How Sears Canada (and other like-companies) can improve current slumps
Sears Canada Inc. recently revealed that the store lost $59.1 million during the first quarter. Specifically, its falling revenue was down 9.7 per cent from the same time last year. And overall, when the quarter officially ended on May 2, revenue for the store was just $697.2 million—down $771.7 million.
What factor is to blame? Sears Canada attributes this major loss to all of the recent store closures. The company still has 167 corporate stores, 197 hometown stores, over 1,300 catalogue and online merchandise pick-up locations, 85 Sears Travel offices and a nationwide repair and service network.
President and CEO Ron Boire has recently stated that the “company is working to improve its revenue and earnings.” However, getting out of a slump can often times be difficult. This can particularly ring true for companies that have been in business for a while.
Therefore, in an attempt to help Sears Canada and other similar companies that have or may find their business declining, we’ve put together some resourceful tips. Take a look!
Tips that can help bring success
If you’re looking for different ways to hopefully turn your business around, then you’ve come to the right place. First and foremost, it will be important to refocus. Take time to refocus your goals. Make sure that these goals aren’t just achievable, but that you put a plan in motion that will actually help you to achieve them.
Secondly, it will be vital to re-energize your batteries and get excited about your business again. Try to remember your original motive for getting involved in the company you currently work for or run. Sure, it’s important to become successful and turn a profit, but don’t forget to have fun and really enjoy what you do. After all, if you don’t thoroughly enjoy your work, chances are that it will be that much harder to become successful.
Lastly, stay committed to your company and most importantly, the goals you’ve put in place for your company. You need to determine exactly what you are committed to doing and then do it! The road of business may get bumpy, but don’t let that detour your mission.
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CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.