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When times become lean for small businesses, cash reserves are critical. Business cycles come and go and often leave devastation behind them. Having cash reserves is crucial for surviving those inevitable seasons of drought.
If we study history, we can quickly realize that recessions do happen. On average, recessions occur about every seven years. To prepare for these looming downturns, the Bible provides great wisdom from the life of Joseph.
God revealed to Joseph a seven-year famine was coming. In Genesis 41:34, Joseph wisely told Pharaoh, “Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance.”
It’s easy to consume your profits during good times, but a wise leader sets aside cash for those inevitable downturns.
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