There is no need to tell you that owning and operating a business can be hard. You’re a business owner, you already know! But smart business owners do more than just work hard. They also take proactive steps to protect themselves from the ups and downs that life is certain to throw at them.
Here are four you can’t do without:
Create A Contingency Plan
It can be astonishing how many business owners fail to do something as simple as planning for the worse. Flying by the seat of your pants is always a bad idea. Smart business owners plan not only for changes in the market and other business concerns, but for what will happen in the case of their death, if a fire burns down the building, if key staff members quit, and so on. Giving some thought to what you’d do in such situations, and outlining them in black and white, is an important part of protecting your business from the uncertainty of the future.
Have Robust Insurance
No one likes paying insurance. It’s one of those expenses that feels like you’re writing checks without actually seeing any benefit from them. The protection good insurance gives you is something you can’t put a price on, though. That’s why it’s best to do more than just get the minimum insurance required by law. Go ahead and spend a few extra bucks to ensure you are fully protected from the worst case scenarios. Contingency plans are an essential part of any business, and insurance is one of the biggest contingency plans of all. Go bigger. Get more. When something bad happens, you will be glad you made that choice. OIG insurance group is good for water based business such as kayaking or paddle boarding.
Use A Document Shredding Service
Few things are more important for a business to protect than its vital data. That means your employee information, client lists, and more, as well as bank records, cancelled checks, invoices, and more. Using a NJ document shredding service is important to avoid identity theft, corporate espionage (even small businesses spy on their competitors), and other issues. The surprising amount of damage that can be done to your business or employees in the case of a data leak or someone going through your dumpsters is more than enough to justify the minimal cost of a NJ document destruction service.
Have An Attorney
A lot of people think having an attorney means you have someone on speed dial with whom you consult every day. That’s a common but mistaken perception. Having an attorney means nothing more than having an attorney you know and trust who is available to handle your business affairs when needed. It’s someone you can call when you have a question but who otherwise is not involved in your day to day business. It’s someone you can refer people to when necessary or if you have a sudden legal issue. In other words, it’s nothing more than establishing a business relationship with another professional.
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