4 Things That Could Damage Your Business
>> Friday, December 2, 2011
Starting a small business is exciting and scary, whatever type of business you decide to start there is always a chance that your business will not succeed, and as the business owner it is your job to minimize these risks.
So whilst you are trying to keep your business running I would recommend you also keep an eye on the things that happen every day that could ruin your business before you even start. Often these things cannot be prevented, but knowing what they are at least means you can plan for the worst.
Theft
What if somebody broke into your shop one night? Fair enough you are probably insured for losses (right?) but in reality you would probably have to pay an excess, and on top of that, there are some things insurance can’t replace, such as any customer data on your PC. Insurance payouts also take time to come through.
Criminal activity is rare in most places, but it can easily ruin a small business when it does happen. Making back-ups of data and having a comprehensive and fast acting insurance policy can make all the difference.
Competition
You might be doing just fine at the moment, but what if another competitor open just up the road? How would your business cope? There is nothing you can do to prevent this from happening, but having a plan and an idea of whether you could cope is a good idea.
You should consistently come back to this question and use it to keep your business as innovative and competitive as it can be – if a keen entrepreneur sees your business making mistakes or lagging they are likely to swoop in and out compete you.
Disaster
Just like criminal activity, small disasters are rare but can be devastating. As a minimum you should be insured against fire and flood, but also ensuring that you have the relevant fire safety equipment and that your members of staff are trained to handle fires and other hazards will help to prevent disaster or minimize the damage caused.
Technology
Finally, how does new technology affect your business? If you are selling computers or cell phones you are probably pretty up to date anyway, you have to be. But even if you are selling clothes or sports gear you should constantly be aware of new technology. Technology is rapidly becoming a mainstay for marketing opportunities and being behind the times just gives your competitors – online and off – the opportunity to out compete you and take away your custom.
This post was written by Alex from the firesafetystore - thanks for reading.
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