Finding the Silver Lining: Uncovering Opportunities for Business Growth in Today’s Economy
Published April 2, 2024 • 4 Min Read
Let’s face it – running a successful business in today’s economy has been anything but smooth sailing. For business owners, decisions on pricing, borrowing, growing and hiring are considered through a new lens – one where high costs, higher interest rates and expensive labour are contributing to a perceptible pinch.
Is sales growth a challenge in today’s environment? Are you concerned about adding new debt to your balance sheet? Wondering about the best way to grow in this economy? It’s no secret that Canadian businesses are facing distinct pressures from several directions, and it can be challenging to feel confident about the best way to set yourself up for success.
As the cost of doing business has risen along with interest rates, labour benchmarks and supplier fees, owners are thinking about everything from staying afloat to operating effectively to achieving growth.
Check out our collection of resources that help business owners navigate today’s economy with confidence. From guidance on borrowing, an in-depth look at grants, savings tips and creative ways to strengthen your business during challenging times, these articles can help you achieve your short-term goals and help to future-proof your business for the years ahead – whatever the economy brings.
GRANTS, FUNDING & FINANCING:
5 Ways Grants Can Help Grow Your Business in 2024
RBC Small Business Talks uncovers the latest trends and insights to help owners navigate the issues & opportunities facing businesses today.
Should You Borrow to Help Grow your Business? 6 Questions to Ask
Find out if borrowing for your business makes sense now by asking yourself 6 key questions.
Exploring Funding and Financing Opportunities for your Business? Do These 4 Things First
Before you apply for funding or credit, here’s how to make a strong case for your business and help set yourself up for success.
Let’s Talk about Debt – 5 Considerations for Business Owners Today
5 tips to help you leverage debt for growth and manage it efficiently through today’s evolving economy.
CASH FLOW TIPS & RESOURCES:
Four things to do if your company is feeling an economic pinch
Consumers are cooling their spending according to a recent RBC Consumer Spending Tracking report, which found that Canadians are choosing to stay home and are reducing their spending on discretionary services and products.
5 Things Businesses Should Consider in a Higher Interest Rate Environment
Knowing the impact of rates on your business and understanding the options available can help your business navigate today’s environment.
Not Getting Paid on Time? 5 Ways Small Business Owners Can Get Paid Faster
Spend less time chasing funds and more time growing your business.
PROTECTING YOUR BOTTOM LINE:
Thinking of Increasing Prices to Boost Your Business’ Bottom Line? Ask Yourself 3 Questions
Thinking of increasing prices? Ask yourself these questions before you do.
5 Steps to Strengthen Your Business During a Downward Economic Cycle
Now’s the time to build an action plan to help future-proof your business and weather tough economic times.
5 Tips to Help Find Hidden Savings and Offset Rising Business Costs
These 5 tips can help you balance the increasing costs of running a business.
1 The information in this tool is provided for general information purposes only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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