8 Investments You Should Make for Your Small Business
Operating a thriving business is a fulfilling career that provides for your family and strengthens your professional skills. You should never have to worry about something putting your company at risk, which is why it’s important to take wise precautions. These are eight investments you should make for your small business so you’re covered if the unexpected happens.
Contents
1. Find General Liability Insurance
Selling products online will help you open a physical store, but you’ll need general liability insurance if you’re about to purchase a building. If a customer accidentally hurts themselves while they’re shopping, the insurance will cover any claims of bodily injury. It may also cover certain property damages, depending on the plan you decide to purchase.
2. Work With Seasoned Hiring Professionals
You might need to hire a few team members to operate your growing business, but that’s not something you’ve done before. Interview potential recruiters who have the experience to know how to spot incredible future employees instead of handling everything by yourself.
Look for recruiters who stay naturally empathetic towards candidates, tolerate the right risks and remain curious about team growth strategies. Investing in experienced HR professionals will result in lasting employees who help your business thrive.
3. Refine Your Training Processes
When you’re ready to bring on new team members, reflect on your training process. How will you teach them to fulfill their roles and contribute to your growth model? Review materials like training presentations and paperwork to spot any necessary updates. Teaching new hires about your business’s mission statement and goals is one of the most effective investments you should make for your small business.
4. Protect Your Teams and Customers
People should feel safe when they go to work or walk into a store. Paying for safety equipment and protections makes a business a better place for everyone. You might invest in sneeze guards to shield food products from bacteria and viruses. Glass barriers could work for displays, while polycarbonate plastic barriers withstand more pressure because they’re stronger and are better for barriers people might lean on.
Other precautions make businesses healthier environments as well, like hand sanitizer stations. Employees would also benefit from long-term investments like paid time off. You’ll never worry about team members or customers getting sick because someone felt pressured to work while they were contagious.
5. Back-Up Your Records
Business owners often worry about losing their records because of a fire or flood, but virtual attacks could happen too. Some viruses hold records and other vital information locked behind a paywall until the business owner pays a hefty fee to get them back. It’s known as a ransomware attack and they occur every 11 seconds to businesses of all sizes.
Back up your records to a cloud server or keep a copy on an external hard drive. They’ll always be accessible so you don’t have to pay a ransom to cybercriminals.
6. Improve Your Cyber Security
Another way to avoid cybercrimes is to improve your digital security. Initiate two-factor authorization when logging into any program or server so hackers don’t access everything by finding your password. Change your passwords every few months and never make them anything easy to guess, like a pet’s name or a wedding anniversary.
7. Consider Extra Insurance Plans
You may already have basic insurance plans in place, but extra plans are other investments that could help you achieve even greater success. Worker’s compensation insurance would keep you from paying doctor’s bills out of pocket if someone got hurt on the job. You’ll keep more in savings and prevent your employees from paying for their emergency healthcare independently.
Business income insurance is another investment you should make for your small business. It shortens downtime by providing an insured income if your business suffers a financial loss from a covered incident. You won’t have to wait until reconstruction finishes before being able to pay the bills and keep the lights on again.
8. Schedule Property Inspections
Every business needs to be a safe, healthy place to remain open. Scheduling property inspections is an excellent way to invest in your company’s future. Reduce the risk of health concerns by calling pest experts to inspect your building and spray pesticides regularly. Request an HVAC unit inspection twice a year so your heating and air conditioning always work.
You’ll keep your storefront open longer because everything runs smoothly. You’ll catch repairs before they’re an emergency for your business and cost more money than you might have in your budget.
Make Smart Investments for Your Business
There are numerous investments you should make for your small business so you can stay open, operate a successful team and build your consumer base. Steps that keep everyone healthy and protect your business from expensive emergencies will help you remain open. Consider these tips to decide the next best steps for your company.
