Do you have reserve savings for your business when its going weird??

[sincerem]

When making plans for our business success, we shouldn't forget to think about the opposite if things aren't going well around it. Exit plan should be fixed in whatever plans we make in our business, we never say never to our business career. Things might change and we find it falling due to uncertainty posed by unforseen conditions. How will you fix the challenge? Do you have savings reserved for it?? or you have other alternative to look after, in order to resurrect your falling business??

 

[Mataracy]

When making plans for our business success, we shouldn't forget to think about the opposite if things aren't going well around it. Exit plan should be fixed in whatever plans we make in our business, we never say never to our business career. Things might change and we find it falling due to uncertainty posed by unforseen conditions. How will you fix the challenge? Do you have savings reserved for it?? or you have other alternative to look after, in order to resurrect your falling business??

It is a very good thing to always prepare for uncertainty . As a business man one do not need to use to hand to eat when its com to business because when the need be one will be able to lay hands on it and use it to buy more goods .
Whenever business is going down more capital need to be infused in to the business and if not the business will be going down.

 

[btaliat]

That is why I have never supported one source of income. It may not be wise to save money primarily because of the failure that may ensue of our business, thus invariably mean we are digging our graves. But it is wiser to be saving some amount of money for unforseen circumstances which may include business failure.

 

[sincerem]

It is a very good thing to always prepare for uncertainty . As a business man one do not need to use to hand to eat when its com to business because when the need be one will be able to lay hands on it and use it to buy more goods .
Whenever business is going down more capital need to be infused in to the business and if not the business will be going down.

Yes, you're right. When making plans, future plans for our business initiative. We should remember that their are times of uncertainty, if we don't plan ahead, those uncertainties can dwindle our business progress when we didn't make out plans for it. But with the exit plan, and consistency, we can stand the test of time in our business initiative and drive forward.

 

[Chibson]

Like someone said up here, it is important to prepare for uncertainty. Any business man should always have a financial backup because sometimes a lot of things may go wrong in the business, sometimes they may also be crisis like the recent outrage of the covid19 pandemic. Financial backup also helps the business to survive in terms of this is because every business must not keep making profit.

 

[sincerem]

Like someone said up here, it is important to prepare for uncertainty. Any business man should always have a financial backup because sometimes a lot of things may go wrong in the business, sometimes they may also be crisis like the recent outrage of the covid19 pandemic. Financial backup also helps the business to survive in terms of this is because every business must not keep making profit.

Those who had backup when corona virus never emanated, are the people still on top of their business till date. They moved on to online to advertise their business because they got exit plans, and viewed the significant effect if they don't plan and get ready for it. So we plan for uncertainties like that, in order to use another alternative to run our business for long time.

 

[Josemendez]

The problem with having an exit plan is the fact that it can be discouraging. When things are going bad , instead of trying to push forward to see if the business can be reborn , we end up losing hope and carrying out our exit plan.

Nevertheless, it is good to have spare money fixed in the business plan which can be use as back up find for unforseen circumstances.

 

[sincerem]

The problem with having an exit plan is the fact that it can be discouraging. When things are going bad , instead of trying to push forward to see if the business can be reborn , we end up losing hope and carrying out our exit plan.

Nevertheless, it is good to have spare money fixed in the business plan which can be use as back up find for unforseen circumstances.

You're correct @Josemendez. Their are some business owners who keep pushing that way, even when things aren't going well around their business they keep trying until they finally sink down. The reason is because, they didn't apply wisdom and think way forward to save their business from drowning by making way to make fixed savings as back up funds for their business when it faces unforseen circumstances.

 

[Alexandoy]

If I had lots of money then maybe my retailing business would still be alive. It was existing for 4 years before I decided to close it not exactly due to lack of funds but because of the stress that it was giving me. Now my advice for newcomers to business is to have ample capital so that you can have have a fallback when something goes wrong.

 

[sincerem]

If I had lots of money then maybe my retailing business would still be alive. It was existing for 4 years before I decided to close it not exactly due to lack of funds but because of the stress that it was giving me. Now my advice for newcomers to business is to have ample capital so that you can have have a fallback when something goes wrong.

I got your points. Yours never closed down due to funds redundancy but due to the stress it was given you. That's one of the reasons i say, bad planning, not that I'm saying your decision to quit is weird, No. Rather, if you stayed and analyse your time schedule, and find a way to balance your business schedule for it not to cause you stress that leads to depression. When starting a business you should check your health condition if you're fit for such kind of business or not. Don't go for a business that will suck up your time because you want money, cos stress is inevitable. Remember the body needs rest too.

 

[Doradorwa]

Saving a dying business is a course on it own but I've always suggested surplus budgeting for business owners. Budget more for the next month, use what you must and save in the remaining. Do this for approximately 2 years and when your business decides to go north, dig up lost save funds and be happy. But whatever it might be taking loan to solve a business financial problem is not advisable.

 

[sincerem]

Saving a dying business is a course on it own but I've always suggested surplus budgeting for business owners. Budget more for the next month, use what you must and save in the remaining. Do this for approximately 2 years and when your business decides to go north, dig up lost save funds and be happy. But whatever it might be taking loan to solve a business financial problem is not advisable.

You're right, it is very necessary to save some considerable amount of money every month constant till time indefinite. The essence of saving it, is to resurrect the business whenever challenges unknown hit it. With such reserve funds we can raise it up when it is on the collapse, and facing uphill struggles to maintain balance.

 

[Samuel72]

Yes of course I always have reserve saving for my business when it going weird this is because this saving will help the business financially if it's at the point of breakdown. you don't have to invest all your money in a business you need to reserve some money in your account which can be use to backup the business.

 

[sincerem]

Yes of course I always have reserve saving for my business when it going weird this is because this saving will help the business financially if it's at the point of breakdown. you don't have to invest all your money in a business you need to reserve some money in your account which can be use to backup the business.

Yes, reserving money for emergency business relieve funds is worth it. Anyone who doesn't reserve such kind of funds over time, has his or herself to blame when the business faces daunting time due to uncertainties. Those who never planned for uncertainty like covid19 earlier time suffered it when covid19 hit their business hard.