Embed Size (px)
Citation preview
Small Business Owners and FinanceA Simple Plan to Take Control of Your Future
Click to view slideshow
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
In a recent survey conducted by TD Bank, 667 small business owners (SBOs) answered questions about their management experience, starting their business, confidence in major business tasks, and areas where they need advice or help.
The survey found that many SBOs face challenges when it comes to both their business and personal finances.
Fortunately, a few simple steps can make all the difference.
Most small businesses require the owner to handle many responsibilities: bookkeeping, payroll, hiring, marketing, and customer service.
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
How is a typical small business set up?
Started from scratch
84%Sole proprietor
57%Revenue per year
< $100,000
As companies expand, owners need to give up mundane tasks to take on a more managerial role. You need to start delegating other responsibilities so you can focus on the big picture. You can’t be the chief cook and bottle washer forever.
Jay DesMarteau,Head of Small Business Banking, TD Bank
“”
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
But in order to grow their business, an SBO’s needs and roles will necessarily change.
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Business owners are also underutilizing services and expertise that could help grow their business.
84%73%
No dedicated banker
Handle theirown finances
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Even SBOs with tight budgets can get professional financial advice and benefit from expert insights. Starting with your bank is free.
Bankers will give you free advice on how your business looks, how credit-worthy it appears, and tips for growth. They know other people in the industry and can give advice on your business plan.
TD Bank has relationship managers that are focused on small businesses, and each SBO is assigned a banker. You don’t always find that in bigger banks, where small and midsized businesses are less important to their bottom line.
Jay DesMarteau
“
”
3%Commercial Mortgages
24%Business Credit Cards 13%
Lines of Credit
10%Loans
Business Products Used by SBOs
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Business owners often don’t take advantage of the financial tools and products available to them. Just 11% know how to seek credit/financing for their business, and 9% know the right time to do so.
Learning about your options can feel intimidating, but it shouldn’t be. It all starts with just walking into your bank and asking a question. How can you tell if I’m credit-worthy? What do you use to evaluate that? How long should I be in business before requesting a loan?
“”Jay DesMarteau
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Ignoring available tools and resources reduces chances for business growth and expansion.
Friends and Family
Internet
NetworkingGroups
Business Publications
Business Advisors
Banks
Seminars
Other
Where SBOs Turn for Advice
Small Business Associations
College Courses
3rd Party Seminars
Online courses
Bank Seminars
None of the Above
Where SBOs Turn for Education
45% 56%
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
SBOs tend to rely on family and friends and the Internet for business advice—not bankers or financial advisors.
If you know you have a weakness, courses and seminars are a great idea to fill that gap. Attend industry associations, conferences, or trade shows at least once a year. You’ll stay cutting edge and learn big, strategic ideas and best practices.
Jay DesMarteau
“”
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
To fill knowledge gaps, owners should consider continuing education.
Focus on the big picture. Use the free resources available all around you. Consult with a banker to understand how you can take control of your business future.
Got more questions? Contact TD Bank to get your conversation started.
Visit www.tdbank.com/smallbusiness or call1-855-278-8988 to speak with a Small Business Banking Specialist.
Get Started Today
Finding theRight Solutions
Part II:
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Expert Insights Jay DesMarteau, Head of Small Business at TD Bank, recommends the following 5 steps to plan for your SMB’s future:
Manage your time
Plan ahead
Educate yourself
Consult with a professional
Be proactive
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Eventually, your SMB will need a banker and accountant, especially if you plan to sell it when you retire. Remember that expansion brings in lots of new needs, and you have to be able to pay for employees and inventory at least 30-60 days before you have incoming cash flow. You’ve got to plan ahead.
Jay DesMarteau
“”
Plan ahead
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
Bankers will give you free advice on how your business looks, how credit-worthy it appears, and tips for growth. They know other people in the industry and can give advice on your business plan.
Our bank has relationship managers that are focused on small businesses. You don’t always find that in bigger banks, where SMBs are less important to their bottom line.
Jay DesMarteau
“
”
Consult with a professional
Small Business Owners and Finance:
A Simple Plan to Take Control of Your Future
