Busy doing it all, many business owners don’t have much time to make plans, much less plan for bad days.
But planning is important, and more owners should be turning to their bank for help.
A recent survey showed that 81% of small and midsize business owners didn’t have a formal contingency plan for any highly disruptive event, whether a major recession, natural disaster or global pandemic. That’s where experts can offer guidance.
That dialogue is much richer if your banking partner understands the particulars of your industry, your geography and your experience. That’s the difference between just another business consultant and a trusted advisor, Giamo said.
“Many businesses of all sizes are entrepreneurial,” he said. “The owner is probably acting as CFO, chief revenue officer and in other roles simultaneously. These business leaders need their bank to provide real financial advice. It’s about viewing your bank not just as a commodity—a place to hold your company’s cash or to get a loan—but also as a strategic partner.”
“The pandemic has helped businesses recognize the need for strategic planning
so they can be prepared if something happens. We want to really provoke and promote that dialogue.”
Head of Commercial Banking, TD Bank