Businesses are vulnerable things. Not only do many end up going out of business due to a whole variety of factors, but with competitors nipping at your heels and a multitude of laws and regulations to navigate, it’s never been harder. Add in the trials and tribulations of coronavirus and there’s a potent mixture of worry and woe waiting to meet anyone trying to make the best of it in the world of business. Taking generic advice is pretty tough. Every single business out there is different and what works for one may not work for the other. It’s why you need to apply the advice you read to your own, personal business situation and attempt to morph it into something usable. Here are some top tips to keep your business safe.
Always Cover Yourself Legally
It’s important that you get key documents and contracts drawn up at the right time. Consider employment. YOu need to get in writing what their job is and how they need to do it. Cover yourself at all times. Especially if you’re changing the way people look or messing with their possessions. For example, if you were in the beauty business you’d look at completing an Eyelash Extensions Consent Form before agreeing to work with the client. You don’t promise results, you just show them results you’ve gotten in the past. Always make sure you cover yourself legally to a high standard so people can’t hold you to account over something you’ve overlooked. Better to take time at the start getting this right than overlooking it and having to pay out down the line.
Avoid Costly Mistakes
Mistakes happen all the time. Maybe you’re sending cash for suppliers late at night and ended up sending too much, perhaps you have a busy month and forget to insure your company vehicle. There are thousands of examples. The key is to do all you can to avoid making costly business errors because one day you might make one that’s pretty devastating to you and your business. Always be in the moment and concentrate on what you’re doing. If it’s something sensitive that requires good time and attention, make sure you set time aside for it and do the work to a high standard. Be careful and deliberate in what you do and you can be sure to avoid these costly errors.
Avoid Burnout
Business owners pump a huge amount of time into their businesses. It makes sense. They want them to succeed and owning a business is incredibly tough. However, you can do this a little too much leading to total burnout. If this happens, you’ll end up sick or ill and be away from the business for longer than if you just decided to take a simple break. It can creep up on you too, so really try to get time away from your business. Spend it with family and friends and get the break you deserve. You need to ensure your phone is off too...not pinging off emails when you should be relaxing.
Use External Expertise
Keeping everything internal can lead to you missing out on key expertise...expertise which can steer your business through unsafe times and help you soar. Employing people is great and a clear indicator that your business is going well, but then you’re tied into that person for the foreseeable. If your business isn’t in the position to take on employees then you can make use of the many freelancers out there. They can provide brilliant know-how to your business on a need-only basis. There are businesses that can help manage your selling accounts right the way to experts on Fiverr who can code your new software you want to mass market as your next product. Remember, you need to vet these people and check all of their work before getting stuck into a contract and parting with cash.
Back Up Data
This one sounds obvious. However, it’s really important that you backup your data. This can be customer data or client data. This is even more important if it's data that is potentially sensitive, like financial data or demographic detail. You can use internal servers, but if something happens like a fire or a flood they could be damaged, so consider cloud computing solutions too. You just have to ensure they’re secure.
Keep Your Advertising On Point
If you get your advertising wrong you’re going to be shedding tonnes of cash while your product or service is getting under the eyes of people who might not care. Pay attention and know what you’re doing. This applies to advertising on all streams, whether you’re looking at CBO Facebook ads or Google itself. Things change quickly. You need to keep your strategy moving all the time to keep your business safe. What are your competitors doing? Are they moving to other platforms and capturing way more clients? Always ensure your advertising is on point as it promotes business longevity.