It’s unfortunate but true: unexpected financial emergencies happen all the time to small businesses.
Another unfortunate truth: most small businesses are not prepared to weather a prolonged financial emergency. JP Morgan Chase estimates that the average small business has 27 days of cash in reserve, while many small brick-and-mortar stores may have less than 20 days’. Whether your office rent skyrockets, equipment breaks down, or an unpredictable event like the coronavirus outbreak hits the world economy, a sudden change in your business’s financial outlook is scary.
