The State of Business 2025 drew a sold-out crowd eager to learn the latest economic trends and challenges local businesses are facing as we move into the new year.
Along with gaining these valuable insights, North Vancouver Chamber members forged business connections over a delicious breakfast at Seymour Golf & Country Club on January 23.
Central 1 AVP & Chief Economist Bryan Yu set the tone for the event as he unveiled key economic themes for 2025.
Attendees were engaged during the dynamic panel discussion, covering a range of topics from labour and staffing shortages to shifting consumer behaviour, workplace culture, and the evolving supply chain landscape.
North Vancouver Chamber CEO Patrick Stafford-Smith moderated the panel discussion, which featured industry insights from: Andre Coetzee, Director & Co-Founder, i-worx; Colette Bennett, Owner, Little Pink Door; Curtis Thomas, Owner, Warrior Plumbing; Dave Lucas, President, SSA Marine; and Julianne Yeager, Owner & Managing Lawyer, Yeager Employment Law.
Panelists shared firsthand experiences, offering valuable lessons and strategies for navigating the complexities of today’s business environment.
Tackling the Trade Shortage
Curtis Thomas, Owner of Warrior Plumbing, addressed the ongoing challenge of attracting young people to trades. “There’s a stigma around construction not being a well-paying career,” he noted. “We need to start planting the seed early and highlight the opportunities within the trades.”
Thomas emphasized the importance of creating a culture that celebrates and acknowledges employees, stating that mentorship and quarterly company events are crucial to building a strong team. “We want to make our people feel valued and recognized,” he said.
Dave Lucas, President of SSA Marine, echoed these concerns, highlighting the chronic trade shortage in the industry. He stressed the importance of reaching out to students and encouraging them to explore trade careers. “In today’s labor market, workplace culture is critical to attraction and retention,” Lucas said, pointing out how the recruitment of women has been a transformative step for his company.
The Rise of Technology and Remote Work
Andre Coetzee, Director & Co-Founder of i-worx, shared his perspective on the rapid advancement of technology, particularly the impact of AI on professional services jobs. “AI is taking over professional services, and those jobs could be at risk,” he cautioned. Coetzee also discussed the darker side of innovation, such as increasing online fraud and phishing scams. Despite these challenges, he emphasized the need for companies to stay connected with their employees. “When COVID hit, we lost the human connection, and now people can work wherever they want,” he said. “We have to find new ways to engage with our teams.”
Coetzee also touched on the local housing crisis, noting how it has worsened in recent years. “None of my team lives on the North Shore,” he explained, with many commuting from areas like the Fraser Valley and Abbotsford. “The cost of housing is a real barrier to hiring.” To address this, Coetzee moved his office closer to the Second Narrows Bridge, making it more accessible for his employees.
Adapting to Changing Consumer Behavior
Julianne Yeager, Owner & Managing Lawyer at Yeager Employment Law, shared insights from the legal sector, particularly in relation to the tech industry. “We’re seeing a lot of high earners relocating to Alberta and the U.S.,” Yeager said. “It’s concerning because they are the ones who are spending in our community.” She also discussed how remote work has become a game-changer for her business, offering her team more flexibility. “Staff don’t have to be in the office. It’s not enforced, and it’s made a huge difference in our productivity and well-being,” Yeager shared.
Colette Bennett, Owner of Little Pink Door, brought a consumer-focused perspective to the conversation, noting how the economic shifts of 2024 had affected consumer behavior. “People are tightening up their spending,” she said. “They want additional value, and loyalty programs have been a great way to build relationships with customers.” Bennett also highlighted the resurgence of brick-and-mortar stores, with consumers seeking out unique experiences. “We’re looking forward to 2025, focusing on getting back to basics and strengthening relationships with our customers,” she added. While parking remains an issue for many, Bennett emphasized that customers are willing to plan their day around a visit to Little Pink Door, showcasing the power of a loyal customer base.
Resilience in the Face of Challenges
Throughout the panel discussion, the theme of resilience was ever-present. Industry leaders are finding new ways to stay competitive while prioritizing the well-being of their employees.
As we move into 2025, the message is clear: Businesses must remain nimble and proactive, continuously adapting to the changing economic landscape while keeping an eye on the evolving needs of both their workforce and their customers.
Despite any uncertainty, our panel of business experts remains relatively optimistic for the year ahead.
Thank you to The State of Business 2025:
Presenting Sponsor
Natasha Mrkic-Subotic, Instructor, Chair, Capilano School of Business, addresses the audience during The State of Business 2025.
Event Supporters