Do you have reserve savings for your business when it goes shambles?

[Sincerem]

Lots of people makes plans for only their business welfare and profitability. But they don't think way forward if the business face financial redundancy, how will they stand it. Thinking about exit business plan is ideal, we should always have alternative to care for our business when it isn't moving in the right direction due to redundancy caused by unforseen circumstances.

Do you have savings to stand your business when unforseen circumstances hit it hard? Or you have alternative to raise recovery funds for your business??

 

[btaliat]

You are absolutely right. In fact, we should be planning alternative route whilst we plan our business ideas. Good plans may not work out for some reasons sometimes, hereby we need to have plan b

 

[joy101]

That is true but as a business owner need have reserve savings for the business to stand, a business owner must plan very well for the growth of the business.

 

[Alexandoy]

In my experience the lack of enough capital was a continual issue. I had to admit that I did not care much for the capital much more that I had no extra money for the business funds when crisis came. Maybe if I had an asset that I could have sold like real estate then my business would still be around. But that's a neat lesson to me, all about capital.

 

[GIFTMICHAEL]

Capital reservation is needed to sustain our business when it goes shambles. We shouldn't just squander all our business profit, we should reserve some, in terms of emergencies.

 

[IamDozzy]

Having savings in general is always for emergencies and as such it would be wise for new entrepreneurs to have reserve savings in case things goes south.

 

[Mostee501]

It is always good to keep aside what is called "miscellaneous" for unforeseen purposes. This should be taught in financial institutions and schools.

 

[nimzy]

I think every knowledgeable entrepreneur uses ot save most of his resources for future uncertainties to finance any difficulties or challenges that his business may face in the future because without you saving for future then definitely you are creating a way for failure.

 

[Sheyemanu]

Concerning your question in the above post on if I have money stashed away for if business experiences redundancy, first of all I have to note that this is why we should have savings in general, for emergency needs like this one here

 

[GIFTMICHAEL]

It is always good to keep aside what is called "miscellaneous" for unforeseen purposes. This should be taught in financial institutions and schools.

Lol, that's right. We ought to keep miscellaneous funds in-case of unforseen circumstances like the one we're facing now, in the guise of covid19. It is taught in the academic environment, we should have reservative funds to use when our business slide down base on unknown challenges that wants to halt our progress.

 

[Richard92]

As a business owner you must have money set aside for unforeseen circumstance such money money that are being used when your business goes shamble

 

[Eodine]

I have learned the hard way that it is vital to have a backup plan incase a business goes sideways so that at least one can have a plan to fall to and not be entirely broke.

 

[BrolySSJ]

Lots of people makes plans for only their business welfare and profitability. But they don't think way forward if the business face financial redundancy, how will they stand it. Thinking about exit business plan is ideal, we should always have alternative to care for our business when it isn't moving in the right direction due to redundancy caused by unforseen circumstances.

Do you have savings to stand your business when unforseen circumstances hit it hard? Or you have alternative to raise recovery funds for your business??

This is one of the most important considerations that you have to make when you are opening your own business. Do you have to have enough capital in order to run the business on a day-to-day front however at the same time you have to have enough with the capital to bail yourself out in case there are unforeseen circumstances. I think that this should be roughly 50% of your capital investment.

 

[Mostee501]

Lol, that's right. We ought to keep miscellaneous funds in-case of unforseen circumstances like the one we're facing now, in the guise of covid19. It is taught in the academic environment, we should have reservative funds to use when our business slide down base on unknown challenges that wants to halt our progress.

That's good,because if one is caught not have any reserve funds for unprecedented issues,then that person will definitely be in huge financial difficulties.

 

[MercySmith]

I believe it's a good idea to keep a certain amount of money as a backup when your business needs it. Sometimes a business might need extra funds to keep it running

 

[GIFTMICHAEL]

That's good,because if one is caught not have any reserve funds for unprecedented issues,then that person will definitely be in huge financial difficulties.

That will see his or her business entering into long time financial crisis that might even see it varnish in the business industry. Any wise entrepreneur should always keep account on this.

 

[Richard92]

I have learned the hard way that it is vital to have a backup plan incase a business goes sideways so that at least one can have a plan to fall to and not be entirely broke.

It is good to have reserve service for your business because you cannot determine what will happen next in your business. With your reserve savings, you can be able to come back to your present position when your business go shamble

 

[Koldej]

Yeah you are right , it is a wise decision not to put all your capital at a time into a business, we should be aware that business is a 50/50 chance, which means it's possible you are successful in it or things go the other way, it's always advisable to have something to fall back on

 

[BrolySSJ]

Yeah you are right , it is a wise decision not to put all your capital at a time into a business, we should be aware that business is a 50/50 chance, which means it's possible you are successful in it or things go the other way, it's always advisable to have something to fall back on

I don't think that teh chance for a business is a 50/50. In fact i think that given the right about of research and the surveys to ensure the demand of your product or service that you can increase this amount to around 90% success if you make sure that all possible avenues are covered. The savings are for the slight off chance that there is somethign unforeseeable that you did not account for in your business plan.

 

[Dowenship]

Lots of people makes plans for only their business welfare and profitability. But they don't think way forward if the business face financial redundancy, how will they stand it. Thinking about exit business plan is ideal, we should always have alternative to care for our business when it isn't moving in the right direction due to redundancy caused by unforseen circumstances.

Do you have savings to stand your business when unforseen circumstances hit it hard? Or you have alternative to raise recovery funds for your business??

Hmm.... that's true!!! I never thought of it anyways because the business as of today still gives good profit. But who knows what will happen anything which i don't pray for could happen but one need to be prepare for it.....