Small businesses face many challenges, especially in the early startup phase. To avoid failures and setbacks, there are several steps you’ll need to take. From cyber security to sustainability, let’s take a look at some of the ways you can protect the future of your company.
1 . Choose Adequate Insurance
Regardless of your industry, businesses need adequate insurance options, to protect their assets, customers, employees and reputation. Public Liability Insurance is not a legal requirement for businesses, however it can help to protect you, if you are sued by a member of the public, or by a client. Businesses might be sued if a person has been injured (and believes that your business is at fault). Alternatively, because an individual’s property or belongings have been damaged.
Some insurance options are industry dependent, for example a videographer will need to get all their equipment insured. To learn more about this type of insurance take a look at Aaduki Videography Insurance.
2. Invest In Cyber Security
Cyber security has become increasingly important for businesses, according to Varonis, ‘side effects of a global pandemic and cybersecurity statistics reveal a huge increase in hacked and breached data from sources that are increasingly common in the workplace, like mobile and IoT devices.’ They revealed that, ‘data breaches exposed 36 billion records in the first half of 2020.’
Security breaches mean you risk losing money and data, sometimes a data breach can even negatively affect your reputation. To protect the future of your business, companies need to invest in robust cyber security systems, including multi factor authentication; mobile device management; and cloud based security software. Improving your cyber security is essential to protect your company.
3. Focus On Reputation Management
Social media allows brands to reach new audiences and grow, however negative reviews can spread quickly. To protect your business, brands need a good reputation management strategy. Such strategies help you to deal with negative reviews, and improve PR campaigns. Keeping your reputation strong isn’t just about offering great products and services, it’s about having a positive impact, whether socially or environmentally. Customers expect brands to take a stand on social issues, failing to improve your CSR efforts can negatively affect your online rep.
4. Prioritize Sustainability
To secure your future as a business, you’ve got to focus on sustainability. From your materials and resources to your production processes, brands must take steps to keep things green. As the demand for sustainable products increases, brands may fall behind if they fail to keep up with their competitors.
Apps like ‘Think Dirty’ and ‘Good On You’ help consumers to look up their favorite brands and get sustainability scores. If your customers aren’t impressed with your ethics, they may start shopping elsewhere!
5. Utilize The Latest Marketing Trends
Businesses need to adapt the latest marketing tactics, to get noticed in a crowded landscape. Over the next year businesses should focus on video marketing, interactive content, hosting virtual events, and improving their content. Consumers don’t just want to know about your products, they want educational articles, webinars and fun social media content. To improve your online presence and boost conversions, your marketing strategy must be top-notch.
6. Perfect Your Budgeting
Businesses need to remain financially healthy in order to succeed. To take charge of your finances, you need to improve your budgeting efforts. There are several software tools that can help you to do this such as:
- Plan Guru: This is a simple piece of budgeting software, helping you to take charge of your company’s budget. Here you can take advantage of features such as payroll utility, forecasting, engagement tools, and financial visualizations.
- GIDE: With the help of GIDE you can combine strategic planning, forecasting and budgeting. A few of the features include profit and loss statements, capital structuring, and operational data.
7. Improve Order Fulfillment Processes
Modern customers expect to receive their products fast. Slow delivery times can put off potential customers. You should look at improving your order fulfilment processes as much as possible. To do so, you need to ensure that you choose the right shipping company, and use order management software. Provide express delivery options, and make it easy to your customers to track their packages.
8. Use Customer Feedback
Want to improve your products and services? If you want to future proof your business, you’ve got to ask your customers for feedback. Once you’ve collected some valuable data, you can analyse your findings, and use it to make improvements. If you’re not getting much response from your customer surveys, try offering an incentive, to get more customers involved.
Protecting the future of your business involves many different elements, from insurance to budgeting and managing your reputation. With so many challenges, it’s important to have the right tactics, to ensure your ongoing success.
- DISCLOSURE – This post has been written by an outside source
