Bulletproofing your Business
How do you protect yourself, your assets and your organisation against the risks that come its way?
Be ready to adapt
Be prepared to face headwinds when you least expect them. Plan for risk, assess the possible outcome and have a plan of action ready. If your business is agile and adaptable you can get through the rough times relatively unscathed. Ensure the team is up to date on the latest developments in the field. Invest in training and technology to stay ahead of the pack.
Get insured and protect your assets
Protect your assets – financial, intellectual and human. Ensure you have patents to cover key areas of intellectual property developed by your team. Protect proprietary processes and brand names.
Get the requisite insurance to cover risk. Besides the obvious financial protection it gives you, getting insurance also has the added benefit of reassuring prospective clients and existing customers who are working with you. It signals foresight and a proactive approach to business management and will go a long way in creating the right impression.
Be a good employer
Keep lines of communication with employees open at all times and ensure they are kept abreast of any major decisions during times of uncertainty. This will help avoid unnecessary panic and will enable you to retain them when things look up and the doors to job markets are thrown wide open again.
Get your fundamentals right
Put in place a business plan that factors in risk. Define a risk management strategy and conduct periodic reviews to update the model.
Follow the rules
Stay compliant with norms and laws that govern your industry and the markets you operate in to avoid any unpleasant surprises when the going get tough. The risk from possible errors in interpreting the law will come back to bite you when the chips are down. Hire a good legal counsel to guide you through the often confusing nuances and ensure your business decisions are compliant with legal requirements.
Identify opportunities to diversify
Diversification doesn’t always have to mean something as big as starting new business lines. It can also be about exploring new client segments or new geographies or even just broadening your client base. Have this secondary line of revenue in place, to reduce dependencies on one or two major client types.
Invest in the future, wisely
Stay on top of what’s happening in the market. Explore new areas you can expand into. Think of it as insurance for the future. But don’t go overboard. Weigh every investment decision with the same gravity. Add to your team, help them upskill, invest in technology, but only after you assess the impact it is likely to have on your business in the long run.
Engage with your customers
Staying connected with customers after the sale or deal is closed is critical. This will help you bring in repeat business as well as referral business. But its single most important benefit is an intangible one. Loyalty. A client who feels wanted is far more likely to stick with you through thick and thin. Nurturing relationships beyond transactional commercial tasks makes clients feel valued.
How do you bulletproof your business? We want hear from you!
And that’s the Dish! Until next time, Belinda
I am Belinda Bow
I love all things marketing and I thrive on seeing a business become re-energised and flourish. I am excited about life and I adore my family.
Within these articles, you’ll find some helpful tips and some real guidance to help you make the most of your business, and gain a good understanding of all things marketing.