Member Article

Why you need to save

Want a stable business? This week the Mind Your Own Business show looks into saving cash and keeping savings – a subject which can make or break small businesses.

Dom was joined by Ed O’Neill from English in Newcastle a language training center in the North East of England and Louise Hardy business mentor at The North East BIC who offer a wide range of support services for businesses of all shapes and sizes.

As a small business owner why should you save?

Ed: You really don’t know what is round the corner. Cash flow goes up and down, (For me) summer is high but November and December is slower so you need money saved up for those months.
Dom: Louise is that true for all business?

Louise: Yes a lot depends if your business is seasonal. You need to make hay when the sun shines. If you do have some spare capital during you busy period I would defiantly suggestion putting money away on a weekly on monthly basis. Unfortunately VAT, tax and other things will always be there and you will always be better to have money to fall back on.

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This was posted in Bdaily's Members' News section by Mind Your Own Business .