Be Prepared for Anything: Why You Need a Business Emergency Fund
Unexpected events happen. From a broken down delivery vehicle to a sudden drop in sales, having an emergency fund can shield your business from financial shocks.
Here’s why it’s important:
Peace of Mind: Knowing you have a safety net reduces stress and allows you to focus on running your business.
Maintain Operations: Cover unexpected expenses without having to resort to high-interest loans.
Maintain Growth Momentum: A buffer allows you to seize new opportunities without derailing your progress.
Start Small: Begin by setting aside a small percentage of your profits each month (even 5% is a good start). Gradually increase your contributions as your business grows.
Talk to a financial advisor about setting realistic emergency fund goals for your business.