Skip to Main Content
Online and Mobile Banking and Bill Pay will be unavailable beginning Saturday, May 21 at 8 PM CDT. Service is estimated to be restored by Sunday, May 22 at 7 AM CDT. We apologize in advance for any inconvenience.Our new digital banking experience is coming on June 7th. Learn more today!

Town and Country Bank

Main Navigation

  • Careers
  • Contact
  • Search
  • Pay Loan
    • Make a Mortgage Payment
    • Make a Loan Payment
  • Login
    • Online Banking
        • Forgot Password
        • Sign Up
    • Home Loan
    • Make a Mortgage Payment
    • Trust & Investment Services
    • Make a Loan Payment
    • Credit Card
  • Menu
  • Home
  • Personal Banking
    • Personal Checking Accounts
    • Personal Savings Accounts
    • Loans
      • Auto Loans
      • Personal Loans
      • Home Equity
      • Land & Lot Loans
      • Bridge Loans
    • Make a Loan Payment
    • Personal Debit and Credit Cards
  • Business Banking
    • Business Lending
    • Business Accounts
    • Treasury Management
    • Business Debit and Credit Cards
    • Alternative Financing Options
    • Meet Our Business Bankers
    • Request a Business Financial Review
  • Home Loans
    • Find the Perfect Home Loan
    • Meet our Mortgage Lenders
    • Mortgage Calculators and Rates
    • Mortgage FAQs
    • Community Mortgage Partners
      • About Us
      • Our Services
      • Our Loan Products
      • Contact
  • Trust & Investments
    • Personal Financial Planning Services
    • Business Financial Planning Services
    • Meet our Trust & Investments Team
  • Customer Support
    • Online & Mobile Banking Services
    • Account Resources
      • Overdraft Protection
      • Reorder Checks
      • Financial Calculators
      • Switch to Us
      • Online Forms
      • Online Security
      • FAQs
    • Additional Services
  • Sprig The Word Blog
  • Our Team
  • About Us
    • Community Support Request
    • About Our Bank
    • Investor Relations
    • Diversity, Equity, and Inclusion
    • Locations & Hours
    • Careers
      • Careers in Mortgage Lending
      • Commercial Banking Development Program
    • Events Calendar
    • News
      • 2022 Financial Reports
      • 2021 Financial Reports
      • 2020 Financial Reports
    • Contact Us
    • Connect With Us

  • Sprig The Word Blog

10 Tips for Building or Updating a Business Plan During Economic Uncertainty

4/8/2022

SHARE

Entrepreneurs have a lot to think about, especially during uncertain economic times. As the country continues to return to a robust economy, start-ups and existing businesses are still having to face other common stress-inducing challenges, such as inventory, staffing, and financing.

A business plan could help reduce the anxiety and instill confidence that the company you're about to start or maintain is still right for the market - and you.

Here are 10 tips for building or updating a business plan during periods of economic uncertainty.

  1. Regularly assess your competition. Over the past two years, many businesses shuttered under the pressures of a pandemic economy. And others haven't risen to replace them. Survey your market and identify what your competitors offer and how your products and services compare in price point and value.
  2. Rate your digital transformation. The pandemic forced many consumers and businesses into the digital transaction space, whether they were ready for the change or not. On a scale of 1 - 10, rate how easy you've made it for consumers to purchase your products or services using digital payments. If you're unsure, survey your customers. Determine what digital enhancements you still need to make to your business.
  3. Revisit your revenue model. Does your business make money with the same products or services you introduced when you founded your company? Should it? As consumer habits have changed, so might your most lucrative revenue streams. Consider which product and service offerings should be retired, enhanced, or created to increase profitability.
  4. Evaluate your customer base. Sales are the lifeblood of most for-profit businesses. When you no longer understand what your customers want, how can you give them a reason to buy what you sell? Identify your ideal customers so you can update products and introduce new ones while outshining your competition.
  5. Figure advertising costs. When you know your customer base, you're better positioned to know where to spend advertising dollars. If a marketing strategy no longer produces the expected return on investment (ROI), explore additional ways to reach customers while keeping costs down.
  6. Identify industry trends. As you create or update your business plan, consider the ebb and flow of your specific industry. Some products and services are seasonal but could be stable earners year-round with the right marketing efforts. Read trade association publications and online magazines as well as attend conferences to stay alert to changes that could affect the needs of your target market.
  7. Forecast staffing needs. Paying regular attention to industry trends can tell you a lot about the external aspects of your business. However, forgetting to account for staffing needs could negate the gains experienced from creating a perfect product for the marketplace. High turnover can also eat at profits. Human resource associations, like the Society for Human Resource Management (SHRM), can help you understand employee needs regardless of industry. They also offer insight into the state of the U.S. workplace and what you can do to recruit and retain the right employees for your business.
  8. Regularly review your business plan. Your plan acts like a map of your business journey. It can serve as a guiding light for your organization’s operations. However, it can only help lead you in the right direction if you use it and make adjustments as needed. Mark your calendar for a quarterly review of your plan to ensure you're hitting strategic targets. In addition to your own quarterly assessment, it’s beneficial to schedule a Business Financial Review with one of our Commercial Bankers to further discuss your current financial outlook in correlation with your business plan.
  9. Share your business plan. Input from employees, shareholders, investors, our Commercial Bankers, and other interested parties could help strengthen your plan and ensure its success. Remember that the goal is to create a working document that provides important data points that can be used to support your company's mission and vision. External input could shine the light on your personal blind spots.
  10. Assess your financial needs. Expect to grow your business with company profits, investment capital, or business financing. Many companies use all three to pay for new product launches, hire staff, and open additional locations. Record the estimated costs of these and other strategic goals into your plan. Make sure to also sit down with one of our Commercial Bankers at a later date to further discuss your financial needs and how our financing options can help meet your organization’s goals.

Town and Country Bank and Peoples Prosperity Bank is here to help!

If completing a business plan is on your to-do list, don't check it off before speaking with a Town and Country Bank and Peoples Prosperity Bank Commercial Banker. Our experienced professionals can support your plan by helping identify financing options that can weather any financial situation. Explore Small Business Administration (SBA) loans, business checking and savings options, business debit and credit card options, and more when you request a Business Financial Review today!

More Posts

Open an accountOpen account
Find a locationlocations

  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
  • Contact Us
  • Locations & Hours
  • Financial Calculators
  • Careers
  • Financial Privacy Disclosure
  • Electronic Documents (Paperless) Disclosure
  • Other Disclosures
  • Financial Privacy Opt Out Form
  • Community Support Request
  • Routing Number: 071123262
  • NMLS# 411614
    Town and Country Bank
  • NMLS# 423128
    Town and Country Banc Mortgage Services, Inc.
  • Go to FDIC website
  • Go to Equal Housing Lender website
  • Go to AARP BankSafe Trained institution website

Copyright © 2022 Town and Country Bank All Rights Reserved. An Illinois State chartered banking organization. | Please note that Investments are not a deposit, not FDIC Insured, not insured by any federal government agency, not guaranteed by the bank and may go down in value.

Privacy Policy

Town and Country Bank is regulated by the Federal Reserve Bank of Chicago. For accolades or complaints, please contact us by sending a letter to: Customer Relations Office, 3601 Wabash Ave., Springfield, Illinois 62711. If there is no sensitive customer information, such as social security or account numbers, you can send feedback to the following email address: customerrelations@townandcountrybank.com

You Are Now Leaving

You are now leaving the Town and Country Bank/Peoples Prosperity Bank website. You are about to access a third party web site or service that is not owned or controlled by Town and Country Bank/Peoples Prosperity Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Town and Country Bank/Peoples Prosperity Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

Continue Cancel ×