CIBC tips: Take charge of growth

1. Process: Your business may be challenged with external forces you havenocontrol over that have a negative impact on your business. To overcome or balance these obstacles, look to create efficiencies from within. You should find that the improvements you make now will contribute to your growth in the long run.

2. Product: Anticipate your clients’ needs and innovate to address them. Continuously explore new opportunities to ensure you’re ready with the solution before the need has been identified.

3. Research & development: Investment in R&D is an important factor in innovation. Recognizing that it’ s often difficult for small and mid-sized business to find enough capital to invest in R&D on the same scale as their larger peers, consider conducting it by focus-in go none key area of development and taking advantage of government grants that may be available for collaborative R&D efforts.