Steps to build up your business savings

[Shigobad20201]

I prefer saving my gain in my emergency fund just to boost up and upgrade my business when the time I dont just add my gain to my business immediately without proper research.

 

[Sotherefore]

So many ways can be used to raise and build up a business capital , but the most important one I will mostly choose will be to save the money and also to invest the money in something that will generate more profit before starting a business of my choice.

 

[Shigobad20201]

I only have one way in which I build my business savings and that's the way I keep expanding my business positively , I normally saves thirty percent of my gain and reinvest seventy percent, the remaining thirty percent goes to my reserve fund.

 

[Robust]

The best thing is to try as much as possible to make sure that we do not spend much more than we earn. It is he only way to make sure your savings grow .

 

[Psalmseen]

The Truth is , it's much advisable for all entrepreneur to have a business savings. If you keep on investing and you're making profits and you ain't even considering saving and setting aside profit, what would you fall back on

 

[Shigobad20201]

The Truth is , it's much advisable for all entrepreneur to have a business savings. If you keep on investing and you're making profits and you ain't even considering saving and setting aside profit, what would you fall back on

Investment is good because it brings more money but it also have its negative effect and the investment might fold up which might cost you all your money and money why you also need to be saving parts of your money and not investing every thing

 

[tyrim88]

I think more than savings, businesses should focus on accumulating fixed assets, investing more to develop product lines, invest in marketing to build revenue, etc.

I could remember when we decided to introduce one of our support structure for our business and to serve needed clients also with courier and logistics services,we have to invest in buying of logisctics bikes to support that sector.

 

[Chibson]

Any wise business man should always try as much as possible to have savings in his business because it will help in time of unforeseen circumstances. Businesses that have savings definitely survived the pandemic.

 

[Shigobad20201]

Before you can start building up your savings , you first need to have a goal and a target which will motivate you to work very hard in order to reach your target and aim.

 

[eenya001]

this is an uphill task to really do, and i would recommend you have a very strick and feasible plan on how to go about it as that plan would make or break you, because saving in this times is not an easy something to do at all.

 

[Potuse]

The advantages of having a business savings cannot be overemphasized . If you look at it from the simple analogy of savings you would strongly understand that saving is very important and it will be an alternative whenever there is a financial crisis in your business.

 

[Good-Person]

Cutting unnecessary expenses is the only way you could avoid bad debts and save money. Unfortunately, it is quite harder for many companies to save money due to inflation.

 

[Shigobad20201]

The advantages of having a business savings cannot be overemphasized . If you look at it from the simple analogy of savings you would strongly understand that saving is very important and it will be an alternative whenever there is a financial crisis in your business.

There are many reason why you have to save money in your business , first you need to save money for the future of your business and also to derive something out of the business.

 

[Smiles20]

You have to first of all understand the things that you are spending your money on so that you can be able to get yourself on how to save better. Making a list of all your wants and needs is a good place to start.

 

[Potuse]

There are many reason why you have to save money in your business , first you need to save money for the future of your business and also to derive something out of the business.

It is very important to save money so that you can have something to fall back on for your business and you need to inculcate the habit of savings all the time.

 

[tyrim88]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

I think the aspect of saving for an unforseen occurance is actually a good one,if one should cultivate the habit of saving some substansive amount of money at interval,you will find out that you will not have to go and borrow when you are cash traped.

 

[frederick_9]

I don't see why someone would want to conserve money, especially if they have a profitable business. Instead, why not spend the money to grow the company and increase revenues and earnings?

 

[Mighty]

Wow thanks for the information I must say This is a very insightful and well thought of post. Many struggle to save; especially youth. We live in a world of constant distractions and there will always be a need to spend. But discipline is very key.

 

[Agbalagbaa]

Knowing how to save money is very important, it will help you to have enough in times of challenges, if you don't have experience on how to save money you'll definitely suffer in this life.

 

[nana kwasi1]

Get a savings account that is separate from your personal account, set a goal for the specific amount you want to be saving either weekly or monthly, and get a savings account office. Avoid spending from your savings, and if you must, do so carefully and with an eye toward keeping your source of income from becoming stagnant.