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Hello my fellow steemians. Hope we are all doing great today. I’m excited to participate in this week’s contest organised by @mainnuna.

Every business be it small or big needs our resources to run and sustain it. The three major resources every business needs are: human resources, material resources and financial resources.

The last, which is financial resources needs to be planned to help in the running of very business adequately and efficiently.

One of the ways to plan the financial resource of every business adequately and efficiently is to consider every detail that the company wishes to spend on. Whether on material resources or on human resources.

Some of the roles of savings are, but not limited to:

Reduced financial risk: Having your savings helps the entrepreneur to manage issues relating to one's business.

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Flexibility: An entrepreneur who has some savings somewhere can easily deal with any financial crisis. This means that a company may not have made plans to get an equipment initially, but with sufficient funds somewhere.

Emergency: Savings help us attend urgently to situations that need our immediate attention. In situations where a need arises and a business is not financially buoyant, it becomes a problem to deal with such situation.

Emergency could be when a staff needs medical treatment, car repairs, appliance failures, and even natural disasters.

Management strategies are as important as the business itself. There are several strategies every business can apply to avoid financial financial crisis.

One of the most popular strategies is to apply the 50/30/20 rule.
Every business makes and is naturally established to make profit. That is the primary aim of every profit-making business organisation.

For every business that makes their profit, it is expected that 50% of their profit or gain should be pumped back into the business. While that is done, 30% should be used to take care of basic things and majorly for the people and staff. Also, 20% should be saved up. With having a constant saving of 20% monthly, most financial crisis can be comfortably dealt with.

Management of cash flow and expenses: Planning a capital for startup businesses is very crucial in determine the future of that business.

When a business is able determine their capital, they would have a view of how their expenses should be made, and how that can be managed.

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To make informed choices: making choices is not an option when it comes to running a business. Every single thing happens based on the choices that are made. Noting comes by accident, because everything must be planned for, and that’d involve the financial aspect.

Separate account: The first thing I have come to understand about having a financially buoyant and steady business is that an account different from your personal account is a necessity.

Apart from helping you to stay away from your business funds, it tells your customers that your business is legal and a separate entity.

Keeping records: Record keeping is the best way to track all the expenses made, and even the income. That way, businesses can plan how and where their financial resources should be channelled to.

Every business needs a strategic planning to foresee the affairs of that business and make it outstanding.

I would like to invite @saintkelvin17, @bela90 and @deprincedeman to participate in this contest.

Thanks for reading through.