold. Franco suggested that business owners mentor younger employees and create succession plans to ensure their businesses continue to thrive.

Looking Ahead

Overall, Franco’s outlook was optimistic.

“I would caution that we’re not behind the slowdown quite yet. We’re in the midst of it. But Canada should not fall into recession,” he said. “We should be bouncing off the bottom and starting to grow. So, with the interest rate declines that have come and that are expected to continue to come, we should see a more favorable business environment. So, 2024, the back half might be a little weak, but in 2025, we’re certainly expecting better things.”