Most businesses start with a small beginning. They form from simple ideas and develop into big enterprises. This is of course because of the hard work and entrepreneurial skills of the owners. And as your business expands and becomes successful, it also becomes vulnerable to many aspects.
Business protection is a major issue in maintaining the success of your enterprise. Risks can be found anywhere and ignoring it is not an option. There are many possible factors that can harm your business so you better prepare for them.
Financial issues, compliance concerns and legalities are just some of the business risks to keep your eyes on. You need to arm yourself and be vigilant for the unexpected. It is always better to have prevention strategies to protect your business.
What can you do to have strong financial protection?
It is always a crucial part of the plan to have your business protected. Whether you are just starting up or running the business for a while now, having a business plan for protection is always a must. Some business owners ignore this critical step because of wanting to launch the business as early as possible.
Here are some ideas you can take to protect your business.
- Choose the right form of business for you.
There are four main types of business organisational structures – sole trader, partnership, company, and trust. Making sure what business form works best for you will affect many factors that can decide your business’ future.
- Hire a reliable Lawyer.
Getting a lawyer is a must for any business. They are needed for financial protection and against any business threats. You might not always need a lawyer but when you need one, you need them fast and badly. Ask people you know, friends or business colleagues for lawyers they know that have knowledge with many business issues. Take time to decide whom to hire as you need to trust them with your confidential business information.
- Get an accountant.
As business owners, you need to always be updated on tax laws changes. But it is hard to keep up with all the other things you need to monitor. Even if you want to do the bookkeeping yourself, hiring an accountant is a better option.
Aside from saving you money on your taxes, they can also provide you valuable insights on your financial protection plan, the way to do your business expansion, and how to pay yourself or your staff if you already have them. You may also need to consult an accountant before making big decisions in your business.
- Be smart when dealing with new customers.
Do credit checks when entering new B2B deals. This will save you against unpaid transactions. Be sure to always have a contract before doing any business deals. No matter how much trust you have with the other person or business, it is still best to protect both your interests by having a contract. If something goes wrong, a written contract will be your best proof to get paid for your efforts.
- Have business insurance.
It is always best to understand the risks that your business faces. Insurance will be your shield if anything happens in the future. It can lessen or even stop your losses during times of unexpected crisis. There are many available types of business insurance. And it is important to know what insurance you need for your business as some are legal requirements.
- Create a disaster plan.
Disasters are very unpredictable and can happen anytime. So, having a disaster plan can protect your business and also your employees in case of emergency. Make your plan and assign responsibilities to make sure everyone in your business will be evacuated to safety.
- Protect your business data.
With today’s modern technology, every vital information is saved online. This makes it easy for everyone to access your business information. For your business protection, always have a backup for your data and documents. Use strong passwords and install firewalls to protect your business from cybercrime and hackers.
Doug Durie ensures that in every transaction we do with our clients, you can trust that your information is kept in a secured database, and that we use reliable data and reports. Learn more about maximising your business’ potential, especially through having a strong business protection.
How to protect your business against risks and competition?
Starting a business can be a nerve-wracking experience. Many unexpected events are faced almost every day during business operations. We list some ways below to protect your business from complaints and competition.
- Clearly state your terms and conditions.
When customers buy your business service or product, they are already bound in a contract with you. So, it is important to put your terms and conditions in your website or physical instore. Make sure you clearly indicate how you do business and what are the other aspects involved, like purchase details to product returns. Your choice of words should be easy to understand to prevent misunderstanding.
- Specialise in what you do.
It is impossible for most businesses to do everything. So it is better to focus on what you do best so you can give quality results. This will actually help determine your niche. Of course it is expected that there will always be competition, so it is best to find your Unique Selling Point (USP).
- Make a strong brand.
It is important to think about what your brand will stand for. Because YOUR BRAND IS WHAT YOUR BUSINESS STANDS FOR. It should include all unique highlights like logo, names and designs that will help you attract customers. A strong brand is an effective business protection. It can shield your business from competitions, and can help you increase your product or service price.
- Protect your Intellectual Property (IP).
This means everything that you created in your mind, like your business logo and business name. By protecting your IP, you can stop anyone from using it without your consent. Common ways to protect the IP of your business are Copyrights and Trademarks.
- Deliver good service quality.
There is no greater defence against risks, complaints and even competition than providing great customer service. It means you satisfy the needs of your customers with your products or services.
We want to protect things that we work hard on achieving. So, it is better to have business protection plans while starting your business.
Let us help you in achieving your goal of a successful business.
Coach Doug Durie would be very willing to help you strategise and reach for your dreams.
