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Just when you’re trying to find your feet is when your business is at its most vulnerable. It can’t suffer the bad press, the financial loss, or the loss of time that bigger businesses can sustain. Here, we’re going to take a closer look at some of the biggest killers of young businesses and what you can do to protect yourself against them.
Business tax is not an easy subject to get a comprehensive grasp of yet making a mistake and getting audited is one of the things you want to avoid the most. Even if it’s found that your books are entirely clean, you don’t have that kind of time to waste. That’s why enlisting the help of an accountant to help you better understand your own bookkeeping and to make sure that you’re entirely compliant is essential. Learning to become tax efficient is always a good idea, too. By spending your money in the right way, you can save more of it in the long run.
Businesses are becoming more and more reliant on tech. For that reason, they’re all the more vulnerable to when that tech goes bad. From potential hackers trying to steal your data to the simple downtime that comes from hardware failures, using teams like https://www.terminalb.com/ can help you ensure you’re protected from the biggest risks associated with your tech. Outsourcing while the business is still small is a more cost-effective way of managing that risk, too. You may not have enough systems and users to justify the costs of paying for a full-time support team, so instead use those who operate on an as-you-need-it basis instead.
Being productive and making the best use of your time right now is essential to your success. Too much wasted time and you’re not productive enough to meet the goals that are going to help you grow to a sustainable level. Tools like https://www.timelog.com/ can help you measure exactly how you use your time, helping you find more productive ways to schedule your day and showing the distractions that get in the way that you can find ways to streamline or avoid altogether, if possible.
When it comes to costliness, few things can sting a fresh business quite as badly as a slip, trip, or fall. This is just one example of the kind of workplace health and safety failure that can lead to having to pay out that workers comp deductible, at best, but can end in legal action at worst. One hurt employee could be all it takes to stop your business in its tracks, so have a health and safety audit with the help of teams like http://www.escsafety.com is worth looking into. You can become much more aware of the potential risks of the office, as well as policies you can put in place to ensure employees avoid them if you can’t fix them outright.
You have to be like a watchful parent to your business while it’s still young. As it grows, the risks mentioned above become no less important, but it’s at this critical stage you should be most concerned about the potentially fatal damage they can do.