BRUCE WILLIAMS
GREATER VICTORIA – Normally at this time of year, columns such as this offer a retrospective of the past 12 months. However, do you really want to read yet another opinion on inflation and interest rates? I’m guessing not.
The good news is we might finally be able to stop fixating on these two economic specters, which have haunted discussions about the economy and business matters all year. It seems the tide is turning.
It won’t happen overnight, but the consensus among most analysts is the fiscal tightening has worked and we can look forward to loosening our belts a little in 2024.
That said, as we’ve learned from the past four years, no one really knows what the future will bring and what potential new challenges might arise. In fact, some economists, such as Benjamin Tal and Ali Jaffery at CIBC, are sounding a new warning for businesses. They say the economic events of the last few years have revealed a fundamental shift business need to consider. After decades of underinvesting in infrastructure, our new era of tighter margins means many organizations will be forced to make major capital investments to remain profitable.
It’s a new paradigm that requires embracing new tech — specifically generative artificial intelligence —as well as modernizing key tools and rethinking management styles. It’s something we’ll be speaking more about as Greater Victoria’s business community continues to face challenges with finding and keeping staff while balancing rising input costs that are eventually borne by customers.
Another part of this modernization, which I hope all organizations are already embracing, involves building resilience by looking honestly at our business. Do we accurately reflect the diversity of our communities, or can we be better?
In the past, there was a view that DEI initiatives were “nice to have” or an accessory to daily operations. But they really are so much more than just doing the right thing. Smart businesses are choosing to invest in inclusiveness because it pragmatically increases productivity and resilience. In 2023, the Greater Victoria Chamber of Commerce was recognized for being ahead of the curve on this work. Since then, I’m hearing from more organizations that are experiencing growth because they’ve adopted inclusive initiatives.
The world is changing, and to stay successful we need to change with it. That theme was driven home for us this year as The Chamber celebrated our 160th anniversary. Looking back at why we were founded in 1863 — and how we managed to stay relevant over the decades — the overarching lesson has really proved that old saying, “the past is a foreign country.” We have thrived for 160 years because we have always tried to think ahead to support the next generation.
In 2024, you can count on The Chamber to continue the services we have always provided. We’ll be advocating on behalf of business:
- through the relationships we build with decision-makers
- through our public positions on issues that matter to members
- and through our events that offer a chance to connect directly with federal, provincial and community leaders.
On behalf of The Chamber board, members and staff — happy holidays! We can’t wait to get started on making 2024 a year of growth and prosperity for all.
Bruce Williams is CEO of the Greater Victoria Chamber of Commerce
