Simply Business Advent Calendar Tip 7 - Prepare for a rainy day

Christmas is nearly upon us. In honour of the festive season we have put together our very own Simply Business advent calendar. Each day we will be offering a new business tip - so keep checking back!

Tip 7 - Prepare for a rainy day

A remarkably high proportion of businesses operate on a ‘hand-to-mouth’ basis, without putting anything aside.

This is a dangerous game to play. Whenever possible you should make sure that you have a contingency account to help you deal with financial emergencies. At the very least you should try to ensure that your finance facilities are flexible enough to allow you to cope with a large, unexpected expenditure.