Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Three Ways that Savvy Businesses can Avoid Disaster
When running an enterprise, at least a small amount of caution is needed. From keeping the customers happy to managing the finances, taking an uncalculated risk could drive your business towards bankruptcy. This is why your business should take precautions if the worst were to happen. Here are three ways that companies can avoid disaster:
Keeping a close eye on your finances is essential. In some countries, it is a legal requirement to submit annual accounts to the relevant tax authorities. UK-based Private Limited Companies (PLCs) need to submit their annual accounts to the Inland Revenue.
Knowing how much you earn and how much tax you need to pay is possible if you keep a record of where every single penny is spent. You can either do this yourself or, if you have the money, hire an accountant. Make sure all of your receipts and invoices are in one place so that errors are less likely to be made.
Get Some Insurance
Insurance is a must-have for any business needing to cover their backs. There are many different insurance types a business needs to help avert disasters. These include:
● Contents insurance; this helps to cover all of your company’s belongings, such as stock, computers, files and furniture
● Vehicle insurance if you have a company car or van that is used regularly. All vehicles need to have some form of cover in case they get stolen or damaged in a crash
● Businesses could take out public liability insurance to help guard against any accidents or damage sustained to people and/or their property on your premises. If a client who gets injured or sees their property damaged files a claim against you, this cover can help
● Property insurance is extremely useful for your premises. Just like contents insurance, it works if your property is damaged by flooding, fire etc.
Nail your Online Marketing
Getting your business out there on the web and social media will maximise your chances of gaining new customers. To do this, build a website that works and create social media accounts to share your latest products, services and special offers. Facebook, Twitter, Instagram, Pinterest and YouTube are good places to start.
Monitoring how well your website is doing is important, so you know who is visiting and what they are looking for. A tool like Google Analytics will give you all the stats you need, as well as an indication of where to improve. To avoid disaster, look at any comments left on your site or social accounts. If there is anything negative, offer to contact them and respond swiftly.
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