Here are 10 Ways to Plan for the Unexpected in your Small Business

Small business owners need to wear many different hats to keep things running smoothly. From start up costs to seasonal slowdowns, smaller entrepreneurs need to plan for everything including the unanticipated. Here are 10 things every small business owner should do to plan for the unexpected. “The problem is best expressed by the old saying “don’t put all your eggs in one basket, ” says Jay Ferrans, president of JM Financial & Accounting Services in Southfield, Michigan. “If you have one or two major clients, believe me, they can and do go away. It can cause a business owner to close their doors. It is essential to add clients no matter how secure an owner believes the customer to be.” “Startup costs for things such as equipment, building and payroll are an unexpected challenge for new businesses,” says Mike Windle, retirement planning specialist at C. Curtis Financial Group in Plymouth, Michigan. “A big mistake I often see is a new business owner grossly underestimating how much they will need to sink into their business before they start to turn a profit.”