CRM stands for Customer Relationship Management and has one main goal: To improve your business’ relationships. When applied correctly, a CRM system can automatically collect, organize, and prioritize your database of current customers, as well as highlight potential new customers based on collected data.
A CRM system aims to benefit the
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Just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures. Standard business interruption policies are vital in these instances, providing protection against a variety of common interruptions, including natural disasters, equipment damage, and vandalism.
But what happens when one of
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While lean production has become a cornerstone of successful supply chain management and a way for businesses to stay flexible and responsive to changing tastes in their markets, the dependence on—and relationship with—suppliers resulting from outsourcing and minimizing stock creates a host of exposures.
Successfully navigating and managing the risks presented
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Companies need working equipment to operate efficiently and generate revenue. In fact, many organizations rely exclusively on a few pieces of specialized equipment to run their entire business. Following a breakdown, major losses can occur and many organizations turn to equipment breakdown insurance.
This is one of the most important parts
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Mergers and acquisitions (M&A) are increasingly common in today’s business landscape. According to the Institute for Mergers, Acquisitions, and Alliances (IMAA), M&A activity continues to rise, with over $3.8 trillion USD in deals completed in 2018 – and with nearly $1.8 trillion USD completed in 2019 so far, it doesn’t
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How do you implement your company’s strategic plan? When was the last time you did a pulse check to see where strategic deliverables stand? How closely aligned are employees with the broader mandate of your company? Business leaders should ask themselves these questions regularly, but many are so caught up
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Traditional approaches to business budgeting often rely on adding or subtracting from previous budgets according to anticipated changes over the coming period. While this approach can provide reasonable budgets, it can also instill the wrong mentality in employees.
With the traditional approach to budgeting, people try to make sure they’ve spent
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Businesses rarely remain competitive with the same product offering they’ve always offered. In these rare cases, companies operate in a unique niche that presents high barriers to entry (capital, expertise, IP, etc.), and benefit from a low-to-no competition environment. No considerations need to be provided for the product life cycle
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Consider this scenario: A customer asks your company to manufacture a part according to certain specifications, which were outlined in a contract. He needs to add the part to his product and ship it to his customers by a set deadline.
Your company creates the part, but due to an error
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To overcome growth challenges, businesses should use a combination of equity, bank financing, and government funding. Each source of investment capital supports aggressive but sustainable growth plans and enables companies to act on emerging market opportunities.
Fortunately, businesses can learn more about Canadian and Ontario government funding to support business growth
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