With excitement comes risk! There’s no doubt you can get your adrenaline fix by starting a business these days. Every day will definitely be filled with challenges! Can you even plan properly in such an ever-changing environment, especially one so competitive as in Brisbane? Let’s look at important areas all local business leaders should have at least some plans in place.
Make Insurance Relevant
For starters, you need to partner with the right professionals, including an insurance broker, that can help protect your company’s future. With experienced insurance brokers Brisbane brands can have the necessary cover should anything go wrong down the line.
Even if you have a policy in place, make sure it’s still relevant for your current activities. Perhaps you need to discuss the topics below, such as cybercrime, with your broker. A few years ago it didn’t carry as big a risk as it does today.
Also, if your business has grown, do you have the necessary liability and business interruption insurance in place that will prevent a catastrophe if your worst fears come true? There’s always the chance that you face a lawsuit or that horrific weather conditions cause damage to your premises.
That said, have you talked to your insurance company about cover relating to our changing climate? With more extreme weather conditions all across the globe, you can’t be too careful when it comes to protecting your business against the elements.
Cyber Security Priorities
As mentioned, cyber security should be on your priority list of matters to address if you want peace of mind that you’re protecting your interests.
Unfortunately, a simple anti-virus software program is no longer enough to protect you from cyber criminals. They adjust and improve their strategies all the time, so you actually need multiple layers of protection to avoid being hacked and having your data kept ransom.
Topics to discuss with your IT department or vendor should include:
- Training for employees on how to identify phishing scams
- Two-factor authentication throughout your network
- Password management for employees
- Security features on all mobile devices and desktop computers
- Email scanning software
Keep Staff Trained and Up to Date
Cyber security if one of many areas your staff will need training for in years to come. Most industries are continually changing thanks to technology that advances and customers’ needs that adjust over time. You must empower your staff to handle the new factors of your business environment, or they won’t be able to help you achieve your company goals.
Consider adding the following to your business plan and budget:
- Training on software related to your industry.
- Upskilling employees to advance their careers, so they enjoy career fulfillment. This helps keep employee turnover low, so you spend less on recruitment and related tasks.
- Cyber security (as mentioned above).
- Implement new systems that improve productivity and customer service, and ensure staff members are comfortable using it.
Manage and Protect Your Online Reputation
Whether you’ll still be doing business a few years from now depends greatly on how you’re viewed online.
Firstly, you need to get noticed through your digital marketing initiatives, because people go online to do everything from online shopping to vetting brands. If you don’t create content that tells people about you, your services and your products, they may never discover your business. This requires tactics like:
- Having an informative website
- Regularly sharing content on your site and on social media
- Investing in professional SEO services to ensure your pages rank high on search engines
- Engaging with your audience through social media
But it doesn’t stop there.
What are others saying about you in the digital sphere?
Unfortunately, there are people or competitors out there that could simply be out to get you, and one way is to distribute falsehoods. So, once in a while you should do your own online search regarding you as an individual and your company.
See what people say about your brand, whether it’s on forums or Google My Business reviews. If there’s too much negative information, you’ll need a strategy to either change what they’re commenting on, or set the record straight if you know it’s all lies.
You must take up the responsibility to continuously manage your online reputation, or others will determine what the world thinks of you.
Review Your Budget
Of course, finances will always be an important topic of discussion for businesses. But it’s also an area you need to protect yourself in. Do you have a healthy cash flow? Is your invoice management system efficient enough to ensure your growing business has the cash available when you need it for new ventures or taking on more debt? Does your financial management system give you real time insight on your financial position?
If you can’t answer ‘yes’, it’s smart to talk to a business advisor and get a plan in place before it’s too late.
Enjoy taking some risks, but still sleep easy at night. Put a few efficient plans in place and your business will achieve the goals you hope for—without threatening your future.