Canadian enterprise leaders are a resilient group. Putting the economic hardships of the past few years behind them, many are ready to move forward. Whether they may be considering opening new locations, launching new product lines or hiring more employees, company leaders must take care to go about expansion the right way. Without the proper tools, even the most well-intentioned business moves can fall short of their potential.
In order to ensure the best results, executives should implement business management software. With the help of these solutions, managers can address a range of important needs, from making sure they're operating within their budgets to gleaning actionable insight from customer-related data. Additionally, business management accounting software can keep track of inventory easier, allowing directors to scale stock as needed. By moving away from low-tech methods that rely on manual entry and guesswork in favor of more advanced options, firms can better their bottom lines.
An improving economic environment
According to Statistics Canada, the nation's economic conditions may be looking up thanks to several significant factors. In one report, the organization noted that the state of exports is improving, having increased 5.1 percent in March. Imports rose by a smaller margin of 1.7 percent, which was still enough to support overall growth. The agency announced that due to March's results, Canada's trade balance moved from a deficit of $1.2 billion in February to a surplus of $24 million, which CTV News pointed out makes for the first trade surplus in a year.
Additionally, in a separate release, Statistics Canada asserted that the country's gross domestic product grew for the second month in a row in February, rising 0.3 percent. This indicator matched January's results.
"Finally there's something to cheer about in the Canadian economy, with growth picking up in the first quarter, and in the cyclical industries where such a turn is more meaningful," Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said in an emailed research note, Bloomberg stated.
As companies operate in a more fruitful economic environment, they need to do their part to support their own success as well as the nation's. With the help of business management tools, leaders in a wide range of industries can continue to see excellent financial outcomes.