Business

June 6, 2022  by

MEDIA: CBC News Network Weekend Business Panel (June, 2022)

Always a pleasure to join the CBC News Network Weekend Panel, alongside Sherena Hussain and John Northcott, talking rising interest and inflation rates and the latest directive from Elon Musk regarding the end of remote work at Tesla; watch our segment here.

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Here are some quick thoughts on our discussion.

One of the interesting things about the perspective of organizations such as central banks, financial institutions, and large firms is how little it tends to reflect the realities of what is happening at the front lines of business.  Although there are exceptions to this, such as when the viewpoint is expressed by someone who has extensive experience operating a small business, the overall perspective gap is evident.  An example of this is the commentary from a while ago about inflation being “transitory” (some admitted the error if this comment earlier this week); a pronouncement that seemed oddly dismissive at the time, given the numerous real world problems, such as COVID, supply chain delays, and the scarcity of labour and materials that only serve to raise uncertainty.

Small businesses are the backbone of the Canadian economy and it is important for the owners and leaders of these companies to never assume that people in large organizations and government understand their reality.  Looking solely at macro factors, such as unemployment or inflation levels, does not always reflect what companies are experiencing.  As an example, a low unemployment rate is generally viewed as favourable at a macro level, however, it doesn’t reflect the scarcity of labour that small businesses might be experiencing; something that is very much the case today.  Operating realities at the business level, such as the challenges associated with acquiring materials and labour and getting products to customers in a timely fashion, suggest that macro level factors, such as inflation and increasing interest rates, may be with us for a while.

Related to this point, Tesla CEO Elon Musk’s demand that employees return to the office is something that appears out of context, when considered at the front line level.  In the case of jobs that “can be done from anywhere”, the labour market is extremely tight, as employees (especially the top performers) have more job opportunities than the norm, with flexible work arrangements and salary rates being of particular appeal.  Business leaders who draw a line in the sand on employment arrangements might find themselves in a position of losing their best employees, with only the average and marginal performers remaining.  This reality might not appear to have a pronounced impact in the early days, but can be highly damaging to a company as time goes on, as the quality of work and information decline.  Examples include poor financial reporting, products/services that don’t meet quality levels, and costly mistakes due to inexperience.  When this happens, business leaders tend to have more work on their plate, as well as the difficulties associated with trying to find better qualified staff members in a challenging labour market.

In the case of Tesla, it’s true that some staff members may choose to comply with the directive to return to the office full time, simply because they want to work there.  Others, however, might find the draw of their current role to be less powerful than expected, valuing work flexibility and other arrangements much more.  Business leaders need to remember that employees and customers might value corporate “culture” much less than they do, as markets are always competitive; either way, there is a cost.

Thanks for watching and see you again soon!

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May 9, 2022  by

MEDIA: CBC News Network Weekend Business Panel (May, 2022)

As flood waters continue to rise in my area, pleased to join the CBC News Network Weekend Business Panel, alongside Mark Warner and John Northcott, talking rising interest and inflation rates, falling stock markets, implications of the latest jobs report, the end of COVID19 support programs, and consumer shopping habits. A lot to discuss, watch our segment here.

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The intersection of all of these areas, something that tends to not be particularly well understood, is the impact on the “front lines” of business. It is relatively easy to step back and look at the economy through a broad lens, such as GDP, employment levels, or even the stock market; however, what businesses face directly, especially in difficult times, is much different. A few things to keep in mind as we consider this issue:

  • Unemployment doesn’t tell the whole story.  Just because unemployment levels are low, it does not mean that businesses have the staff members that they need.  In fact, many companies are having a difficult time finding (and keeping) staff in a wide range of areas, including accounting, technology, sales, and healthcare, as well as front line workers; this includes both staff numbers and key skills.  Ask a business leader how hiring has been going in what is a very tight labour market (they will likely have a lot to say).
  • The “stars” can write their own ticket.  Related to this point, it is the best staff members, in terms of performance and skillset, who have the most choices in this type of market when it comes to employment opportunities.  Companies should re-think their compensation strategy and flexibility in terms of work arrangements, in order to be competitive.  The “we just want people in the office” mindset, when not essential, is a losing proposition and some companies have likely found this out too late.
  • Supply chain problems persist.  This crisis has impacted companies more than is generally realized, and this reality can only be fully appreciated at the front line level.  In short, companies need supplies and inputs to manufacture products and deliver services.  In the absence of this, their ability to do so stalls, resulting in either delays or inability to fulfill customer needs and generate revenue.  Remember that revenue eventually becomes cash, and it is easy to understand where a business is left when its sources of cash are impacted or lost.
  • COVID19 support programs concluded.  As these programs effectively end this weekend, a lot of companies may find themselves unable to operate on a sustainable basis.  This can vary, as some industries have been impacted more than others (think tourism, events, and some services).  Expect to see the impact of this in the coming months.

The bottom line is this: building a company to the point where it can successfully operate over time and employ staff is not something that happens overnight.  Numerous companies have either quietly closed up shop over the past couple of years (think about the vacant retail and commercial spaces in your community) or are on the brink of doing so.  Many of these are small businesses, however, some are larger, impacting a lot of jobs and families.

Once a business is gone, it’s gone.  How long does it take to replace this loss with another company?  Years, decades, sometimes longer.  It is the patchwork of these companies that make up Canada’s economy and there is a need to better understand business issues at the frontline level, instead of taking primarily a broader approach.  This is especially true in challenging times, which are reasonably expected to continue for at least the next year and likely longer.

And finally, on a personal note, my contribution to this week’s Business Panel came directly from a flood zone, surrounded by water, but safe (there should not be any water in this field).  Not sure how long this “island life” will continue, but it is a reminder that we are living in unusual times.  Thank you for watching!

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April 4, 2022  by

MEDIA: CBC News Network Weekend Business Panel (April, 2022)

Pleased to join the CBC News Network Weekend Business Panel on a busy news week, alongside Mark Warner and John Northcott.

 With a diverse array of topics, here are some thoughts on our chat:

The early days of Russia’s invasion of Ukraine were met with shock, anger, and sanctions by a range of countries.  Over a month later, what has the impact been?  It’s true that many companies have indicated that they will no longer do business with or in Russia, which should impact supply on both a consumer and corporate level.  It has been reported, however, that some companies continue to operate there under franchise arrangements, and in the absence of being able to see the details of the agreement (franchise, license, joint venture, or otherwise), it is difficult to identify exactly why this is the case (an important lesson for business leaders considering doing business abroad).  Regardless, companies that continue to operate in Russia will certainly face negative response from customers and the public in areas such as North America and Europe, which could result in costly brand and financial damage where it matters.

As we look ahead to Canada’s budget day, it will be interesting to see the impact of the arrangement between the Liberals and NDP, policy announcements in areas such as national defence spending and security, as well as the balance between moving forward from COVID19 and recognizing that the pandemic still has a considerable impact on businesses, consumers, and the economy.

And speaking of inflation, Dollarama’s recent results announcement indicates that the Company has been financially successful over the past while (not surprising for companies of this nature in difficult economic times) and a plan to incorporate products with a $5 price point.  Those who shop at Dollarama know that existing products can cost as much as $4, and given inflation and cost increases related to supply chain and other manufacturing and procurement problems, it is not surprising to see rising retail prices.  This approach might also bring in additional products to Dollarama, providing more variety for shoppers (let’s hope they did their research!).

And, finally, Amazon warehouse workers in the New York City area voted to unionize on Friday, representing the first successful US organizing effort in the Company’s history.  This situation did not involve major trade unions and has been characterized as a grassroots effort, and given the significant wealth gap between business owners/leaders and the “average worker”, expect to see this trend continue; the question is: how far will it go?  Consider the many people who effectively piece together their own income, through various casual or gig economy jobs, with little in the way of security or benefits, while multi-billionaires exhibit excessive lifestyles on social media.  The reality is that there is a cost to this gap, and as we have discussed on the Business Panel before, it is not about everyone earning the same amount of money, but, rather, bringing a sense of fairness to the issue to generate better outcomes for everyone.

Thank you for watching, and let’s hope that we see peaceful days in Ukraine very soon.

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March 7, 2022  by

MEDIA: CBC News Network Weekend Business Panel (March, 2022)

On a difficult news week, pleased to join the CBC News Network Weekend Business Panel, alongside Elmer Kim, Sherena Hussain, and John Northcott, discussing the impact of the Russian invasion of the Ukraine, a sovereign nation.  As a Canadian of Ukrainian descent, I have known since my childhood that Ukrainians are strong and resilient people; something that is being witnessed on the world stage in circumstances that are hard to imagine in 2022.

Some thoughts on our discussion:

  • For as many companies that have taken steps to cease business dealings with Russia, there are even more who have been silent on this crisis thus far.  Expect customers and other stakeholders to bring attention to these companies in the days ahead (and for those who are not happy with a company’s lack of action on this issue, customers have the ultimate power to take their business elsewhere).
  • Here in Canada, inflation arising out of issues such as the supply chain crisis and COVID19 has received a lot of attention over the past several months.  As global companies cease business relations with Russia, we are reminded of its prominence in the oil and gas industry and what the price impact could be for Canadians.  We have seen price increases at the pumps in recent days and can expect this to continue.
  • It is important to recognize, however, that rising gas prices should not mean an abandonment of green energy initiatives, as this is the way of the future.  Concerns about climate change and the environment should not dissipate because of Russia’s actions against Ukraine.  Rather, we are reminded of an important business strategy for managing risk: diversification.  Although transition to green energy is not something that will occur overnight, diversification of energy supply is something that all countries should keep in mind, as experts have indicated that the way to impact Russian leadership is through its oil and gas industry.
  • In times of inflation and rising interest rates, Canadians should follow credible news sources and consider their own financial situation.  As we are witnessing with Ukrainians who are living through horrendous circumstances, resourcefulness and resilience are important strategies for managing through difficult times.

Thinking of everyone in the Ukraine, including those who have made the difficult journey to a safer location, often leaving family members and friends behind; it is hard to imagine what a nightmare this must be.  For those who would like to help, remember that the Canadian government is matching donations to the Red Cross Ukraine Humanitarian Crisis Appeal until March 18, 2022; more information about donating can be found here, CanadaHelps, or seek out ways to support from your own community.

Thanks for watching; here’s to better days ahead.  We see you, Ukraine.

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January 24, 2022  by

MEDIA: CBC News Network Weekend Business Panel (January, 2022)

New year, new episode of the CBC News Network Weekend Business Panel, alongside Sherena Hussain and John Northcott, covering a range of business topics.

Areas we discussed include:

There has been lots of news about the impact of inflation on consumers (an important story, of course), however, it is critical to remember that it also impacts companies.  Businesses can end up paying more for the goods that they need in order to develop and deliver goods and services, and face the need to increase employee wages in times of rising prices (this varies, depending on how well the company has managed its compensation strategy over the long term, among other things).  While some are calling for an immediate increase in interest rates to slow inflation, it is important to recognize that many businesses have taken on additional debt over the past couple of years to combat the challenges of COVID19 and increasing the cost of money too quickly could have a domino effect.  The pandemic has led to the permanent closure of many companies, and as others sit precariously on the brink, rising interest costs could result in job losses and business closures, which would not help the current situation.  Achieving a balance is extremely important, a reality that could use more attention.

As we reach two years into the global pandemic, both Canada and the US are taking action to require truckers that cross the border to be subject to vaccination requirements.  Without going into the details here, it is important to remember that a healthy society is the basis for a healthy economy, both of which are desirable outcomes.  Although some in the trucking industry have indicated that they are not in agreement with these rules, it is interesting to look at transportation and logistics to identify areas of improvement, including opportunities to utilize technology and automation.  In an industry that has faced a global crisis and staffing vacancies (some of which is situational in nature), identifying a new way forward should already be a key area of focus.

Netflix is an example of a company that has benefited over the past couple of years, while people were largely confined to their homes, looking for things to do.  Although life has not returned to pre-pandemic conditions as of yet, moderation in growth and financial results is not surprising.  Companies in this situation need to focus on retention of existing subscribers and growth opportunities, including areas such as new and complementary content and services.  This represents the need to shift gears and perspective; it will be interesting to see what strategies are employed, beyond the price increases that have been implemented over the past while.

And, finally, the CEO of BlackRock released his annual letter to CEO’s; commentary that seems longer than it needs to be, including a number of areas that have been discussed on the Business Panel over the past couple of years.  Regardless, his comments relating to climate policy have caught the attention of some, in terms of its importance to business profits, as opposed to activism or similar objectives.  Another way to articulate this idea is the need for companies to focus on the market opportunity, in terms of how to develop and deliver products and services to meet the needs of customers on a sustainable basis.  This is a tall order, but given the critical nature of areas such as climate and the environment, it is both a human priority and a business opportunity that is still very much ahead of us.  Business advice can help companies to identify, develop, and implement strategies, representing a valuable resource, when leaders need it most.

Thanks for watching, and see you again soon.  Hope that 2022 finds you well and is a year of healthy abundance!

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December 6, 2021  by

MEDIA: CBC News Network Weekend Business Panel (December, 2021)

Great to join the CBC News Network Weekend Business Panel on a busy news week, alongside Dennis Mitchell and John Northcott. Our discussion focused on the impact of the Omicron variant on the markets, the good news in the latest Canada jobs report, and the intellectual property dispute between Peloton and Lululemon.

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Some quick thoughts on our chat:

With the global pandemic approaching two years since the first days of widespread knowledge, Canadians have been looking forward to at least some return to normal life.  Greater access to things such as travel, events, and simply getting together have brought some optimism, however, the recent appearance of the Omicron variant is a reminder of the tenuous situation in which our world remains.  Markets reacted negatively to this development, perhaps, recognizing the potential for restrictions to return in the not too distant future (something that has already occurred in Europe) and what the impact on many businesses could be.  Equally concerning is commentary from scientific experts, including those responsible for developing vaccines, in terms of how well existing vaccines will work against the new variant (work on potential adjustments is already underway).  In these early days of Omicron, we are reminded that the best things that we can do is to follow the science and live our lives in a manner that stops the spread of COVID19; it is difficult to see how a healthy society or economy are possible without doing so.

With Canada adding 154,000 jobs last month, employment levels are almost 200,000 jobs higher than before the pandemic.  These measures represent points in time and employment is closely linked to the health of the community and the ability of businesses to operate (the supply chain crisis also impacts the extent to which companies are able to function well).  One of the interesting aspects of employment is the relative tightness of the labour market, especially in front line areas where people may be reconsidering their career objectives.  Also of note is the office job that can be conducted from anywhere, opening up new employment choices for many.  Employers will have to be careful about the choices they make, in terms of setting policy around the options of how employees can work (i.e., remotely, blended, on site, etc.), as staff members are likely seeking out what they view as the best career offering.  Remember that the “best” employees tend to have the most choices, which can leave some employers to a future of marginal workers; it can be difficult to unwind this type of situation once it has occurred.

And, finally, the intellectual property dispute between Peloton and Lululemon will ultimately come down to the details, as this is the nature of patents and other protections.  Of note, some business leaders might be surprised to learn that strategic partnerships tend to require far more time and resources than expected, which can lead to disappointing results.  Those who have lived this experience might have found themselves wondering why the partnership failed to reach what was considered to be its potential.  Keep in mind that having two parties doesn’t necessarily mean that there is less work for each to do, as well as the fact that one entity is not an extension of the other.  These common challenges are beside the point that the parties might also find that they cannot or do not wish to work together any longer.  Advisors can help business leaders to evaluate and address strategic partnerships, and it will be interesting to see where the IP experts draw the line in resolving this dispute.

Thank you for watching and enjoy the best of this Holiday Season!

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October 27, 2021  by

MEDIA: Business Building a Key Part of Innovation (The Hill Times Op Ed)

This Op Ed was published by The Hill Times on October 25, 2021, in conjunction with its Innovation Policy Briefing.

Innovation tends to be viewed as something that is associated with labs, microscopes, and other technical spaces, and although it might start here, this is not where it ends.  Products of invention that are viable in the marketplace do not get to customers on their own; rather, there is a need to develop this important connection point, which often involves building a business.

There is a common misconception that the “invention” phase of innovation is the hard part, and although it is far from easy, the “build a business” component can be equally, if not more, difficult.  It is at this point where the potential of what has been developed thus far can be stopped in its tracks, with novel products failing to reach the marketplace and generate a revenue stream.  This situation represents a dual loss, as the innovation does not get the opportunity to benefit whoever it was designed to help, and there is little in the way of financial returns to offset the investment that was made during the research stage.  Unfortunately, this is the fate of many “bright ideas”, often because the business aspect has been underestimated, underfunded, or not prioritized.

Building innovation-based companies that are robust and sustainable represents an opportunity to create a foundation for further development, a cycle that is well positioned to generate ongoing economic wealth.  This challenging task is too often left to those with primarily technical backgrounds, lacking formal business education and experience.  Although technical founders certainly have relevant skills and experience to contribute (product and business development are good examples), leading and growing a company requires a different skillset, with a depth of experience in areas such as management, finance, raising capital, and scaling early-stage companies.  In other words, this complex task, which tends to unfold in the uncertainty of emerging markets, requires a collaborative range of competencies in order to achieve success.

Equally important is ensuring that sufficient resources are allocated to the business-oriented areas of the company, such as finance, sales, human resources, compliance, and administration, as the technical (or product) function tends to already be well established.  Access to adequate levels of “smart money”, including venture capital and growth-oriented financing, is integral to the process, as companies tend to be financially challenged when they are on the brink of achieving significant milestones.  Having emerged from the early days of small fundraises and research or business start grants, young companies that have attracted customers and opportunities to generate larger revenue streams too often find themselves with an insufficient capital base, with many simply unable to get past this stage.

Although Canada has a growing venture capital industry, it is much smaller than the US, when considered on a pro rata basis (For 2019 venture capital investment, Pitchbook reported $136.5 billion in the US, while the Canadian Venture Capital & Private Equity Association reported $6.2 billion, approximately one-half of the 10% measure typically used for comparison to the US market, prior to including foreign exchange).  Raising money can be extremely difficult, and although not all businesses are worthy of investment, many promising companies are left unfunded; those that are led by women or minorities face even greater challenges.  Businesses that are successful in raising capital and generating significant growth tend to encounter limits in the level of investment that can be raised, with a need to look beyond Canada’s borders or relocate elsewhere.  It is difficult to find Canadian innovation-based companies with a dominant global presence, as compared to those such as Google, Amazon, or Apple, representing a missed opportunity to bring Canadian technologies to the world and build significant wealth here.

Canada’s innovation strategy would benefit from a greater emphasis on the commercialization stage, with a specific focus on building a business around commercially viable intellectual property, to create capacity, distribution, and a revenue stream.  Sufficient growth capital and targeted business advice are required in order to achieve this on a sustainable basis, resisting the temptation to cycle back to the invention stage, in terms of funding and attention.  The road to opportunity is ahead, and it requires a greater degree of practical input and engagement from experienced business minds in order to reach its full potential.

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October 18, 2021  by

MEDIA: CBC News Network Weekend Business Panel (October, 2021)

Pleased to join the CBC News Network Weekend Business Panel on a bright Fall morning, alongside Mark Warner and John Northcott.  With lots to discuss on this busy news week, we chatted about the global supply chain backlog, the US opening its land border to vaccinated Canadians, and worker concerns at Instacart, among other companies.  Here is a clip from our discussion and some thoughts.

Although the global supply chain backlog received a lot of media attention this week, it represents a story that has been in the background for a number of months (if you had asked a random person on the street what they think about the supply chain problem, they probably would have kept walking).  This situation impacts companies and consumers alike, in that delays in receiving goods in need creates additional problems, as well as price increases.  Given the magnitude of the problem, it is unlikely to be resolved anytime soon, putting some items out of reach for a while.  Resolution will require time and collaboration from various parties, some of whom are likely not used to thinking creatively to solve problems.  This story is a reminder that implementation is difficult and various pieces are involved in the supply chain, including sea and land vessels, a range of workers, and policies and procedures to guide task completion.  Look for initiatives to improve operational efficiency going forward and consumers should be prepared to be flexible in expectations and to pay more for goods.

While Canada opened its land border to vaccinated US travelers a couple of months ago, the US will be reciprocating in early November.  It is uncertain what the initial level of uptake will be, however, it is fair to say that the pandemic has left a lot of people wishing for a return to some sense of normalcy.  As Canadians tend to favour the southern US states, where vaccination levels are currently relatively low, it will be important to ensure that screening requirements are consistently enforced upon return to protect against setbacks in the Canadian economy.  Travelers should be prepared to face additional costs and delays, something that is part of traveling (those who are not willing to follow guidelines or incur costs have the option to stay home).  One thing that we should be able to agree upon is the need to avoid a significant number of travel related cases of COVID19.

And, finally, Instacart’ s shoppers have indicated that they will take strike action against pay and working condition issues, shining a light on some of the challenges that are incurred by front line workers generally.  This issue has roots well in advance of the pandemic, as the gap between pay levels at senior and front line levels has become increasingly significant.  In a world of millionaire and billionaire CEO’s, contrasted with front line workers who have to take on various jobs, often without benefits or security, just to meet basic living requirements, many have simply lost patience with this issue.  Further, wage increases over the years have not kept pace with the rising cost of living or income appreciation at more senior ranks generally, causing additional frustration.

COVID19 has only made this situation more difficult, and as workers are integral to the ability of most companies to generate wealth, there needs to be some sort of reckoning on this issue.  Expect that many are tired of billionaires flaunting their wealth, in what can be viewed as a lack of attention and fairness being paid to wage levels in the lower ranks, and as job vacancies increase and people continue to rethink how they earn a living (workers have recognized that they do, indeed, hold some power).  It will be interesting to watch as this situation continues to unfold.

Thank you for watching and enjoy the Fall season.  See you again next time on the Weekend Business Panel!

 

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September 27, 2021  by

MEDIA: CBC News Network Weekend Business Panel (September 25, 2021)

Pleased to join the CBC News Network Weekend Business Panel for a third time in September, alongside Sherena Hussain, Dennis Mitchell, and John Northcott, talking vaccine passports, post-election priorities, and the tenuous circumstances of Chinese real estate conglomerate, Evergrande.  Our segment was bookended with coverage of the release of Canada’s Two Michaels from China, after Huawei’s Meng Wanzhou reached a deferred prosecution agreement in the US, resulting in extradition charges being dropped (a story that we covered on the Business Panel in December, 2018).

Some thoughts around our discussion:

COVID19 has brought significant challenges for businesses, especially those with limited resources.  Vaccine passports are another area where business leaders need to plan effectively for implementation, in order to ensure smooth operations.  In considering this issue, ensuring a safe workplace for staff and customers is nothing new, nor is the ability to determine, within reason, how a company will deliver its services.  In the case of customers, it is not uncommon in a civilized society to be required to prove identity or status in certain situations, such as entering an establishment where alcohol is served, renting a car, or traveling to another country.  A vaccine passport is analogous to these situations, as well as numerous others, and those who do not wish to utilize it have other options (stay home, order takeout food, shop online, etc.).  Business leaders also have an opportunity to consider the use of contracted security staff or, perhaps, technology solutions, when requesting vaccine passport information, and should not hesitate to seek professional advice for an objective viewpoint.  One area where everyone should be able to agree is the importance of putting the pandemic behind us; there is no benefit to giving COVID19 a home in our communities.

Related to this point, now that the Federal election is over, Job #1 should be making the pandemic history.  Key steps include reviewing and extending financial programs where appropriate, as well as taking the necessary steps to support vulnerable areas, such as healthcare and essential pandemic related sources of supply (and building capacity within Canada).  Going forward, increased support for commercialization of Canada’s innovation and technology economy should be a priority, to build companies of scale that are well positioned to operate globally.  Of note, commercialization efforts should be focused primarily on “building a business”, including access to sufficient growth capital.

And, finally, as the world watches China’s Evergrande struggle to meet its financial obligations, it is a good time to remember that “big business” is not without challenges.  Small businesses often have the view that “growth” and “sales” will solve all of their problems, but this isn’t the case.  Large (or larger) companies face numerous challenges, many of which are the same types of problems that are experienced by small business, but played out on a larger scale.  Keep in mind that the more that a company has, the more that is at stake, which can represent significant risk.  When smaller companies make it a habit to put the necessary foundational systems, policies, and procedures in place, they have the beginnings of what is needed to support future growth and sustainability.

Thank you for watching, on what was a very busy news morning; see you again soon!

 

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September 12, 2021  by

MEDIA: CBC News Network Weekend Business Panel (September 11, 2021)

Fortunate to have the opportunity to remember the victims of the September 11th terror attacks on air, alongside Elmer Kim and John Northcott.  On the 20th anniversary of the attacks that changed the world in many ways, this human tragedy is also a business story.  I recall the details of that day so clearly, and one of the things that I thought about was the many people who were simply going about their day to earn a living: the morning commute, getting a coffee, moments at their desk, greeting a colleague in the hallway, boardroom meetings “first thing”.  Others were travelling for work in the skies above; too many would not reach their destination.  As a career business person, I have done all of these things, often without a second thought.  How tragic it is that thousands of people would have these “normalcies” be the last moment of their lives.

September 11th gives me the feeling every year that the carefree days of Summer are gone in an instant, a door that slams shut with profound sadness.  We remember the victims today and every year on this day.

We also discussed the business news of the week, including Canadian economic developments and the global semiconductor chip shortage.

It is always positive to see the economy add jobs and beat expectations, however, given the realities of COVID19, it is difficult to know if this is merely a point on the curve or part of an overall growth trend.  The pandemic, unfortunately, continues to be very much a part of our communities and business environment, and as the Fall weather cools, the importance of taking recommended steps to combat COVID19 should not be lost.  Our economy is depending on Canadians to do the right things, to avoid cycling back to the days of business closures and other setbacks, as nobody wins when this happens.  Businesses are not measured by peaks and valleys, but rather, by the ability to survive over the long term; this is extremely difficult to achieve when the surrounding community is not healthy.

Related to this point, although it might sound like an obvious statement that companies need products and services to sell in order to be financially viable, the ability to do so in our current world is anything but a given.  Many companies are unable to get the materials that they need in order to manufacture products, with a prominent example being the semiconductor chip shortage,  This situation is multifaceted, as it is impacted by the high demand for technology, as well as geo-political and logistical factors.  Although not every situation can be resolved in the short term, business leaders need to bring creative solutions, as well as procurement options and strategies to manage customer expectations.  Having said that, the reality is that many consumers will simply have to wait until the shortage dissipates and expect to see higher prices, while businesses look for other options to resolve their own inevitable financial challenges.

Thank you for watching.  Today is a good day to do something to help others; we can all make a difference.

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