When you own a business, you typically have three good options for what to do with the profits: Invest for growth. Invest for margins. Build up your cash reserves.
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Building up your cash reserves is really unsexy these days because saving is practically a swear word these days. Truth is, few businesses are consistently profitable and being able to avoid the shitty interest rates on short term business loans is great.
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Watch out for getting complacent and being stuck in a (temporarily) profitable holding pattern without proactive plans for how to invest for future. If you're building up cash because you can't think of anything better, you might want to hire a consultant.
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If I had to guess, this is the number one failure point in small businesses that need a lot of knowledge. I’ve watched a couple fail myself because they refused to keep good employees.
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Same here. I've also seen some be in a really good place, invest in productivity improvements, go "shit, we have excess capacity now", commit themselves to very marginal growth opportunities that caused them to be overexposed and fucked royally by a market downturn.
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