The Importance of Emergency Funds in Business

Whether it’s 000 or 911 you call in an emergency, it’s clear we can’t plan for everything, but its aok with Kerry and Kim because they’ve got your back. No need to panic, simply strap your business finances in and prepare for brilliance as they talk all about the importance of emergency funds for your business. As entrepreneurs’ we know risk is not a stranger at the finance table, at the same time our livelihoods can be on the line. What happens when we take that risk too far? When we sell ourselves short and become complacent that nothing ‘bad’ is going to happen? There is no doubt the Financial Designer is ready and rearing to go with the Princess and her coffee closely behind. Take note as they discuss:

  • Creativity counts (yes even when it comes to business finances!). When you are in a stuck and paralyzed zone it can shut down your ability to solve problems, which means the coffee cup is running on empty and we need to put in effort with each sip.
  • Can you lessen your expenses for a short time? Increase revenue? Tuck a few bean$ away in a rainy-day fund?
  • Robbing Peter to pay Paul. Taking care if we are borrowing funds from our emergency funds and making a commitment to put it back. Looking down the road to stay in business long term, rather than flopping early and closing your business because the funds are drained.
  • Like a kid when you got pocket money, there is great benefit of having a plan before you need it and the safety net it can create. Whether you can manage a dollar a week, $5 or $50 – you have a choice and there is no limit to what you decide.

What exactly was Kerry chatting about while on mute in this episode? Was it the hard to hear fact that inability to generate sufficient funds is one of the highest reasons why people close their businesses? Where is the best place to keep your emergency funds? All great questions and tune in for wonderful wisdom in your virtual café within this episode. To start setting a date with your digits right now, alongside Kerry and all her wisdom you can join the Biz Bean$ Club today

Until next time, happy Biz Bean$ to you and see you again soon in the Simply Biz Bean$ virtual café 🙏

Cheers ☕ Kerry & Kim

No beans were harmed during the production of this podcast. Information contained in this podcast should be taken as general advice only and your personal circumstances have not been taken into account. It is recommended that you seek financial advice from a professional who is licensed to do so. If you choose to act upon the general advice shared, you do so at your own risk.