It’s not just about having a great idea: starting a business requires lots of research, preparation, and most of all, capital. Here is where making some smart moves as you launch your company can make all the difference when it comes to growth.
Look into Business Insurance
What would you do if a fire destroyed your place of business, making your equipment unusable and your products unsellable? Here’s the primary reason why companies should consider business insurance: to protect your tangible investment against certain causes. Business insurance can protect the actual building in which your business is housed, as well as inventory, equipment, furnishings, and other property; it may also cover other costs, such as equipment breakdown or the cost of removing debris after a covered loss.
In addition to property, it’s crucial to protect yourself against lawsuits, and here’s where liability coverage comes into play. The U.S. Small Business Administration (SBA) outlines three types of business liability coverage:
General liability: to cover accidents, injuries or claims of negligence.
Product liability: to protect manufacturers from defective products, injury, or damage.
Professional liability: to address errors and negligence, such as malpractice insurance for doctors.
Business insurance can also include coverage for areas such as employees, vehicles, data compromise, and more. When you shop for a business insurance policy, be sure to work with a trusted broker with a great reputation. For example, Berglund Insurance has been in the industry since 2006, and their agents have won several awards for their exceptional knowledge and skill in the insurance industry. Bergland represents a carefully selected group of insurance carriers to provide the best coverage for companies based in Utah, Arizona, California, Colorado, Florida, Idaho, Nevada, Tennessee, and Texas. Speak to one of their licensed insurance agents and get the protection you deserve!
Work with a Search Firm to Build Your Perfect Team
When you’re a busy small business owner, human resources is often the area with the least amount of time and funds available – if it even exists! When owners must undertake the full hiring process, productivity naturally goes down. In addition, many managers don’t understand how to successfully recruit, which means the process can take months, and the person hired might not even be right for the job!
That’s why an ideal solution to open positions is to hire a recruiter on a temporary basis. The average contract recruiter works by the hour for a specified number of requisitions and can be set for a certain length of time or hires. The biggest advantage is that the hired recruiter can focus solely on the hiring process, using their expertise to recruit needed employees from a variety of areas. Another advantage to working with a recruitment firm is speed; if it’s urgent that the needed position is filled within 60 days or less, a firm’s focused efforts can be incredibly helpful!
Some recruiters even specialize in specific industries. For example, TruPath provides top caliber, culturally aligned talent for key positions in the manufacturing and the semiconductor industry. They’re a dynamic executive search firm with the ability to identify qualified candidates for a variety of roles, with over 15,000 successful placements. Contact TruPath today to learn more about their recruiting services!
Take your Business Banking Online
One of the most important aspects of operating a business is the method you choose for managing your money. That’s why a well-designed online banking system is a must for small businesses.
Does your business require frequent travel? You need to be able to do your banking no matter where you are in the world! Even if you’re a brick-and-mortar location in a small community, you don’t have the time to wait in line or get stuck in traffic on the way to the bank. With 24/7 availability, you can take care of your small business bills on your schedule, not the bank’s hours of operation. Online banking also allows you to monitor transactions in real-time and ensure no unusual activity is taking place; it also allows for quicker, easier transfers, direct deposits, and wire transfers. You can also avoid many of the costs of traditional banking thanks to automated tools, such as Electronic Fund Transfers (EFTs), which help you to pay bills quickly without the expense and impracticality of outdated paper cheques. Best of all, online banking has multiple protection layers in place to keep your company information safe and combat data theft.
Callaway Bank lets you manage many aspects of your banking relationship from wherever you are. Free, secure, and available 24/7, their Business Banking Online allows you to manage your account activity, check an account balance, perform bill payments, transfer money for operational or investment purposes, and much more! If you’re just starting your business journey, or you’ve been in the business for years, The Callaway Bank’s Business Banking Team is here to help guide you for all your moments that matter.
Whether you are starting a new business or expanding an existing one, these four steps can make a big impact on your company’s sustainability.