Don't let growth in your business catch you by surprise

(NC)—Although you work hard to grow your business, it can sometimes happen when you least expect it.
"Growth can bring you many benefits, including decreased costs due to economies of scale, increased personal wealth, enhanced business reputation and improved access to financing," says Rina Pillitteri, national director, Small Business, RBC Royal Bank. "The key is to effectively manage this growth, even when it catches you by surprise."

Here are some tips to help manage growth in your business:

• If the growth is only temporary, there are short-term resources such as outside services or facilities available to you.

• If you expect the growth to be permanent, you'll need to create a long-term business plan as quickly as possible. Make sure it addresses processes and resources that are needed to meet these higher demands.

• If you need more time to establish permanent resources, wherever possible, try to stretch your timelines or temporarily slow down other areas of your business until you get these set into place.

• Stay profitable! You don't want to let your business become overextended while you try to meet unexpected demands. Look into alternative sources of cash – speeding up your billing processes, using personal capital, tapping into emergency funds or borrowing.

For more information, call 1-800-ROYAL-20 (769-2520); to find valuable Small Business tips and resources online, please visit www.rbc.com/tips.

Source: www.newscanada.com
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