There is simply no substitute for cash from a financial safety standpoint, both in business and personally. Every company should strive to have an adequate cash balance on hand at all times in a safe account. This is true for many reasons as follows:
- Freedom and Options– Cash on hand provides a business owner with options regardless of the economic, industry, or company situation at various times.
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In his book, Mickey and Willie, Allen Barra discusses that early in Mickey Mantle’s career (before 1956) a myth developed that nothing Mantle did lived up to his potential. He says, “Milton Gross of the New York Post would write an article every season before 1956 suggesting that Mantle had actually been something of a disappointment (Barra, p.184).” Barra, however, took a closer and deeper look into Mantle’s performance before 1956 and found that instead of not living up to his potential, Mantle actually was performing at an exceptional level. … Read more >