In this tough economic climate, more and more businesses are struggling in the face of austerity, forcing small medium and large companies to close their doors or make significant sacrifices to stay afloat. Whist there is no hiding the fact that the UK is experiencing financial difficulty, there is hope for business owners in the form of these safeguarding tips.
Define Each Role
For a company to really move forward, every single role within the business needs to be documented and defined, not only for the person who has the role but for everyone else. Clear definition of what is expected and the responsibilities that fall to that person will help to create an internal structure that is understood by all. In fast moving companies, these roles will often evolve over time in light of aspects such as company growth or the implementation of new technology, so be sure to review roles on a regular basis.
Choose the Right Financial Advisors
When it comes to business finance, you need to know the professional you are taking advice from has a solid understanding of the industry you work within and the specifics of your individual business. From pay structure to tax returns, accountants and other financial specialists will help enormously to ensure your profit margin remains as healthy as possible through expert recommendations and careful forecasting. Take the time to review the finance professionals you associated with and ask who others in the industry are turning to for advice.
Communicate with Staff
As the owner of a business, it is incredibly easy to appear unapproachable to staff members simply because of the perceived power you have. Whilst clear hierarchy is necessary, in order to keep morale high in difficult times you need to communicate with staff on a level that makes them feel comfortable in raising concerns, offering feedback on new ideas or even bringing new ideas to the table themselves. Without communication, a business is set up for severe difficulties from the outset.
Assess Processes and Organisation
Even the most creative of businesses need to have processes and ways of organising projects in order for deadlines to be met and ideas to be transformed into realities. When it comes to processes, businesses often make the mistake of setting them rigidly across the board and seldom revisit them to see if they are still effective. Organisation can be executed in a variety of different ways so discuss this with staff and see how they are managing their time.
Evaluate your Physical Safety Measures
It isn’t just the company you need to think of when safeguarding, it’s also the property your business operates from. Imagine the devastation that could be caused by criminals entering your commercial premises; from vandalism to theft you could experience drastic setbacks. Take the time to evaluate the security measures you currently have in place such as shutters, grilles, alarms and CCTV and call in the professionals to see if there is anything else you could be doing to safeguard the property against the threat of criminal activity.
If you are concerned about how your business is going to continue riding the waves of the economic downturn, consider these tips as a way of taking a proactive approach and be sure to consult others in your industry as well as business advisors for further advice.
Sophie works alongside LBS Group and has seen the setbacks that a business experiences as a result of criminal activity within commercial property such as burglary and vandalism.
How To Safeguard Your Business
