Prioritize an Emergency Fund.
This is part of that Financial Roadmap stuff I have been talking about. You are on the road to success for your business, and you get a flat tire. You can’t move forward until you have dealt with that, obviously. If you don’t have the money to fix the flat, you have to sell the car to get something smaller, or you have to wait so long that you now have to take a very long detour.
If you have an emergency fund, your business will be able to stay on track when you have hiccups.
During this time of coronavirus I have seen businesses with the working capital to be able to change shape quickly and easily. These businesses will still be able to meet and exceed their 2020 goals. I have also seen businesses who couldn’t make it more than a few days without income. There was no chance to change direction before they were wiped off the map completely.
Get started. Even if it is only a few hundred dollars to begin with, that is better than nothing. Just get started. It will feel good. And feeling good will bring you to save more.
Daniels Business Solutions 