The most effective (and realistic) use of business planning options is likely to be a combination of several approaches undertaken with a coordinated effort. As noted below, complicated problems will usually require complex solutions. This will often translate to a series of business management and planning maneuvers that can take a number of months or even several years to complete. Business owners will be wise to avoid any working capital consulting expert portraying the problem-solving process as easy or quick.
For a company that is not experiencing one or more substantial problems, the need for new business planning options is rarely a high priority. However even for the most healthy business, contingency plans are advisable. A valuable illustration of the value of contingency planning for business financing is seen in recent examples of banks suddenly eliminating commercial mortgage loans programs with little or no advance notice. Unfortunately changes can continue to occur with little warning due to the level of chaos that currently prevails throughout commercial banking.
For most complex problems, there are rarely simple solutions. The current difficulties for small business owners are a growing challenge. For most businesses, similar circumstances have not been seen during the past several decades. Without at least some outside help, even a highly experienced business owner is likely to be missing enough direct experience to make it through the maze of current problems and changes.
The disturbing number of changes which have occurred throughout the business world recently support the growing need for business management and consulting options. To adequately address many of the complicated changes impacting business financing options, most business owners will not have enough technical skills or information. For even the most skilled borrower, when they discover that many banks have imposed significant fee increases for their commercial finance services, finding effective alternatives (that are also less costly) for business funding services will probably prove to be difficult. Because they are different as well as new approaches to replace traditional bank financing, viable business finance alternatives can seem confusing.
Because of cost issues, many small businesses will often not consider small business finance consulting even when serious problems are acknowledged. Costs cannot be ignored for this or any other corporate service. This is particularly true in the current economic environment because very few businesses have substantial discretionary funds to cover new business expenses. It will nevertheless be necessary sometimes for a business to spend money like this in order to either reduce costs or increase sales.
Searching for additional management options has probably already begun by prudent small business owners seeking help to lessen the impact of the severe financial conditions seen recently. The most effective alternatives are likely to include business planning and small business finance consulting. Various strategies for cost control will also be helpful for most small businesses trying to cope with reduced sales volume.