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What are your biggest financial fears?

Hey everyone 👋

 

Managing finances can be one of the more daunting aspects of running a business. Today, we’re wondering...

 

  • What is your biggest fear about your business finances?
  • Is there a particular instance when one of your business fears became a reality? How did you move forward?

 

Looking forward to reading all your insights ❤️

 

P.S. Our team may want to talk to you further about your experience and feature your story in our newsletter! If so, someone from Square will contact you directly.

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Square Champion

My biggest fear is worrying we wont' be able to pay our AmEx bill.. lolol.

We have a few buying seasons where that bill gets upward of $80k in the month.

Thankfully we've always made it work but it's a nail biter.

Dina
Co-Owner Amityville Apothecary
www.shopamityvilleapothecary.com
Instagram | TikTok @AmityvilleApothecary

Podcast: Apothecary After Dark (YouTube & Spotify)
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Square Champion

@npiters expansion with out stressing the business. Death by overheads!

 

I was reading about a company that went in to administration recently. They had done well during the pandemic, growing their business 8x its pre-pandemic size and was particularly cash rich at this point, they invested heavily in their digital marketing team to continue this post-pandemic, but digital growth stabilized as consumers returned to stores, the increased over heads meant they went chasing business via traditional channels wholesale. They won business but their manufacturing capacity was not sufficient to meet demand, so they moved in to a new production facility... more cost, and more interestingly their production and business management systems were not geared to cope with the volumes. Now throw in the Ukrainian war and cost of living and all of a sudden the banks, tax authorities are after their money, investors stop investing in the business and the cash dries up, then you don't have the funds to support pre-season production spike and poof you go bust!

 

Hindsight is wonderful, but the crunch point was the expectation that the exceptional times of a pandemic would continue. The additional over head stressed the business and a cascade of events causing the demise of a previously solid business. 

Coco Chemistry Ltd
Artisan Chocolatier
www.cocochemistry.co.uk
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Seller Community Mentor

In our line of work money is cyclical.  We bring deposits in and basically live off of the profits in advance.  I'm like @DinaLRosenberg - making that payment is nail biting.  Paying our suppliers monthly is a very delicate dance.

Co-Owner/Business Manager
Arctic Heat
R&C Property Management
Event Planner/Business Trainer
Member - Women in HVACR
Member - Women's Leadership Network, Helena
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