It’s time to focus your energies on making sure that your business is protected in every way you can manage. In the daily hectic rush of running the business, a lot of business owners and entrepreneurs sometimes skip over this step.
It may not seem entirely necessary at the beginning stages but as your business grows, the potential for attracting unscrupulous sorts also becomes higher. Even if someone does not target your business, accidents are unavoidable.
You need to make sure that an unfortunate mishap doesn’t result in a serious incident that can derail your company’s growth.
Reconsider Operating a Sole Proprietorship
You may be your business’ sole owner and do all the work of creating the items you are selling to handling the company accounts. Also, a sole proprietorship may be the default structure for a one-person business.
But the glaring and unfortunate truth is that this structure leaves your assets open to attack if someone does sue your business. Hire a lawyer or a law firm specializing in small business management and have them advise you on your next steps.
If it’s not possible for you to pay a retainer, then hire a personal injury lawyer to evaluate your business on a bi-yearly status. They will be able to identify and inform you of possible accident-risk areas so you can defuse any future mishaps. This is suitable if you run a retail or restaurant business that attracts high customer traffic.
Remember That You and Your Business Image Are Linked
If you do not operate a sole proprietorship, this doesn’t mean that you are exempt from personal attacks that can hurt your business.
Putting your name on your business or becoming the face of it means that personal opinions held by yourself that have nothing to do with your business can still be used against it. Unscrupulous individuals have been known to call for a boycott of a business or to halt production simply by asserting conflict of interests.
Make sure that you are always consistent in your statements and avoid being in compromising situations such as doing business with companies known to have shady business practices.
Hire an Accountant as Soon as You Are Able
You may have a good head for figures, but a certified accountant can protect your business in ways you may not even realize. Hire a good accountant as soon as you can afford one and make sure they feel appreciated.
Accountants not only balance the books and file taxes, but they can identify tax breaks you are eligible for. The government had released various stimulus packages and your accountant should be able to advise you on which ones are best for your business and its future.
Successful entrepreneurs have revealed that they always seek their accountants’ advice before making decisions on business growth and expansion. This should tell you how integral it is to have an accountant.
Make Sure You Have the Right Type of Insurance
Most businesses have general liability insurance. This is suitable and can protect your business in the event of an incident such as a customer slipping and falling while on the premises.
If your business involves you to provide consultation and professional opinions to customers, then you might consider getting professional liability insurance as well. This is better known as errors and omissions coverage and can protect your business if the result of the consultation did not suit the client after the fact.
Ensure your employees sufficiently as any workplace accidents could cause the business a severe financial loss as well as the possible loss of a trained and valuable employee.
Invest in a Business Server and Cloud Backups
All your business data and files are essential for the smooth running of your business. Not to mention that there is sensitive information that could compromise your company badly if it were to get leaked or lost.
Invest in a business server and make sure that all information is updated and backed up at the end of every business day. Hire a competent IT staff who can advise you on proper firewalls and cloud information storage options. Storing your files on the cloud may seem risky but this ensures that even if your hardware meets with issues, the information is still safe and available.
Depending on the nature of your business, you may need your employees to be well-versed in anything from creating strong passwords to recovering crashed hard drives. It is therefore advisable to have the IT staff run regular workshops on cybersecurity for the rest of your employees.
As the business owner, the safety and security of your business is your responsibility. With the proper planning and the steps mentioned above you can ensure that even if a lawsuit comes calling, your business is prepared to weather the storm.