If the recent pandemic has taught business owners anything, its the importance of protecting your business when it comes to operating through economically challenging times. Here are 3 critical questions you should ask yourself when it comes to having a plan in place to protect your business.
Do you have a cash reserve to finance business expenses in times of crisis or emergency?
As a business owner, many factors can impact business operations and your ability to generate a profit. Many of these factors are within your control. However, there are many other factors, namely economic, that are beyond your control. It’s important to have an emergency cash reserve in place so you can cover business expenses in times of emergency or crisis.
Do you have a secure, long-term savings plan in place to weather other unexpected events or future financial setbacks?
It’s not just enough to have a contingency fund for a rainy day. As a business owner, you have to plan for the future and not just the present. That requires committing to a long-term savings plan that provides you with a safe and secure way to grow your money without having to take on unnecessary risk.
Do you have the potential to self-finance business expenses and not rely on banks that may not always bail you out?
When it comes to financial hardship, many business owners will resort to using their savings or borrow from banks to bail them out. However, counting on the banks to come to the rescue isn’t always a sure thing. Your business might be too much of a liability that the banks won’t lend you the money you need. What would you do then?
Watch this video, to learn about the 3 biggest lessons Stephen Devlin (President of MacDev Financial & Licensed Life Insurance Broker/Wealth Architect) learned as a business owner when it came to experiencing a financial setback in a former business he and his wife owned. His words of wisdom will provide you with steps you should take to protect your business and become your source of financing just like he did.
Disclaimer: The material and/or information provided in this blog document and video are for informational and/or educational purposes only. The opinions and views expressed in this blog document and video are solely those of the author and not necessarily those of the distributor, and do not constitute financial or taxation advise in any way. All financial endeavors should be vetted through a financial, tax, or another appropriate professional; example, life insurance broker, financial planner, accountant, and/or lawyer, as the audience sees fit. MacDev Financial Group Corp. and SET Financial Solution and any other corporation associated with the author, including but not limited to its agents, staff, associates and/or partners, will not assume any liability for any information disseminated in this blog document and video; indirectly, or assumed.