Steps to build up your business savings

[Kunkun]

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.

True , saving incase of raining days isn't a bad idea at all because we never can tell what the future may bring, and savings also doesnt stop or hinder making investment

 

[Ralphjoe]

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.

I don't completely agree with you. If you have a business, there are side projects that you can make room for savings to fund them because you can't use your business Funds to do all these other projects.
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Get yourself a separate account for saving different from your personal account , set a goal on the particular amount you want to be saving either weekly or monthly, get a saving account office, do not spend from your saving and if you must do spend wisely, make sure your source of income isn't stagnant.

This is a very good financial advice for a business to be able to keep on growing and increasing in strength especially when it comes to it finances and I will love to implement this in my business.

 

[Trexxxy]

I don't completely agree with you. If you have a business, there are side projects that you can make room for savings to fund because you can't use your business Funds to do all these other projects.
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This is very good financial advice for a business to be able to keep on growing and increasing in strength especially when it comes to its finances and I will love to implement this in my business.

I agree, but what I'm trying to say is that if the business is successful then you will be financially capable to fund or finance any side projects you want.

 

[Chibson]

Learning how to save in any business is very important because there will be time of crisis then the business will see the financial backup from the savings they have made.

 

[Prettyjanie]

Business savings helps entrepreneur to have something to fall back on in time of emergency or un planned circumstances. Savings helps and gives the business shape when things start faloing apart and others. It is very important to save.

True, with business savings, allows you to keep track of your earnings and how much you have grown in the business. It also helps you recover you capital and subsequently give you the opportunity to invest in another business.

 

[Alexandoy]

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.

A business with a steady income is very appropriate for the issue of saving money. The owner of the software house where I worked said that if we continue to earn big profits then the savings can make all of us rich. That may be a figurative statement but I believe in the guy that saving money is important for a business.

 

[Niftyyem]

It is an excellent idea to save up but it is quite redundant to keep saving and not think of investing such savings. Inflation is biting hard now and keeping your funds with little or nothing added to it is just devaluing it.

 

[Chibson]

Any business that does not have savings will definitely suffer especially during crisis such as the coronavirus pandemic that ravaged a lot of businesses.

 

[Jlife]

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.

In anything you are doing you don't have to invest all your money in one particular business , as a business organisation you should only invest about 65% of your overall asset in a single business, you still have to save some money.

 

[Haveit]

No matter what kind of business it is or what the economy is saying businesses especially start up should have a property in they save to be able to provide for contigencies when they arise.

 

[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

The real reason why we saved our hard earned money is to be able to fall back upon the saving when we are financially decapitated or when we need the money for better things to-do in our lives.

 

[eLdavis]

This is very true, if you dont have a legit and reasonable reason why you are saving, you would end up not saving at, as there would be no goal so you can easily and freely spend from it whenever you feel like. But when you have a set goal, there would be this self control

 

[Trexxxy]

True, I guess this is to cushion against losses and unfortunate circumstance. However I think that if you have a successful business model, I don't see why you can't invest more than 65%.

In anything you are doing you don't have to invest all your money in one particular business , as a business organisation you should only invest about 65% of your overall asset in a single business, you still have to save some money.

 

[Josemendez]

I believe understanding what savings is all about and why one needs to save can be a motivating factor towards saving money, even when there is circumstances that may take away money

 

[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

Offering and making yourself a goal is the first thing to do in order to build up your business savings, you need to have a reason why you are saving, or else you will be saving for nothing.

 

[Senator]

Always try no matter how hard and how challenging it might be to save at first, just try saving something if that business and see how that will turn out for you in a couple of months down the road

 

[Setho]

Building your savings is a pong term project that requires commitment and planning. You should always try to budget spending and saw the ones you do not need.

 

[Jlife]

True, I guess this is to cushion against losses and unfortunate circumstance. However I think that if you have a successful business model, I don't see why you can't invest more than 65%.

I don't see the need to invest so much, after you invested so much in a business you will still needs some other things to do with the money, it could be an emergency purpose and this is the things you really need to prepare for in any business.

 

[Psalmseen]

Savings in business is actually highly important. It helps you seriously during draining period. Business is definitely not bed of roses. There are periods that you'll lack funds and it's your savings that will save you

 

[Richard92]

You can build up your business savings by having a private bank that links with the asset or money and by business.
And by clean up the liabilities of the business.

The best steps and ways to build of your business savings is to have a private bank and also save at least monthly or weekly depending on the kind of business you are into.