We need water to keep our body hydrated to survive. The same is the case with our businesses. Most important in our lives is planning. We are earning money either by doing a business or by getting a job. The day we start our business or a job, we have to plan our savings. A very unfortunate statement is when the people say that due to an economic slowdown, we have run out of reserves. Every business has a lifecycle. No business will go on till infinity. If you don’t plan properly for the future and for a recession or for the time when our product cycle will complete, it will be difficult for you to survive. After running a business for years, if we cannot survive on our savings for 5 to 6 months, then what did we do a business for? It is really unfortunate. We need to plan our business and business income or our salary so that whenever business recession comes, our savings should be sufficient to sail us through a crisis. It is very much important to make a portfolio of income. Some part of our profit should be used for reinvestment in our business, some for medium and long term savings and some in other businesses to create other sources of income. The businesses can help us overcome a crisis in one of these businesses.
Multiple sources of income stand a guarantee for possible failures.
It really works. When the life cycle of a business comes down wards we have to add some new features for renewing the business. For that saving is very important
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