This Auto Drip Saved My Business
Drip, drip, drip, drip…
How can a “drip” help your business?
This drip saved my business and helped me sleep better at night starting a couple of years ago.
I’m Ron Ramsden and I’m a DYB coach, also a painting contractor North of Boston, Massachusetts.
January, February, it’s cold, in the middle of Winter, especially up here in New England.
Calls are not exactly pouring in, and your bank accounts getting low with all the regular expenses you have.
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Those checks that come in the mail still haven’t gotten here…
Things are tight and you find yourself waking up a little earlier in the morning worrying about bills and work, more than you ever have… it happens.
So what is this drip I talked about?
Well, first of all, we have our business checking account and then we have our business savings account.
We have an automatic drip from our business checking to our business savings, it’s an automatic withdrawal.
You don’t press any buttons, you just set it up with your bank once, and you can do it with your online banking or you can walk into a branch and have it done.
Then that’s it, out of sight out of mind.
If you’ve never done something like this before, you start out with $25 a week, automatically on a certain day you will notice it gone because you are not used to seeing that.
As time goes by, after about 10 weeks take a glance over at that savings account. It’s going to add up really fast!
Maybe you start with a little more if you have a higher cash flow, $50, or $100 a week. It’s not that you can’t take it, it’s there if you need it.
Imagine this, you let it go all Summer increasing as the cash flow gets better and better. Come September you might have $1000, $2000, maybe even $5000 dollars in there!
It’s not that you can’t touch it once again, it’s there if you need it.
Maybe you’re waiting for that large check from a job and you need something to cover cash flow.
You go in and you take it out of there, transfer it into your business checking but when the check comes you transfer it back.
Maybe it’s that large tool you need, an expensive tool, an extra piece of equipment for the business.
Then imagine this, January or February when cash flow is tight, glance over at that account, there is that extra money for you.
Maybe it’s an end of the year bonus for yourself. Maybe it’s a down payment on a new vehicle for the business.
That’s what the drip does. It’s a small drip that you won’t even notice, from week to week to week it will build the savings for your business in a different pot.
Out of sight out of mind, you’ll get used to it and you won’t glance at it.
You’ll actually start waiting until that next thousand is in the savings account. This also works personally too.
Your personal checking into your personal savings account. And that will help you grow, maybe do that purchase of a second home someday.
I’m Ron Ramsden and I’m a DYB Coach. I’m also a painting contract North of Boston Massachusetts, helping painting contractors like you work on your business so you don’t have to work in your business.