News

New survey shows no relief from rising costs for businesses ahead of BOC rate announcement: Canadian Chamber of Commerce

The Chief Economist of the Canadian Chamber of Commerce, Stephen Tapp, issued the following statement on the latest results from today’s data release of the Canadian Survey on Business Conditions (CSBC), a Canadian Chamber of Commerce/Statistics Canada initiative.

“The top obstacles for Canadian businesses continues to be rising input costs, difficulties hiring workers, and supply chain challenges. Rising costs remain by far the number one obstacle for Canadian business right now,” said Tapp. “These cost pressures will continue to fuel inflation, which will add further pressure for the Bank of Canada to continue raising interest rates at a super-sized pace in their attempt to bring inflation under control,” he added.

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Bringing about positive change with the Indigenous Employee Resource Group

Growing up in Grande Prairie, Alberta, located in the Peace Region in Northern Alberta, I was proud to be part of the Métis Nation of Alberta.

Although none of my family members worked in banking, when it was time for me to think about a career, I was drawn to the industry. For 11 years, I enjoyed rewarding work in retail and commercial banking for financial institutions both large and small.

When I joined BDC, it was partly because I wanted to apply my skills to supporting Indigenous entrepreneurs. I appreciated that there was a customized offering, the Indigenous Entrepreneur Loan, for Indigenous business owners, and a portion of the interest revenue from each loan is donated to a charity of the entrepreneur’s choice. But what really ignited my interest was the opportunity to work with leaders who are Métis.

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The big shift: Consumer power and payment choice in a post-COVID world

In March 2020, Interac began studying the impact of COVID-19 on Canadians’ retail habits.

Today, while panic buying has slowed and in-store shopping has returned, one thing is clear: Canadians’ retail expectations have changed. In a world of increasing local and global competition and decreasing margins, it is more important than ever for businesses to understand, meet and exceed those expectations.

Canadians moving from cash to digital payment methods

The move from cash to digital payment methods was well underway before the pandemic started. In less than a decade, the share of in-person cash transactions fell from 54 per cent in 2009 to 17 per cent in 2020.

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About Kawartha Lakes CFDF

Kawartha Lakes Community Futures Development Corporation (KL CFDC) was founded in 1986 as the Victoria County Employment Development Group. Our goal is to create employment through strategic capital investments in small and medium sized enterprises, support entrepreneurs in the development of new, innovative and disruptive technologies, provide innovative business counselling and support opportunities and develop partnerships and dynamic community economic development initiatives in the City of Kawartha Lakes.

Our operational funding is provided by the Federal Development Agency for Southern Ontario (FedDev Ontario) through the Community Futures Program.

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CONTACT US

180 Kent Street West | Lindsay, Ontario | K9V 2Y6
Telephone: (705) 324-2393 | Fax: (705) 324-2473 Email: info@lindsaychamber.com

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