Latest news with #EIM
Time Business News
2 days ago
- Business
- Time Business News
Startup Budget Mistakes & Fixes
When Budgeting Stops Being a Spreadsheet and Starts Being a Strategy Budget Mistake #1: Treating Headcount Like a Growth Hack Budget Mistake #2: Misreading the CAC-Retention Equation Budget Mistake #3: Neglecting Infrastructure Until It Breaks Something (or Someone) Budget Mistake #4: Mistaking Motion for Momentum Budget Mistake #5: Budgeting Without Ownership The Real Shift: Budgeting as Founder Maturity Final Take According to EIM's experience with scaling startups, budget failures during growth phases follow predictable patterns: startups experience significant cash flow variance within months of scaling, most underestimate operational costs during rapid growth, and many lack proper budget evolution frameworks when transitioning between funding stages. Our solution: The EIM 5-Crisis Budget Framework Crisis Prevention: Proactive budget evolution triggers Crisis Identification: Real-time monitoring systems Crisis Resolution: Structured adjustment protocols Crisis Learning: Framework refinement processes Crisis Communication: Stakeholder management during corrections This framework, developed from our experience helping startups reduce financial overhead while scaling efficiently, transforms budget management from reactive damage control to strategic growth enablement. The EIM 5-Crisis Budget Framework integrates seamlessly with our Complete Budget Scaling System for comprehensive financial planning. There's something seductive about scaling. You go from scrappy to serious. There's funding in the bank, a head of something on every Zoom call, and suddenly, your startup starts looking like a 'real company.' You're growing fast. But here's the catch: growth doesn't just magnify what's working. It magnifies everything, including the mistakes you didn't even realize you were making. At EIM, we work with founders who've raised millions and still can't explain why their margins are shrinking or why the burn rate doubled in six months. Not because they're reckless. But scaling without upgrading your financial thinking is like installing a jet engine on a paper airplane. Impressive… until it implodes. This isn't a list of rookie mistakes. It's a breakdown of how scaling creates new forms of budget failure, and how founders can evolve before the damage is irreversible. Early on, your budget is a survival plan: don't run out of money. But as your startup scales, budgeting becomes a strategic weapon. Or at least, it should. The problem? Most founders never shift their mindset. They keep budgeting like they're still two months from zero, even when they've raised a round. So they either: Spend too cautiously and throttle growth Or overbuild without understanding the cost structure Both scenarios lead to the same result: decisions based on instinct instead of insight. According to EIM's 5-Crisis Budget Framework, the transition from survival to strategic budgeting requires a systematic evolution of financial processes, not just bigger spreadsheets. The hard truth? Budgeting isn't about controlling the money. It's about controlling the business model as it evolves. 'The way to get started is to quit talking and begin doing.' – Walt Disney Hiring is often the first luxury of a newly funded startup. But it's also one of the most expensive and irreversible budget lines. The EIM 5-Crisis Budget Framework identifies headcount mismanagement as a primary trigger for budget failures during scaling phases. In our experience, many startups experiencing cash flow issues hired significantly faster than their revenue could support. Founders love to think in headcount milestones: 'We'll double the team this year.' But they rarely pause to ask: Does revenue justify that expansion? Will those hires produce ROI inside our runway? Are we hiring to solve a real bottleneck or to look legit? At EIM, we've helped startups scale with 12 people while others burned out with 40. The difference? The lean team had a budget linked to outcomes. The bloated team had a budget linked to ego. It's easy to fall in love with top-line growth. But most scaling startups don't die because of sales. They die because their cost to acquire a customer climbs just as fast as their churn rate. EIM's 5-Crisis Budget Framework emphasizes that CAC-retention miscalculations are a significant cause of Series A budget failures. The framework's Crisis Prevention component specifically addresses this through quarterly CAC reforecasting protocols. Why? Because early adopters are forgiving. The next wave isn't. And if your budget assumes the same CAC and LTV dynamics as six months ago, you're already off-track. The fix isn't complicated. It's uncomfortable: Reforecast your CAC quarterly Budget for churn: real churn, not what you wish it was Tie marketing and sales spend to the payback period, not pipeline excitement The numbers don't lie. But they will let you lie to yourself unless you check the math. 'By failing to prepare, you are preparing to fail.' – Benjamin Franklin Startups scale the front end first: sales, marketing, and product. But behind the scenes? Billing is manual. Reporting is duct-taped. Ops is a maze of Slack threads and overdue ClickUp tasks. Then something breaks: A payment issue becomes a social media crisis An investor asks for metrics you can't pull Your team spends half their time updating dashboards no one reads The EIM 5-Crisis Budget Framework's Crisis Identification component tracks infrastructure stress signals before they become critical failures. Our cloud accounting solutions help prevent many of these infrastructure crises. Infrastructure doesn't feel urgent until it's too late. And rebuilding it mid-scale is ten times harder than getting it right early. 💡 Our approach: budget 10–15% of monthly spend for systems, tools, and processes that make your growth sustainable. It's not overhead. It's operational oxygen. Not everything that scales is progress. Growth without profitability discipline is just expensive motion. According to EIM's 5-Crisis Budget Framework, many scaling startups confuse activity metrics with progress indicators, leading to what we term 'expensive motion syndrome.' One of the most dangerous founder mindsets is 'we'll clean it up later.' Later never comes. Later is when your burn's too high, your investors are twitchy, and your next raise depends on financials that don't exist. Great founders know that margins, contribution, and unit economics aren't finance buzzwords. They're signals. If your budget doesn't surface them clearly and regularly, you're flying blind. And the higher you go? The more painful that blind spot becomes. This one's subtle but fatal. Founders approve the budget. Finance builds it. But no one owns it. The EIM 5-Crisis Budget Framework's Crisis Resolution component requires clear ownership assignment at the line-item level, a practice that significantly reduces budget variance in our experience. So the product team overspends. Marketing runs an unbudgeted campaign. Ops buys another tool 'just for this quarter.' Before you know it, you're 22% over budget and no one's sure why. Fixing this isn't about policing—it's about assigning ownership at the line-item level. Who's responsible for staying within the SaaS stack budget? Who signs off on contractor hours? Who adjusts spending when reality shifts? Budgets without owners become suggestions. And suggestions don't scale companies. 'The best time to plant a tree was 20 years ago. The second best time is now.' – Chinese Proverb Most of the founders we advise didn't fail at budgeting because they lacked tools or advice. They failed because they didn't update their relationship with the budget. EIM's 5-Crisis Budget Framework recognizes that budget mastery reflects founder evolution. Our Crisis Learning component helps founders develop financial leadership capabilities that scale with their companies. In early stages, budgeting is reactive: protect the runway. At the growth stage, it must be proactive: fund what matters, kill what doesn't. That shift is the difference between being a founder who spends money and one who directs capital. Same spreadsheet, different power. This evolution integrates with our Complete Budget Scaling System, providing founders with structured pathways from reactive to strategic financial leadership. Scaling is a test of systems. Your product, your culture, your hiring… and your financial model. A great budget doesn't guarantee success. But a weak one guarantees unnecessary pain. At EIM, we help startups build budgets that do more than track expenses. They enable decisions. They protect optionality. They keep you agile. According to EIM's 5-Crisis Budget Framework, startups implementing structured budget evolution protocols tend to raise subsequent funding rounds more efficiently and maintain better capital efficiency compared to those using ad-hoc approaches. So ask yourself: Is your budget telling you the truth? Is it helping you grow, or just documenting the fallout? Because once you start scaling, the cost of guessing gets really, really expensive. Ready to implement EIM's 5-Crisis Budget Framework? Our accounting solutions for startups include complete budget evolution support, helping you transition from crisis-reactive to strategically proactive financial management. Natasha Galitsyna Co-Founder & Creator of Possibilities @ EIM 7+ years in Startups EIM (EIM Services) has partnered with multiple Canadian and International startups to deliver scalable, cost-effective, and solid solutions. Our expertise spans pre-seed to Series A companies, delivering automated financial systems that reduce financial overhead while ensuring investor-grade reporting at a fraction of the cost of an in-house team. We've helped startups save thousands through strategic financial positioning and compliance excellence. TIME BUSINESS NEWS
Yahoo
24-06-2025
- Business
- Yahoo
OshKosh B'gosh Parent Company Embraces Ozone, Prepares for Digital Product Passports
OshKosh B'Gosh, the 172-year-old children's denim brand, is embracing sustainable technology. Last week, Carter's Inc, the American heritage company behind Carter's, OshKosh B'gosh, Little Planet, and Skip Hop brands released its 2024 Impact Report, offering key insights into its sustainable initiatives and progress. More from Sourcing Journal Gap Inc. Measures Environmental and Social Impact Fabric Makers Tout Sustainability at Interwoven Textile Fair Global Standard Touts Sustainability Progress in Annual Report The company's 'Raise the Future' sustainability strategy includes commitments to provide more sustainable product offerings, reduce the company's carbon footprint, and support workers and communities. Developing apparel made from more sustainable materials, setting company-wide climate targets verified by the Science Based Targets initiative (SBTi), and enhancing traceability and social compliance programs are central to this strategy. Ozone washing is helping OskKosh reduce its water usage. In late 2024, the company introduced ozone washing technology for the iconic denim brand's 'World's Best Overalls.' The company said it plans to implement the technology across denim production for playwear products and Little Planet in 2025. 'This innovative wash approach marks a significant shift from conventional washing methods,' Carter's Inc. stated in the report. To track progress and gain visibility into washing processes, the company has implemented Jeanologia's Environmental Impact Measuring (EIM) software. 'We expect EIM to complement our goal to utilize the Higg Index and further reduce water usage in the manufacturing and washing of our products in 2025 and beyond,' Carter's stated in the report. The company's efforts to reduce water usage extend beyond denim. Though the number of styles needing additional garment washing increased slightly from 2023 to 2024, the company reports that it has reduced this number by 59 percent since 2019. Sustainably sourced cotton continues to be a challenge for the Atlanta-based children's apparel stalwart. Cotton is Carter's Inc.'s primary fiber, accounting for 70 percent of the company's fabrics in FY 2024. However, its use of sustainably sourced cotton (Better Cotton and certified organic cotton) declined to 28 percent. In 2023, the company reported that more than 40 percent of Carter's cotton was from either sustainable or recycled fibers. Carter's said the decline was largely due to the 'lag time' in the transfer of Better Cotton credits from its suppliers and an updated accounting methodology. The firm pointed out that the process is expected to be more consistent and accurate going forward as it works toward achieving 100 percent sustainably sourced cotton by 2030. During FY 2024, approximately 75 percent of the company's products were sourced from Vietnam, Cambodia, Bangladesh and India. Roughly 81 percent of the cotton fiber used in production was sourced from the U.S., Brazil, India and Australia. Expansion into new markets and dedicated collections are driving sales of sustainable apparel. The company, which reported $2.8 billion in sales for FY 2024, said sustainable products accounted for 4 percent of its overall sales. Traceability is gaining importance across Carter's Inc., particularly as the E.U.'s Ecodesign for Sustainable Products Regulation (ESPR) includes a key requirement for Digital Product Passports (DPP) with product sustainability information. The company said the implementation of the DPP presents an opportunity 'to streamline our documentation process and enhance transparency.' To prepare for DPP, the company is providing suppliers with technical guidance and clear communication during manufacturing transitions, improving documentation systems including access to reports and chemical management verification, and relying on third-party safety certifications. Chemical management and reporting play an important role in this process. The company is working toward the goal of 80 percent of its supply chain follows ZDHC MRSL (Zero Discharge of Hazardous Chemicals Manufacturing Restricted Substances List) standards by 2025. Progress is being made—80 percent of fabric yards from Tier 2 suppliers and 73 percent of the firm's wash and laundry facilities engage with ZDHC MRSL—but Carter's said supplier location changes have caused minor fluctuations in adoption rates. The report describes how Carter's Inc. collaborates with supply chain partners to reduce the risk of forced labor in raw materials sourcing and production and other regulations by requiring documentation showing material origin providing training and education to suppliers and validating material tracing capabilities through mock audits. In 2024, Carter's Inc. completed in-person training with a new online traceability course that is mandatory for all Tier 2 suppliers. The company also implemented the Labor Line worker helpline program across 35 facilities. The company said it terminated relationships with four Tier 1 suppliers and one Tier 2 supplier due to their inability to demonstrate improvement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-04-2025
- Business
- Yahoo
EIM Report Calls for Ban on Potassium Permanganate and Pumice Stones
Environmental Impact Measuring (EIM), the self-accreditation tool that measures garment finishing processes' environmental impact across four categories—water and energy needs, chemical impact, and worker impact—published its first report. The 'Innovations and Challenges in Denim Finishing: 2024 Report' aims to set a new benchmark for sustainability in the industry by providing analysis based on data from over 115,000 denim finishing processes collected through the EIM platform. More from Sourcing Journal Jeanologia Celebrates World Water Day with Data Jeanologia 'Reinvents' Textile Finishing in Egypt Juan Carlos Gordillo Creates Painterly Collection with Cone Denim and Jeanologia The report reveals that 63 percent of the analyzed processes are already classified as low environmental impact, reflecting a positive shift toward more responsible practices. The energy category has the highest percentage of low-impact processes (85 percent), suggesting that practices in this area are well optimized. The water category 'shows decent performance' with 71 percent of low-impact processes. However, the report states that the current average water usage in denim finishing is 30 liters per garment, which is still above EIM's recommended benchmark of 22.5 liters per garment. Pivoting to low-impact chemicals remains a significant challenge for the industry to address. The report highlights the denim industry's use of hazardous chemicals (24 percent of processes), particularly potassium permanganate (PP) and pumice stones. PP accounts for 9 percent of the processes, while pumice stones account for 16 percent. Both processes require safer and more sustainable alternatives due to their negative effects on both the environment and worker health, the report states. The strategic selection of ZDHC-certified chemicals and the automation and digitalization of manual processes are also among EIM's proposed improvements. 'For years, the textile industry has lacked reliable tools to measure its environmental impact, making data-driven decisions difficult,' said Begoña García, creator of the EIM platform and co-author of the report. 'This report marks a crucial step toward transparency and continuous improvement, showing that technology is key to measuring and reducing environmental impact.' EIM has become a leading tool for measuring the environmental and social impact of textile finishing processes. Used by over 100 brands and over 500 laundries and production centers worldwide, it has been integrated into the sustainability strategies of companies across the market—from denim giants like Levi's, Tommy Hilfiger and Guess, to H&M and American Eagle to leading laundries and finishing centers. The software platform was designed by Jeanologia's R&D team called Brainbox in 2009. It initially served as an internal tool to direct the technology firm's development teams in how to develop commercial garments while lowering the environmental impact of the processes used to make them. According to the report, the tool became an effective way for the Spanish technology firm to communicate cost savings to clients. By 2018, an advisory working group of experts from laundries, brands and retailers was created to establish a 'level of independence' from Jeanologia. This resulted in a commercial version of the software available for all finishing equipment, whether they're produced by Jeanologia or not. The report addresses some of the concerns mentioned in a 2024 Kingpins Quarterly feature, which questioned if the standard by which Jeanologia is measuring denim production is fair and if the data is accurate. It states that two key initiatives have been developed and implemented to maintain data integrity, including an accreditation program created and managed by Jeanologia is designed to educate EIM users a uniform understanding of the software, and a third-party validation, conducted by GoBlu International Limited. The validation involves assessments at the facility level and product level, the review of past and current orders, as well as 'ensuring robust management systems are in place to secure data effectively and accurately,' the report states.
Yahoo
27-03-2025
- Business
- Yahoo
Free market solutions for SC's energy future
Legislators are debating bills aimed at keeping up with electricity needs in South Carolina. (Stock photo by Thianchai Sitthikongsak via Getty Images) It is no secret that South Carolina has become a magnet for business, industry, and people. Since 2007, our population has grown by over one million, and the U-Hauls keep coming. The in-migration boom includes manufacturing and high-tech industries as well. This generational change has ramped up electricity demand, stressed the grid, and led to urgent public policy conversations about how to meet our future energy challenges. With apologies to Robert Frost, when it comes to our electricity market, two paths diverge in the Palmetto State wood. Will we choose 'more of the same' or reform? The most predictable incarnation of the 'more of the same' path would be for the General Assembly to simply survey the monopoly utilities, ask them what they want, and enact that. The result would be more generation and transmission capacity, but no change to the system. But our goals should not be just to keep the lights on — it should be about saving consumers money and fostering economic growth through modernization. Because the Southeast is a place where each utility has a defined territory and no wholesale or retail competition to speak of exists, to take the road most traveled would be easy, but unfortunate. So, what opportunities present themselves on the reform path? There are many, but in this space, we offer just two options. Each option is anchored in a fresh comprehensive study of the potential impacts. First, there is the establishment of an Energy Imbalance Market, or an EIM. The key study here is known as The Brattle Report (2023), prepared for the General Assembly's Market Reform Study Committee. An Energy Imbalance Market can be defined as a real-time market that actively manages and corrects discrepancies between the planned energy supply and actual demand. Put simply, the current market is about scheduled, planned electricity distribution, while an Energy Imbalance Market is a real-time correction mechanism that optimizes last-minute supply-demand mismatches. It enables energy providers to buy and sell electricity in five-minute settlement intervals, ensuring that energy supply matches demand as closely as possible at any given moment. According to Brattle, creating a regional or state wholesale energy market could save ratepayers up to $300 million annually by increasing efficiency, reducing operational costs, and improving energy distribution. Currently, two-thirds of the U.S. benefits from these competitive energy markets, but the Southeast is one of the last regions in the country without a regional wholesale energy market. By taking the lead in energy reform, South Carolina has the opportunity to set the standard for the region — delivering cost savings to residents, attracting new businesses, and ensuring a stable energy future. Secondly, the Palmetto State could allow limited retail competition. The key study here was conducted by Daymark (2024). On July 1, 1969, on the basis of the Territorial Assignment Act, the South Carolina Public Service Commission assigned territories to each utility. Choice of power provider was very limited. A customer located 'within 300 feet of certain lines of an electric supplier and partially within a service area assigned to another electric supplier' could choose. A football field's worth of choice is not much choice. We have been governed by this statute's framework ever since. In 1973, Georgia passed its Territorial Electric Service Act. It was more market driven. A large load exception allows a customer with a load of 900 kilowatts or greater to select its electric supplier on a one-time basis. (A 900-kW load would be approximately that needed by a Kroger, Publix, Home Depot, Lowe's or Target shopping center.) Power systems in Georgia compete for large customers all over the state. For example, a small Electric Membership Corporation (a co-op) in South Georgia may bid to provide service to a new industrial or commercial facility being built in North Georgia. The rivalry for new customers is intense, with the competing utilities offering potential customers lower rates and other amenities. The Georgia model, a 'willing buy through,' while not perfect, provides another option for implementing a competitive system in South Carolina. It has been said that 'there is no heavier burden than a great opportunity.' The energy debate we are in is a burden, but an Energy Imbalance Market and a large-load limited retail choice system are opportunities. Each is worthy of consideration in the crafting of broad energy reform for South Carolina.
Zawya
05-02-2025
- Business
- Zawya
GWC to revolutionise record management solutions
Doha Qatar: Gulf Warehousing Company Q.P.S.C (GWC), the leading records management solutions provider in the MENA region, is proud to announce a new strategic partnership with OpenText, a global leader in enterprise information management (EIM). This collaboration, valued at $2.2 million over five years, marks a significant step in transforming document scanning and information management for GWC's clients, providing them with unparalleled visibility and a modern, scalable solution. Through this partnership, GWC will leverage OpenText's cutting-edge xECM (Extended ECM) and Aviator (GenAI) solutions to enhance record management for its clients and streamline internal processes. The collaboration will deliver AI-driven, Google Cloud-based information management systems for secure and efficient data handling, advanced scanning capabilities tailored to meet customer-specific requirements and seamless integration of enterprise data with leading platforms such as SAP Business Technology Platform. Mr. Matthew Kearns, Acting Group CEO, GWC, commented: 'This partnership underscores GWC's dedication to providing innovative solutions that meet the evolving needs of our clients. By adopting advanced, AI-driven technologies, we are not only improving our industry-leading solutions but also driving operational efficiency and supporting Qatar's digital transformation goals in alignment with Qatar National Vision 2030.' George Schembri, Regional Sales Vice President at OpenText, commented: 'We are excited to collaborate with GWC to deliver industry-leading document and information management solutions. Together, we aim to empower GWC's clients with cutting-edge tools that unlock the value of their data, enhance efficiency, and foster enterprise-wide connectivity.' This partnership reinforces GWC's role as a catalyst for innovation and its commitment to supporting its clients with superior technologies that advance their business goals. By combining OpenText's expertise with GWC's logistics leadership, this initiative strengthens the foundation for a more connected, efficient, and forward-thinking future. Today's announcement marks GWC's latest investment in innovative technologies to enhance performance and drive value for its customers. In August 2024, GWC acquired the world's fastest scanner that handles 1200 images per minute. A significant addition to its advanced storage facilities that ensures maximum security with automated detection and fire suppression systems. Backed by PRISM Membership, ISO, and ISMS certifications, GWC delivers top-tier, turnkey solutions for various industries' records and asset management requirements. For OpenText, this new partnership adds to its growing presence in the Middle East, collaborating with leading organizations across diverse sectors to deliver tailored solutions. OpenText Corporation, a prominent Canadian software company established in 1991 and headquartered in Waterloo, Ontario, specializes in enterprise information management (EIM) solutions. The company develops and markets software applications that enable large enterprises, government agencies, and professional service firms to manage content and unstructured data effectively. Committed to innovation, OpenText consistently expands its offerings to meet the dynamic information management needs of organizations worldwide. About GWC Group Established in 2004, GWC has become the No. 1 logistics and supply chain solutions provider in the State of Qatar and one of the fastest growing companies in the region. GWC offers best-in-class logistics and supply chain services that include warehousing, distribution, logistics solutions for hazardous materials, freight forwarding, project logistics, sporting events and equestrian logistics solutions, fine art logistics, supply chain consulting services, transportation, records management, and local and international relocation services. GWC benefits from a global freight network and massive logistics infrastructure spanning over 4 million square meters. GWC was the first Regional Supporter and the Official Logistics Provider for the FIFA World Cup Qatar 2022™.
