What’s Your Small Business Plan B?
As a small business owner, you continuously have to pivot and have various plans in place to make sure you get the best out of your business. Whether it’s upgrading your skills or finding new ways to grow, you always give it your greatest effort to create a business you can be proud of.
While hard work will get you far, recent uncertain times suggest that it may be a good idea to have a Plan B for your business.
Here are some things to consider in that backup plan that could help your business weather the unexpected storms life can bring.
Be prepared to engage with your customers in new ways
How businesses and customers interact is always evolving, but sometimes current events can demand certain changes sooner than we might like.
In challenging situations, customers might be more inclined to go digital for a variety of reasons. That means, your small business may be required to pivot more towards an e-commerce approach. It might sound intimidating, but really it’s more about meeting customers where they are.
For example, there are online retailers or marketing teams that can help you expand your consumer reach.
Developing your online versatility might be simpler than you think. There’s a wide range of tools and resources that are available to you to help you build that online side of your business. In fact, we have a number of articles and resources that can be of service, on topics from tips for how to sell online to a virtual home base of user-friendly tools built to help you track the finances of your small business. Plus, our knowledgeable TD Merchant Solutions advisors are ready to help connect you to e-commerce solutions that can be customized to suit your business needs.
Build a small business backup plan
As a small business owner, odds are you’ve had to learn to adapt for a whole host of reasons. It’s that kind of resourcefulness and versatility that makes small business owners who they are. This ability to adapt is important, but having an actual plan in mind for unexpected challenges can be just as important for setting up for future success.
Even with the best-laid plans, facing a major disruption to the day-to-day operations of your small business can be a serious obstacle to overcome.
So when you create your plans for the month or the quarter or the year, you may also need a second, modified, plan in place in case of a major disruption to the daily operations of your business. Here are some subjects worth considering as you craft your backup plan:
- Product Accessibility: Consider what alternative methods you may need to get your product to your customers if the traditional route is unavailable. For example, do you need to modify your budget to accommodate new delivery demands?
- Employee Availability: Can your employees work remotely? If so, you can have systems in place ahead of time if the staff have to take their work out of the traditional workplace.
- Market Reduction: Does your business have the ability to reduce expenses if there’s a serious market disruption? Think about potential ways expenses could be reduced if you were in a sudden shutdown situation.
- Budget Hierarchy: Understand in advance what your small business needs to prioritize in its budget hierarchy. If you know what you have to reduce to keep your budget priorities in order, you can take that action swiftly when the time comes.
- Government Assistance: Are you familiar with the latest programs, grants and other government resources available to small businesses? Organizations like the Canadian Federation of Independent Business can help keep you informed on these resources. You can also learn more by visiting our specialized TD Business Relief page.
- Financial Preparedness: Foster a relationship with your bank so you can learn about potential products and programs that are suited to your specific needs. We have TD Advisors that would be happy to help you with small business solutions.
Even with the best-laid plans, facing a major disruption to the day-to-day operations of your small business can be a serious obstacle to overcome. TD can help you with tools, solutions and guidance on your financial journey.
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