This Independent Retailer article shares that while a survey by Headway Capital shows that small business owners believe their businesses will grow in the near future, they are concerned about unexpected expenses. In order to prepare for unexpected expenses, there are many steps small business owners can take to lessen the impact of the unforeseen.
First, small business owners can ensure they are budgeting and revisiting their budget often so that they can forecast accurately and set aside the right amount into a rainy day fund. Second, they can understand how changes in the political landscape or other factors such as seasonality could impact their business. Small business owners can also plan for substantial investments or large purchases, make sure they’re fully taking advantage of expected downtime, and understand what funding options are available to them.