5 small business building blocks to protect your business from the start
The old adage says, “it’s not how you start, it’s how you finish.” It needs a refresh, because in reality, it’s both. How you start can greatly impact the long-term success of your small business. Consider these 5 building blocks to enable your small business to be protected from the start.
Insurance
The unexpected happens all of the time, and you owe it to yourself to be prepared. In addition, insurance is often a requirement for doing business with other companies.
A trusted legal advisor
You may not believe you need legal counsel at the start, but having a legal advisor you’ve already vetted at your disposal is invaluable when you’re considering big changes, launching new products or services, dealing with a dispute, seeking to understand your regulatory obligations, and ensuring your business is operating compliantly. Ask for referrals for a business attorney licensed to practice in your state.
An established process for dealing with customer complaints
As much as you would like to think no one is ever displeased with your products and services, that is not the case. Customers will have issues. How you deal with those issues makes all the difference. Not only can it make the difference between one-time and repeat customers, it can also determine whether a general complaint becomes a costly lawsuit.
Operational funds reserve
Set aside some funds for the really lean times. If you lived through Covid 19, then you know the unexpected happens. When the business is flush with revenue, make sure you’re planning for when it is not. It will help ensure you can avoid unnecessary fees and collection efforts from unpaid invoices.
Standard Contract Terms
Prepare yourself for the deals you will win by having terms ready. Know what matters most to your business and what protections you need so that you can effectively evaluate any offer against your terms.