From the course: Small Business Secrets

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Moving past business failures

Moving past business failures

From the course: Small Business Secrets

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Moving past business failures

- Failure in small business is part of entrepreneurship. It is going to happen to you sooner or later. But many entrepreneurs feel afraid of that failure and it causes them to sort of close up and not move forward with their business. Instead, we want to conquer that fear through preparation. I'm going to share with you a few things that you can do to be prepared for those moments of failure when they happen. The first thing is financial preparation. This means that you want to have a safety net. That way, if things go bad, you've got money in the bank to cover your expenses for a while. I recommend that businesses have a three-month cash reserve. The cash reserve is enough money to keep your business going even if the sales don't come in quite the way that you expected them. Also, one thing to know about financial preparation. If something happens wrong with your bank account, for instance, if, heaven forbid, a check bounces, go to the banker and talk to them about it. Don't hide but…

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