Small Business Week starts Monday, are you ready?
TORONTO, Oct. 19 /CNW/ - Every economic cycle presents unique
opportunities. The following provides a list of tips on managing through
turbulent times for small business owners and those planning on opening a
Small Business Tips
1. Map out a business plan. Detail both short-term and long-term goals,
taking into account as many factors as possible.
2. Create an Advisory Council. Build a close relationship with a
commercial banker who can help you understand industry risks, provide
advice and even networking opportunities. Creating an advisory
council with a banker, lawyer, accountant and others can be a great
way to collect information and generate ideas.
3. Thinking of Starting a Business? Consider a Franchise.
- Franchises are often backed by corporate offices with access to
market research, competitive analysis, marketing and advertising,
so new owners don't have to do it all on their own.
- Nearly four times as many franchises succeed, compared to
independent small businesses.
4. Secure Finances. Small businesses have unique borrowing needs. Look
for financing products designed with flexible features to meet small
- Small Business Line of Credit/Small Business Homeowners Line of
Credit. Small Business Lines of Credit can provide a
variable-rate credit facility with a very competitive interest
rate. Since you borrow only what you need, when you need it, you
control your interest costs.
- BMO's Commercial loan insurance plan can help business owners
prepare for every twist and turn that the future might hold.
5. Avoid the Pitfalls. Entrepreneurs are optimistic by nature - which
is a good thing. While a recent Harris/Decima report commissioned by
BMO Bank of Montreal showed that 92 per cent of small business owners
believe they can withstand financial difficulties, almost two-thirds
were so confident that they had no contingency plan in place in the
event of an economic downturn.
- Contingency planning should be of paramount importance
particularly in times of economic volatility.
- Small business owners should seek advice from a commercial banker
on how to develop a contingency plan that is best-suited to their
6. Networking. Look for networking opportunities in your area that are
specific to your industry. Remember, your banker, lawyer and
accountant can be great sources for business contacts.
7. Stay informed. Regardless of the economic conditions it's critical
for small business owners to stay on top of current affairs.
Subscribe to your local and national newspapers, trade publications
and online resource guides. Take advantage of free and credible
For time-pressed business owners, download the free BMO Business Coach
podcast series featuring PROFIT Magazine editor Ian Portsmouth. Check it out
For further information:
For further information: Media Contact: Kasia Lech, firstname.lastname@example.org,