This article is provided by the Business Development Bank of Canada (BDC) , which offers loans, consulting services, growth and business transition capital, securitization, as well as venture capital to more than 30,000 small and medium-sized companies.

Cet article est présenté par la Banque de développement du Canada (BDC), qui offre des prêts, des services de consultation, du capital de croissance et de transfert d’entreprise, des services de titrisation ainsi que du capital de risque à plus de 30 000 petites et moyennes entreprises.

4 Key Strategies for Managing Growth

It’s hard work to manage growth. Maxime Dubois, partner at Altitude Sports, offers these 4 tips.

1. Look at your strategic plan and the current state of your business. What will be your key needs in terms of systems and processes going forward? Get started on implementing them right away.

2. Make sure to introduce sound financial management practices. These include making financial projections and then monitoring actual performance closely to identify variances and take action.

3. Establish performance dashboards for each department of your company with a small number of key performance indicators that will allow you to monitor the day-to-day health of your business and improve over time.

4. Establish an advisory board, consisting of experienced business people with a wide range of skills and knowledge. An advisory board can be an invaluable source of affordable advice and support for entrepreneurs grappling with the challenges of a growing business.

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The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your particular circumstances.