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Running a small business comes with plenty of challenges, and while owners are often focused on day-to-day operations, Libro Credit Union is reminding entrepreneurs that taking time to understand their finances and plan for the future can make a significant difference.
As Small Business Week continues, Libro is highlighting the importance of financial planning, building relationships and having conversations about financing before the need becomes urgent.
Benita Ruby, branch manager with Libro Credit Union, says one of the most important things business owners can do is understand their complete financial picture.
That includes monitoring cash flow, preparing for upcoming expenses and considering what the next stage of their business might look like.
For many small business owners, however, finding time for financial planning can be difficult.
Ruby says entrepreneurs have a lot on their plates, and with so many responsibilities competing for their attention, it’s easy for longer-term planning to fall down the priority list.
That’s where she believes having a financial coach who understands both the business and the person running it can make a difference.
Rather than beginning with a particular financial product, Ruby says Libro starts by learning about the business, where it stands today and where the owner hopes to take it.
From there, the credit union can provide advice and coaching tailored to the business owner’s needs.
For communities such as Simcoe, Ruby says those conversations are also shaped by the relationships that make rural businesses unique.
She says every business and every community is different, making it important to understand not only the financial numbers but also the individual behind the operation and the community they serve.
Those relationships can become particularly valuable as businesses navigate challenges or consider opportunities for growth.
While financial planning is a major focus of Libro’s message during Small Business Week, Ruby says the celebration is also an opportunity to recognize the people behind local businesses.
She points out that small businesses contribute much more to their communities than the products and services they provide.
They represent the dedication of entrepreneurs, the livelihoods of employees and the well-being of families who depend on those operations.
Ruby says Libro works with business owners across Ontario and sees firsthand the passion and commitment involved in keeping those businesses running.
Supporting a local business, she says, ultimately means supporting the people and families behind it while helping strengthen the broader community.
