Chamber speaker urges businesses to use AI

The chamber AGM saw a new executive stepping forward. Left to right are executive members Lindsay Tribble, president; Megan Causyn, past-president; Cedric Tomico, treasurer; and Rocio Salinas, CEO. Vice-President Scot Bolton was absent from the photo. The chamber directors for the year are Billy Boldt, Greg Bruckler, Christina Gazley, and Rena Pittao. (Jeff Helsdon Photo)

Jeff Helsdon, Editor

The guest speaker at the Tillsonburg Chamber of Commerce’s annual general meeting encouraged business owners to look at AI as they plan for the future.

Walter Melo of the Business Development Bank of Canada spoke at the chamber function on Jan. 21 at the Tillsonburg Legion. Calling itself the “bank for Canadian entrepreneurs”, BDC offers higher risk tolerances than traditional banks and more flexibility. It also offers advice to businesses and has a good handle on the business environment.

Melo noted that U.S. trade policy is causing significant uncertainty. In 2025, he said, uncertainty reached its highest level since the Covid peak, leading many businesses to delay planned expansions.

“Uncertainty might be the word of the year,” he said.

At the same time, AI is playing a larger role.

“Tech innovation and AI are rewriting the productivity playbook,” he said.

AI is being used by businesses to improve efficiency, enhance customer service, and increase sales.

BDC recently completed a survey of 1,500 businesses to determine the top three challenges. The most popular answers were increased input costs, decreased demand for goods and services, and increased competition.

“It’s interesting tariffs aren’t on the list,” Melo said. “They were only important to 19 per cent of those surveyed.”

The same survey also asked about business focus, and found that improving profitability was the top priority. Maintaining the current customer base was also important.

Melo said businesses can’t control rising costs, labour shortages, supply chain issues, or lower consumer demand. He suggested instead focusing on staffing, what the business sells, how it is sold and the processes. Searching for waste through a review was also mentioned.

“Don’t underestimate how much these actions can have on your bottom line,” he said.

His key message was, “Every business needs to question how your business is being run.

Melo believes not enough businesses are planning to use AI, which he said is a mistake.

“AI is like giving every employee an intern,” he said.

Another challenge for businesses in the coming years is transition planning, with 142,000 businesses planning to transfer ownership or sell in the next five years. Melo said this represents one in six small and medium-sized businesses in Canada.

“It’s also an opportunity to keep Canadian business in Canada,” he said, explaining that part of BDC’s mandate is to keep foreign equity firms from buying up Canadian businesses.