Look Ahead: AI, sustainability practices and regulation impacts among 2024 business concerns
The region’s chambers of commerce are planning a mix of strategies and events to help businesses in Poway, Rancho Bernardo and 4S Ranch thrive in 2024, according to their leaders.
Adapting to and embracing new technologies, including artificial intelligence, are among challenges local businesses will be facing in the new year, said North San Diego Business Chamber CEO Chris Thorne.
“One of the foremost challenges facing businesses of all sizes is the imperative to adapt swiftly to the ever-evolving technological landscape,” Thorne said. “In 2024, the rapid adoption of AI technologies will transform the business landscape, from large corporations to small enterprises. Embracing artificial intelligence can enhance productivity, streamline processes and revolutionize customer experiences.
“However, this digital shift requires businesses to not only invest in cutting-edge technologies but also to upskill their workforce to harness the full potential of these advancements.”
Swift changes to the regulatory environment at the local, state and federal levels add another level of complexity to this digital transformation, he said.
“As AI technologies become more integral to business operations, regulatory guidance is adapting in tandem,” Thorne said. “Navigating these evolving frameworks demands a proactive approach from businesses to ensure compliance while maximizing the benefits of technological innovation.”
Thorne said the Rancho Bernardo-based business chamber is ready to help members stay abreast of these changes through educational programs and advocacy.
One example is its new Cyber & Technology Advisory Council, which is designed to assist business leaders and businesses of all sizes in understanding and having a voice in the ever-evolving technological environment, Thorne said.
Government regulations are also among the focuses for 2024 at the Poway Chamber of Commerce, said President Mike Leland.
“We certainly see some headwinds for our California businesses in terms of taxes and regulations primarily,” Leland said. “The projected budget deficit that was just announced by Sacramento is certainly of concern, and we are watching this very closely to see what effects this will have on businesses and our schools.”
The Poway Chamber does a lot of advocacy work on behalf of its members and the wider business community, Leland said. One way it does this is by joining efforts guided by the California Chamber of Commerce. The Poway Chamber is also working with its corporate partners to oppose job-killing bills and other regulations that hurt businesses.
Economic impacts are another area of focus for the Poway Chamber.
“On the positive side, it is encouraging to see that interest rates have stabilized and may start coming down in 2024, and that inflation is largely cooling off,” Leland said.
The economy is also of concern for the NSDBC.
“Businesses will continue to be confronted in 2024 with persistent challenges in attracting and retaining skilled talent,” Thorne said. “A notable concern is the housing affordability crisis in the region, contributing to housing insecurity among employees.
“The high cost of living in San Diego County creates a disconnect between job locations and employee residences,” he said. “This dissonance poses a formidable challenge for employers seeking a workforce unable to afford housing near their workplace.”
The business chamber’s advisory councils meet monthly to discuss key topics and adopt positions on relevant pending and future legislation, Thorne said.
He also said businesses need to embrace opportunities related to sustainability as a matter of corporate responsibility and as a positive economic imperative.
“Sustainable practices are not just about reducing environmental impact but also about fostering long-term business resilience,” Thorne said. “Companies that integrate sustainability into their operations stand to gain a competitive edge, appeal to an increasingly conscious consumer base and achieve cost savings through efficiency gains.”
To help with this, the business chamber has a Sustainability Advisory Council dedicated to guiding businesses on the path to sustainability by sharing best practices, providing educational resources and actively shaping legislative actions, he said.
“The goal is to create a business community that not only thrives through sustainable practices but also acts as a strong partner to the communities in which we live and work,” Thorne said.
The North San Diego Business Chamber also remains at the forefront of advocating for and supporting businesses in a dynamic and resilient community, he said.
“The dual challenge of technological evolution and workforce dynamics requires a collaborative effort,” Thorne said. “The … chamber is committed to guiding businesses through the labyrinth of technological advancements and fostering a workforce-friendly environment that addresses the real-world challenges our employees face, including housing affordability and the need for secure living conditions.”
The Poway Chamber of Commerce continues to grow in membership and is fueled by connections made between chamber members and the business community, Leland said.
“With this growth as inspiration, we look forward to continuing our evolution in 2024 not only on a measurable level as a membership-driven organization, but also by growing as individuals, bettering ourselves, and in turn improving our local business community in Poway and beyond,” he said.
The Poway Chamber will be building upon many of its programs that saw growth during 2023. Leland said this not only includes an expanded membership, which reached a record number of active members over the past year — “more than our chamber has seen for nearly a decade” — but more dynamic committees and networking groups.
“Both business and personal relationships have been forged and blossomed over the past year,” Leland said.
Its non-profit committee continues to flourish, bringing more than 50 not-for-profit organizations and charities together with businesses and individuals who seek to have a positive impact on the community. The 2023 Poway Fall Festival had a record-breaking attendance of around 12,000, and the new Shop Poway Chamber program was embraced, with locals buying $25 gift certificates they could redeem at participating businesses.
“We are excited to see how the program continues to perform in the new year as awareness grows,” Leland said.
“As always, the Poway Chamber’s mission has been to strengthen prosperity for members and the business community by providing leadership, education, advocacy and networking,” Leland said. “On this foundation we have always been, and will continue to remain, community focused, business driven.”
He said the Poway Chamber is also working very closely with City of Poway officials so there are “open lines of communications to address any issues and opportunities that arise with our chamber members and for the business community at large.”
As for other focuses for the North San Diego Business Chamber, Thorne said it is committed to fostering an environment conducive to growth and innovation.
“Priorities for 2024 include bolstering digital literacy among member businesses and fostering cross-industry collaboration to address common challenges,” Thorne said. “Additionally, the chamber aims to play a pivotal role in advocating for policies that support workforce development and sustainability practices, ensuring a robust business ecosystem for years to come.”
Both chamber leaders said their organizations will host events to help the region’s businesses advance.
The North San Diego Business Chamber’s signature events include the San Diego Business Summit on Jan. 17 and San Diego Women’s Week from Feb. 26 through March 1. Later will be its Celebration of Business and the San Diego Military Summit, Thorne said.
The Poway Chamber’s signature events start with the Community Health & Wellness Fair on Jan. 13, followed by a Business Expo & Hiring Event on March 19. Also planned are the 11th annual Mickey Cafagna Memorial Golf Classic, Business Star Awards and Installation and Poway Fall Festival, Leland said.
Both chambers will continue holding monthly mixers and several committees will meet regularly.
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