Business

Happy New Year!  Back in the studio this past weekend for the CBC News Network Weekend Business Panel with John Northcott and Elmer Kim.  We discussed the week in business, including:

• NAFTA and Mixed Signals from the US.  First, Trump says the US might pull out of NAFTA; next, he says the talks are moving along well and he might extend the deadline.  What could be in store for Canadian businesses?
• Tim Hortons and Minimum Wage.  Canada’s favourite coffee shop has faced a backlash over how some franchisees have responded to minimum wage increases in Ontario.  What are the implications for the brand and lessons learned?

Both of these stories have received a significant amount of public and media attention.  Here’s a quick take:

• In terms of NAFTA, it’s no secret that Trump’s target of dissatisfaction has been Mexico, and that Canada and the US are significant trade partners.  Bringing an end to NAFTA isn’t as easy as some might think, and regardless, Canada and the US need a basis to do business together, whether it is under NAFTA or some other arrangement.  Canada should be focusing on its global trade strategy, as well as its options for trade with the US.  Canadian businesses, on the other hand, should be focusing on the significant work that needs to be done in order to approach global opportunities.  Talking to a business advisor is a great first step!
• The Tim Hortons saga is a good example of what can happen when important business and implementation planning are not managed well.  This type of situation can also be impacted by a lack of communication: between a company and its franchisees (or locations), employees, and customers.  And as for the public sector, we can all agree that providing a fair wage is a good thing, but leaving it up to companies to implement a large increase simply isn’t a wise strategy, given that a business’ payroll is typically its largest expense.  A more gradual approach that starts sooner rather than later would have been a better idea.

Thanks for watching and see you soon, CBC!

Great to be back in the studio for the CBC News Network Weekend Business Panel, alongside Elmer Kim and John Northcott.  We discussed a busy week in business, including:

• Bank of Canada Year End Report.  What are the things that keep Bank of Canada governor Stephen Poloz up at night?
• Small Business Tax Changes, Round 2.  Canada’s finance minister announced revised tax changes for small business, including in the area of income sprinkling.  How are small businesses and their advisors expected to be impacted?
• FCC Votes to Roll Back US Net Neutrality.  With the vote to remove US “level playing field” regulations from the net, what are the implications for Canadians?

Our world has changed so much in recent years and an area of increasing concern is security over financial systems.  Hackers always seem to be one step ahead of business and public sector systems, and although many breaches have been on a relatively isolated basis, the risk a widespread incident should be very concerning.  It’s critical to ensure that organizations have the necessary plans in place to combat this risk, as not only are their operations at stake, so are their reputations.

The ongoing saga of proposed small business tax changes has resulted in more uncertainty for Canadian companies.  Recent developments demonstrate how little those in government who are responsible for this area actually understand, in terms of how business works.  Now is the time to support companies in their growth and development, and requiring resources to be dedicated to addressing tax changes is of no meaningful value.  This is especially true, given that there is an opportunity for Canadian companies to pursue global opportunities, as circumstances in the US become increasingly uncertain.

Finally, the impact of the loss of US net neutrality remains to be seen, but it’s fair to say that a lack of fairness is never good.  Expect legal action and other delays to keep this situation percolating for a while.

Thanks very much, CBC.  See you in 2018!

It was my pleasure to appear on the CBC News Network Weekend Business Panel again this past weekend with Michael Hyatt and John Northcott.  We discussed the week in business, including:

• New report finds Canadian technology companies lagging in terms of female leadership.  Why are there so few women leading tech companies?
• Women won’t have equality for 100 years, according to a report from the World Economic Forum.  What will it take to close the gender gap?
• Financial literacy month.  Why is this such an important topic for Canadians?

The stories about the lack of female leaders in tech companies and gender inequality are discouraging, in terms of how our world should look in 2017.  Although much progress has been made, there is still so much left to accomplish.  We can all help to make strides in this area by ensuring that the companies and organizations within which we work have appropriate systems in place to support progress that is fair for everyone.  We can also support young women and girls in knowing that they can achieve anything in their lives, regardless of their gender, and ensuring that action is taken to make this happen.  Too often, companies and organizations defer to the “same old” practices, and this is an important impediment that must be resolved.  Simply put, it’s time to shatter the mold.

Much has been done to support financial literacy on a personal level, but many business leaders lack the finance knowledge that is required to build and grow a successful company.  We can help entrepreneurs and business leaders to understand what they need to know, setting them apart from others.

Thanks for the opportunity to share my thoughts with your viewers, CBC!

Pleased to have returned to the CBC News Network Weekend Business Panel this past weekend, joining Elmer Kim and Aarti Pole.  We discussed the week in business, including:

• The final chapter for Sears:  Court OK’s Sears’ Liquidation, All Stores to Close  With 12,000 people losing their jobs and the prevalence of Sears stores in smaller communities, what does this closure mean for them?  What is the current state of the retail industry and what trends can consumers expect next?
• NAFTA News: Trudeau Heads to Mexico After Blunt Talk About Alternatives to NAFTA  Where could NAFTA negotiations go from here?  Could a bilateral agreement between Canada and the US be on the table, and if so, what could this mean for Mexico?
• Small Business Week:  2017 Event to Help Entrepreneurs Focus on the Future  With approximately 98% of all Canadian businesses having less than 100 employees, small to medium-sized businesses are the backbone of the Canadian economy.  What are some of the critical issues that they currently face?

The demise of Sears reinforces just how much the retail industry has changed, in terms of how goods are purchased and the type of shopping environment that people seek.  Expect more changes to come, particularly in terms of the logistical aspects of this sector.

Many, if not most, Canadians are surprised to learn just how much of the economy is comprised of small businesses.  Given the increased uncertainty in the US political environment, it stands to reason that countries (and companies) are seeking out business partners and suppliers with greater stability.  This represents an important opportunity for companies in Canada, but conducting the right research and planning in advance are integral.  Is your business ready?

Thanks very much, CBC, for the opportunity to share my views on these stories with your viewers.  See you again soon!

It was my pleasure to appear on the CBC News Network Weekend Business Panel this past weekend with Michael Hyatt and John Northcott.  We discussed a variety of the week’s business topics, including:

• Walmart partners with Google on voice-activated shopping.  Can they overcome Amazon?
• Rising old age security spending dampened by CPP increases.  How does this impact the future of the Canadian Pension Plan?
• Vegas will suffer historic losses if McGregor KO’s Mayweather.  The business of the big fight.

Thanks so much for welcoming me and see you again soon.