unforeseen circumstance

Majority of Small Businesses Have Inadequate Cash Reserve

2.4 million companies would be forced to close permanently if unforeseen circumstances led them to cease trading for just two weeks New research unveiled today revealed that the majority of small businesses only have reserve finance to last two weeks, leaving them unprepared for unforeseen circumstances that could lead them to cease trading temporarily. The survey of over 1,000 businesses, conducted by YouGov and commissioned by Simply Business, found that 52% of the UK’s small businesses have savings of £10,000 or less, 30% have £500 or less and 20% have no cash reserve at all. The lack of additional funds among the small business community is a concern due to unexpected incidents that have occurred in the UK, such as last year’s floods that resulted in many businesses closing down. The r... »