So, your small business is growing – congratulations. You find yourself no longer just the captain of a ship but about to become the commodore of a fleet. But just because your business is getting bigger and stronger, doesn’t mean its resilience is, too. One thing that expands with your business is risk. Risk comes in many forms and you have to learn how to spot them before they’re within striking distance. The protective measures that you had may have worked before, but they’re no longer enough.
Workplace Safety and other Regulations
Since the start of your business, you should have already been following government requirements religiously. But on the off chance that you haven’t, change that as soon as possible. Bigger businesses attract more attention from authorities. Plus, these regulations are usually in place to protect your business, your clients, your employees, or yourself. Fulfilling them is a layer of safety in itself. The Health and Safety Executive has put together an excellent guide for basic workplace safety in different industries. Go through them to find where your enterprise fits.
Also, watch out for additional or updated regulations now that you’re growing your business. A bigger size may mean different requirements. Do your research and follow regulations.
Financial Realignment and Resolution
It can be easy to fall into complacency when it comes to the finances of your small business. Before taking one more step into a bigger playing field, make sure that all your finances are in order. Go through your taxes, receipts, and other records and thoroughly inspect whether everything adds up. There should be no room for doubt here. The last thing you want is to for an oversight to cost you a heavier price down the road.
There is a high probability that you took out loans to start your business. This is also the time to review them. Are you in the right position to pay it back on schedule? Paying back loans can be a mixed bag and you should know whether yours will be a problem in the future.
Coverage
Get business insurance. Their benefits outweigh their price. These policies often include public liability, professional indemnity, and employer’s liability. These are linked with everyday risks your business is likely involved in. Since every enterprise is unique, many insurance companies now offer customisable policies to fit your individual needs and to make sure you only pay for the coverage you need.
Fraud and Cybersecurity
Fraud is now closely linked to cybersecurity since most of the information produced, gathered, and kept by modern businesses are stored digitally. These are possible targets for fraud. Make sure you invest in cybersecurity the moment you start migrating to digital platforms. There are also government guidelines to consider when adhering to cybersecurity laws.
Integration
Thankfully, there are certain technologies to help with others on this list. Archiving solutions can solve cybersecurity requirements and prevent fraud attacks. Business risk management programs can be one-stop-shops for risk assessment, insurance tools, and more. Accounting software can do wonders to your finances. You can save time, money, and risk by learning more about these integrative applications. As your business grows, so should your foresight.