If you run a small business or side hustle, what would you do if an unexpected emergency impacted your business? These are times when it’s essential to have an emergency business budget plan already created and ready to go.
While COVID-19 is a stark reminder of the types of emergencies that can impact a business, natural disasters, employee or customer injuries, and other problems that can show up with little or no notice.
If you run a small business, follow these tips to understand how a business budget plan for emergencies works and how you can set one up for your business.
How to create a business budget plan for emergencies
While many people neglect the business budget plan, nearly every business should have an operating budget. This budget guides your business spending and helps you meet financial and profitability targets. Without a budget, it’s hard to know if you’re … Read the rest