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Why your business needs a rainy day fund

POSTED: 6th February 2015
IN: Guides
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In order to progress and thrive, it’s vital that businesses have a substantial amount of cash behind them to fund development and protect the company in the event of unforeseen costs.

According to new research, almost half of UK small businesses are looking to grow in the next year. But with 69 per cent of SMEs trading without a business savings account, many may struggle. With half of UK start-ups failing in the first few years, and many claiming cash flow problems were to blame, businesses mustn’t overlook the value of a healthy bank balance and substantial savings. In the accompanying infographic we look at the effect that a lack of business savings can have on promising companies, and what steps SMEs can take to maximise their savings.

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