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BUSINESS TIPS

Embracing technology The report also highlights trends to help

small businesses adapt to how Canadian
vital for small businesses shoppers have evolved. While online
shopping accelerated as a result of the
pandemic, roughly 75% of Canadian
shoppers still visit physical stores for key
items like groceries, clothing, automotive,
electronics, home and garden, and health
products. To meet consumer preferences,
businesses need to implement on and
o¯ine sales strategies to reach customers.
In the report, the critical importance of
having an enticing online commercial
presence is highlighted, with 83% of
Canadian retail shoppers reporting they
conduct online research before they
visit a store. Having physical stores near
customers also supports online sales,
with nearly one in 10 Canadians making
purchases online from retailers located
nearby.
“There is still an opportunity for small
businesses to capitalize on local business
While economic and technological or on the road — to connect better with by advertising and marketing themselves
shocks will always be a constant their customers and employees. However, locally,” says Greg. “But that doesn’t
feature of our world, experts say small as the report indicates, a business’s size is mean you shouldn’t have a strong online
businesses must continue to adapt important to its ability to not only adopt presence and look for every opportunity
and innovate to stay competitive and technology, but also take advantage of in which AI can help advance your cause.”
satisfy consumer preferences. a variety of technology tools. The report Canadian Chamber President & CEO
finds that even more change is essential.
“The adoption of technology should be Perrin Beatty says the findings in this
the priority for small businesses and the Greg agrees and says the need for smaller report provides yet another signal that
adoption of AI where it can help bolster businesses to adopt Artificial Intelligence more focus is needed to support growth,
their business should also be a priority,” (AI) is especially imperative. especially among small businesses.
says Cambridge Chamber of Commerce “In all probability, smaller businesses are
President & CEO Greg Durocher, noting less likely to adopt AI technology because “We can start by reducing red tape,
98% of Canadian businesses qualify as they may be fearful of it,” he says. “But the investing in infrastructure, and enabling
small businesses. fact of the matter is it may be the only tool an innovation economy,” he said in a press
release. “These fundamentals of growth
In its recent report entitled, A Portrait that can bring them up and allow them to will increase Canadian businesses’ ability
of Small Business in Canada: Adaption, compete.” to compete and attract investment that
Agility, All At Once, the Canadian Chamber According to the report, across all will benefit Canadians, their families, and
of Commerce touches on this issue as it industries, a higher proportion of small our communities.”

explores the integral role small businesses businesses planned to invest in AI and
in play in Canada’s economy and sheds digital technologies. While 62% of micro Highlights of the report:
light on how these businesses can thrive firms (compared with an average of 55% • In June 2023, there were 1.35 million
despite major economic forces working for all small firms) expressed plans for businesses in Canada with paid
against them — including the rising cost the latter, 30% of mature firms were keen employees. The over- whelming majority
of doing business, the highest borrowing on investing in AI compared with the (98% of the total) were conventionally
costs in over two decades and increased all-industry average of 24% for all small classified as “small” businesses, which
pandemic debt loads. businesses. Scale and mature businesses collectively employed over 11 million
The report, which defines ‘micro were more likely to adopt multiple people.
businesses’ as having 1-4 employees, technology tools, especially those in • In the “small business” category, micro
‘scale businesses’ as 5-19 employees, and finance and insurance, professional firms are by far the most common
‘mature businesses’ as 19-99 employees, services, and wholesale trade. businesses type in Canada. In fact, if
shows how small businesses of all sizes, “If they (small businesses) don’t get knee all businesses in Canada were sorted
ages and industries are already investing deep in AI from a business perspective, by employment size, the median firm
in technology to better access data and they may be missing the boat that was would have fewer than five employees,
applications from their computers, tablets, inevitably sent to save them,” says Greg. which underscores the importance of
or mobile phones — whether in the o ce improving our understanding of the

30 Spring 2024 www.cambridgechamber.com