Whether you’ve just set up your first business from home or you’ve been running a successful small business for a while now, you’ve undoubtedly poured a lot of fo blood, sweat, and tears into your company. The last thing you would want to happen is for your business to go down the drain because you’ve neglected to protect it fully enough.
With that in mind, here are some critical steps you MUST take if you want to protect your small business now:
Choose the best structure for your business
The structure you choose to register your business as can make a huge difference to how well protected your company – and you – are should things go wrong. For example, although it may be easier for a small home business to register as a sole proprietorship, your personal assets would be up for grabs should you be sued or end up unable to pay your business debts, whereas if it was a limited liability company, your personal wealth could not be touched. Spend some time exploring the options and register your business in the way that gives you, and it the best possible protection.
Ensure your IT secure
These days, one of the biggest threats any business faces is the threat of a cybersecurity hack. If you allow hackers to access confidential data, take down your website, or get ahold of your (or your clients’) financial details, you could be in deep trouble. Luckily, a good IT support company will be able to not only secure your data, and help you to mitigate against cyberthreats, but also back up your data so you don’t end up losing anything important. Fail to secure your digital infrastructure and you’re asking for trouble.
Hire a business attorney
It may seem like an expensive option, but if it stops you from getting sued or breaking the law, a business attorney is worth every penny. They can help you with everything from putting the correct wording o your website to developing cast-iron employee contracts that meet all local and national laws. If you need to do anything official, that could have legal implications for you down the line, use a business attorney.
Make use of an accountant
Accountants are always up-to-date in their knowledge, which means, if you use one, you will never fall foul of changes in tax laws and similar issues that could leave your company in hot water. Not only that, but they can help you to lower your tax liabilities legally, which means you have more money with which to keep your business afloat. Accountants are worth their weight in gold.
Ensure you’re insured
Finally, if you want your business to be as safe as possible from litigation, you need to ensure that you have insurance for everything from your business premises to your employees and the general public when they are using your products and services., Skimp on insurance and pay the price later!
If you do all of the above, your business will be in a much safer position going forward so what are you waiting for?