Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. There’s always the potential for the unexpected when it comes to your business, and likewise its important to have precautionary measures in place. The following contributed post is entitled, 3 Clever Tactics That Will Help Protect Your Business From Ruin.
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Disaster in business is all too common. In fact, fewer than 50% of new companies make it to the five year period and beyond! Happily, there are some tactics you can use to maximize the chances of the business you are running, making it. Read on to find out what they are.
One way that you can help protect your business from disaster is to take a more environmentally friendly approach. In fact, going green can help your company succeed in two ways.
The first being that as one of the prime goals of environmentalism is to reduce the number of fossil fuels that are used, it can save you a great deal of money. After all, the energy you use to power your business is probably one the most significant expense you have to deal with. That means if you implement methods of preserving this, such as shutting down machines and lights when they aren’t being used, you can save a pretty penny.
The second way that going green can help to protect your business is linked to the PR and marketing side of running a company. This is because to be found to be using un-environmental practices in 2019 is akin to PR suicide. In fact, you will find that many businesses are using the ways in which their company, product, and packing are green in their marketing as well. This being something that can help them to stand out above their competitors and also create a positive rapport with potential customers.
The next tactic that you will want to use to protect your business from ruin is to ensure that you are covered by insurance for all possible situations that could arise.
Of course, they mean that you will need to familiarize yourself with the type of business insurances that are available. This is because a company with an office or shop will need things like third party insurance, which mean that if anyone is injured on their premises, they will be covered.
However, a business that is primarily logistic-based will also need to budget for things like semi truck insurance as well. In fact, as there is a higher risk for your business when you have vehicles that you are responsible for out on the road, this is one type of insurance that cannot afford to be missed if you want to keep your company from ruin.
Finally, if you want to save your business from disaster, it’s always a smart idea to run it in a proactive way. What this means is instead of allowing things to back up until they become a significant problem, you monitor each area of your business and deal with issues as they occur.
In fact, by taking a proactive approach for everything from recruitment to IT, you can minimize any productivity losses and downtime. Thus ensuring that your business keeps running profitably for as long as possible and is not under threat of ruin.