A recent TD Bank survey reveals that while 94% of small business owners feel ready for future challenges, a significant number are financially unprepared for revenue shortfalls. While 72% expressed concern over two quarters of insufficient revenue impacting their business's future, 43% stated that three to four quarters of low revenue would be catastrophic. Most business owners recognize the need for regular assessment of preparedness. Andy Bregenzer emphasizes the importance of having a financial plan to tackle potential challenges and opportunities, reflecting a crucial insight into the need for stability in uncertain times.
Now, more than ever, it is critical for business owners to be financially prepared. Business owners who invest the time to create a financial plan will be better positioned to face challenges and seize new opportunities.
72% of respondents said insufficient revenue for two quarters or less would cause them concern about their business's future. And 43% said longer dips would be catastrophic.
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