In the vast and ever-evolving landscape of business, the role of strategic planning stands as a beacon of guidance and empowerment. Beyond the conventional numbers and figures, business planning embodies the essence of foresight, collaboration, and innovation. Today, let's embark on a journey to uncover the profound advantages that business planning brings to the table. 1. Crafting the Future with Intention Imagine your business as a canvas, waiting to be painted with the strokes of purpose and direction. A well-crafted business plan acts as the artist's palette, allowing you to envision your business's future with intention and clarity. It’s not merely a…

In the dynamic world of business, the concept of a business model serves as the foundation for an organization's success. A business model is essentially a blueprint that outlines how a company creates, delivers, and captures value. It is the strategic framework that defines how a company generates revenue, manages costs, and ultimately sustains itself in the marketplace. In this article, we will delve into the intricacies of business models and explore the concept of "Profitable Pathways," where we will examine diverse business models that lead to sustainable growth.  Understanding the Business Model  At its core, a business model articulates how a…

Business due diligence is a comprehensive and systematic investigation and evaluation process undertaken by prospective investors, acquirers, or partners to assess the financial, operational, legal, and commercial aspects of a company before making significant business decisions. It involves a thorough examination of the target company's records, contracts, financial statements, operations, and other relevant information to gain insights into its overall health and potential risks.  The importance of business due diligence cannot be overstated, especially when engaging in mergers and acquisitions, partnerships, investments, or any strategic business decision. Here's why business due diligence holds great significance:  Risk Mitigation:   One of the primary purposes…

Leadership is the ability to guide, inspire, and influence others towards a common goal or vision. It involves the process of leading and directing a group of individuals or an organization, fostering their collaboration, and motivating them to achieve shared objectives. A leader plays a crucial role in providing direction, making decisions, and ensuring that the team or organization stays on track.  Leadership encompasses various skills and traits, such as:  Vision: A leader should have a clear and compelling vision that sets the direction for the team or organization. This vision serves as a guiding light, inspiring others to work towards a…

Business strategy development is the process of formulating and implementing plans and actions to achieve the long-term goals and objectives of a company or organization. It involves analyzing the internal and external factors that can impact on the business and making informed decisions to position the company for success in its competitive landscape.  Here are the key steps involved in business strategy development:  Vision and Mission: Clarify the company's vision (what it aims to achieve in the long term) and its mission (the purpose of the organization). These statements provide a guiding direction for all strategic decisions.  Setting Objectives: Based on the vision…

Every successful business is built on a foundation of hard work, dedication, and passion. As an entrepreneur, it's essential not only to focus on the present but also to plan for the future. A well-thought-out business succession plan ensures that your company continues to thrive even when you step away from the helm. In this blog, we delve into the importance of succession planning, the key elements to consider, and how it safeguards the legacy of your business for generations to come.  The Significance of Business Succession Planning:  Business succession planning holds immense significance for the long-term sustainability and success of a…

We all have experiences in planning and executing projects whether at home or at work. It is given that a proper planning and execution lead to success. We have learned it from our experiences to plan properly then work the plan. This is simply true, however, there are other dimensions of planning and execution based on our experience consulting and working with SMEs that we would like to streamline. We categorize four outcome scenarios depending how an SME is weak or strong in planning and in execution presumably the resources remain constant equally in each scenario. 1 - Success: we all…

There are smart and hardworking managers in well-run companies who operate well, however, cannot to innovate efficiently. It looks like most companies are not half as innovative as their senior executives want them to be. There might be various reason for this inefficiency and opportunity cost. Among these reason, the following financial tools and measures are contributing factors for lack of innovation in corporations: Misapplying DCF and NPV- the first misleading financial analysis tool is the method of discounting cash flow to calculate the net present value of an initiative. While the mathematics of discounting is logically impeccable, analysts commonly commit…

For years we heard that Toronto’s housing market was a bubble. Recent Rapid interest rates increases have slowed down the real estate transactions volume and have reduced the housing prices in 2022. How can we perceive this market change? Is it a bubble bust that some people have been saying  for years and some got short positions to benefit from free fall real estate market? or Is it a market correction that occurs in any market naturally? To answer these questions, it is better we look into the core real estate factors influencing the housing market and prices. Like any other…

Competitive advantage entails various aspects in a company, from its governance to the  HR competitiveness, all should be aligned and integrated to generate a great market positioning. Among all sorts of competitiveness like technology, lean manufacturing, IoT, etc. organizations are competing on analytics not just because they can, but because they should. It is virtually impossible to differentiate from competitors based on products alone. The rivals sell similar products and/or services, like large manufacturers are all benefit from cheap offshore labour, you’re hard-passed to beat overseas competitors on product cost. Among different ways to differentiation as source of competitiveness, becoming an analytics…

Some companies come up with a revolutionary business models that attract huge demands to their services or products. For example, Apple was not the first company that introduced digital music in 2003. Diamond Multimedia introduced the Rio in 1998 and Best Data introduced the Cabo 64 in 2000. What made Apple to succeed in this sector was its innovative business model; make downloading digital music easy and convenient. Before we get into innovative business model to address permanent shifts in their market landscape, we need to understand the definition of the business model and it’s components. It starts with thinking about…

Drucker explains innovation as the specific function of entrepreneurship. It means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. There is much confusion about the proper definition of entrepreneurship. It does not refer to an enterprise’s size or age but to a certain kind of activity. At the heart of that activity is innovation: the effort to create purposeful, focused change in an enterprise’s economic or social potential. Most innovations especially the successful ones result from. Conscious, purposeful search for innovation opportunities, which are found only in a few…

Following the dream to open a small business in Canada will urge one to spend a significant amount of time and effort. If one is ready for such work and embrace the challenges, it may be just as rewarding. Like any other activity starting, there are a lot of unknowns and things to learn. It is imperative to understand all alternatives and prospects in registering and managing a business to avoid costly mistakes and to focus on what is essential. The following points elaborate the core requirements for establishing a business in Canada: Legal Status in Canada – If you wish…

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Water and wastewater businesses serve people and different industries; such as food an and beverage, pharmaceutical, oil & gas, semi-conductor, etc. There are various companies providing services in the industry, however, a few players are operating globally. SUEZ WTS is one of the market leaders. Competition is intense in the industry. The big players compete …

The Government of Canada revised temporary foreign workers (TFW) related regulations and LMIA requirement throughout the COVID-19 pandemic. Employers do not need to provide LMIA under the International Mobility Program (IMP) to hire foreign workers on a temporary work permit. That said, the hiring must serve Canada’s broader economic and cultural interests, which can include things like …

Plant-based products are getting more popularity and are rising to a new level of consumer interest. A healthy diet that is better impact the environment has become a consumer goal recently. This uptrend market demand has led manufacturers to remain resourceful in new sources of protein and other plan-based products. Companies like Cargill are investing …

COVID-19 Pandemic taught us how to use information technology in running business activities online. From global companies to small businesses relied on internet, applications, and platforms to connect people and businesses online. Successful online operations increase solopreneurs confidence to establish home businesses whether as mainstream of income or side business. Self-employment offers more flexibility, working …

The federal scientific research and experimental development (SR&ED) program is a tax incentive program to encourage all Canadian businesses to conduct research and development (R&D) in Canada. In fact, the SR&ED program has been the single largest source of federal funding for industrial R&D performed in Canada for many years, and remains one of the …

Ontario Immigration Nominee Program (OINP) is a practical framework to recruit international talents (foreign workers, international students, business owners or entrepreneurs from outside of Canada) to apply for permanent residence in Ontario. The program falls under the province’s economic immigration program, which works in partnership with the Government of Canada through Immigration, Refugees and Citizenship …