Four Things You Can Do Now That Will Save Your Business Later

You may have started your own business because you have a passion for what you do. Maybe you decided to go into business for yourself because you enjoy the freedom that owning your own business allows. Whatever your reason, chances are you didn’t start your own business just to see it fail, but many new businesses do because of lack of planning. A few simple things can save you from disasters down the road, though. Follow these four easy guidelines to save your business later from a possible disaster.

1. Protect Your Assets

Let’s face it—insurance is a necessary evil. No one enjoys paying bills, and paying for something that doesn’t allow you to see the immediate return can make it tempting to put off the expense. 

Even if you don’t carry a business loan that requires insurance, make sure business insurance is not an expense that you write off as unnecessary. Just one claim on your business insurance can save you thousands of dollars that could otherwise cause your business to go under for good.

Keep in mind that business insurance protects more than just your physical business property. It also protects your employees and business liability.

2. Buy a Document Shredder

Keep confidential employee and business information safe by investing in a good quality paper shredder and using it consistently. Just one document full of confidential information can open your business up for liability issues and fraud. Look for a cross cut shredder that cuts your documents into smaller pieces that are more difficult for potential identity thieves to glean information from. 

3. Develop a Mission Statement

Businesses without a clear mission are at a disadvantage when it comes to having a clear direction, leaving them floundering when important business decisions need to be made. Give your business a focused direction and overall mission now, before the tough decisions need to be made. 

Your mission statement doesn’t need to be a full page document. A brief statement that clearly demonstrates why your business exists and what you strive to accomplish is a good way to keep your focus if things become overwhelming.

4. Prepare Yourself for Blood, Sweat and Possibly Even Tears

Running a business is hard work. The Small Business Administration estimates that more than half of new businesses fail within the first five years. The going will inevitable get tough at some point down the road. As a business owner, you should prepare yourself mentally and financially for the difficult times ahead so you can keep your resolve when they happen.

By preparing yourself and your business for the days and years ahead, you can save your business from running into a situation that you can’t bounce back from. Put your business in the best possible position now and you can be confident that you are covered when disaster strikes.

Comments & Advice:
  1. I am Rex says:

    Great tips, man. But I would just like to add number 5.) Always save for rainy days.

    Based on my experience after running 2 businesses, the greatest error I made was not saving enough for rainy days. In fact, I even spent my income on many things not related to my business wrongly assuming that my monthly income was steady. Turbulence will follow, man. And not saving can quickly kill your business.