5 Tips on Budgeting for Future Growth in Lean Times
5. Start building a reserve. Businesses should have up to six months of cash in reserve. If you don’t have money tucked away, design a plan for your business to build savings over time. Turn to your accountant or other financial resources for help if this savings goal seems unattainable.
Raymond Joabar is senior vice president and general manager for American Express OPEN, the nation’s leading issuer of payment products for small business owners. His finance and budgeting tips are taken from “OPEN BOOK, A Practical Guide for Business Growth.”