Business cycles are the periodic phases of a business, where a company’s output and profitability gradually changes, often over time.
The last time it was this simple was in the 1970s, when American whiskey was a major export for the U.S. after World War II.
It’s also the mainstay of the Canadian whisky industry, which is still growing and is in the midst of a recovery from the recent economic downturn.
But for a growing number of Canadian producers, the economic cycle is now changing and the need for innovation has been growing.
“A lot of times people say, ‘What do you need?”’ says Scott McElroy, president of the Whisky Business Council of Canada.
What we need is innovation, he says.
A new market, a new supply chain, a lot of new processes, new product and new process to support those changes, all of these things are taking place as a result of that change.
McElroy says it’s no secret that whisky is a very complex beverage that is hard to predict, especially with a $6.8 billion industry in the United States, but that he believes in the spirit of innovation and in the power of discovery.
He also believes the industry needs to be open to new approaches and ideas to be successful.
In the United Kingdom, Scotch whisky is sold in about 70 million pubs.
Many people are surprised by how many people are distilling in the country, he said.
This is a product that has a long history in the British Isles, and people are fascinated with it, he added.
Canada’s whisky industry is also experiencing a significant change.
In the past 10 years, Canadian distilleries have been adding about 10,000 jobs.
For now, the sector is still largely in the infancy stages, but McElray sees a potential market that could grow by up to 10 percent in five to 10 years.
To be successful, a whisky distillery needs to get people out of their comfort zone and into a place where they’re actively engaged with their business, McElry says.
He says that’s the key to success for the Canadian whiskey industry.
With so many different distilleried products, there is no perfect formula.
That’s why I think it’s important for the industry to be innovating.
I think we can learn from each other and find that way forward.
Scott McElros of the Scotch Whisky Industry Council, pictured, is an executive director of the organization that represents Canada’s whisky producers.
McDonald says that he and his colleagues have spent the last 10 years working to improve the quality and balance of their products, while also improving their market access.
There’s a lot that’s being done in the marketplace, he adds.
They have to learn how to create their own brand and what the brand is, he explains.
When I think about this, I think of the first time I tasted whiskey in this country, I was sitting in a cafe, I said, ‘Whoa, what’s going on?’
And it was a brand called Whisky Street, and it was like, ‘I’ve never been here before.’
McGrath said that he’s always enjoyed working with the industry.
It’s just a matter of having the patience to do it the right way.
I think the whisky market is still in its infancy, but I think with the right leadership and the right innovation and new supply chains and new processes it’s going to get there in a good time.