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Why every small business must look to save money
Money – making it, saving it, sourcing it – is arguably the biggest challenge of running a small business. FILE PHOTO | NMG
Every year on October 31, the World Savings Day is marked with an aim to increase awareness of the importance of savings both for modern economies and for individuals. The message is a timely one for East Africa, with Kenya’s gross domestic savings as a percentage of GDP falling last year as result of the higher cost of living.
Every small business and every small business owner should be looking to save, especially given an uncertain global economic outlook and the challenges of accessing financing. Let us look at some common excuses small business owners offer for failing to put some money aside for a rainy day or to fund future growth – and why these excuses are misguided.
