Que faites-vous si votre avenir financier est incertain ?

When we are facing times of uncertainty, our instincts often lead us to avoid thinking about it. There are many times when I've found myself hoping the problem will go away. But that's usually the worst thing to do. It can be really hard emotionally to look at your numbers, but the reality is that you have to know exactly what is happening so that you can make a plan to move forward. Doing so will help you feel more in control of your situation and help you make the next steps. If it feels like too much to do on your own, get someone to help you, such as a financially savvy friend or a financial coach.

If your financial future is uncertain, it's important to take proactive steps like creating a budget, saving money, reducing expenses, exploring additional sources of income, seeking professional financial advice, and considering investments that align with your risk tolerance and goals.

I prefer to say that every future is uncertain by definition. First, you should have a clear understanding of your business, what makes you profitable, and how you generate revenue. Identify the value your business brings and how your customers perceive that value. Then, assess your income, expenses, and costs. Review your debts and any savings you may have. Also, examine your cash flow and how you handle any surplus/deficit, as well as its recurrence and periodicity. Lastly, with this data, conduct a study of the main risks and ratios in your industry and compare them with those of your company to determine your position. This can help identify areas where you are competitive, areas where you are not, and how to anticipate risks.

Once the above is understood, you should be clear about the path the company wants to follow. It would help if you kept in mind the company's medium and long-term strategic plan, as well as its mission, vision, and culture. With all this information, you can undertake the important task of setting financial goals and determining how much flexibility you have. All of this will allow you to navigate uncertainty more effectively, and to build a solid and flexible financial foundation that can adapt to various changes while remaining the lever for business growth and sustainability.

Now we come to the stage of building the budget. My advice is to strive for a zero-based budget every year. This means reviewing each budget item as if it were the first time the budget is being created. This ensures that the budget is adapted to the current circumstances of each year. Additionally, it would be ideal to implement ongoing budgetary control, allowing you to review the budget versus actuals at any time, thereby anticipating problems and correcting them towards achieving the year's objectives.

Reducing debt is important. However, debt itself is not inherently bad. Debt can be a leverage that a business uses for its expansion, for its growth... It depends greatly on the stage the business is in, the industry, and the particular moment of each company to assess its level of indebtedness. Of course, you should maintain a debt that you can handle and that makes your company attractive in terms of balance sheets and assets/liabilities to the financial system, owners, and stakeholders. I would also focus on creating value. How do my customers perceive me and why do they prefer me over the competition? By building strength in value, we will be better prepared to face moments of uncertainty because customers will continue to come to me.

1) There are numerous stories of individuals starting a side hustle to make ends meet, which unexpectedly turned into a profitable business. 2) People sometimes overlook the power of their community in providing financial support. There are heartwarming stories of local communities coming together to support a member in crisis, through fundraising or providing job opportunities. These insights provide a more holistic view of financial management, showing that while strategy is important, so are adaptability & community.