004 – How to build emergency savings and still grow your business

2019 Savings Goal Here is a pretty simple formula: Start with 1 week of revenue as savings Next grow that savings to equal one month Grow to three months Okay now get to six months How realistic is this? You are trying to grow a business, cash is always tight in an inventory based business but…. Something will change outside of your control. You will not make money on every purchase. Your truck carrying your much needed inventory gets delayed to you or into the warehouse. Staff gets sick. Your account gets suspended. etc.. Not trying to be doom or gloom just talking about real life and what happens. So build a safety switch into your business in small manageable steps. Featured Question:  Which of the suggestions given have you found most helpful? Sponsors Viral Launch – Save $50 with this link (Use coupon code: Momentum) SPECIAL OFFER FOR MY LISTENERS ONLY TWO WEEKS FREE TRIAL!!!! Gaye’s Million Dollar Arbitrage List Solutions4ecommerce Scope from Sellerlabs Tactical Arbitrage – Get an 10 day free trial with code: “Tactical” Freeeup– Save 10% (forever) and get an instant $25.00 voucher for your first hire. GoDaddy Grasshopper Amazon Accounting Podcast: Before we get into the chart [...]