How To Build an Emergency Fund
What if your business faced a sudden emergency today? Could you survive an illness, broken laptop, a fire, or water damage? If an unexpected event hits your business hard—you need to have the cash to survive. But building up some reserves is hard!
In this article, host Otachi explains one smart financial move that could make the difference between your business's survival and its shutdown. Prefer watching instead? Check out the video here! (https://mesh.life/app/watch...)
Why You Need a Business Emergency Fund
The truth is, biz inaeza kuwa unpredictable. One month biz inaenda fiti, and the next, things zina-take a turn for the worse. Hii ndio maana una-need something inaitwa a "Business Emergency Fund."
Hii ukuwa dough una-set aside ya kukusaidia ku-navigate hizi unexpected events ama emergencies.
Hii fund inafaa ku-cover 3-6 months za your biz’s monthly expenses.
In other words, una-calculate your total expenses—vitu kama rent, bills, and salaries (kama uko employees)—then unazi-multiply na at least three. Sa’ hii ndio ile amount ya dough una-need kama your emergency fund.
Bila hii backup, unaeza jipata kwa ngori ama ku-struggle kulipa bills ama ku-keep doors za biz open mambo ikiwa tafash’.
How to Build Your Emergency Fund
Ku-building a business emergency fund ni easier than you think. Hii ni goal unaeza build slowly over time.
1️⃣ Step ya kwanza una-calculate your total expenses—vitu kama rent, bills, and salaries (kama uko employees)—then unazi-multiply na at least three.
2️⃣ Ni ku-find a high-yield savings account ama a money market fund, uzuri wa hii ni kuwa nyingi unaeza open with as little as Soo Moja.
3️⃣ Once ushafungua the account, una-make your first deposit, halafu unaanza ku-grow it gradually.
Kuwa una-make top-ups whenever possible until u-reach ile target of 3-6 months’ worth of expenses.
Start Today for a Stronger Tomorrow
Anza leo, na biz yako itaku-thank kesho. Ukiwa na emergency fund in place, utakuwa better equipped ku-handle whatever challenges zenye zina-come your way.
Ungedai ku-read ama ku-watch more on this topic? Check hizi links;
1️⃣ What You Need To Know About EF (https://mesh.life/app/watch...)
2️⃣ Top tips za kusave doh (https://mesh.life/app/viewp...)
3️⃣ Emergency Fund: What It Is and Why It Matters (https://www.nerdwallet.com/...)
