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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