Our Top Tips on Staying in Business for the Long Haul

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No matter what industry you’re in or where your business operates, all business owners share a common goal: longevity. The whole idea of running a business is that it’s successful and sustainable so obviously, business owners are counting on a long term future for their organisation. However, a lot of businesses simply don’t survive in the long-term, and in most of these cases that’s due to a failure to follow one of the following 3 principles of business:

Start as you mean to continue

When starting your business it’s important to get into certain practices from the very beginning, otherwise, it will be too difficult to go back and undo the bad habits or reroute your organisation. Below are some of the most important ways you can do this:

  • Maintain your books: make sure you keep your books tidy and stay on top of finances. Otherwise, they could spiral out of control quite quickly. What’s more, you’ll thank yourself when it comes to tax time.
  • Marketing: Make a marketing plan and stick to it. Consumers don’t trust organisations or brands that are inconsistent with the way they present themselves.
  • A good space: Pick a workspace or office you know you’ll be happy to work from or run your business out of for the foreseeable future. 
  • Work-life balance: Starting a business can be both demanding and exhausting but it’s important to maintain a sense of balance. A lot of businesses fail, not due to business itself but due to the business owner becoming burnt out.

Social media and public perception

Surviving in business today is all about how the public perceives your organisation and brand. After all, it doesn’t matter how you would like your business to be viewed if the message is getting lost in translation somehow or worse than that, if people aren’t seeing your message or brand, to begin with. 

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The best way today to stay in tune with potential customers and the general public is social media. Do some research into the social media platforms your target market is using and then build a strong presence on those platforms. Create and curate content like blogs, images and videos and be consistent with the kind of voice you’re using. Even more importantly, make sure you’re posting regularly, otherwise, people will quickly forget about your business and go elsewhere.

Think long term and protect your business

Ensuring your business is protected against unexpected hazards, downfalls and challenges is crucial to the longevity of your business. Regardless of the kind of industry your business exists in, it’s vital to have an effective insurance plan which will cover the relevant areas of your business or industry to a sufficient and satisfactory level. As a business owner, you have no idea what curveball will be thrown at you next, so, in order to survive and maintain business, you must be protected as much as possible. If you aren’t sure about what the best or most cost-effective insurance plan is for you, we’re always happy to help at Allsafe Insurance Brokers

At Allsafe Insurance Brokers, we’re experts in all things related to business insurance. Our almost 40 years of experience in the insurance industry means we can serve each and every one of our clients using our invaluable wealth of knowledge and experience. To learn more about our services or to organise a consultation, get in touch with us today!