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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, or toll-free at 1-888-983-7070.