The fun of live TV, combined with a busy news morning in advance of the Federal election, characterized this week’s CBC News Network Weekend Business Panel. Standing by for Prime Minister Justin Trudeau’s press conference, Elmer Kim, John Northcott, and I chatted all things business, including what we didn’t see on the campaign trail.
How can this be achieved? Although governments are likely of the view that they consult with business, the lack of focus on the issues that matter suggests that this isn’t done nearly enough. Further, advisors and investors bring a wealth of knowledge and context, in terms of business strategies that work (and those that do not), as well as the trends and opportunities of the future. It is this perspective that is integral to developing a long term strategy to build a greater number of companies that can be globally competitive, an opportunity of particular importance in our current world of economic and political uncertainty.
And a word about economic diversity, particularly in terms of Canadian regions where the focus has long since been on resources: diversity is a state of mind. Regions that have a lengthy history of a business community and local economy that include a range of industries can appreciate how products, services, technologies, and human capital can reach across various applications, with a bit of tailoring. Those who haven’t lived this experience might not see the opportunity or scoff at even looking for it (have seen this first hand), and it is in this reality where the state of mind that is diversity can take hold, for those who are willing to take the leap. It will be interesting to see how this unfolds over the next couple of years, as it is progress that is already overdue.
In the meantime, business leaders need to have a range of plans for whatever the election results might be; this is simply good management. Failure to do so puts a company at risk and in a reactive position, as opposed to the relative strength of being proactive. In the event that the current predictions of a minority government come to pass, uncertainty might continue to unfold for a period of time; advisors can help companies to navigate forward in this type of environment.
Don’t forget to get out and vote on October 21st, as it is so important to do so. Thanks for watching and see you again soon, CBC!