Saving during Slow Business Cycles
by Chataun Denis on 07/10/10
Business occurs in cycles, or periods. Some periods will be slow. Some will be very busy with high revenues. As entrepreneurs operating under these realities, we must set aside dollars so that when sales are at their lowest we will have a financial cushion. I understand that many of us are operating at a loss and can’t yet afford to save because we haven’t made a profit. My response is…find a way!
1. Find a way to save $10, $25, $100 per month. Start with any minimal amount. Over time your small deposits will add up to a big safety net.
2. Find a way to increase your revenues. Develop a new product. Increase your prices. Generate more sales.
I know this is easier said than done. But, if you believe in yourself and the mission of your business, you must find a way. If you are living your passion, the way will be made clear. You only have to be responsive when the guiding voice within you speaks. One more thing, don’t give up when you find the process is taking longer than you had anticipated.
