When you start a business, what worked out early on might not work out moving forward. A business can shift and flow for several reasons, such as changing management, new competitors, or an unprecedented virus outbreak. Small businesses were hard hit by the coronavirus pandemic and needed help from local, state, and federal agencies to stay afloat. While no one could have predicted that a pandemic would completely change the small business landscape, there are still some key things for a small business owner to consider when it comes to planning for the future and looking to expand their company.
Here are some small business best practices to keep in mind when looking to grow your stable business in the new year.
Update Software and Secure Networks
Outdated software is a common reason a small business’s network remains open to cyberattacks. It’s an easy fix to consider and can help to limit exposure to online risks that can sideline a business’s operations. Software companies regularly patch their software products to defend against updated threats and cut down on previous defenses’ shortcomings. Ignoring these patches puts businesses at greater risk of falling victim to preventable cyberattack situations.
Update Small Business Insurance
Small business insurance protects your company from a range of exposures and risks, such as cyberattacks, as noted above, product liability, physical liability, and more. Connecticut Business Insurance provider Byrnes Agency supplies small businesses with insurance solutions to keep costs related to claims low. Just like driving without insurance, operating without business insurance only enhances the risk of being hit with a significant claim that can bankrupt your business, tarnish your reputation, and shutter your doors permanently.
Increase Your Legal Awareness
Regulation is usually a challenge for small businesses as they need to stay on top of all the legal landscape changes. Although it has the potential to be frustrating, few aspects of running a small business are as important as ensuring you stay in compliance with local and state laws.
To make sound business decisions, you need to know about existing laws and pending legislation that might change those rules moving forward. Business owners need to remain aware of the laws at the federal level and state and local regulations.
Keep Your Records Organized
A well-run business must work with a lot of documentation, but it only helps if all that documentation is organized and easy to access for business owners. You might consider adopting new technology to make your archives easier to access and manage, such as software solutions that help digitize paper records. This makes it easier to stay on top of your filing system. These records are essential during the upcoming tax season and in dealings with the government and can help show how well you’re doing financially.
Analyze Business Relationships
Running a successful business is all about building relationships. You have to create stable relationships with your workers, business partners, customers, and vendors. The best small businesses are capable of balancing all these relationships as the company grows and evolves. Two critical factors to building relationships that can stand the test of time in a business are trust and vulnerability.
The most productive small businesses have positive relationships between employees and managers. That means business leaders have to remain vulnerable and honest to build trust with their workers. Your business will be better off for this as employees need to feel capable and encouraged to speak up when they have a concern. Having this kind of environment will only help circulate openness and trust among everyone and provide a great working and business environment for employees and customers alike.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
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Dayville, CT 06241
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Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
Hours of Operation: Monday- Friday 9:00am-5:00p