As a business owner, you need to be prepared for all possibilities. You have to minimize risk and also think about back-up plans to keep the business running steadily. We cannot control everything but here are some ways you can take today to protect your small business in the future:
- Be Careful of What You Say and Do
Make sure that you and your employees should avoid broadcasting any public announcements that are unsure and questionable. Your business image is important so making these questionable statements would mean that potential customers would choose not to do business with you.
2. Have a Qualified Lawyer on Standby
When establishing a business, it’s always a good idea to have a lawyer on standby who is familiar with local laws and customs in the location where the business operates. Having a lawyer on standy is necessary in case you may need someone to advise you before you take legal actions.
3. You and Your Business should be Set Apart
Secure a separate trust for your business. If in case your business is sued, most of the time, only the company assets can be attacked in the court of law. Avoid sole proprietorships since this can be a problem in case the company is sued because the owner’s assets are attached in the court of law. Incorporating is another way to separate your company’s finances from your own. This means that your personal wealth is safe from attack even when you lose your business in judgment.
4. Insure Yourself
As a business owner, you should get insurance. This is to ensure that your business is protected in the event that a customer or client accuses the owner of making an error. If an act of God (nature) or any other uncontrollable act could make it impossible for you to fulfill a contract, that should be included in the contract that you are not liable for these factors.
5. Protect Your Files
Almost all businesses these days use computers to function and track everything. This means that you need to have a set of backed-up files just in case your computer crashes. Make sure to store your files at a safe place.