During this crisis, your practice is shut down, you can’t go anywhere, and the most productive part of your day is when you browse your phone to see when the lockdown will be lifted. You can do all that or, if you’re like me, you can also try to review your business finances and see where you can try to save more money. More importantly, how to better be prepared should something similar happen again.
How do you calculate for your emergency fund? How much should you have for your business and for yourself? How can you determine if you’re overspending?
In today’s episode, I discuss the factors you have to consider when you account for your business’s overall finances. I explain how you can plan for the right amount of emergency fund, how much you should have for your business and the tools you can use to keep track of your spending. I describe the plans I put in place before this crisis happened and what I will try to implement moving forward. I also discuss loans, paying them early, and why I prefer liquidity over cash.
“Cash is queen, liquidity is king.”
This week on T-Bone Speaks Dentistry Podcast:
- What I’ve been up to during this lockdown.
- How much you should account for personal and business expenses in your emergency fund.
- The different tiers for saving emergency money.
- What you need to remember when reviewing your spending.
- An easy trick you can do with your credit cards to reduce spendings.
- Utilizing virtual assistants to track your money for you.
- What it means to negotiate your business’ service costs.
- The importance of reviewing your credit report.
- Why you shouldn’t pay your loans early.
- What you can do with the money you would have used to pay off loans.
- Which loans to pay first and which ones to pay last.
Our Favorite Quotes:
- “Don’t take loans beyond the useful life of something.”
- “There is value in service and availability.”
- “Most of us in this particular environment are not facing a business crisis financially; we’re facing a personal finances crisis.”
- “Before you outsource something, insource it.”
Resources Mentioned:
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