Franziska: Hi and welcome back!

I quickly wanted to share something with you that I learned last night, a lesson that I think is really valuable for you, also. I was at an event, I was hosting an event where I had the honor to interview this business owner who has been a business owner for over 50 years. So he‘s 75 now and he‘s built a company near insolvency years and years ago to now turning to over 250 million per year. One of the lessons that he shared in front of this audience was to make sure to put aside some money in your company for a rainy day. So basically, have a rainy day fund.

The reason being is he said that over the last 50 or 60 years of being in business, he‘s gone through a lot of cycles. So businesses have their cycle where things are going really good and suddenly it gets challenging and suddenly you hit rock bottom and then you come up again. Actually, one of my dear friends, recently said to me she‘s been in business for over 20 years and she said probably once or twice a year, I feel like sitting under my desk and rocking back and forth and just going, “What the heck!, What the heck!”

We all have these cycles in business, but also in the economy. So, of course, he‘s had different cycles throughout the economy over the last 50 years. Sometimes not so amazing and then back up depending on the industry. So it‘s really smart to not just roll the dice and just go, “yeah, everything will work out.” Which, of course, it will if we put in the right effort and have the right strategies. But also just to have a little bit of some cushion on the side so that when things do get a little bit tougher, you have some funds available to save the company or to invest into the company to grow again.

So that‘s the lesson I wanted to share because I found it really useful and the business owners in the room really walked away thinking, “yeah, that‘s probably a really good approach to business”, so I wanted to share it with you. I hope you find it useful.

If you know another business owner who needs to hear this lesson, maybe a friend or a colleague, please share it with them because for us here at Basic Bananas, it‘s all about creating ripple effects. The more people we could impact, the more ripple effects we can create, the more our mission is being fulfilled here. So thanks again, thanks for watching and thanks for sharing, too.