If you are not saving,you are not moving. The potentials are there for your business to grow and expand and that depends largely on the capacity to save. In business, saving is directly proportional to outstanding success evident in increased income and wealth creation. If you are scared of borrowing, especially at times when interest rates are soaring, then you should have a reserve. Sometimes, there is a feeling of guilt from business men and women who feel they have not been able to meet up with their desire to see their business succeed. Yet what they do not realize is that having a back up is similar to an insurance plan. Saving part of your earnings reduces the risk of business failure and who really wants to fail?
Poor saving Culture in Singapore
A company keeps its savings as retained earnings or sinking funds. This is because it serves as the live wire for any commercial activity.Most businesses in Singapore fail to save. And to those who do, they simply do not understand how to maximize savings for business expansion and growth. It is interesting to know that majority of those who save are entrepreneurs. These are also the people who are willing to take more risks and venture into new businesses. There is a prevalent poor saving culture in Singapore especially for most salary earners. Saving has become a burden to them. Of course, when you are certain of getting your wages at the end of the month, without the possibility of starting up a business or increasing your income level, you are most likely to be tempted to spend all.
Setting goals in life ensures that you are able to effectively plan and structure your income to accommodate savings. This also implies that you are ready to cut costs, reduce assets with variable costs, and cut all forms of leakages.A lot of business men and women don’t save in Singaporejust because of their taste for foreign goods, which are expensive. This goes to show the lack of foresight or vision to prosper. If you are joining the membership of a savings and investment scheme, set a goal for what you want to achieve and try to live within your means.
The temptation faced by most business owners, who have not been able to maximize savings for business expansion and growth benefit of saving comes from a cultural contentment and the popular belief that wealth is restricted to a privileged few.Financial ineptitude and recklessness of local cooperatives and thrift societies has made Singapore business owners to seek for a safer abode of keeping their money, such as financial institutions.
Overcoming uncertainties in business circles
Perhaps, the dilemma face by so many prospective and establish business men alike, which has been a major reason for poor saving culture in Singapore. It is premise on the uncertainty in the business circles. They aren’t really sure of what to do with the money. With rising inflation, budget deficit and reduction in household spending, there is the fear of failure. However, you can mitigate against such dangers when you have done proper research on the need of your target audience, proper pricing and promotional sales strategy. Doing all these will ensure that you are able to maximize savings for business expansion and growth.
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