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May 4, 2017
Wouldn’t it be nice if you could fund your business by copying and pasting money like data? Obviously it doesn’t work that way, but you can learn a lesson from your data recovery plan (please tell me you have a data recovery plan??)
You back up your data regularly to make sure that, if the unthinkable happens, you can go to the backup drives to recover. Why not do the same with your business’ money?
As a small business owner, there will likely come a time when you need an extra infusion of capital for one reason or another; a slow down in business, a new large customer that requires upfront expenses, expansion… there’s lots of reasons to have cash-on-hand, just in case.
So, make emergency fund saving a part of your routine, just like data backup. Every week/month automatically put a small portion of cash into a reserve account. It doesn’t have to be much. In fact, it should be an amount where you wouldn’t even notice that the money’s gone. However, when the time comes, you’ll be glad it’s there.
That’s it. It’s a pretty simple concept, one that most of us do for our personal budgets and retirement plans. Just don’t forget that your business can benefit from it as well.