As a small business owner, protecting your business should always be among your top priorities, but it’s even more important now than ever. With the spread of the COVID-19 pandemic, making sure your employees, customers, and your bottom line are covered is a challenging, and oftentimes, uncertain feat. In this post, we’ll share some tips for keeping your business safe, not only in the current climate, but year-round.
Hire a stellar team
Whether you’re running a large-scale corporation or a local diner, it’s the staff that makes your small business operation a reality. From interacting with customers to putting in hard work behind the scenes, there’s nothing more valuable to your business than building a strong team, but it’s not always easy to find the cream of the crop in a pool of applicants.
To curate a team that’s hard-working, committed, and capable, you’ll need to refine your hiring process. A solid process not only helps you find a more promising group of candidates, but it should also help you narrow down your options until you find the best possible hire for your needs. Here are some tips to help you fortify your hiring procedures:
- Write engaging, accurate job descriptions so candidates know exactly what to expect.
- Post job listings on reputable websites and encourage existing employees to refer their connections.
- Conduct interviews with several staff members to gain diverse perspectives.
- Use background checks that are appropriate for the job title. For accounting positions, run credit checks, and for delivery drivers, use MVR checks.
Maintain an emergency fund
Many business owners are struggling with the financial implications of the COVID-19 pandemic, and very few were prepared for this level of impact. While there’s only so much you can do to prepare your finances for this kind of crisis, it’s never a bad idea to have an emergency fund that you can fall back on in case you’re struggling to make payroll or make ends meet.
To create an emergency fund, you’ll probably need to budget some money each month in order to build up your account. For larger businesses, a bigger emergency fund is a good idea, while small businesses can likely get by with less substantial savings.
In addition to your savings, you should also draft a plan for how your business will prepare and respond to emergencies such as a global pandemic, natural disaster, or financial troubles. Outline the things that you plan to cut back on, check reviews and how you’ll make sure your employees and customers are taken care of in the midst of a crisis.
Invest in on-site security
Theft is one of the most prevalent threats that small business owners face, so it’s critical that you take measures to prevent it from hurting your business. One of the most effective ways you can do this is by investing in a security and alarm system. The cool thing about modern security systems is that almost all of them can be connected to your smartphone or computer so that you can routinely check up on your storefront while you’re on the go or working from home. Having a security setup serves two main purposes: deterring thieves and acting as insurance if your business is vandalized.
Having footage is a huge advantage if you ever have to deal with trespassing or theft. A proper business security cam installation is important if you want to capture this footage.
Abide by small business regulations
Another thing that can pose big trouble for your small business is getting into trouble with local business regulations or not following small business tax rules outlined by your state or the federal government. To avoid running into roadblocks in these areas, consider hiring legal and financial help. A legal consultant can help you in many areas of business management, from business formation to interpersonal disagreements.
A financial advisor, on the other hand, can offer you help with budgeting, taxes, and more. Having support in these areas can help you stay in good standing with the IRS and ensure your business is financially stable.
The COVID-19 pandemic has brought many fears and challenges to the forefront of our minds, but there are so many things we can learn from it. From the value of a stellar staff to the importance of financial planning, these are lessons small business owners should value now and in years to come.
