Top 3 Easy Things You Can Do To Guard Your Business

When things are going well for our business, it can be hard to imagine it any other way. However, at some point, maybe for reasons out of your control, things might not always carry on being positive. So, although you might be busy, now is the best possible time to take action to make sure that you are protecting the future of your business for when things may not be going as smoothly, or your business approaches a bump in the road that could easily be avoided with the right protection. 

Top 3 Easy Things You Can Do To Guard Your Business

Create a Succession Plan

Most of the time, when a business is running successfully, it is because of a strong team. So, you need to have a plan in place should any of the key members of your company leave. 

Firstly, you should have senior members of staff sign contracts that include a 6-month notice period. This will give you enough time to either train someone up in the company or to find someone new. Most people will be happy to do this if you are promoting them and are happy in their role. If you haven’t already done this, it should be a priority, as a month's notice is not enough at all to replace a key member of your business. Once everyone has the notice period you would want them to, you will need to create a succession plan for the eventuality that each person leaves. This will involve mapping out the key responsibilities of each person and then deciding whether there would be someone else in the company who would be able to take on the role or if you would need to hire externally if they were to leave. Again, you might not be able to imagine anyone leaving, but anything can change at any time so it is definitely worth creating succession plans. 

Invest in Credit Insurance

The next thing you should do is invest in credit insurance. If part of your business is trading on a credit business (e.g. people owe you at some point for goods or services), then you need credit insurance. It is far too often that businesses go bust, and if a business that liquidates owes you money, then you won’t be seeing it again. You could be owed thousands for it just to go down the drain, but with credit insurance, if the company fails to pay, then your insurance company will with the right cover. 

It is always worth working with credit insurance brokers, as they will help to make sure that you get the right cover at the right price. Plus, if you need to make a claim, they will manage the entire thing for you, rather than having to try and chase it all yourself. 

This is an essential component for any business working on a credit basis! 

Apply For The Correct Trademarks, Patents, and Copyrights

If you are a relatively new business that is successful, then it should be a high priority for you to apply for the correct trademarks, patents, and copyrights. This is essential to help you protect your brand and to stop other people from ripping off your business. Also, if you don’t protect your business with trademarks, patents, and copyrights, you are often legally prevented from expanding your business. Go to the government website to find out how to register for the correct trademarks. It would be worth utilizing a mentor for this step to make sure you have all of the covers that you need.