December 1, 2022

How to Protect Your Business From Liability

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When you run a business, you want to make sure you do everything you can to protect that business. Not only is it your livelihood, but it also represents a significant investment of time and money that you have made. While you can’t prepare for every eventuality, there are some basic steps that you can take to protect yourself and your business from liability.

Structure Your Business Properly

The structure that you choose for your business will depend on the type of business and what fits your business plan best but make sure you are taking a few things into account. As the owner of the business, you are responsible for the financial commitments your business makes, and some structures don’t do much to protect you. 

Sole proprietorships often have lower taxes, but they also open you up to unlimited personal liability, which means none of your personal assets will be protected. On the other hand, a limited liability company, or LLC, separates your personal and business assets. If your business is sued, your personal assets will be protected and vice versa. This is a big reason this is one of the most popular business structures.

Cover Your Insurance Needs

Businesses are legally required to carry a certain amount of insurance, but it may be a good idea to really look at what you need. Requirements will change depending on the size of your business and what industry you are in. At the same time, just because you have the minimum legally required coverage doesn’t mean you are adequately protected. 

If you have physical facilities, you may want to look into covering any assets stored there. Umbrella insurance is designed to supplement your basic liability coverage. This will continue to protect your business, in the case that you do end up liable for more than your business is worth. While hopefully, this will never happen, it can keep your business afloat if needed.

Keep Up to Date on Business Law

Laws can change at any point, and ignorance doesn’t really pass as a defense. It is important to keep up to date with changes in business law to make sure you are compliant with your state and federal laws. The most common laws that change are ones that deal with your employees and other HR issues. If you are unaware of a change and you aren’t compliant, you may leave yourself wide open to a lawsuit. If you have a business lawyer or HR department, they should be able to keep you compliant, but it is important to do the research yourself, so you know what is going on.

 

Liability is an unfortunate side effect of starting your own business, but you have plenty of tools to protect yourself and your hard work. Taking the proper steps can help reduce the risk and the impact that any liability can have on you. With any luck, all of your proactive steps will pay off, and it will be smooth sailing for you and your business.


Did you enjoy this article? Here’s more to read: How to Reward Higher-Up Employees at Your Business

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Improvements to Your Workplace That Can Make a Big Difference

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As an employer, you want to create the best workplace you can. This includes creating a pleasant environment for your employees and clients as well as designing an efficient place of business. Sometimes even the smallest change can have a huge impact. 

Energy Efficient Renovations

When you make renovations, it’s worth it to consider energy efficiency into the equation. Embracing energy efficiency can save your business money while also creating a more efficient environment. Some energy-efficient renovations to consider might include a smart thermostat, a new HVAC system, or energy-efficient windows. You can also make small changes to your daily practices that can help you save on electricity. These changes can reduce the amount of energy you use which will save your business money in the long run. Additionally, energy-efficient devices tend to work more effectively than their less energy-conscious counterparts. 

Painting the Walls 

The physical space of your business can also benefit from changes. You want to create a space that is inviting and engaging for your employees. Painting the walls of your space is one simple change you can make that can drastically improve things. The colors you choose for your business can affect employees’ moods. Shades of blue can be calming. Warmer colors can brighten the space and inject more energy. Take time to consider what sort of environment you want to create in your space. If you choose, you could get more creative and do some color blocking. Perhaps you could even include a mural. 

Add Some Natural Elements

While working, your employees are likely spending a lot of time indoors. You can liven up your workplace environment by introducing more natural elements. To start off, you should increase the amount of natural light as much as possible. Use sheer curtains or blinds that let in light while also allowing for privacy. Include more reflective surfaces in your office to increase the light. Next, you should bring in some real plants. These plants can add some color and life to the space. Plants also purify the air and create a calm environment. These small changes can make your workplace feel more alive and appealing. 

 

You don’t need to do major renovations or a massive overall of your office in order to create the “ideal” workplace. If you want to make things better, sometimes you just need to employ a few small changes. These can have more impact than you might expect. 

 

Check out this article on how to keep employees happy at your company!

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How to Avoid Overwhelming Employees With Changes

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Your employees are your most valuable assets. It’s because of them that your company becomes successful and you’re able to make a profit. As you implement changes in your company, your employees may begin to feel overwhelmed. Help avoid this with the following tips.

Discuss Them Beforehand

To ensure that your employees remain comfortable and confident with any changes you make, it’s important to discuss these changes beforehand. Any business needs to change and adapt to become more profitable and successful. Before you implement these changes, let your employees know, in detail, what they can expect. This is helpful for everyone at your company. For example, letting your employees know that you’re switching to a new point-of-sale system gives them the chance to become acquainted with this new software. When you begin using this system, you won’t have lapses in sale time or any mistakes made because your employees were prepared.

Go Slow

If you own a business, you likely have some big goals set for yourself. Every successful business is made by reaching for big things and working hard until you have them. However, in most cases, these large goals can’t be reached all at once. When you own a business, many people depend upon your success. To implement these changes, take small, incremental steps to reach your goal. Small improvements over time are more manageable than major changes overnight. This helps your employees feel like the changes are manageable and ensures that you can still handle your current workload as you work to grow.

Involve Them in Decisions

Because your employees are so integral to your business’ success, one way to help them feel less overwhelmed by change is by involving them in the decision-making process. If you’re managing your company, your employees may have more customer interaction from day to day. Getting their opinion on changes the company needs can actually be a helpful way to grow. Your employees can give you new perspectives on your company, and help you find innovative ways to approach problems. Get their feedback, and allow them to be a part of the change that happens at your company. 

 

Change is a natural part of owning a company. Companies need to change and adapt to fit the growing needs of their customers. However, to make sure your employees don’t feel overwhelmed by the changes, follow these tips.

 

Check out this article on why it’s important to follow safety regulations in the workplace!

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How to Improve Collaboration When Your Employees Work Everywhere

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Remote work has become far more common in the last few years as more and more businesses are embracing it. While remote work provides a lot of conveniences, the major downside is a lack of unity and collaboration between employees since they are all in different spaces. It is up to you to find ways to improve this collaboration despite the distance. 

Establish Common Hours 

While your employees might not be in the same location, they can still work at the same time. Establishing common hours means all your employees will be on call together and they can work with one another. 

You can assign employees to work on projects together or you can request that they communicate during work hours. With a set schedule of when people should and shouldn’t be working, you can encourage your employees to collaborate more often. 

Operate in the Cloud

If you want employees to collaborate more, then you need to give them a space in which to collaborate. The use of cloud computing has been a growing trend in cybersecurity. Using the cloud allows you to securely share documents and information. Rather than working on things on their own and then sending them to teammates, your employees can use the cloud to work on the same documents together. 

They can see changes in real-time and have live discussions about what should be done. Projects will naturally become more collaborative because your employees have the tools that allow them to work together. 

Establish a Communication Channel 

Employees will work much better together if effective communication has been established within your business. The best way to improve communication is to create a clear channel of communication. If your employees are using a variety of ways to communicate, such as email, texts, or online chats, it can be hard for everyone to stay on the same page. 

You need to establish one channel of communication that everyone must check and send messages on. This will ensure everyone is getting announcements and messages and it will create a work environment where employees can collaborate more. 

 

It can be challenging to unify a group that is spread out across the country or even across the world. However, with the right tools, it can be much easier to encourage collaboration. Find unique solutions to keep your team on the same page. 


Did you enjoy this article? Here’s more to read: How to Get Your Best Employees to Stick Around

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What You Should Know if You’ve Never Started a Business Before

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You’ve finally done it. You’ve decided to stop dreaming about your brilliant business idea and actually make it a reality. Congrats! Few things are more fulfilling than starting a business that you’re passionate about. But how do you know where to start? Here are a few things you should know if you’ve never started a business before.

How to Market Yourself

First of all, you’ll need to know how to market yourself and your brand. In our digital age, marketing and advertising are more important than ever. Gone are the days when you could stick to some simple, local advertising to get more people into your brick-and-mortar store. Now, if you’re not using social media to market yourself and your brand, you’re missing out on a huge opportunity. 

If you have a cohesive marketing strategy that speaks to your target audience, you’ll be able to increase your reach and your potential customers exponentially. If you feel that you don’t have these skills yet, don’t be intimidated. You can learn how to use social media and online tools to market yourself and your business. 

Meeting Legal Requirements

Another important element of starting a business for the first time is knowing how to meet the legal requirements. Online marketplaces and eCommerce sites make it easier than ever to start a business. However, you need to make sure that your business is set up legally so you can file taxes correctly and avoid any legal issues. 

You’ll need to set up your business legally using a business structure. An LLC is one of the most common business structures. 

How to Budget

Finally, you’ll need to know how to budget for your business to succeed. Budgeting doesn’t only include tracking how much money you spend on supplies, services, etc. It also includes knowing how to budget the price of your products and services. At first, you might be tempted to price things very low because you’re unsure how receptive the public will be to your business. However, that can create an issue later on if you raise your prices to make your business more profitable and financially sustainable. 

 

So, if you’re making your dreams come true by starting up your own small business, remember these tips. Make sure that you know how to market yourself, how to meet legal requirements for new businesses, and how to budget successfully. This will help you to start a business that will be financially sustainable and profitable as well as fulfilling.


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