ttp://www.newswire.ca/en/releases/archive/February2010/26/c4885.html
Summary
In 2010, a third of small businesses are focusing on growth planning to expand in their selves over the next six months. According to RBC small business Poll, a quarter of the third already indicated that they are at the start up stage. The poll also states only 14% of the businesses will require access to credit in order to support their business development. RBC's Small Businesses' national director, Mike Michelle states, "We are pleased to see that small businesses...to finance growth...we are here to help them achieve their goals..." To help small businesses, RBC had designed credit solutions which helps determine to amount of money to start a business, the types of credit financing suitable for the business, create a plan to reach long-term goals, and help keep business owner's personal credit in good standing. To aid small business owners, RBC has also launched a new online advice service center to provide free, no-obligation professional advice and answers to running a business with interactive tools, such as calculators, videos, articles and tips.
Connection
This article relates to chapter 4, Revenue Recognition mainly in the first section when the cash-to-cash cycle of a retail company is described to us, especially in the first two steps, "cash" and "acquisition of inventory". The article consists of information describing the help available to small businesses owners hoping to expand themselves from RBC. According to our text book, before a company can start their business, they must acquire money in order to own property, plant and equipment; hire labor; and purchase first shipment of inventory. The article aids business owners taking the first step to either starting or expanding their business. Once the first few steps are accomplished, the business will continue through the cash-to-cash cycle.
Reflection
Personally, I think that it is great to see financial institutes, like the RBC to provide help and advice to small business owners. Especially since we recently just begun to recover from the economic depression we came across over a year ago. It is a good sign to see that so many small businesses are expecting to see expansion in their company in such a short period of time. Hopefully over the next six months, small business will achieve their goals.
1 comment:
Large financial institutes, such as RBC, will definitely help make a difference in our current economy. After the depression, many small businesses struggled to stay open. I also think it's really great that RBC is helping small businesses open up. These companies' activities are not only related to the first two steps of the cash-to-cash cycle, as Monica stated; some of them are actually related to all of them (Cash, acquisition of inventory, selling activity, delivery of product, collection, and warranty service.) I also think the online advice center is an excellent idea to help advise new small business; this will definitely help them out.
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