Small businesses in the United States are booming, doing much better than expected coming out of last decade’s economic crisis. According to the Store Front Business Index (SFBI), small businesses are growing much faster than the U.S. GDP, about 3.1% versus 2.7%.
While this may be a highlight for those looking to either start or grow their small business this year, it’s still important to follow some basic best practices, which will help stay away from resting on the industry’s laurels. From being proactive in securing data and information to investing in protection like Business Owner’s Policy coverages, small business owners can set a solid foundation to build off of to be more established in their market.
Keep Technology and Cybersecurity Updated
Cyber attacks are constantly getting coverage lately with breaches in data and cybersecurity. It’s important to install regular software updates, alleviating possible breaches and staying up-to-date on current technology security trends.
Companies can patch their software to defend against new and unconventional threats and mitigate previous pitfalls. A patch is a small piece of software that a company issues whenever a flaw in their security system is uncovered. This update keeps hackers away from further exploiting any flaws.
Update Branding and Marketing
Companies, no matter how big or small, can see a boom or bust in their customer base and overall success by their online presence. Creating coherent branding and marketing efforts will help small businesses stay on message across multiple channels. From Facebook to Yelp, a landing page to email marketing, having a thoroughly planned-out strategy will help build their brand and voice as well as their customer base.
Increase Legal Awareness
Laws and regulations surrounding small businesses are constantly changing. Having a legal professional on retainer is a good idea to stay on top of the fine print in issues, but also having a keen understanding of the broader legal issues and practices is just good knowledge to have, especially in terms of taxes. From pending legislation to laws written in stone, understanding current legal features is key to making decisions in any business.
Keep Records In Order
With a booming business, plenty of foot traffic and a great following on social media, it’s easy to overlook some fundamental administrative practices. Finances, compliance, employee pay, and clientele should all be handled with current record keeping. Having an organized system improves transparency and keeps everything current. In today’s business world there are many opportunities and platforms to digitize records and streamline processes. Look into software that keeps everything checked and in place. Having a well-organized record system will help to alleviate any administrative messes.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.