Being able to protect your small business is a critical step in building a successful one. Unfortunately, many entrepreneurs don’t take the time to consider it when it comes to launching their new company. Here are nine steps that will help you protect your business and its future.
1. Hire a Managed IT Services Provider
Despite the existence of managed services for quite some time, they have come a long way in recent years. Due to their cost and availability, managed services are becoming more popular among small and medium-sized businesses. When it comes to managed IT services San Antonio, a provider can offer benefits such as improved security, improved data safety, lowered costs, and preventative maintenance.
2. Choose the Right Business Structure
One of the most common business structures that small and medium-sized businesses use is the sole proprietorship. However, this type of business structure doesn’t protect the personal assets of its owners. For instance, if a customer sues you, your assets could be at risk. If that is a worry for your business, a limited liability company (LLC) would be a better fit. An LLC allows you to keep your personal finances separate from your business assets.
3. Hire a Business Attorney
Although you may not need to hire a lawyer every time, when you require one, you need them fast. Before you hire an attorney, ask your friends and colleagues for their recommendations. You can also schedule an interview to get a better idea of the type of attorney that will best suit your needs. Most attorneys can provide you with a variety of solutions for small businesses and discuss affordable payment options.
4. Hire an Accountant
If you plan on doing the bookkeeping on your own, an accountant is a must-have. Not only can they help you save money on taxes, but they can also provide you with valuable advice on how to run your business, such as how to structure it, how much to pay yourself, and the best way to finance expansion. You should have discussions with your accountant before making any major decisions.
5. Be Smart With New Customers
Before you sign a contract with a new B2B customer, make sure that you conduct a credit check. This will help protect you from getting sued for unpaid bills. Even if you are confident that the customer will pay you, a written contract is the only thing that will ensure that you get paid.
6. Buy Insurance
General liability insurance is typically required for most businesses. However, if you provide professional services or advice, you might also need E&O coverage (errors and omissions). In some states, workers’ compensation insurance is required. Other insurance products that you might want to consider include life insurance, key man insurance, and business interruption insurance. Cyber insurance is also a good option if your business has to close due to a disaster.
7. Keep Your Employees Protected
Having a disaster plan is important to protect your business from unforeseen events. It should include a list of responsibilities that you and your employees should take to get your customers and employees out of the building. It should also explain how you will keep your business running even if you can’t reach your location.
8. Keep Your Business Data Protected
When it comes to protecting your company’s data, having a cloud storage solution is a must. This will allow you to keep all of your important documents and data stored in the cloud, and it eliminates the worry of having a fire on your premises and wiping out all of it. To keep your small business secure, you should install multiple firewalls and train your employees on how to use strong passwords.
9. Invest in Your Customer Service
You want to be known for providing excellent customer service, especially in today’s world. Having a good word-of-mouth marketing campaign can help boost sales, as most people search for local businesses online before making a purchase.
Proactive measures can help prevent problems from arising before they do. Whether you’re starting a new business or taking steps to get ahead of the curve, having these types of safeguards can help keep your organization running smoothly. To ensure the success of your business, you need to take steps to keep it protected.