Risk & Business Magazine Cal LeGrow Spring 2016 | Page 26

2016: The Year to Bulletproof
your Business in NL
What is Bulletproofing Your Business All About?
BY: DES WHELAN, CHAIR, ST. JOHN’S BOARD OF TRADE

“The future ain’t what it used to be.” - Yogi Berra

F

or almost 30 years, Canada has been
losing its competitive edge, lagging
behind the United States and most
OECD countries. Last September, we
slipped another notch to rank 15th on
the World Economic Forum’s annual list
of Most Competitive Countries, down
from 9th place in 2009.

This is an important issue for businesses
located in Newfoundland and Labrador as
they attempt to advance the productivity
and competitiveness of the region.
Companies are faced with the challenges
of rising costs, increased competition
from outside the region, lack of available
skilled labour and gaps in innovation.
A key pillar of the St. John’s Board of
Trade’s resilience initiative is the need to
be proactive. The past five years haven’t
been the best ever for small and medium
sized companies in the province, but the
winds of economic fortune are changing
and owners need to become nimble to
chase the next opportunity.
Complacency is the biggest concern.
Our research indicates that most owners
do not have a well-articulated plan for
their future. In too many cases, they are
focused on working in their business,
rather than working on their business.
A strong, vibrant small business
community is essential to our economy.
Since we’re so dependent on natural
resources here, which can suffer
incredible swings, we need to help ensure
local companies are resilient. We can do
this by helping them manage through
slow times and investing in them during
the good times.
We have so much potential in this
province and we need to ensure that our

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SPRING 2016

economy remains strong in the years
to come. If we are not strategic and
focused, we run the risk of being victims
to happenstance.
We need to be masters of our own
collective economic destiny and to do
that we must take stock of the health
of our local business community. A
successful private sector is at the core
of any prosperous and sustainable
economy.
Owners need to prepare a vision and
plan for their future prosperity within
the framework of this province. Our
research has indicated that although
succession planning is critical, few have
actually put a plan in place.
Now is the time to invest in the
technology, people, markets and
innovations that will see our continued
success in 2020 and beyond.
The owners of small companies need to
make plans for how they see themselves
in the next 5-20 years. They have
to invest in development activities,
export markets, research, innovation,
productivity
improvements,
and
sourcing the right talent. But first they
need to do an assessment of their current
practices.
Here are some things to think about as
you contemplate the future of your
business:

Human Resources
Only 25% of occupations that
existed in the 1960s still
exist today. The fastpace evolution of
technology, aging

demographics and shifting population
has made recruiting and maintaining the
right talent more challenging than ever.
Ensuring you hire the labour force for the
21st-century is critical.

Disruptive Technology

In the age of artificial intelligence and
advanced robotics - are you prepared for
disruptive technologies? Don’t think it
can happen to you? Ask your next cab
driver about how Uber has changed their
business.