What about you?ย  Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย  We would love to hear!

Or maybe youโ€™d rather talk to someone about how to do this instead of just reading a blog about it!

If that sounds like you โ€“ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!

ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104

What about you?ย  Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย  We would love to hear!

Or maybe youโ€™d rather talk to someone about how to do this instead of just reading a blog about it!

If that sounds like you โ€“ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!

ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104

Do you have an โ€œemergency savings fundโ€ for your business?ย 

If you donโ€™t, maybe you genuinely like the idea of having one โ€ฆ but just donโ€™t know where to start.

If thatโ€™s where youโ€™re at, then this post is for you.ย 

(๐Ÿญ) First, what is ( and isn’t) and “emergency” expense?

Thereโ€™s a difference between an โ€œemergencyโ€ expense and an โ€œoverlookedโ€ expense.

Forgetting about your quarterly property tax bill, or your annual accountant invoice โ€“ well, that doesnโ€™t count as an emergency!ย  Those are bills you can plan and budget for normally.

An โ€œemergencyโ€ is something urgent and unpredictable, like a burst pipe in a building you own.

(๐Ÿฎ) When to pull from your emergency fund (and when to hold off).

Before you pull from your emergency fund, ask these three questions:

  1. Is this expense unexpected (and not just overlooked)?
  2. Is it necessary? (A cracked iPhone screen, if the phone still works, doesnโ€™t count!)
  3. Is it urgent? (Will the problem worsen, or will a vital opportunity be lost?)

(๐Ÿฏ) How to figure out how much to save every month (and other things you can do to protect your business).

The best way to start figuring out how much you need to save this year, is by looking back at last year.

Take an afternoon to sit down and review your expenses from last year.ย  Total up all of the expenses that were ACTUALLY unexpected and divide that number by twelve as a starting point for what to set aside every month.

(Other ways you can prepare for emergencies are to purchase insurance policies relevant to your business, and/or to talk to your bank about obtaining a line of credit BEFORE you need the money)

By the way, if you want to do a deeper dive on this, we added a link to a helpful link below :

Unexpected business costs โ€” and how to prepare for them

What about you?ย  Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย  We would love to hear!

Or maybe youโ€™d rather talk to someone about how to do this instead of just reading a blog about it!

If that sounds like you โ€“ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!

ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104

Preparing for a Business Emergency

Preparing-for-a-Business-Emergency

Do you have an โ€œemergency savings fundโ€ for your business?ย 

If you donโ€™t, maybe you genuinely like the idea of having one โ€ฆ but just donโ€™t know where to start.

If thatโ€™s where youโ€™re at, then this post is for you.ย 

(๐Ÿญ) First, what is ( and isn’t) and “emergency” expense?

Thereโ€™s a difference between an โ€œemergencyโ€ expense and an โ€œoverlookedโ€ expense.

Forgetting about your quarterly property tax bill, or your annual accountant invoice โ€“ well, that doesnโ€™t count as an emergency!ย  Those are bills you can plan and budget for normally.

An โ€œemergencyโ€ is something urgent and unpredictable, like a burst pipe in a building you own.

(๐Ÿฎ) When to pull from your emergency fund (and when to hold off).

Before you pull from your emergency fund, ask these three questions:

  1. Is this expense unexpected (and not just overlooked)?
  2. Is it necessary? (A cracked iPhone screen, if the phone still works, doesnโ€™t count!)
  3. Is it urgent? (Will the problem worsen, or will a vital opportunity be lost?)

(๐Ÿฏ) How to figure out how much to save every month (and other things you can do to protect your business).

The best way to start figuring out how much you need to save this year, is by looking back at last year.

Take an afternoon to sit down and review your expenses from last year.ย  Total up all of the expenses that were ACTUALLY unexpected and divide that number by twelve as a starting point for what to set aside every month.

(Other ways you can prepare for emergencies are to purchase insurance policies relevant to your business, and/or to talk to your bank about obtaining a line of credit BEFORE you need the money)

By the way, if you want to do a deeper dive on this, we added a link to a helpful link below :

Unexpected business costs โ€” and how to prepare for them

What about you?ย  Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย  We would love to hear!

Or maybe youโ€™d rather talk to someone about how to do this instead of just reading a blog about it!

If that sounds like you โ€“ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!

ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104