Wednesday, March 24, 2010

Small Businesses Need Big Savings

Note from This month the Our Susu blog will feature entries from new and experienced Susu users participating in our Emergency Fund Susu.

Any business needs an emergency fund. A small business, really small – army of one small, probably needs two or three. After all, I’m too tiny for a bailout and too honest for a good Ponzi scheme. So, I’m all about saving and budgets.

The easiest way for me to save is to keep my money busy. Idle dollars are like idle hands – never quite know what they’ll get into. For that reason, all my dollars have jobs. This dollar works on investing. Another works on paying the mortgage. Some lucky dollar is fully committed to a trip to Puerto Rico. This plan has always served me well, but when I started my company, I got thrown off a bit.

When you run your own business, there will be months when you’re like Midas. And, there will be months when you’re like Mo’ – as in I need mo’ clients, mo’ billable hours, mo’ money. It’s so important to put money away during the Midas months. This is why the Emergency Fund Susu is so perfect. March thru October are my busiest months. In addition to my usual savings, I have added the Susu. It gives me one more bank to break in case of emergency.

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