REVIEW your company's present performance and look at the trends, both economic and consumer, for indications on your company's staying power.

Assess your options for growth and, if you decide growing is the business's priority, then plan for it. My tips include:

* Look at the operational dynamics of your business. If you are operating as a sole trader, would it be beneficial to become a partnership or a limited company? If you have an even bigger business, creating a publicly-listed company is a good way of attracting more equity into the business.

* Make sure you have adequate equity behind you.

* Take a good look at the competition - what are they doing?

* Make sure your product is attractive - that there is nothing around the corner that could make it obsolete.

* Be ready to meet demand.

* Make sure you are using the right business advisors. An expanding business will need to move from bookkeeper to accountancy firm to manage accounts to ensure the correct level of experience, expertise and strategic advice.

* The same is true of your bank. You should be working together to achieve an integrated proposition, ensuring the correct funding solution and strategy is in place.

* Once you have the correct advisors in place, keep them informed of progress on a regular basis.

What are the common pitfalls?

* Careful planning for growth is essential.

Make sure you have a plan in place which includes financial projections and check against them regularly.

* Monitor the rate of growth. Businesses can end up growing too fast, over-trading and running out of money. You should be aiming for steady growth.

* Another challenge is being ready to meet demand while ensuring you maintain the level of service your customers expect.

Yorkshire Bank's Tees Valley Financial Solutions Centre provides a one-stop shop for business and personal banking in asset and invoice finance, wealth management, risk management and agribusiness, as well as mortgages, buy-tolet, investment management and pension specialists.

Rick Warburton is managing partner at Yorkshire Bank's Tees Valley Financial Solutions Centre