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Tips for Establishing a Financial Safety Net for Your Business

Having a financial safety net for your small business is crucial in protecting it in the event of unexpected events. Whether it’s an economic downturn or a natural disaster, having the right plan in place can make all the difference. Here are some tips on how to create a financial safety net for your small business. Assemble a Reserve Fund First, build an emergency fund. It should contain enough money to cover at least three months of living expenses and any unexpected costs that might arise from an emergency. It’s important to make sure this emergency fund is easily accessible in case you need it quickly.

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