Long-term strategies for small
business success
(NC)—It’s easy for a small
business owner to focus on today, and not worry about tomorrow.
Once your financing is in order, it’s off to the races to
make it work and grow.
Your business needs all your energy because
it’s the source of financial security for you, your
family, your employees and everyone else who depends on it. And
that’s why ensuring you have a long-term vision is key to
your success.
“Everyone has high hopes for their
business. But your chances of success are greater if you take the
time to do serious thinking about where you see your business
going, and what could make you and your family vulnerable should
something unexpected happen,” says Dave Minor, Vice
President, TD Insurance. “Once that’s complete
and you have protection in place, you can focus on running your
business with the peace of mind that you’re
prepared.”
Set long-term goals, and work
backwards
The best way to start the goal setting process is to think about
where you would like to be in five or 10 years. Then break that
goal down into smaller pieces to make it easier to accomplish.
Develop a business plan
Creating a business plan, whether long or short, helps you go
beyond determining what your start-up costs and borrowing needs
are.
Projecting your cash flow is important and could
make or break your company. Even if your business is busy, if
you’re not getting paid for 90-180 days, cash flow can
become a problem. With a cash flow spreadsheet in place, as well as
a profit-and-loss forecast, you can track and make amendments as
your business evolves and grows.
Protect your business
When you go into business for yourself, you - and by extension -
your family, are personally responsible for the business, including
liability for credit repayment. If something serious happens to
you, in the case of death or a major accident, your family could
find itself supporting the business during a difficult time.
Protecting your family and your company with
Business Credit Life Insurance is a simple and cost-effective way
to help guarantee the long-term viability of your business. It also
protects the financial health of those who depend on it.
“Under TD Insurance’s Business
Credit Life Insurance, business loans, lines-of-credit and
overdraft protection are covered for the full value of your total
authorized business credit up to a certain amount,” says
Minor. “You’re also covered for financial
losses incurred as a result of an accident.”
More information is available online at www.tdinsurance.com, or toll-free at 1-888-983-7070.
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