We are not economists, Government Analysts, or Think Tank Gurus. We at Meteor are specialists that have worked with business trends for over 50 years. Something significant is happening, and it is going to impact everyone….
With the major push by world governments to go green, banning gas-powered vehicles by 2030-2035 in favour of EVs, increased immigration growth affecting housing, the war in Ukraine, Russia reducing their natural gas flow to Europe, inflation across all sectors, increase in cybercrimes, rising interest rates, what effects can Businesses expect moving forward?
Green Initiative:
Let’s start with them one at a time, starting with the green energy push. With the push for EVs, the issue will come down to how we build the charging infrastructure capable of supporting millions of cars and buses needing to be recharged almost daily. Electricity will have to replace millions of barrels of oil consumed daily. Our existing grid and power plants are insufficient today, meaning they will have to be built and expanded quickly. This will require massive investments by power authorities, who will have to raise their rates. This requires businesses to look at methods to reduce consumption to control rising costs. But opportunities abound in the supply of the material and infrastructure requirements, including wire, fibre optics, control systems, etcetera. But where is the talented labour to achieve this? Are the colleges and universities capable of providing this labour force? Perhaps not, and in turn, they will recruit any of your staff that feels unpaid, unhappy, or have better work/life conditions. BE PREPARED!
Immigration Growth:
In the Toronto GTA, our population is approximately 6,000,000 people and is forecasted to grow to 12,000,000 over the next 25 years. A 100% growth point. This means a significant investment in high-density housing, single-family homes on smaller properties, moving farther from the core, longer commutes, higher housing costs and associated tax increases to support the need for power, water, and waste infrastructure. This means your business will need to ensure that you can help remote workers, and provide them with work-life balance. Opportunities will exist as it will expand the available markets, providing you have the required scalable communication network. This means higher speed internet, including backup carriers, better security, remote connectivity (UCaaS) including delivering a better customer experience for customer service (CCaaS).
War in Ukraine:
Like most Canadians, we have watched in horror as the war in Ukraine has raged on, with the devastating effects on the Ukrainian population, and hope this will end quickly. But many are not sure, and those with more knowledge that I have, are forecasting it to continue into 2023. However, this war has many effects and affects us in Canada. Notably, with restrictions on oil imports from Russia and Russia cutting back natural gas into Europe, the price has varied from $1.50 to over $2.00/L in Canada due to higher world oil prices; Natural Gas prices are up in Canada and skyrocketed in Europe, and the forecast for the coming winter in many parts of Europe is worrisome. Germany, a manufacturing powerhouse, must scale back due to a lack of gas-powered electricity. As the demand for Natural Gas increases, so does the cost and the opportunity to export Liquid Natural Gas (LNG). Canada is expanding the schedule to produce LGN plants and shipping facilities, meaning businesses supplying material for plants, pipelines, and deep harbours have new sales opportunities. These exist across Canada and export markets, so the need for excellent communication and internet connectivity is critical.
Cyber Crime and Interest Rates
With all the need for more energy, increased infrastructure spending at all levels and the requirements for better communications in the challenging times, we see inflation growing noticeably higher than in the last 15-20 years, challenging our disposable income. We see higher prices on the horizon in the form of new fees, taxes, and rate increases from both energy suppliers (Gas, Oil, Electricity) and Telecom Carriers like Bell, Telus, Rogers, Videotron and others as they expand into costly 5G, installing and expanding Fibre to provide higher speed demand and accordingly higher internet pricing. PS, have you noticed that on their promotions, they have a caveat – the carriers reserve the right to increase your price during their promotional periods.
Summary
We understand today’s challenges and opportunities here at the Meteor Communications Group. We have experienced staff to help you define the options, help you scale up or down to meet the market changes, provide you with the security, connectivity, Remote Unified Communications and scalable CX platforms in the most cost-effective ways, and yet our prices are fixed and not subject to change during our agreement or promotions.
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