As the owner of a small business, many of the responsibilities and roles typically filled by whole teams in large conglomerates are often simply supplementary roles you have to fulfill as the key stakeholder in your operation. Part of the reason succeeding as a small business is difficult is rarely because your actual idea isn’t good enough. Anything from economic climate to financial limitations is more often than not the nail in the coffin. That said, there are many simple, but critical, things you can do – and professional support you can hire – as a business owner to protect not only your interests and your business but also your employees.
Counting Costs
It’s relatively normal for a smaller business to only be preparing financial statements and accounts to fulfill legal or regulatory obligations, therefore on a quarterly or bi-annual basis. It’s sufficient to keep your company in good repute but it’s also not necessarily the right approach as you look to grow a business from the ground up. Hiring an accountant is one thing, but your contact with them doesn’t have to be so irregular. It’s strongly recommended to use your accountant as someone who can shed more light on the changeability in your businesses’ financial health, clocking trends through the year, and periods of under or over performance.
Accountants will be more than capable of aiding in strategizing a longer-term business plan, guiding you from a fiscal standpoint. Whether it’s managing premises, insurance costs, fixed utility spending, or employee salaries, any good manager knows that relying on the expertise of their team could mean renegotiating better deals for themselves and saving vital capital for the future.
Source: Unsplash
Keeping Covered
Say you’re a sole trader working in construction or logistics. It’s one example, but many businesses like this will operate in public spaces, travel often, and potentially work in hazardous environments on a regular basis. Those occupational hazards are not always acceptable risks and when harm comes to yourself or an employee, you’re going to want that peace of mind that you can take action as needed.
It’s highly recommended to have a solicitor or law firm you can turn to in the instance that the worst has happened. Typically, you might have an established firm on retainer to oversee contracts and the like. Many established firms like McGinley Solicitors, who have operated for decades, offer legal support in a range of circumstances. It’s wise to choose a firm with a solid foundation and familiarity with the sort of occupational risks your business might face. After all, if you’re unable to work for any period of time as a result of injury, it’s as damaging to your business as it is to you.
Banking On It
In a small business, nothing is guaranteed. You can have a fantastic quarter, only to be struggling to generate revenue the next and not necessarily as a result of something you’ve decided to do. Therefore, having a good relationship with your bank is essential to maintaining a good line of credit, but also to ensure you receive the sort of attention you need.
The option to bank with a larger institution might offer you security, but community-run, smaller banks can provide a personal touch and understanding. Introductory rates are also common, and so, it’s never a bad idea to look at your options and consider switching as and when a favorable offer crops up. At the small business stage, every penny counts, and so it’s unquestionably a good thing to know the support team you have around you who can offer assistance and representation when things aren’t going the way you’d like.
Stay on top of these aspects and hire in the right professionals and they should make your life as a new or small business much easier.
