From the course: How to Protect Business Profits in a Financial Downturn
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The one fundamental truth
From the course: How to Protect Business Profits in a Financial Downturn
The one fundamental truth
- There is one fundamental truth of business and it's doubly true for small businesses, and that's: you never go broke by making a profit. In a recession there is a lot of pressure and a lot of risk, but if you can continue to maintain cash flow, you will have a business, if you don't you won't, because there's only one way companies go out of business: they simply run out of money. Some people think that when you have a business it's about having an office or building a kingdom or changing the world, and it can be about those. But if you don't have cash flowing into your business, none of those things will happen. You can't change the world if your business doesn't make money. In a downturn, you need remember the one fundamental truth of business, and that's in order to have a business, you have to be providing goods and services that other people will pay for, and that you have to have some of that money left at the end of…
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