Steps to build up your business savings

[Shigobad20201]

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

Thats a good write up article, first you have to think of achieving a goal and you must think of acheiving your aim by working hard and saving, and after achieving your targets , you must set a target and think about how to spend your gain in such a way that will bring profit to you .

 

[Akinwale701]

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

You have said it all my brother. One has to put all these you said into action so as to get the best out of his business. It requires perseverance and seriousness though.

 

[Sheyemanu]

Well I have to say that this your thread on how i can attain my set business saving goals is very articulate and would be very helpful. I agree with you that once you attain a first target in your savings, the next step is to set a medium target

 

[Setfragil]

Capital is the most difficult thing when starting up a business. If you do not have startup capital for your business, the steps to build your business savings include;
Self discipline and determination towards managing your finances. Start to save from your earnings or salary no matter how small it is.

 

[Setho]

A lot of people do not have the means to seek or take up loans and as such they have to save money a lot in order to start a business. In saving, you should just make sure you spend less than you earn and you should ensure that you cut down on all the things you do not need at the moment.

 

[Yaqoob Habib]

I don't see any reason to save money especially when you are running a successful business, why not invest the money into the business and make it even bigger, which would mean more profits and earnings.

You are absolutely right because if you are running your business in the right way, then it would be better that you invest most of your money in your business itself, it will also give you more profit.Because in the coming days you will benefit from Savings.

 

[Ayokex]

One of the easiest things to do in business is to build a consistent savings but this depends on the seriousness of the business owner. This how proper documentation is necessary in business. Once you know the total revenue, it should not be a difficult thing to set some amount aside for the business.

 

[joy101]

It is very important to have savings in a business is really good as business owner you have to have savings, savings is one thing that bring success in a business.

 

[Good-Person]

There are various ways I can manage my business savings. I diversify my investments and never put all of my eggs in one basket. I would save some money for my future business investments and invest some of the money in some other kind of business to gain profits. This way I would be diversifying my investments and decreasing risks.

 

[Alaba]

There many steps in building your business savings (1). You must be determined and focus, (2) avoid any form of distractions dat come ur way

 

[Dowenship]

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

Yes this are good approach if you truly want to set up a savings for yourself out your business most especially emergency period it will surely occur..

 

[Ayokex]

One effective way to save money within your company is by infusing the principles of lean management early on. First popularized within the manufacturing industry as a way to reduce waste and boost efficiency, lean management principles can be applied at all levels of your business. This is one of the best ways to show your investors the practical steps you're taking to run your business efficiently.

Just like you friend, I don't have multiple ways to make savings from a business. My only recommended way is to have a target. Setting a target of his much exactly you want to save within a particular period of time will keep you focus and work towards achieving it.

 

[topfly007]

Your savings concept is quite appreciative, that notwithstanding, it will take a lot of determination and discipline for one to achieve that goal of savings up for business

 

[Prettyjanie]

You can start by having an account where you save a certain amount of money either weekly or month. Most importantly you need to have self discipline to save up the money without spending it.

 

[eLdavis]

Most times, we find it hard to save because unnecessary expenses pops up, we do not plan for them, hence to sort it out we end up touching our savings. It takes alot of self control to turn a blind eye to these expenses and follow our saving plans.

 

[Kunkun]

I don't see any reason to save money especially when you are running a successful business, why not invest the money into the business and make it even bigger, which would mean more profits and earnings.

Well said it's good to invest no doubt but having a savings on the side isn't a bad thing, lots of people save for various reasons even after having investments in place

 

[Trexxxy]

Well said it's good to invest no doubt but having savings on the side isn't a bad thing, lots of people save for various reasons even after having investments in place

I agree, more profits equal more money. If you run a successful business with a steady income, then maybe you could set aside some funds for miscellaneous.

 

[Cash%]

Another good step you could take is to have plans and work on those plans if you are really interested in building your business success to a high dimension

 

[Kelly5]

I like that version of your conversation where you said "if you're saving for nothing, chances are, you're saving for anything". Very impressive point there for having a fallback fund for your business

 

[Ralphjoe]

It is really not easy to save money or set money aside, but the steps you have explained above can help make it possible.

The most important step that I have noted is setting of a saving target, it will put me on my toes, because now it is like an obligation that I ought to meet.
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When you recognize your business as a separate entity from you, you will start giving attention to your savings and take steps to grow the business.

Business money should be for the purpose of solely business, don't be frivolous with business money, then when ever you take stock check your will be able to account for the business and know how much you have. Only then can you start saving.

I do agree with you that the most profound step that he has outlined so far on how one can make good savings to for their business in bisecting savings target as it was set one on his toes to meet this target.