The pandemic has demonstrated that preparing your finances to access capital and reserve emergency funds is a critical for small business owners. Patrick Smith discusses ways to build emergency funds and seek financial support to prevent major losses during future economic disruptions.
Small business owners have learned over the course of the pandemic that accessing capital can be a major challenge during times of uncertainty. Hear from Patrick Smith, Head of Small Business Banking at Santander, as he shares financial planning tips for small businesses to help position themselves for future economic downturns.
One of the things that small businesses can do going forward is to make sure that they've set aside emergency funds to be able to respond to changes in the economic environment and in adverse conditions that may occur. Part of that will include being able to have a relationship separate provide access to contingency funds. So things like a business line of credit, a credit card, all of those are good ways to make sure that even beyond the savings that the small businesses satisfy themselves that they have access to as much capital as possible because if the pandemic is shown one thing is that situations that are adverse to small businesses can occur and they can last for a long time. So the more you have access to sources of support, the more small businesses will be positioned to to weather any prices or or challenging periods may occur in the future.