Small businesses may be making great contributions to the U.S. economy, but their financial health is in critical condition. According to a 2016 JPMorgan Chase Institute study, most small businesses only have 27 days’ worth of money on hand to cover expenses if inflows stopped. Essentially, this means that many small businesses are operating on a month-to-month basis and doing their very best to continue growing their business while building up their cash reserves.
What can they do to better this situation? More often than not, entrepreneurs who want to save money are told to penny pinch their way to financial freedom.
