MEDIA: CBC News Network Weekend Business Panel (May, 2024)

Pleased to join the CBC News Network Weekend Business Panel alongside Mark Warner and Linda Ward, talking the Loblaws grocery boycott, London Drugs cyberattack, and ride-hailing startup, Hovr; you can watch our segment here.

This week’s Business Advisor Highlight:

A key aspect of holding a senior executive role is solving problems, not only within the company, but also more broadly; this could include working with external parties, such as government, regulators, and competitors.  Consumers have faced high grocery prices for years and this story has been reported from a number of aspects.  This is coupled with reporting on significant grocery retailer profits and CEO compensation increase requests, as well as the impact of supply chain challenges and rising labour costs.

There is an opportunity to find solutions around high grocery costs and to communicate with consumers about strategies that are being undertaken, in a transparent and proactive manner.  Instead of reactive pushback and criticism of initiatives, such as a Grocery Code of Conduct, executives should be working collaboratively to develop what is possible; this requires leadership.

Thank you for watching!

MEDIA: CBC News Network Weekend Business Panel (March, 2023)

Pleased to join the CBC News Network Weekend Business Panel, alongside Chris Glover and Elmer Kim, talking the closure of Nordstrom stores in Canada, increasing cell roaming charges, and Tall Poppy Syndrome (what’s that?, you ask; keep reading).  You can watch our segment here.

Some thoughts on our discussion.  As much as the business world is changing, there is always a degree of humbling when large companies (or parts of them) fail.  As Nordstrom announced the closure of its Canadian stores this week, perhaps the most telling aspect of this development is the fact that its operations here have never been profitable.  This suggests that what is at play is more than the impact of relatively recent factors such as inflation, COVID19, and the changing face of retail.  Business fundamentals are important for companies of all sizes, including conducting targeted market research, comprehensive business planning, identifying the right business model, and rolling out the launch properly.  Nordstrom is not the first large US chain to fail in Canada (Target stores may be the most pronounced example), raising the question of how well they really understood the Canadian market prior to entry.

Increasing roaming charges are another expenditure facing Canadians on the move, in terms of cell phone fees that are already much higher than what is the case in other countries; numerous studies have confirmed this fact. Although much has been said about the geographic realities of Canada, it would be helpful to bring some innovation and collaboration to this issue, as well as the initiative to meaningfully address this matter.  Given the “infrastructure” nature of cellular communications, it is a reasonable expectation that fee and lack of competitiveness issues raised by consumers should be addressed.

And, finally, although you might not have heard the term Tall Poppy Syndrome (TPS) before, if you are a woman in the business world, you may have experienced it.  According to a recent study conducted by Women of Influence, TPS occurs when people are attacked, resented, disliked, criticized, or cut down because of their achievements and/or success.  The study’s findings indicate that almost 90% of respondents, including thousands of women from all demographics and professions in 103 countries, experienced this phenomenon at work.

On a personal level, I found it important to participate in this study, as respect, fairness, and equity are integral to a successful workplace.  Speaking from experience, although the majority of organizations and people do not exhibit these behaviors, too many do (and when it happens to you, someone else in your workplace, or a close colleague, it is evident).  To be clear, these behaviors should not be confused with “competition” (ambitious women say “bring it on!”); this conduct is about bias.

Related to this point, unacceptable or unprofessional conduct by others in the workplace is not the fault of the women who are subjected to it; rather, inappropriate behavior defines those who exhibit it.  Why?  Simply because it does not represent the norm or what is acceptable, and those who treat others in this manner might be surprised to learn that their conduct does not fade into the overall work experience.  Women should not be criticized for raising this issue either; doing so is another way of minimizing an important issue that needs to be addressed.

There is a cost associated with TPS, on both a personal and organizational level.  Business leaders, owners, boards of directors, and shareholders should care about inequitable treatment and bias in the workplace, not only from a cost perspective, but also in terms of reputation.  Keep in mind that this behavior can and does also happen in places where it might not be expected, including in large companies and those associated with “prestige” or brand recognition.  Learn more about TPS and the study findings from the infographic below.

Thanks for watching and see you again soon!

MEDIA: CBC News Network Weekend Business Panel (October 24, 2020)

Pleased to be joining the CBC News Network Weekend Business Panel from my home studio, alongside Sherena Hussain, Dennis Mitchell, and Natasha Fatah, talking airline refund spats, small business week, and the woes of another Canadian retailer, Le Chateau.

Many Canadians have been waiting for months to receive refunds for flights they had booked and subsequently cancelled by the airline due to COVID19.  Westjet recently announced its decision to issue refunds for flights it had cancelled, drawing attention from its rival, Air Canada.  Without going into the details around how the refund process will work, it seems to me that the focus should be on the customers who have been out of pocket what could be a significant amount of money for months.  It’s true that the airline and travel industries have been met with massive declines in business; a cause for concern in terms of future viability.  Regardless, it doesn’t seem right that customers be the ones to effectively finance this problem by not receiving a refund for something that they could not ultimately realize, through no fault of their own.

Small Business Week is generally a good time to reflect on the importance of the backbone of the Canadian economy; doing so has taken a different slant in 2020.  Small businesses have had to work extra hard to combat the impact of COVID19, be it in terms of financial challenges, keeping staff and customers safe, and finding new ways to deliver products and services.  Times of challenge can bring opportunity, such as better utilization of technology, an improved online presence, and the potential to access new markets.  Critical to this is the role of qualified advisors, who bring valuable perspective and an objective viewpoint, to help business leaders avoid pitfalls that they might not recognize until it’s too late.  Remember that business leaders have a depth of knowledge, as experts of their own companies, while advisors bring a breadth of knowledge, the experience of many situations; these perspectives are related, but they are not the same.

And finally, this week saw the demise of another Canadian retailer; this time, Le Chateau.  Seeking creditor protection and advisory assistance, we will have to stay tuned to see if this brand will find a way to continue into the future in some manner.  Regardless, I remember the years when Le Chateau was a “go to” stop on any trip to the mall, with lots of interest in the party and event section; another reminder of how much COVID19 has changed our lives.  The reality is, we don’t go very far these days, do we?  This makes life a challenge for retailers, airlines, travel, and hospitality companies; at least we have technology to stay connected.

Thanks for watching and for reaching out with your comments on these stories; it is a privilege to bring the business news to you.  See you again soon.

 

MEDIA: CBC News Network Weekend Business Panel (November, 2018)

Always enjoy my time on the CBC News Network Weekend Business Panel, including this past Saturday, alongside Elmer Kim and John Northcott.  Here’s the topics we discussed, from the week that was in business:

  • Bombardier’s layoffs and selloffs:  The company has struggled in recent years and found itself in the news again this week; announcing 5,000 layoffs and a couple of selloffs as part of ongoing transition efforts.  With Canadian taxpayers having funded the company to the tune of over $1 billion, can any positive developments be expected?
  • Bowring and Bombay File for Creditor Protection:  Disruption in the retail space continues, this time, revisiting two longstanding Canadian brands.  Do they have a future?
  • Amazon’s Toy Catalogue:  Reminiscent of years past, Amazon has its own printed toy catalogue for the Holiday season; what’s behind this move?

Here’s a few thoughts:

Transition is never easy (or quick), but Canadian taxpayers have probably heard more than their share of less than stellar news about Bombardier.  The reality is that this large and diverse company didn’t find itself off the rails (pun intended) overnight, and unwinding a bad situation can take far more time, angst, and money than most would expect.  As is the case with any company, it’s critical to understand the core business, one where success can be generated on a competitive and financially favourable basis.  As manufacturing technology evolves, companies are challenged to be increasingly efficient and that often involves shedding or re-positioning jobs.  If Bombardier is to find success, it must have a well-designed plan that focuses in the right product and service areas in an efficient and competitive manner; time will tell if this can be achieved, or if the outcome will be of a more somber nature.

In an intensely competitive retail marketplace that has evolved significantly, many companies have found themselves left behind; Bowring and Bombay are the latest, having faced similar circumstances only a few years ago.  Retailers must understand their target market well and take the necessary steps to connect and engage with them in an effective manner.  These companies have not kept up with the rapid pace of evolution, which might spell the end for these Canadian brands.  Retrenching to fewer stores or trying to play online “catch up” with a customer that might not be receptive could be the age old story of finding and implementing a new strategy too late.

And, finally, Amazon’s printed toy catalogue is all about the memories and nostalgia of many childhoods, as well as reaching out to those who shop online less frequently.  Using an approach that makes online engagement easy just might be the most timely “pull” strategy we’ve seen in a while; kids just need to put down their tablets and iPhones long enough to flip through the pages!

Thanks for watching and see you again soon, CBC!