NEWS RELEASE
TIMMINS CHAMBER OF COMMERCE
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Today, the Chamber, in partnership with Wyatt Image Solutions, released a new report entitled the 2019 Business Confidence Report. The report presents a candid look at local private sector sentiment and opportunities for economic growth, while examining the barriers faced in conducting business in Timmins.
The survey saw feedback from 135 locally operated businesses and offered participants the opportunity to weigh in on their most pressing local issues. The survey asked Chamber members what contributes to their success, satisfaction with the services and infrastructure managed by the city, plans for the future, what tools they would need to implement these plans, and most importantly, what barriers they face that impacts their continued success.
“I am proud to see that our business community continues to remain optimistic. With confidence and growth projections exceeding our expectations, entrepreneurs are continuing to move forward,” said Val Venneri, President of the Chamber. “Our members have indicated that individual business optimism remains positive, with an outlook to grow over the coming years. These levels of optimism derive from the confidence local entrepreneurs have in their own ability to execute and get the job done,” said Venneri.
The report finds that access to a skilled workforce remains top of mind. The data identifies this to be the greatest impact on the operation, future potential growth and may impede opportunities for partnership or expansion.
“Employer satisfaction is high and plans for future expansion exist, however the vast majority of respondents show concern with access to a qualified, motivated, and reliable workforce,” said Venneri. “There is increasing concern over employment growth being largely concentrated in Southern Ontario, while Northern Ontario has experienced slow or even negative growth. We must continue to work together to develop strategies for attraction and retention, to ensure a healthy and skilled workforce.”
Public safety came second, citing it as having both a direct and indirect impact, deterring customers and hindering the continued success. Additionally, many entrepreneurs feel that current property tax rates are impacting their business, citing taxes and fees are too high.
The report’s sponsor Kyle Leduc, Business Development Manager and Partner with Wyatt Image Solutions, echoes the report’s findings, “local businesses cite optimism on growth, despite continual concerns with respect to red tape and hindering regulations.”
“Timmins' economic success hinges on the ability of small business owners to build capital, hire workers, and grow their companies at scale. That’s why we are pleased to partner with the Chamber in outlining the challenges and opportunities faced in having to do business in Northern Ontario,” said Leduc.
When asked what would be cut in the face of an economic downturn, over 80 per cent of respondents indicated that among the top three items to be reduced or eliminated would be charitable and community contributions and donations.
“The Chamber will continue to push our #finditINtimmins initiative which not only encourages consumers to find goods and services within the community but also serves to emphasize the importance of voting with your dollar,” said Venneri.
The Chamber's Business Confidence Report indicates a sharp uptick in economic optimism among small- to medium-sized entrepreneurs. For the most part, our local economy is in good health, however greater collaboration with the City of Timmins is critical. The report culminates with a number of timely recommendations including:
- Promote and encourage entrepreneurs to join in roundtable discussions that seek to develop the framework that will attract and retain a more viable labour force;
- Greater interaction with the City of Timmins. Regular consultation and information sharing will reduce vulnerabilities and better develop policies with the aim of fostering competitiveness; and
- Increase accessibility and awareness for the Community Improvement Plan and assist entrepreneurs in navigating the application process to revitalize areas within their business.
Click here to read the 2019 Business Confidence Report.
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