CTMA holds navigating economic uncertainty seminar
April 19, 2023 | By Mario Cywinski
The Canadian Tooling and Machining Association (CTMA) held the Economic Uncertainty: Helping You Navigate info session at the EDC Export Growth Hub in Kitchener, Ontario. The seminar looked at various facets of tooling and machining industry that are being affected by the current economic uncertainty.
“It was great to see a large turnout for the first of two CTMA breakfast speaker events,” said Robert Cattle, executive director, CTMA. “You always know that there is a lot of interest in the presentations when all the participants engage in pertinent discussions, and stay until the very end, which was the case here. It was interesting to hear the comments from our members concerning everything from current work status, economic forecasts, to cyber security issues.”
The seminar kicked off with a presentation on Preparing your business for an economic slowdown by Celso Oliveira, Manager, Business Centre, BDC. His presentation focused on where the economy is headed, how are your customers doing, and getting your company’s finances ready for a slowdown. He spoke about inflation, global growth, economies, consumption, unemployment, price pressures, and interest rates.
Oliveira also looked at the four proven strategies to address the labour shortage. Which were invest in technology and automation; use a formal hiring process, provide a competitive salary and benefits, and expand your hiring pool. He also looked at strategies to improve your cash flow management, that included know your cash burn; identify and defer non-essential expenditures; and keep talking with your lenders.
Next was Jason Roberts, commercial account executive, Cowan Insurance, who looked at How Cowan can support your organization during times of economic uncertainty, and how this impacts commercial property, liability, and trade credit insurance. His colleague, AJ Feltis, group benefits consultant, Cowan, spoke about how mental health in the workplace is being affected by a changing economy.
The next presentation was by Glen Millard, regional vice-president Ontario, EDC, who outlined how Connecting the Dots to Drive your International Growth. He spoke about how EDC can help, and how to navigate challenges and opportunities for international growth by planning, research and intelligence, having a network, and using capital.
Each session was followed by a question-and-answer session. Another session was also held in Windsor, Ont.