A Penny Saved...

I'm sure you know the rest of the saying, but just in case you don't: "A penny saved is a penny earned." Ben Franklin said it, but who really does it??? For starters, you --- and every other small business owner --- should! With our itty bitty small businesses we often think that a business savings account is either unnecessary or impossible. Psych YOUR mind! Some sort of savings is essential to the survival of all small businesses. What happens if you've had a slow month that results in cashflow issues? Where do you get the funds to purchase new equipment after your old equipment falls apart? Uh huh...you know what I'm talking about. Expect the unexpected.

"About the time we can make ends meet, somebody moves the ends." -Herbert Hoover

That pretty much sums it up. But you don't have to get caught up in a downward-spiral, and it doesn't take a lot of start-up funds for a savings account. The key is to make the money work for you.

If your business produces a tangible product in which state sales tax must be collected, then you are in a SAAAA-WEEEEEET position. Into your business savings account goes the sales tax that you collected. And the net gets deposited into your business checking account. Whether you withdraw money to pay taxes quarterly or annually, it is making you some money while it marinates in the savings account. You can't tell me that isn't business savvy! It's what the government does with your money every day. Think about it.

Enough thinking...now get crack-a-lackin' and head to the bank!!