Even if trading is very successful for your business, you can never be too sure of what dangers lie ahead. If your sales begin to dry up, running costs skyrocket or an unexpected expense messes up your balance sheets, it pays to have a little insurance. To weather a coming financial storm, consider setting up a ‘rainy day’ fund.
It could be built up by saving a few dollars or pounds here and there or by setting up a high-interest savings account and depositing a set amount into it each month. Many of the most successful businesses in the world have rainy day funds, whilst many US states and countries have their own to fall back on during hard times.