Association professionals know running a small business demands many skills, including ambition and resilience. However, nothing beats financial preparedness—especially as the Trump administration’s tariffs loom.
A new survey from TD Bank suggests that small business owners may not be as prepared for revenue shortfalls as they’d like to believe. Wakefield Research conducted the Financial Preparedness Survey among U.S. small business owners who have 100 employees or fewer and revenues of $100,000+ annually. Overwhelmingly, respondents reported that their business is equipped for whatever challenges the next 12 to 18 months may bring, with 94 percent saying they were ready. But most also admitted their business could not withstand temporary revenue shortfalls.
In the survey, 72 percent of respondents said insufficient revenue for two quarters or less would cause them concern about their business’s future. And, more concerning, 43 percent said longer dips, for three to four quarters, would be catastrophic. In other words, their business would not survive the impact of more than two quarters where revenue fell short.
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