Professional Liability Insurance Group - 4th Quarter

The PLIG Professional’s PULSE

4th Quarter

6 Things You Must Do to Future-Proof Your Business Today!

Invest in employees. Key employees are the lifeblood of your business.You might have one employee who has a specific skill you can’t function without. Don’t let that person be the only one. Ensure you are cross-training your staff so there’s an overlap of skills and knowledge. Otherwise, if that one key worker is suddenly unavailable, you’re missing a huge skill that will take a long time to replace, something that can cost you dearly. Set up processes. A good business is one that runs automatically. Process one leads to process two, which leads to process three, and so on. Everyone in the business should know these processes, so if someone has to leave for an emergency or is interrupted, another person can quickly step in to finish off without pause. A clear set of processes reduces the time to complete tasks and reduces costs. Do regular reviews. Another key aspect is to ensure you regularly review your products, services, suppliers, and/or processes. Look for a part of your business that costs you money and doesn’t add value. Eliminate those from your business and look for alternatives, if applicable. Sometimes, you might be able to renegotiate rates with your suppliers, but be prepared to switch. Get insurance. There are numerous ways a claim could weaken your business financially.The risk just isn’t worth it.That’s why you need to speak to a professional insurance expert to ensure you are covered for anything and everything.You might not ever need to use your policy, but it’s best to have and not need than to need and not have. -Shayne

Your business is your livelihood.Without it, you’ll have no income and nothing to show for your hard work. Consider what would happen if your customers all suddenly disappeared or if you were hit with a massive, unexpected bill.What would happen to your business then? Being reactive to situations will only help you so much.You need to be proactive with your business to ensure you’re preventing future problems.This is one major reason why small businesses go under:They are hit by an unexpected problem and they can’t react fast enough, or well enough, to respond. One good example is how small businesses handle (or don’t handle) cybersecurity. A report put together by Cisco and the National Center for the Middle Market revealed that 60% of small to medium businesses go under within six months of a cyberattack.They go under because they’re not ready to handle a major issue like this.They’re reactive, not proactive. Here are six things you can do today to be proactive and future-proof your business: Have a backup fund.

A backup fund is essential against any unexpected costs or when sales are poor one month. In theory, you should be saving at least three months’ worth of wages for when your sales are poor. Don’t let marketing go. One of the first things that business leaders cut is marketing activity, especially when times are good and there’s no more work capacity. However, it’s always better to turn potential clients away than to desperately search for them if you’ve lost numerous customers quickly. Continuous marketing is critical.

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