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

[Senator]

I think it is good practice when starting up a new business to always have a reserve behind should things not go as planned for the business. This will help you get our bearings back on time

 

[tyrim88]

Usually when you are starting up a new enterprise, you do not just use all the funds to invest in the business,you reserve some for any eventuallities,that is why it is called a venture,because on ground experience is different from forcast or analysis on paper.

 

[FreshKaz11]

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??

I don't have any personal business at this very moment,but if possible I have one tomorrow I would actually save some money for a day things might goes wrong in the business so to cover up tho.

 

[Robust]

Yeah, you are right we should always make plans by saving money not only to boost the business, but if in case our business shamble too.
That's been looked upon in Business management/organization.

 

[Ayokex]

That is a very wise way to save your neck and the little you can salvage from the failing business should things not work out as intended in the said business. We should always factor this into our planning process of the business

I don't think it's proper to be preparing for business failure but rather do everything possible to keep it working. I would have suggested that the money to be kept for when a business fails should be used to put everything that will make the business work in place.

 

[Justin]

I do not have a business, however, if I had a business I would certainly have a reserve funds for my business. This fun would help me recover my loss and reinvest in the business

 

[Sincerem]

I don't have any personal business at this very moment,but if possible I have one tomorrow I would actually save some money for a day things might goes wrong in the business so to cover up tho.

Okay, their is no problem. Their is still future, when it is right for you, you can venture in to any business of your choice and drive sales and make money.

 

[Ralphjoe]

I think it is good practice when starting up a new business to always have a reserve behind should things not go as planned for the business. This will help you get our bearings back on time

This is the reason why I decided to not to invest all the money I had in my bank account into the new business that I want to start up in fact, I just used 70% of the money I had in my bank account to start up the business because I'm keeping the remaining 30% as a reserve in case the business goes sideways and I will need to bail out the business.

 

[Senator]

Going by the length of time and years I have put into running my business till this very moment, I already saved enough as backup plan for the business while it is still running successfully though

 

[GIFTMICHAEL]

It is very necessary to have reserve savings for our business, cos uncertainty can surface anytime that's why it is called uncertainty.

 

[Sincerem]

Had it been i never saved money when the pandemic never started my business could've been on the down fall cos the pandemic slashed my business progress and finance was hard to come by. I used the additional funds to empower it, upgrade some weak items and keep it up and running.

 

[Prettyjanie]

I agree this is important, I have never thought of it this way. People are always trying to see how the business can grow without any plans of saving some money in the event the business fails.

 

[GIFTMICHAEL]

Reserves earnings helps business stay afloat when it is marred with financial difficulty caused by unforeseen circumstances like the way covid19 came and struck us.

 

[Ltherman]

Very crucial. Reserve fund is like the cash that pulls you out of the mess that may possibly befall one ago the failure of a venture. One must always have a plan B in the event that something untoward happens to the plans of the business and the entrepreneur will have something to fall back on.

 

[Kane]

When I was operating offline businesses, I did not have reserve funds to bail our my business. What ever I had I invested in the business. Sadly my businesses collapsed.

 

[Razor1911]

When I was operating offline businesses, I did not have reserve funds to bail our my business. What ever I had I invested in the business. Sadly my businesses collapsed.

That is why a back up plan should be incorporated. There is Every chance of a business to go down, but having extra money can help to boost the business from low levels.

 

[Kelly5]

It is always good to have a reserve savings somewhere for the business you are currently running to serve as saving grace ton over for some lack in the running of the business to prevent it from running down

Yeah exactly. You need that saving grace type of funds for that business from going under the ground at those times. That's why it is a very relevant part to be on one's business plan

 

[consult]

Every business man must be disciplined by setting out a clear plans on how to manage funds. He should keep some iota for rainy days

 

[topfly007]

It is a very wise decision for one to have saved up fund that could act as a backup for a busi case a business goes down. As for me I'm yet to start up a business but I will do so soonest

 

[Ltherman]

Rainy day fund is a must for everybody in business. Reserve fund to fallback on when all may have gone haywire is crucial without reservation.
It gives one the advantage of starting all over again. The idea of not going off in shambles just because of some form of failure in business definitely breeds hope in a near hopeless situation.