Nothing is guaranteed in life. Being responsible for an active business that is relied upon by customers, vendors and employees alike means being ready for anything. If you can learn to expect the unexpected you will always be in a position of directing your own outcomes. Many entrepreneurs can be caught off guard when circumstances change and end up taking a defensive position which doesn’t always help them deal productively with the outcomes. Entrepreneurs should always be ready.
Being prudent means being proactive.Dylan Gallagher
For many different reasons, Wells Fargo announced today that they will be closing down their personal line of credit product which let people borrow between $3,000 and $100,000. These lines of credit were typically used to consolidate higher interest rate debt and because of federal banking requirements, Well Fargo is in a position where they can no longer offer their line of credit product.
If you were an entrepreneur who lost access to your line of credit or credit cards, what impact would that have to your business? Many businesses depend heavily on having access to credit to float their costs while they wait for their income to arrive in their bank accounts. Being prudent means being proactive. Make a list of the top three things in your business that allow it to function every day. Then take some time to think through what you would need to do if negative unforeseen circumstances arose and impacted each of those items. How could you get ahead of the unexpected?