3 major reasons to have savings for a business

[cherry123]

The fact remains that Saving money in business is essential for the wellbeing of it. As such all businesses should have a set aside funds as savings. The reasons for this includes

Help one stay within budget
Yes it would help one to have a budget and avoid spending unnecessarily to save money for emergency.

To free up resources
When you have savings you are sure of freeing up resources which will help you to reinvest in the business.

Build up reserve of funds
This is one of the outstanding reason it can aid one build up a reserve of funds for the business for anticipated expenses.

 

[eldavis]

Savings for your business is extremely important, your business has an identity of its own, there are times where things might be tough or you might need to buy goods and so on, having a savings would help prevent you from seeking loans.

 

[timewo]

Savings are important for small business, yet in some countries, online business owners who have some savings are falsely labelled a security threat without any proof and government agencies are robbing their savings without a legally valid reason or court order.

 

[Fidelia]

Another reason why a business needs to have savings is so that it can be able to take advantage of unannounced opportunities that may present itself to the business. For instance, someone wants to sell a land desperately at a cheap price. A business can easily draw from it's savings am purchase the land.

 

[HansonU99]

To have saving for your business you will need to open separate account for that business,the money been saved can rescure your business in time of financial set back

 

[nomad]

Businesses need capital not only to run day to day operations but also for product development, marketing, etc. If a business has managed to save money, it can use its own fund without having to borrow money

 

[cherry123]

One outstanding reason is to build up reserve of funds
This reason can aid one build up saved funds for the business which can be used to settle future bills and expenses

 

[Ratine]

The business savings are very important because they can help to sort out a business issue for that matter.

 

[Starmix]

I saved first before deciding to land into business. I will never borrow money just to have a business capital. I avoided debts to avoid a problem of paying. monthly with interest.

 

[King Belieal]

Saving money in your business is important. It can help the business to rebound if something happens like an emergency that drives it down.