Emergencies happen, but having savings in your business is about more than that. It’s about being able to take greater control. In this week’s vlog, I share what you need to know to get started and how to determine a good savings goal for your business.
Do you save in your business?
Do you know how much you should be saving in your business?
If you have ever wondered how to get started or how to calculate what you should be saving in your business, that is my topic for this week’s vlog.
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Unexpected things happen all the time. And for a small business on a small budget, some unexpected expenses can mean having to take on expensive debt, borrow from personal funds, borrow funds from friends and family, or if significant enough, they could mean going out of business.
The fact is, none of us knows when these things will occur. However, what we do know is that they WILL happen. Because, in the wise words of RUN DMC… “It’s like that, and that’s the way it is.”
- Imagine one thing in your business that you REALLY rely on. What if it broke or was no longer available? What would you do? How much would it cost to fix or replace it?
- Imagine if you needed funding. What would the funders say if they looked at your level of discipline when it comes to your cash?
Setting up savings the right way can help with both scenarios above.
This week’s blog is about your savings and helping you figure out how best to save for your business. While we don’t have a crystal ball to tell the future, we can prepare our businesses in anticipation for the future.
If you need help assessing your business and getting a handle on things profitability wise, we can help. As a business solutions expert, I have helped dozens of businesses untangle complex issues and clarify a path to greater profitability. Let’s schedule a Discovery Session .
Want to learn more profitable strategies for your business? Get a copy of my FREE guide. You absolutely must get this guide if you want to ensure you are not making these mistakes and limiting your business’s potential for profits. Check it out here– 5 Things You Must Do If you Want To Increase Your Profits.