Women entrepreneurs, there's no better month to revisit your financial strategy

October is National Women's Small Business Month, a great time to bring awareness to the importance of women-owned businesses. Not only are women making a significant, positive impact on our nation's economy, they are paving the way for tomorrow's women business owners.

According to the 2019 state of Women-Owned Businesses report:

• Nearly 13 million firms (12,943,400) are owned by women, employing 9.4 million people and generating $1.9 trillion in revenues.

• Women-owned businesses represent 42 percent of all businesses. These firms employ 8 percent of the total private sector workforce and contribute 4.3 percent of total revenues.

• Women of color represent 39 percent of the total female population in the United States but account for 89 percent of the net new women-owned businesses per day (1,625) over the past year.

As can be seen from these statistics, women entrepreneurs have emerged as one of the fastest-growing business segments. This has been made possible, in part, by their dedication, talent and their ability to obtain necessary support for their business, including advisory services and access to capital.

Take advantage of this month honoring you, the woman entrepreneur, and ensure it is dedicated to your success. Block off some time for strategic planning to make sure your business is still following your desired path, and that you are concentrating your efforts in the areas they're most needed to help reach goals and targets.

Here are three ways to set the stage for ongoing success:

1. Update your business plan to reflect how your business currently functions and how it will grow. A well, thought out plan helps demonstrate your overall strategy for running your business and can be a source of renewed confidence. In the financial section, you'll want to forecast cash flow sufficient to cover day-to-day operations, recurring loan payments and excess cash flow to build savings for unexpected expenses. For a complimentary forecasting template, visit bmoharris.com/business.

2. Consider contingencies, such as an emergency fund, disability insurance and life insurance. You'll want to protect your business if you can't work or want to plan for the unforeseen. There are many specialized solutions designed specifically for business owners. Ideally you would also have someone with the expertise and capacity to keep your business running if you can't.

3. Explore various ways of sourcing capital. Two-thirds of women entrepreneurs opt to self-fund their business, tapping into savings, personal credit cards and support from family or friends. It is particularly important, then, to understand how the use of business credit may benefit your operations. Financing can provide the business with a source of funds for multiple uses, from bridging gaps in cash flow to pursuing growth opportunities.

An experienced lender can walk you through the full array of credit options and help identify the best option for you. If a conventional business loan doesn't meet your specific needs, you may want to explore an SBA loan.

BMO Harris Bank is a preferred SBA lender, resulting in a local credit decision and streamlined approvals.

Given the competitive market for small business loans, another consideration is whether your financial institution has demonstrated a commitment to working with women entrepreneurs. As a proud local backer of the National Association of Women Business Owners (NAWBO) and the Women's Business Development Center (WBDC), BMO Harris has lending goals and programs focused on women-owned businesses.

The bank's commitment to women is also reflected within its executive ranks. American Banker has named BMO's team of female leaders the "Most Powerful Women in Banking & Finance" for 10 consecutive years.

A good banking relationship goes beyond initial financing. A dedicated banker will go the extra mile to understand your business when you come to them for support and recommend financial solutions to help you grow.

Use the month of October to check in with your banker and other key advisors.

Update them on significant changes and notable successes in your business, sharing your most recent business plan.

At BMO Harris, we'll meet you at your definition of success. Our goal is to offer support every step of the way.

• Niamh Kristufek is head of business banking at Chicago-based BMO Harris Bank