Building a buffer involves strategic planning and disciplined execution. Here are some steps to consider:
1. Financial Planning: Regularly review your financial statements, understand your cash flow, and set aside a percentage of profits as reserves. 2. Diversification: Look for opportunities to diversify your product offerings or enter new markets. This reduces dependency on a single revenue stream. 3. Cost Management: Keep a close eye on your expenses. Implement cost-saving measures without compromising on quality or customer satisfaction. 4. Building Relationships: Strengthen relationships with suppliers, customers, and financial institutions. These relationships can provide support when needed.