Tip of the Day: Be a Cash Miser
Ruth King, Ribbon
The companies with the greatest cash reserves have the ability to survive downturns the longest. But, how much cash is enough? Do you ever have too much? You can be blindsided in business. Revenues can stop immediately. It happened to a manufacturing company when the Federal Government discontinued a program. That represented 80% of their business. The owner laid off 140 people in one day. It took 10 years to pay back their vendors and they survived. How? By negotiating with their creditors and hoarding what little cash they had. So, how much cash is enough? The minimum is the equivalent of two months of payroll and payroll taxes. This way you have a little time to make decisions if a disaster strikes. The easiest way to accumulate these savings? Save 1% of every dollar that comes in the door. You’ll never miss the 1% in your operations – and your savings account will grow quickly.
The Summit gives you the answers you need to take your business to the next level – FAST! We answer your questions about marketing, sales, building online customer communities, cash flow, leadership, HR, and other challenges that you face every day.
Plus, it’s completely free to watch during Small Business Saturday Weekend (Nov 23 – 26).
Click here to learn more and to pre-register!. Plus, when you pre-register you will get a Small Business Growth Package worth $149 for FREE that includes:
- Keeping Score Manual, Ribbon
- Business Boot Camp Accelerator eBook: Setting the Stage for Growth, Marketing Edge
- Building an Email List that Build Your business, Constant Contact