Canadian Tire Free Essay Example, 1000 words

For instance, it incurred a lot of losses during the formation of its many stores. These challenges are apparent even in contemporary times. For an illustration, in a 2007 SWOT analysis of the firm, Datamonitor showed that the company’s average returns and revenue per employee were rather low (Data Monitor, 2007). There was also a reported decline in revenue compared to the industry average. Notably, the firm faced most challenges during expansionist years given that the immediate market was not used to companies that dealt in petrol, hardware products and automobile services and offered them in the same location. Therefore, it required some time for customers to get used to such stores, implying the firm had to incur massive losses at its inception and during its expansion. Nevertheless, the company continues with its approach of diversity because recently, it signed an agreement with a clothing company with which it is to undertake the risky venture of merger. The challenge is that this undertaking is expectedly a huge risk that could result in massive losses for the firm. The other recurrent challenges for the company include employee dissatisfaction, boredom, and lack of motivation due to job monotony (Offman, 2011). We will write a custom essay sample on Canadian Tire or any topic specifically for you Only $17.96 $11.86/pageorder now There is also the problem of customers that are ever unhappy and cannot be satisfied at whatever cost. Importantly, the financial crisis also had certain negative impacts on Canadian Tire’s earnings since people could not afford its high end products, resulting in reduced revenues. Regardless of all these challenges, Canadian Tire is still the leading hardware giant in Canada and continues to look towards a brighter future. The Canadian Tire Way The reason Canadian Tire is a favorite company is that it places its employees and customers first. In fact, in modern times, the media is filled with reports of how corporate giants have low opinion of their employees whose ideas, suggestions, and complains do not reach the top management. Fortunately, Canadian Tire’s current CEO is trying to break this type and structure of management to make communication available to everyone from the CEO’s level to the entry level (Felix, 2001). Another amazing feature about Canadian Tire is that it is constantly trying to come up with new and innovative ideas. For instance, in 1983, the company allowed some of its employees to go around the shop in roller skates because it made travelling around its big stores faster (Offman, 2011). In general employee satisfaction at the firm seems to have gone up recently throughout its structure and usually love shopping at their workplace.