As you run the business, think about future events that can negatively affect you or the company. Future-proofing a business is the act of ensuring it continues to thrive after any adverse event. You cannot prevent some circumstances, but you can prepare adequately. How do you do it?
Incorporate the Business
Running a sole proprietorship means that you’re one entity with the business. In case someone sues the company, your personal assets are at risk. To protect you against this, incorporate the business. However, first, assess whether it’s a positive step by consulting a commercial litigation expert.
Being incorporated means that you no longer own the company, but it’s an independent entity. You’re now an employee who sits on the board of directors as a fiduciary responsible for ensuring the company’s interests are protected.
Placing business assets within a separate entity like an LLC or corporation means that you’re no longer liable for claims against those assets.
Go for Business Insurance
Business insurance can shield the business from loss or damage. Although it will cost you monthly premiums, it can save you a lot more if disaster strikes. Insurance companies guarantee reimbursement or replacement in case loss occurs. The exercise will enable the business to get back on its feet quickly.
Insurance protects businesses from all types of losses such as weather damage, theft, fire hazards, and employee theft, among others. It’s crucial to have insurance because some losses like theft and natural disasters are unavoidable.
General liability is necessary if a customer sues the business for injuries sustained while using a product sold by the firm or harmful behaviour from an employee.
Invest in Customer Service
How you treat your clients now will determine whether they’ll stick with you in the long term. Investing in customer service means that you’re taking care of your clients.
The effort will attract more and better clients to the business. It’s also beneficial in that it helps to reduce or avoid customer turnover. Offering excellent service means that the customers will remain loyal to you since they know you’ll give them the best quality each time they visit you. The effort builds trust between you and your client.
It doesn’t cost a lot to offer excellent customer service – if at all. All it needs is listening to what the customers want, understanding their problems, acting on their concerns, and striving to give them the best deals.
Invest in Employee Training
Employee training will not only ensure that you get top-quality employees but also help retain clients. Investing in employee training shows that you value your business. The exercise also allows them to earn certifications which will translate to better career opportunities.
Other than training employees, offer them better working conditions, pay packages, and bonuses. Understand that the employees are the link between your business and the clients. When employees are happy, they’ll work harder to keep satisfied clients.
As you try these tips, you’ll be future-proofing your business. You’ll get through adversities, economic hardships, and any events that can negatively affect the business.