Additional funding can be difficult to secure when you need it the most, so the trick is to plan ahead and have funding in place before you need it. If you do, you’ll be able to keep your business going in the face of adversity, whether the challenge before you is simply a slow season or something more serious like a natural disaster. Here are some tips for making sure you have the capital you need to keep your business going in the face of an unexpected emergency.
It’s easy to talk about setting funds aside for a rainy day but it takes a concerted effort to actually get it done. Look at your expenses and see if you can lower them by sharing advertising costs with other businesses, taking advantage of tax deductions and negotiating with suppliers.
Save as much as you can and hold onto profits tightly when business is booming rather than trying to expand too fast too soon. Doing so will get you through the lean times. This is especially important if you know your business has seasonal highs and lows.